Key Details
Price
$11.71Last Dividend
$0.07Annual ROE
6.00%Beta
0.14Events Calendar
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Nov 15, 2024Next split:
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I previously recommended NAC in June, anticipating a muni sector rebound, which has proven accurate. Going forward, I think gains will be more modest. The fund offers value for investors seeking tax-exempt income if they are in higher tax brackets. NAC has seen its discount to NAV narrow and is utilizing a significant portion of return of capital to pay its distribution. These two attributes justify a less bullish rating now.
I continue to view munis as a reasonable equity hedge and see an opportunity in California munis in particular. NAC has recently seen a sharp income boost and is managed by Nuveen, a popular player in the muni market. The fund's discount and underlying holdings also make for supporting buy factors at this moment.
The Nuveen California Quality Municipal Income Fund is a closed-end fund trading at a discount to net asset values of around 13.88%. The NAC fund focuses on municipal securities in California, which are typically not taxed like regular income in California or by the federal government. The fund has a high leverage ratio and interest rate risk, but activist funds on the shareholder record may help narrow the discount to net asset value.
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