Fund Evaluator:
Nuveen International Bond I (TIBNX)
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Best Performing in Global Bond-USD Hedged Over the Last Year
| 4.2% | T. Rowe Price Global Multi-Sector Bd Inv (PRSNX) |
| 2.7% | American Century Global Bond Y (AGBWX) |
| 2.6% | Nuveen International Bond I (TIBNX) |
| 2.6% | Janus Henderson Developed World Bond D (HFADX) |
| 2.5% | Goldman Sachs Global Core Fxd Inc Inv (GBIRX) |
Fund Details
Nuveen International Bond I Overview
Nuveen International Bond I (TIBNX) is an actively managed Taxable Bond Global Bond-USD Hedged fund. Nuveen launched the fund in 2016.
The investment seeks total return. Under normal market conditions, the fund invests at least 80% of its assets in fixed-income investments of foreign issuers and derivative instruments, including those used to manage currency risk. It primarily invests in a broad range of investment-grade sovereign, quasi-sovereign and corporate fixed-income investments. The fund may also invest in other fixed-income securities, including those of non-investment-grade quality.
About Nuveen International Bond I (TIBNX)
There are 3 members of the management team with an average tenure of 5.37 years: John Espinosa (2016), Melissa Zaccagnino (2023), Aaron Enriquez (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Global Aggregate TR USD index with a weighting of 100% and Bloomberg Gbl Agg Ex USD TR Hdg USD index with a weighting of 100%. Nuveen International Bond I has 449 securities in its portfolio. The top 10 holdings constitute 23.4% 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 International Bond I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Nuveen International Bond I has 82.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.1%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 91.3% (8.7% domestic bond, 82.6% foreign bond and 0.0% convertible bond). Nuveen International Bond I has 3.6% of the portfolio in cash.
Assets Under Management
The fund has $14 million in total assets, which is below the $2 billion average for the Global Bond-USD Hedged 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.
TIBNX 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 International Bond I expense ratio is above average compared to funds in the Global Bond-USD Hedged category. Nuveen International Bond I has an expense ratio of 0.62%, which is 15% lower than its category average, making the fund expense ratio grade a C. 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 International Bond I has a portfolio turnover rate of 4%, indicating that holds its assets around 0.3 years. By way of comparison, the average portfolio turnover is 195% for the Global Bond-USD Hedged category.
Recently, in the month of July 2026, Nuveen International Bond I returned -0.8%, which earned it a grade of A, as the Global Bond-USD Hedged category had an average return of -1.1%. 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 International Bond I has a trailing yield of 3.97%, which is below the 3.99% category average. The fund normally distributes its income quarterly 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 International Bond I Grades
Year to date, the fund has returned 0.9%, 0.8 percentage points better than the category, which translates into a grade of A. The fund has returned 2.6% over the past year (grade of B), 4.8% over the past three years (grade of B) and 0.9% per year over the past five years (grade of B).
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TIBNX 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 |
|
| TIBNX Return (NAV) | -0.8% | 0.6% | 2.6% | 4.8% | 0.9% | na |
| TIBNX Grade | A | B | B | B | B | na |
| +/- Category | 0.3% | 0.4% | 0.3% | 0.4% | 0.5% | na |
| Global Bond-USD Hedged Avg | -1.1% | 0.2% | 2.3% | 4.4% | 0.4% | 1.8% |
| TIBNX Tax Cost Ratio | na | na | 1.6% | 0.8% | 1.5% | na |
TIBNX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TIBNX Return (NAV) | 0.9% | 4.2% | 4.5% | 9.0% | -11.4% | -2.2% | 4.7% | 9.9% | 0.3% | 5.4% | na |
| TIBNX Grade | A | D | B | B | B | C | D | A | B | B | na |
| +/- Category | 0.8% | -1.0% | 1.1% | 1.1% | 0.6% | -0.4% | -2.0% | 1.4% | 0.3% | 1.1% | na |
| Global Bond-USD Hedged Avg | 0.1% | 5.2% | 3.4% | 7.9% | -12.0% | -1.7% | 6.7% | 8.6% | 0.1% | 4.3% | 4.5% |
| Risk Measures | |
| Standard Deviation: | 3.7% |
| Total Risk Index: | 0.30 - Low |
| Category Risk Index: | 0.84 - Low |
| Category Risk Grade: | A (14% Rank) |
| Beta: | 0.58 |
| R-Squared: | 79% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 4.0% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1399 Mil |
| Fund Total Assets: | $ 15 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 4% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.0 years | |||
| Average Tenure: 5.4 years | |||
| Managers (Year): Espinosa John (2016), Zaccagnino Melissa (2023), Enriquez Aaron (2023) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 449 |
| % in Top 10 Holdings: | 23.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 82.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.1% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 8.7% |
| Foreign Bond: | 82.6% |
| Convertible Bond: | 0.0% |
| Other: | 5.0% |
| Cash: | 3.6% |
Purchase Information
| Fund Family: | Nuveen |
| Phone Number: | 800-842-2252 |
| Website: | www.tiaa.org |
| Status: | Open |
| Inception Date: | August 5, 2016 |
| 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: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.62% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.73% |
| Share Class: | Nuveen International Bond R6 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
