Nuveen Flagship New Mexico Muni Bd Fd Cl A
FNMTX
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USD
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Capital Structure
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- John Nuveen & Co Inc Chicago IL United States of America 60606
- IPO Date
- Sep 14, 1992
- CIK
- 0001018972
- Website
- nuveen.com
- Similar Companies
- Business
- Nuveen Flagship New Mexico Municipal Bond Fund Class A (FNMTX) is an open-end mutual fund that primarily invests in investment-grade municipal bonds to provide a high level of current interest income exempt from regular federal, New Mexico state, and in some cases local income taxes, while preserving capital. The fund purchases municipal securities rated investment grade (BBB/Baa or higher) by at least one rating agency at the time of purchase, or unrated bonds deemed comparable by the sub-adviser, including general obligation bonds, revenue bonds such as those from education facilities, utilities, and public finance authorities; it may allocate up to 20% of net assets to below-investment-grade high-yield municipal bonds; top holdings as of recent data include Central New Mexico Community College 4%, Los Ranchos de Albuquerque Educational Facilities Revenue 4%, Albuquerque Refuse Removal & Disposal Revenue 4%, Virgin Islands Public Finance Authority Revenue 5%, and University of New Mexico University Revenues 5.5%. Managed by Nuveen Advisory Corp (a TIAA company) with Michael Hamilton since 2011 and Stephen Candido since October 2023, the fund features a net expense ratio of 0.82%-0.86%, a 4.20% front-end load, monthly dividends, daily pricing, and a minimum initial investment of $2,500, targeting income-focused investors in New Mexico within the Muni Single State Long category. Launched on September 16, 1992, the fund operates from Nuveen's headquarters in Chicago, Illinois (333 W Wacker Drive), with additional key offices in New York and Charlotte, and is domiciled in the United States with total net assets of approximately $66.54 million and Class A share class size of $39.09 million. Nuveen, founded in 1898, manages the fund as part of its extensive municipal bond platform exceeding $200 billion in assets under management, focusing on tax-advantaged fixed income for institutional and retail clients primarily in the U.S.. Assets are diversified with roughly 87% in U.S. bonds, 14% in non-U.S. bonds (primarily municipal tax-exempt at 101.14% sector exposure due to leverage/cash effects), and minimal cash, emphasizing New Mexico-related issuers for state tax benefits. In recent developments, Nuveen has expanded its municipal bond offerings with the launch of two actively managed ETFs in January 2025—the Nuveen High Yield Municipal Income ETF (NHYM) and Nuveen Municipal Income ETF (NUMI)—leveraging its muni credit expertise to provide tax-exempt income strategies in high-yield and longer-duration investment-grade formats. Additionally, in April-May 2025, Nuveen introduced the Nuveen High Income Municipal SMA, broadening access to high-yield and investment-grade tax-exempt bonds via separately managed accounts for wealth clients, allocating at least 40% to investment grade and up to 60% to high income bonds. While no specific acquisitions, funding rounds, or reorganizations directly impact FNMTX, these parent-level strategic expansions enhance Nuveen's overall municipal platform supporting funds like FNMTX, amid ongoing monthly distribution declarations and market-resilient muni supply dynamics.