Closed-end fund PHD faces uncertain future as recent events indicate poor returns ahead.

Pioneer Floating Rate Fund (PHD) is a closed-end fund that invests in floating-rate securities to provide high income to investors. Recent events suggest poor returns going forward, potentially affecting PHD's performance.

Title: Nuveen Expands Separately Managed Account Platform with Launch of High Income Municipal SMA

Nuveen, the investment manager of TIAA, has expanded its separately managed account (SMA) platform with the launch of the Nuveen High Income Municipal SMA. This new strategy aims to provide high yield exposure across Nuveen's extensive municipal platform, which includes mutual funds, closed-end funds, ETFs, SMAs, model portfolios, LPs, and an interval fund.

The new SMA invests in both investment-grade and non-investment-grade tax-exempt bonds, leveraging Nuveen's specialized credit research team to deliver high levels of tax-free income. The portfolio allocates a minimum of 40% to investment-grade bonds and up to 60% in high-income bonds. This launch follows the addition of two actively-managed muni ETFs in January 2025, underscoring Nuveen's commitment to delivering its municipal expertise across various product wrappers.

Daniel Close, Head of Municipals at Nuveen, commented, "The $1.6 trillion muni SMA market has been dominated largely by high-grade strategies, with few offering true high yield exposure. Our High Income Municipal SMA offers the potential to generate attractive levels of income for investors seeking high tax-exempt yields with enhanced total return potential."

Key Features of the Nuveen High Income Municipal SMA:

- Investment Objective: Primarily invests in municipal bonds across both investment-grade and non-investment-grade credit spectrums, seeking to deliver investors a high level of tax-free income.
- Reference Benchmark: Bloomberg Municipal Bond Index
- Portfolio Managers: Martin J. Doyle, CFA; Patrick R. Maher

About Nuveen's Municipal Platform

Nuveen is an industry leader in municipal fund management, ranking among the largest with nearly 80 investment professionals averaging 22 years of experience. The firm's specialized municipal credit research team is one of the largest and most experienced in the asset class, recently named the #1 team in the 2024 Smith's All-Star Municipal Analysts Awards [1].

About Nuveen's SMA Suite

As the 11th largest firm in overall SMA market share [2], Nuveen offers a range of strategies addressing growing investor interest in personalization and adaptability. The SMA capabilities cover municipal and taxable fixed income approaches seeking yield or total return; diverse equity capabilities across geography, capitalization, and style; and nontraditional offerings including direct indexing and multi-asset strategies.

Conclusion

The launch of the Nuveen High Income Municipal SMA expands Nuveen's SMA platform, offering investors seeking high tax-exempt yields and enhanced total return potential a new opportunity. With its specialized credit research team and commitment to delivering municipal expertise, Nuveen continues to innovate in the municipal bond market.

References:

[1] https://www.itnewsonline.com/PRNewswire/Nuveen-Expands-Separately-Managed-Account-Platform-With-Launch-of-High-Income-Municipal-SMA/1054783
[2] https://www.stocktitan.net/news/CACC/credit-acceptance-announces-first-quarter-2025-jy8lfw4u24m4.html