Fund Evaluator:
Nuveen Preferred Secs & Inc I (NPSRX)
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Best Performing in Preferred Stock Over the Last Year
| 5.5% | Cohen & Steers Preferred Sec & Inc Z (CPXZX) |
Fund Details
Nuveen Preferred Secs & Inc I Overview
Nuveen Preferred Secs & Inc I (NPSRX) is an actively managed Taxable Bond Preferred Stock fund. Nuveen launched the fund in 2006.
The investment seeks a high level of current income and total return. Under normal circumstances, the fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in preferred securities and other income producing securities. The advisor intends to invest at least 25% of its assets in the securities of companies principally engaged in financial services. It normally invests at least 50% of its net assets in securities rated investment grade. The fund may invest up to 50% of its net assets in securities rated below investment grade or unrated securities judged to be of comparable quality.
About Nuveen Preferred Secs & Inc I (NPSRX)
There are 2 members of the management team with an average tenure of 17.07 years: Douglas Baker (2006), Brenda Langenfeld (2012). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE BofA US All Captl TR USD index with a weighting of 100%. Nuveen Preferred Secs & Inc I has 220 securities in its portfolio. The top 10 holdings constitute 17.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Nuveen Preferred Secs & Inc I is part of the Hybrid Securities global asset class and is within the Taxable Bond fund group. Nuveen Preferred Secs & Inc I has 44.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 39.4% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 53.7% (8.9% domestic bond, 44.9% foreign bond and 1.5% convertible bond). Nuveen Preferred Secs & Inc I has 5.1% of the portfolio in cash.
Assets Under Management
The fund has $4 billion in total assets, which is above the $549 million average for the Preferred Stock category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
NPSRX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Nuveen Preferred Secs & Inc I expense ratio is above average compared to funds in the Preferred Stock category. Nuveen Preferred Secs & Inc I has an expense ratio of 0.75%, which is 32% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Nuveen Preferred Secs & Inc I has a portfolio turnover rate of 28%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 37% for the Preferred Stock category.
Recently, in the month of July 2026, Nuveen Preferred Secs & Inc I returned -0.4%, which earned it a grade of C, as the Preferred Stock category had an average return of -0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Nuveen Preferred Secs & Inc I has a trailing yield of 5.95%, which is above the 5.56% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Nuveen Preferred Secs & Inc I Grades
Year to date, the fund has returned 1.4%, 0.1 percentage points worse than the category, which translates into a grade of C. The fund has returned 6.5% over the past year (grade of A), 9.4% over the past three years (grade of A) and 3.5% per year over the past five years (grade of A) and 5.0% per year over the past 10 years (grade of A).
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NPSRX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| NPSRX Return (NAV) | -0.4% | 0.4% | 6.5% | 9.4% | 3.5% | 5.0% |
| NPSRX Grade | C | C | A | A | A | A |
| +/- Category | -0.1% | 0.0% | 1.3% | 1.2% | 0.7% | 0.6% |
| Preferred Stock Avg | -0.3% | 0.4% | 5.2% | 8.3% | 2.8% | 4.4% |
| NPSRX Tax Cost Ratio | na | na | 2.0% | 1.7% | 1.9% | 2.0% |
NPSRX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NPSRX Return (NAV) | 1.4% | 11.2% | 9.6% | 6.2% | -9.8% | 5.4% | 5.5% | 17.6% | -5.7% | 11.2% | 5.3% |
| NPSRX Grade | C | A | D | C | A | A | C | B | F | B | B |
| +/- Category | -0.1% | 3.1% | -0.4% | -0.6% | 1.5% | 0.6% | 0.2% | 0.8% | -1.1% | 1.1% | -0.1% |
| Preferred Stock Avg | 1.5% | 8.1% | 9.9% | 6.8% | -11.3% | 4.8% | 5.3% | 16.8% | -4.6% | 10.1% | 5.4% |
| Risk Measures | |
| Standard Deviation: | 4.5% |
| Total Risk Index: | 0.37 - Low |
| Category Risk Index: | 0.98 - Average |
| Category Risk Grade: | C (43% Rank) |
| Beta: | 0.65 |
| R-Squared: | 65% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 6.0% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $6126 Mil |
| Fund Total Assets: | $4,321 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 28% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 19.6 years | |||
| Average Tenure: 17.1 years | |||
| Managers (Year): Baker Douglas (2006), Langenfeld Brenda (2012) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 220 |
| % in Top 10 Holdings: | 17.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 44.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 39.4% |
| Domestic Bond: | 8.9% |
| Foreign Bond: | 44.9% |
| Convertible Bond: | 1.5% |
| Other: | 0.2% |
| Cash: | 5.1% |
Purchase Information
| Fund Family: | Nuveen |
| Phone Number: | 800-257-8787 |
| Website: | www.nuveen.com |
| Status: | Open |
| Inception Date: | December 19, 2006 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.75% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.11% |
| Share Class: | Nuveen Preferred Secs & Inc I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
