Nuveen High Yield Municipal Bond Fund
NHMAX
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USD
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Capital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Bonds
- Address
- Nuveen Investments Chicago IL United States of America 60606
- IPO Date
- Jun 7, 1999
- CIK
- 0001020660
- Website
- nuveen.com
- Similar Companies
- Business
- Nuveen High Yield Municipal Bond Fund (NHMAX) is an open-end mutual fund that seeks a high level of current income exempt from regular federal income tax, with capital appreciation as a secondary objective. The Fund invests at least 80% of its net assets plus any borrowings for investment purposes in municipal bonds paying tax-exempt interest, focusing primarily on non-investment-grade (high yield) and unrated municipal securities issued by U.S. states, territories including Puerto Rico, subdivisions, authorities, and corporations; it targets bonds with a weighted average maturity exceeding 10 years and employs leverage via tender option bonds and inverse floaters to enhance yield. Its portfolio, managed by Nuveen Fund Advisors, LLC and Nuveen Asset Management, LLC, emphasizes credit analysis, sector allocation, and market inefficiencies across approximately 3,000 holdings, with top exposures in sectors like education, healthcare, and state general obligations; as of mid-2025, net assets exceed $13 billion, effective duration stands at 13.39 years, and the 12-month yield approximates 5.4%. Launched on June 7, 1999, the Fund is domiciled in the United States and headquartered in Chicago, Illinois, as part of the Nuveen family of funds managed by the investment manager of TIAA. It operates within the high yield municipal bond category, serving retail and institutional investors seeking tax-advantaged fixed income, with share classes including Class A (front-end load of 4.20%, minimum initial investment $3,000), Class I, and others; geographic focus spans U.S. municipal issuers nationwide, including Puerto Rico and U.S. territories. Recent portfolio management changes include the appointment of Daniel Close and Stephen Candido in April 2023, followed by Steven Hlavin's addition as co-portfolio manager effective May 9, 2025, to bolster the Fund's leadership amid ongoing credit research expansion. In April 2025, Nuveen launched the High Income Municipal separately managed account (SMA) strategy, extending its high yield municipal expertise—rooted in the same non-investment-grade focus—across its nearly $200 billion municipal platform that encompasses mutual funds, ETFs, closed-end funds, and interval funds. Earlier, in 2023, Nuveen reorganized its municipal leadership with Daniel Close succeeding John Miller as head of municipals and settled litigation with Preston Hollow Community Capital, fostering a cooperative relationship in the high yield muni sector.