Summary
JLS Chart
JLS: Higher Interest Rates Can Create Uncertainty
Nuveen Mortgage and Income Fund (JLS) remains a hold, with persistent NAV weakness and a widening discount despite a high 10.5% yield. JLS's earnings struggle to fully cover distributions, and its heavy allocation to long-duration, below-investment-grade securities heightens sensitivity to interest rate and credit risks. Leverage at 22.9% of assets amplifies downside in adverse rate or credit scenarios, while dividend sustainability is questionable given recent earnings shortfalls.
JLS: Mortgages Are Attractive
Nuveen Mortgage and Income Fund offers a leveraged, RMBS- and CMBS-overweight fixed income CEF with a low duration profile. JLS benefits from recent rate volatility, providing attractive risk/reward as mortgage bonds have sold off amid inflation and geopolitical tensions. The fund trades near historical NAV discount midpoints, reflecting market recognition of its strong performance and portfolio management.
Nuveen Mortgage and Income Fund Investors
| Name | Quantity | Cost | Value | Profit ($) | Gain (%) |
|---|---|---|---|---|---|
| PER Paul E. Rasmussen SIT INVESTMENT ASSOCIATES Inc. | 878,972 | $17.07M | $14.28M | -$2.78M | -16.32% |
| MBV Matthew B. Vawter NATIONS FINANCIAL GROUP Inc., /IA/ /ADV | 48,428 | $824,812.02 | $785,017.88 | -$39,794.14 | -4.82% |
| PF Phillip Fitzsimmons Hennion & Walsh Asset Management Inc. | 33,436 | $603,969.79 | $539,991.4 | -$63,978.39 | -10.59% |
| BO Brian Oliveira Clear Street Group Inc. | 26,256 | $458,902 | $426,791.28 | -$32,110.72 | -7% |
| VMJ Victor Melfa Jr. MELFA WEALTH MANAGEMENT Inc. | 18,744 | $324,254.47 | $304,402.56 | -$19,851.91 | -6.12% |
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