Benchmarking The Sell-Off In Preferreds [Seeking Alpha]
Nuveen Preferred Securities & Income Opportunities Fund Common Shares (JPI)
US:NYSE Investor Relations:
nuveen.com/home/corporate/media/pressroom.aspx
Company Research
Source: Seeking Alpha
Summary We benchmark the current drawdown in preferreds with previous episodes. We estimate the current drawdown is about half to two-thirds of the way through the December 2018 drop. At these levels, we find preferreds' valuations attractive to begin to add risk in the sector. We like mortgage REIT preferreds for their combination of high yields and modest volatility, as well as JPI for its investment-grade focus and high total yield. Many income investors have been disappointed by the paltry yields on offer in preferred stocks and have been patiently waiting for a market drawdown in order to deploy spare cash. While we don't know how much further the market will drop, much less what the spread and impact of the coronavirus will ultimately be, we can be in part guided by comparing the current drawdown to previous risk-off periods. We use data as of Friday close in this analysis. Our main takeaway is that we estimate we have moved about half to two-thirds of the way compared to the De
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Sec Filings
- 10/11/24 - Form N-CEN
- 10/4/24 - Form N-CSR
- 9/25/24 - Form NPORT-P
- JPI's page on the SEC website