NPFD: This Preferred CEF Will Have Its Day [Seeking Alpha]
Nuveen Variable Rate Preferred & Income Fund (NPFD)
Company Research
Source: Seeking Alpha
The Nuveen Variable Rate Preferred & Income Fund has a unique coupon profile, with a low allocation to fixed-rate preferreds and a relatively large allocation to fixed-to-floating preferreds. We discuss the various market scenarios which would benefit the NPFD CEF. Systematic Income members get exclusive access to our real-world portfolio. See all our investments here » An important concept in closed-end fund, or CEF, allocation is that different funds within the same sector often have different tilts, i.e., structural features or risk exposures This often escapes analysts who, after a strong run by a given fund, start calling it "best-of-breed," despite the fact that the fund's strong performance is largely a function of its tilt. For example, for a long time until 2022 or so, analysts fell over themselves recommending the Flaherty set of preferred CEFs given their outperformance. These funds, however, have struggled in both absolute terms and relative to their sector since
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Sec Filings
- 5/7/24 - Form DEFA14A
- 4/30/24 - Form DEFA14A
- 4/24/24 - Form DEFA14A
- NPFD's page on the SEC website