NPFD icon

Nuveen Variable Rate Preferred & Income Fund
NPFD

Overview Fund Activity
19.76 USD
+0.15
0.76%
At close Updated Sep 17, 4:00 PM EDT
1 day
0.76%
5 days
0.56%
1 month
2.92%
3 months
4.44%
6 months
5.44%
Year to date
7.22%
1 year
4.99%
5 years
-20.96%
10 years
-20.96%
 

About: Nuveen Variable Rate Preferred&Income is a newly organized, diversified, closed-end management investment company. The Fund's investment objective is to seek to provide a high level of current income and total return.

Financials Asset Management
0
Funds holding %
of 7,463 funds
–
Analysts bullish %

Fund manager confidence

Based on 2025 Q2 regulatory disclosures by fund managers ($100M+ AUM)

25% more repeat investments, than reductions

Existing positions increased: 15 | Existing positions reduced: 12

3% more capital invested

Capital invested by funds: $164M [Q1] → $170M (+$5.45M) [Q2]

0.2% more ownership

Funds ownership: 36.22% [Q1] → 36.43% (+0.2%) [Q2]

7% less funds holding

Funds holding: 46 [Q1] → 43 (-3) [Q2]

25% less first-time investments, than exits

New positions opened: 6 | Existing positions closed: 8

100% less funds holding in top 10

Funds holding in top 10: 1 [Q1] → 0 (-1) [Q2]

See Fund Rankings

Financial journalist opinion

Positive
Seeking Alpha
1 month ago
NPFD: Future Interest Rate Cuts Can Be A Growth Catalyst
NPFD offers a high 10.5% yield and monthly payouts, making it attractive for income investors in a high interest rate environment. The fund's variable rate strategy and focus on investment grade financials provide resilience, but concentration and leverage increase risk. NPFD trades at a 4.2% discount to NAV, but its short history and inconsistent income generation raise concerns about dividend sustainability.
NPFD: Future Interest Rate Cuts Can Be A Growth Catalyst
Negative
Seeking Alpha
4 months ago
It Is Time To Swap Out Of NPFD
NPFD offers high, tax-advantaged monthly income and low interest rate risk, but its current discount to NAV is modest at under 4%. Distribution coverage is weak at 59%, with a significant portion of payouts as the return of capital, raising sustainability concerns. Given better alternatives in the preferred CEF space, I recommend swapping out NPFD for PFO or FLC, especially in tax-advantaged accounts.
It Is Time To Swap Out Of NPFD
Positive
Seeking Alpha
8 months ago
NPFD: Don't Overlook The Interest Rate Risk Of This 10%-Yielding CEF
The Nuveen Variable Rate Preferred & Income Fund offers a high 10.75% yield, outperforming major domestic fixed-income indices, but carries higher risk due to leverage. Despite a 6.19% share price increase since May 2024, the fund's net asset value declined by 0.85%, indicating potential overvaluation. The fund's most recent holdings report suggests that its exposure to variable-rate securities is lower than one would expect.
NPFD: Don't Overlook The Interest Rate Risk Of This 10%-Yielding CEF
Positive
Seeking Alpha
10 months ago
NPFD: Discount Widens Back Out For This High-Yielding Preferred Focused CEF
Nuveen Variable Rate Preferred & Income Fund is now like a 'Buy' as the discount has widened back out. NPFD should benefit from lower borrowing costs as the Fed cuts its target rates, improving net investment income and distribution coverage. The fund sports an enticing double-digit distribution, though long-term distribution sustainability remains uncertain and is an area to watch.
NPFD: Discount Widens Back Out For This High-Yielding Preferred Focused CEF
Positive
Seeking Alpha
1 year ago
NPFD: Preferred Exposure And Big Distribution Increase
NPFD is a closed-end fund offering exposure to preferred and income securities, with a recent distribution increase sparking the discount to narrow. Distribution coverage is weak, but seeing the discount narrow substantially was the main positive from that move anyway, which was likely driven by Saba's involvement. Distribution coverage could also improve in a lower-rate environment, which is an added catalyst moving forward.
NPFD: Preferred Exposure And Big Distribution Increase
Neutral
Business Wire
1 year ago
Nuveen Closed-End Funds Declare Distributions
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.
Nuveen Closed-End Funds Declare Distributions
Negative
Seeking Alpha
1 year ago
NPFD: Do Not Let The Fund's Name Fool You
The Nuveen Variable Preferred & Income Fund is a preferred stock fund that claims to invest in securities with dividend payments based on interest rates. Despite the yield curve being inverted, the NPFD closed-end fund's current yield of 8.27% is not as high as most variable-rate debt funds. The fund's performance since its inception has been disappointing, with a decline of 30.64%, and it has underperformed most of its peers.
Neutral
Business Wire
1 year ago
Nuveen Closed-End Funds Announce Leading Independent Proxy Advisory Firm, Glass Lewis, Fully Supports Nuveen's Board Nominees
NEW YORK--(BUSINESS WIRE)--The Boards of Trustees of certain Nuveen closed-end funds announced today that Glass Lewis, a leading independent proxy advisory firm, recommended that shareholders vote on the WHITE proxy cards FOR all of the Board Nominees of Nuveen Real Asset Income and Growth Fund (NYSE: JRI), Nuveen Core Plus Impact Fund (NYSE: NPCT), Nuveen Multi-Asset Income Fund (NYSE: NMAI) and Nuveen Variable Rate Preferred & Income Fund (NYSE: NPFD) (the “Funds”) in connection with the.
Nuveen Closed-End Funds Announce Leading Independent Proxy Advisory Firm, Glass Lewis, Fully Supports Nuveen's Board Nominees
Positive
Seeking Alpha
1 year ago
NPFD: Distribution Bump Amid Activist Pressure
Nuveen Variable Rate Preferred & Income Fund has announced another sizeable distribution boost following a previous raise in December 2023. Saba Capital Management has initiated a position in NPFD and filed a preliminary proxy for the election of a new independent trustee. NPFD's discount has narrowed, but it is still at an attractive level to consider investing in the preferred fund with the potential catalyst of rate cuts for a brighter future.
Positive
Seeking Alpha
1 year ago
NPFD: This Preferred CEF Will Have Its Day
Different funds within the same sector often have different tilts, which can impact their performance in different market scenarios. 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.
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