NMZ: Lowering Outlook Because The Discount Is Gone Now [Seeking Alpha]
Nuveen Municipal High Income Opportunity Fund, $0.01 par value, per share (NMZ)
NASDAQ:AMEX Investor Relations:
nuveen.com/cef/product/overview.aspx?fundcode=nmz
Company Research
Source: Seeking Alpha
SummaryI recommended NMZ last month when its discount to NAV hit double digits. Now, as the fund has risen, that discount has disappeared.High yield munis remain an effective equity hedge, but investors need to be careful not to overpay for any asset class right now.The Fed's direct support for investment grade munis helps convince me that is the more appropriate sector for investors right now, as opposed to high yield.Main ThesisThe purpose of this article is to evaluate the Nuveen Municipal High Income Opportunity Fund (BackgroundFirst, a little about NMZ. It is a closed-end fund with anobjectiveSource:Given how markets have rallied over the past few weeks, I feel it is timely to reconsider the funds I regularly cover to see if the move warrants a change in outlook. After review, I do believe NMZ's large, short-term gain does justify a level of caution going forward. Therefore, I am lowering my rating to neutral, and I will explain why in detail below.NMZ's Discount Has Been Wiped A
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Sec Filings
- 10/31/24 - Form 424B3
- 10/28/24 - Form N-23C-2
- 9/25/24 - Form NPORT-P
- NMZ's page on the SEC website