Updated:
Nuveen New York Municipal Value Fund
Nuveen New York Municipal Value Fund is a closed-end fund providing New York taxpayers with federally and state-tax-exempt income from municipal bonds.
Nuveen New York Municipal Value Fund
Nuveen New York Municipal Value Fund was launched in October 2008 as a closed-end fund under the Nuveen umbrella, a subsidiary of TIAA. The fund was designed explicitly for New York taxpayers seeking income exempt from federal, state, and New York City personal income taxes. Nuveen Asset Management serves as the investment adviser, with the firm's extensive municipal credit research team responsible for security selection. The fund's inception near the peak of the global financial crisis gave it an unusual entry point, purchasing municipal bonds at historically dislocated valuations. The fund invests predominantly in investment-grade municipal securities issued by New York State and its political subdivisions, including general obligation bonds, revenue bonds tied to essential services like water and sewer systems, and appropriation-backed debt. As a closed-end structure, it can hold a less liquid, higher-yielding portfolio than daily-dealing open-end mutual funds, and it routinely employs leverage — typically through variable-rate municipal term preferred shares — to amplify distributable income. Top sector weightings historically concentrate in tax-backed general obligations, transportation revenue bonds, and healthcare-related municipal credits. The fund's geographic mandate keeps nearly all assets within New York. The fund is part of Nuveen's broader closed-end municipal complex, which collectively manages billions in assets across state-specific and national strategies. Nuveen holds a dominant position in the US closed-end municipal bond market, giving NNY access to the firm's 20-plus municipal credit analysts and a primary-dealer desk that sources bonds directly from underwriters. The fund distributes income monthly, with the distribution rate driven by net investment income. In periods of rising rates, the fund's leverage costs increase, which can compress earnings. What distinguishes NNY structurally is its closed-end wrapper tailored for single-state tax arbitrage. Unlike an ETF or open-end mutual fund that must manage daily subscriptions and redemptions, NNY operates with a fixed capital base and can invest in bonds that trade infrequently, capturing an illiquidity premium. The fund also trades on an exchange, meaning its market price can diverge from net asset value — sometimes presenting opportunities to accumulate shares at a discount or sell at a premium, a dynamic absent from open-end vehicles.
General information
Firm type
Asset Manager
Year founded
2008
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Sector focus
Frequently asked questions
Who manages the Nuveen New York Municipal Value Fund's portfolio?
Nuveen Asset Management, an indirect subsidiary of TIAA, serves as the fund's investment adviser. The firm's dedicated municipal fixed-income team, which includes over 20 credit analysts, handles portfolio construction and ongoing surveillance for this fund. Nuveen is one of the largest managers of municipal closed-end funds in the United States.
How does the fund's closed-end structure affect its investment strategy?
As a closed-end fund, NNY has a fixed pool of capital and is not forced to sell assets to meet investor redemptions. This allows the fund to hold less-liquid New York municipal bonds that can offer higher yields than the most actively traded issues. The structure also permits the use of leverage, typically through preferred shares, to boost distributable income — a tool not generally available to open-end municipal mutual funds.
What types of New York municipal bonds does the fund hold?
The fund invests across the New York municipal spectrum, with holdings typically including state general obligation bonds, revenue bonds backed by dedicated taxes or fees, and essential-service revenue bonds from water, sewer, and transportation authorities. The portfolio is concentrated in investment-grade securities, though it may also hold unrated bonds that Nuveen's analysts deem creditworthy.
How does the fund generate tax-exempt income?
Interest income from obligations issued by New York State and its municipalities is generally exempt from US federal income tax, New York State personal income tax, and, for New York City residents, New York City personal income tax. The fund distributes this income to shareholders monthly. Gains from the sale of bonds or premium/discount trading, however, may be taxable.
Does the fund use leverage, and what are the risks?
Yes, the fund typically uses leverage, most commonly through the issuance of variable-rate municipal term preferred shares. Leverage magnifies income in normal conditions but also amplifies losses and cost pressure when short-term rates rise or the underlying bond portfolio declines. The fund's expense ratio and distribution sustainability can shift materially during tightening cycles.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: