Nuveen Mortgage and Income Fund

JLS

Market cap $103M

Nuveen Mortgage and Income Fund offers a high 9.7% yield and monthly payouts, appealing to income investors but with a history of payout adjustments tied to interest rates. The fund's portfolio is heavily weighted toward below-investment-grade mortgage-backed securities, increasing risk, especially in a high-rate environment. JLS currently trades at a small 3.6% discount to NAV, but this is less attractive compared to its historical average discount of 10.5%.

Market volatility in Q1 2025 has created rare buying opportunities for high-yield income funds, with Nuveen's CEFs offering yields from 9% to 14%+. Nuveen Mortgage and Income Fund trades at an -8.5% discount to NAV, offering a 10.5% yield, making it an attractive buy. JLS has outperformed peers and the S&P 500 over the past six months, delivering a total return of -5% compared to the S&P 500's -7.7%.

We review the CEF market valuation and performance through the first week of April and highlight recent market action. Nearly all CEF sectors were down; Munis and Agencies saw gains due to the sharp drop in Treasury yields. BlackRock announced new CEF tender offers starting mid-April, impacting funds like BOE, BCX, BGY, BSTZ, and MVF, with a 2.5% share buyback at a 2% discount.

NEW YORK--(BUSINESS WIRE)--Several Nuveen closed-end funds have declared distributions. These funds represent investment strategies for investors seeking diversified sources of cash flow to prepare for and sustain their retirement income needs. For further information regarding fund distributions, including earnings, undistributed net investment income, and notices, please visit www.nuveen.com/cef. Additionally, several funds have announced distribution increases of up to 71%. The distribution.

For the first month in three, equity CEFs (-0.59% on a NAV basis) suffered losses while their fixed-income CEF (+0.49%) counterparts on average posted plus-side returns. At month-end, 11% of all CEFs traded at a premium to their NAV, with 12% of equity CEFs and 10% of fixed-income CEFs trading in premium territory. Income & Preferred Stock CEFs (+1.44%), for the first month in four, outpaced the other classifications in the equity CEF universe for January.

The price action in the CEF market over the last few months has been fast and furious. We revisit the key decision factors of income investing that can streamline and organize the allocation process as applied to CEFs.

U.S. home sales declined in 2022 and continued to cool down in the first half of 2023 due to high mortgage rates and low inventory. Housing prices have risen over the past two years and may continue to increase in 2024, but lower mortgage rates could spur more sales. Nuveen Mortgage and Income Fund, which invests in mortgage-backed securities, offers a high current income and may benefit from reduced inflation and an improving MBS landscape.

NEW YORK--(BUSINESS WIRE)--Two Nuveen closed-end funds have declared additional cash distributions with the record, ex-dividend and payable date outlined below. The following dates apply to today's distribution declarations for the following taxable closed-end funds: Record Date December 27, 2023   Ex-Dividend Date December 26, 2023   Payable Date December 29, 2023     Taxable Per Share Distribution Amount Ordinary Short-Term Long-Term Ticker Exchange Fund Name Income Capital Gain Capital Gain.

Stocks were up slightly as the jobs report shifted the narrative towards 'higher for longer.' The payroll report came in stronger than expected, but the narrative was that it was a hawkish report, meaning higher rates for longer. Discounts for CEFs continue to tread water, with real estate and interest rate-sensitive bond sectors performing well, while emerging market equity and convertibles performed poorly.

19 out of 22 CEF sectors are positive on price, and 21 out of 22 sectors are positive on NAV. KYN/KMF merger completes. NXG Cushing Midstream Energy Fund rights offering begins.