Nuveen Investments has launched a new product in its series of mutual funds sub-advised by Symphony Asset Management. The Nuveen Symphony Credit Opportunities Fund uses a bottom-up credit analysis to select fixed-income investments such as high-yield debt. The fund is Nuveen's seventh with Symphony.
The advisor-sold product comes in four share classes (A, C, R3 and I) and has operating expenses ranging from 85 to 185 basis points, depending on the share class, according to the filing.
State Street Bank is the fund's custodian and Boston Financial Data Services is the transfer agent.
Company Press Release
CHICAGO--(EON: Enhanced Online News)--Nuveen Investments, a leading provider of diversified investment services, today announced the availability of the Nuveen Symphony Credit Opportunities Fund (NCOAX). The new fund is the first mutual fund to leverage Symphony Asset Management’s bottom-up credit analysis as it looks across the capital structure of leveraged companies in its efforts to capture risk-adjusted returns in both catalyst-driven and special situations. The new fund is now available through advisors at leading broker-dealers, banks, insurance companies, financial planning and investment consulting firms.
The Nuveen Symphony Credit Opportunities Fund seeks current income and capital appreciation by investing in debt instruments such as bonds, loans and convertible securities, a substantial portion of which may be rated below investment-grade or, if unrated, deemed to be of comparable quality. The fund may also use derivatives, such as swaps, futures and options, to gain investment exposure.
“At a time when robust and fundamental credit analysis is especially critical to constructing quality debt portfolios, we are pleased to bring this new Symphony strategy to retail mutual fund investors,” says Alan Brown, Executive Vice President, Nuveen Investments.
Based in San Francisco, California, Symphony Asset Management’s investment platform provides clients access to senior bank loans, high yield bonds, convertible bonds and equity, through hedge funds, long-only strategies and structured products. Supported by institutional-quality risk control measures and extensive operational support, Symphony focuses on intellectually robust analysis of earnings quality, industry trends, and trading characteristics as it seeks to deliver consistent returns in a variety of market conditions.
Nuveen Investments’ family of mutual funds offers a variety of institutional-caliber investment strategies managed by its high-quality boutique affiliates. Each mutual fund is designed to contribute to a well-constructed diversified portfolio. With nearly $23 billion in 60 mutual funds as of March 31, 2010, Nuveen Investments offers a broad range of fixed income, growth, value and global portfolios spanning a variety of objectives and investment styles.
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