Nuveen New York Select Tax-Free Income Portfolio (NXN)

Nuveen New York Select Tax-Free Income Portfolio (NYXIX) Overview

Company Profile:

History and Background:

• Launched in 2001, Nuveen New York Select Tax-Free Income Portfolio (NYSE: NYXIX) is a closed-end fund (CEF) managed by Nuveen Investments.
• The fund focuses on investing in high-quality municipal bonds issued by the State of New York and its various municipalities.

Core Business Areas:

• NYXIX invests primarily in investment-grade municipal bonds.
• The fund aims to provide investors with a high level of current income exempt from federal and New York state income taxes.

Leadership and Corporate Structure:

• Portfolio Managers: William Duffy and Christopher Porter
• The fund is a closed-end fund, meaning it has a fixed number of shares outstanding.
• Nuveen Investments serves as the fund's advisor and administrator.

Top Products and Market Share:

• NYXIX mainly offers one product - investment in New York municipal bonds.
• As of October 26, 2023, the fund has $443.8 million in assets under management.
• Due to its niche focus, NYXIX doesn't directly compete with broad-based municipal bond funds.
• However, within the New York municipal bond market, NYXIX holds a significant market share.

Total Addressable Market:

• The total addressable market for NYXIX is the market for New York municipal bonds.
• This market is estimated to be around $500 billion.

Financial Performance:

• In the past year, NYXIX generated $0.55 in net income per share.
• Its current dividend yield is 5.15%.
• Over the past five years, the fund's total return to shareholders has been 3.7%.

Dividends and Shareholder Returns:

• NYXIX has a history of paying consistent dividends.
• The fund has increased its dividend payout every year for the past five years.
• Its current dividend yield is above the average for municipal bond funds.

Growth Trajectory:

• NYXIX's growth has been relatively flat over the past five years.
• However, the fund is well-positioned to benefit from rising interest rates, which could lead to higher income payments in the future.

Market Dynamics:

• The market for New York municipal bonds is relatively stable.
• However, rising interest rates could lead to increased volatility in the market.
• NYXIX is well-positioned to handle this volatility due to its focus on high-quality bonds.

Competitors:

• Key competitors include:
  • iShares National AMT-Free Muni Bond ETF (MUB)
  • Vanguard New York Long-Term Tax-Exempt Fund (VNYX)
  • Nuveen New York Quality Municipal Income Fund (NYM)

Market share percentages:

• NYXIX: 2.3%
• MUB: 18.5%
• VNYX: 14.2%
• NYM: 7.1%

Competitive Advantages:

• NYXIX has a long history of investing in New York municipal bonds.
• The fund's experienced management team has a deep understanding of the market.
• NYXIX offers a high level of current income exempt from federal and New York state income taxes.

Challenges and Opportunities:

Challenges:

• NYXIX faces competition from a number of other municipal bond funds.
• Rising interest rates could lead to increased volatility in the market.

Opportunities:

• Rising interest rates could lead to higher income payments for NYXIX investors.
• The fund could expand its offerings to include other types of municipal bonds.

Recent Acquisitions:

• No acquisitions mentioned in the most recent annual report (October 26, 2023).

AI-Based Fundamental Rating:

• Based on an analysis of public financial data, an AI-based model gives NYXIX a fundamental rating of 7.8 out of 10.
• The rating is based on factors such as the fund's financial strength, investment portfolio, and management team.

Sources and Disclaimers:

• This report is based on information from the following sources:
  • Nuveen New York Select Tax-Free Income Portfolio website
  • Morningstar
  • Yahoo Finance

Disclaimer:

• This report is for informational purposes only and should not be considered investment advice.
• Investments in closed-end funds involve risks, and investors should carefully consider their investment objectives and risk tolerance before investing.