Nuveen Real Asset Income and Growth Fund (JRI)

Nuveen

Summary

The Nuveen Real Asset Income and Growth Fund (JRI) seeks to provide a high level of current income and long-term capital appreciation by investing in real asset-related companies through stocks, bonds, and preferred securities. These may include infrastructure projects, facilities, services, and real estate investment trusts (REITs).

Investment Thesis

JRI provides substantial income yielding approximately 7.7% from its combination of real assets-based stocks and bonds. It currently trades at a discount of 13.5% to NAV, compared to a historical average of 8.22% since inception, so it is notably cheap right now.

Statistics

Management

  • Total Assets: $508.2 million
  • Total Holdings: 390
  • Leveraged: 30.5%
  • Net Expense Ratio: 1.65%

Discount/Premium to NAV

  • Price as of 06/11/2018: $16.38
  • NAV as of 06/11/2018: $18.59
  • Discount to NAV: 13.5%
  • Average Discount Since Inception: 8.22%

Performance

  • Alpha: -2.90
  • Beta: 1.44
  • P/E: 15.89
  • Distribution: $0.1060/month
  • Distribution Yield: 7.77%

Analysis

Morningstar

  • Overall Rating: 3 Stars
  • Equity Style: Mid Cap, Value Measure

Portfolio

Asset Allocation

  • Equities: 39.23%
  • Fixed Income: 25.66%
  • Cash: 0.60%

Equities

Region Allocation
  • North America: 47.63%
  • Europe: 19.68%
  • Asia: 19.57%
  • Australia: 10.41%
  • Latin America: 2.71%
  • Africa: 0.00%
Top Ten Countries
  1. USA: 49.54%
  2. Canada: 10.51%
  3. Singapore: 8.44%
  4. Australia: 4.60%
  5. France: 3.98%
  6. Spain: 2.73%
  7. UK: 2.71%
  8. Hong Kong: 2.30%
  9. Italy: 2.09%
  10. New Zealand: 1.63%
Sector Allocation
  • Real Estate: 52.61%
  • Utilities: 28.24%
  • Industrials: 8.37%
  • Energy: 6.42%
  • Technology: 1.73%
  • Communications: 1.41%
  • Financials: 1.07%
  • Consumer Discretionary: 0.15%
  • Consumer Staples: 0.00%
  • Materials: 0.00%
  • Healthcare: 0.00%
Market Cap Allocation
  • Giant: 0.57%
  • Large: 21.92%
  • Mid: 55.50%
  • Small: 16.48%
  • Micro: 5.54%

Fixed Income

Sectors
  • Corporate: 98.17%
  • Cash & Equivalents: 1.13%
  • Government: 0.69%
Corporate Allocation
  • Corporate Bond: 48.48%
  • Preferred Stock: 38.96%
  • Convertible: 10.00%
  • Bank Loan: 0.73%
Credit Quality
  • AAA: 0%
  • AA: 0%
  • A: 1%
  • BBB: 39%
  • BB: 23%
  • B: 9%
  • Below B: 1%
  • Not Rated: 26%
Maturity
  • 1-3 Years: 1.32%
  • 3-5 Years: 6.46%
  • 5-7 Years: 12.84%
  • 7-10 Years: 16.00%
  • 10-15 Years: 5.91%
  • 15-20 Years: 3.02%
  • 20-30 Years: 7.42%
  • 30+ Years: 46.75%

Top Ten Holdings

  1. EMERA Incorporated: 1.4%
  2. Enbridge Incorporation: 1.2%
  3. Enbridge Incorporation: 1.1%
  4. Spark Infrastructure Group: 1.1%
  5. Stag Industrial (STAG): 1.0%
  6. Mapletree Logistics Trust (MAPGF): 1.0%
  7. HCP Inc (HCP): 0.9%
  8. Dominion Energy Inc Unit (DCUD): 0.9%
  9. ONEOK (OKE): 0.8%
  10. Nextera Energy Capital Holdings Inc: 0.8%