Fund Evaluator:
Nuveen Quant Small/Mid Cap Eq I (TSMNX)
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Best Performing in Small Blend Over the Last Year
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Fund Details
Nuveen Quant Small/Mid Cap Eq I Overview
Nuveen Quant Small/Mid Cap Eq I (TSMNX) is an actively managed U.S. Equity Small Blend fund. Nuveen launched the fund in 2016.
The investment seeks a favorable long-term total return, mainly through capital appreciation. Under normal circumstances, the fund invests at least 80% of its assets in small-cap and mid-cap equity securities. In seeking a favorable long-term total return, it will invest in securities that the fund's investment adviser believes have favorable prospects for significant long-term capital appreciation potential. The fund may purchase foreign equity securities, denominated in U.S. dollars or in non-U.S. dollar currencies, and equity securities issued in connection with reorganizations and other special situations.
About Nuveen Quant Small/Mid Cap Eq I (TSMNX)
There are 3 members of the management team with an average tenure of 6.28 years: Max Kozlov (2019), Nan Zhang (2025), Pei Chen (2016). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2500 TR USD index with a weighting of 100%. Nuveen Quant Small/Mid Cap Eq I has 362 securities in its portfolio. The top 10 holdings constitute 13.5% 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 Quant Small/Mid Cap Eq I is part of the Equity global asset class and is within the U.S. Equity fund group. Nuveen Quant Small/Mid Cap Eq I has 4.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 95.4%. There is 4.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Nuveen Quant Small/Mid Cap Eq I has 0.5% of the portfolio in cash.
Assets Under Management
The fund has $302 million in total assets, which is below the $685 million average for the Small Blend 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.
TSMNX 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 Quant Small/Mid Cap Eq I expense ratio is average compared to funds in the Small Blend category. Nuveen Quant Small/Mid Cap Eq I has an expense ratio of 0.53%, which is 49% 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 Quant Small/Mid Cap Eq I has a portfolio turnover rate of 89%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 66% for the Small Blend category.
Recently, in the month of July 2026, Nuveen Quant Small/Mid Cap Eq I returned -4.0%, which earned it a grade of F, as the Small Blend category had an average return of -2.8%. 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 Quant Small/Mid Cap Eq I has a trailing yield of 0.70%, which is above the 0.42% category average. The fund normally distributes its income annually 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 Quant Small/Mid Cap Eq I Grades
Year to date, the fund has returned 21.5%, 3.4 percentage points better than the category, which translates into a grade of A. The fund has returned 33.9% over the past year (grade of B), 20.5% over the past three years (grade of A) and 12.5% per year over the past five years (grade of A).
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TSMNX 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 |
|
| TSMNX Return (NAV) | -4.0% | 5.9% | 33.9% | 20.5% | 12.5% | na |
| TSMNX Grade | F | B | B | A | A | na |
| +/- Category | -1.2% | 0.7% | 5.6% | 7.1% | 4.9% | na |
| Small Blend Avg | -2.8% | 5.2% | 28.3% | 13.5% | 7.6% | 10.3% |
| TSMNX Tax Cost Ratio | na | na | 1.9% | 1.8% | 2.6% | na |
TSMNX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TSMNX Return (NAV) | 21.5% | 16.1% | 18.2% | 20.8% | -16.5% | 31.8% | 15.9% | 29.9% | -7.4% | 19.7% | na |
| TSMNX Grade | A | A | A | A | C | A | C | A | A | A | na |
| +/- Category | 3.4% | 8.2% | 6.7% | 4.3% | -0.0% | 8.6% | 1.5% | 4.4% | 4.4% | 5.6% | na |
| Small Blend Avg | 18.2% | 7.9% | 11.6% | 16.5% | -16.5% | 23.2% | 14.4% | 25.5% | -11.8% | 14.1% | 20.2% |
| Risk Measures | |
| Standard Deviation: | 17.9% |
| Total Risk Index: | 1.46 - High |
| Category Risk Index: | 0.97 - Below Average |
| Category Risk Grade: | B (35% Rank) |
| Beta: | 1.16 |
| R-Squared: | 71% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.7% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $2680 Mil |
| Fund Total Assets: | $ 303 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 89% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.0 years | |||
| Average Tenure: 6.3 years | |||
| Managers (Year): Chen Pei (2016), Kozlov Max (2019), Zhang Nan (2025) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 362 |
| % in Top 10 Holdings: | 13.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.2% |
Portfolio Allocation |
|
| Domestic Stock: | 95.4% |
| Foreign Stock: | 4.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.5% |
Purchase Information
| Fund Family: | Nuveen |
| Phone Number: | 877-518-9161 |
| 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 (%): | 0.53% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | Nuveen Quant Small/Mid Cap Eq R6 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
