NPFD

Key Statistics

About Nuveen Variable Rate Preferred & Income Fund

The Nuveen Variable Rate Preferred & Income Fund (NPFD) is a closed-end fund tailored for institutional investors aiming to achieve significant current income through a diversified portfolio of variable-rate preferred and income-generating securities. Managed by the esteemed investment management firm Nuveen, the fund prioritizes high-quality assets and employs a disciplined investment strategy to enhance risk-adjusted returns. By focusing on income stability amidst shifting interest rate conditions, NPFD presents an attractive opportunity to engage with the preferred securities market while effectively navigating income-related challenges.

Fundamentals

Historical Volatility

Volatility is currently expanding

Latest News

NPFD: Discount Remains Unappealing And In The Wrong Environment

Nuveen Variable Rate Preferred & Income Fund remains a 'Hold' as rate sensitivity and a modest discount limit appeal. Despite its name, NPFD is mostly fixed-to-fixed rate preferreds, resulting in a leveraged-adjusted effective duration of 5.53 years leading to meaningful interest rate risk. Distribution coverage is pressured, with net investment income coverage lacking and likely to fall even shorter going forward.

Seeking Alpha9/15/2026Positive

NPFD: Rising Rates May Increase Risk Profile

Nuveen Variable Rate Preferred & Income Fund remains a hold as dividend coverage and NAV stability face headwinds from potential rate hikes. NPFD's 10% yield is unsustainable; a 30% dividend cut would better support NAV and long-term performance. The fund's shrinking discount to NAV and high leverage amplify downside risk in a deteriorating debt market.

Seeking Alpha6/12/2026Positive

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