Vault-13

NUVEEN VRIABL RAT PFD & INM NPFD

COM · Closed-End Fund · CUSIP 67080R102

47 institutional holders +4 vs Q4 2024
8,751,0748.8m shares reported held*
$164.2mreported value*
9 new 18 added 12 reduced 5 sold out net sold ≈ $2.5m (-135.4k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $18.77.

Trends to Q1 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 27Q4 22: 36Q1 23: 37Q2 23: 40Q3 23: 34Q4 23: 43Q1 24: 43Q2 24: 44Q3 24: 52Q4 24: 43Q1 25: 4747Q3 22Q1 23Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 202227
Q4 202236
Q1 202337
Q2 202340
Q3 202334
Q4 202343
Q1 202443
Q2 202444
Q3 202452
Q4 202443
Q1 202547

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q2 23: 20 bought or addedQ2 23: 13 cut or sold outQ3 23: 13 bought or addedQ3 23: 20 cut or sold outQ3 23Q4 23: 28 bought or addedQ4 23: 12 cut or sold outQ1 24: 25 bought or addedQ1 24: 17 cut or sold outQ1 24Q2 24: 25 bought or addedQ2 24: 14 cut or sold outQ3 24: 33 bought or addedQ3 24: 17 cut or sold outQ3 24Q4 24: 27 bought or addedQ4 24: 20 cut or sold outQ1 25: 27 bought or addedQ1 25: 17 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 20232013
Q3 20231320
Q4 20232812
Q1 20242517
Q2 20242514
Q3 20243317
Q4 20242720
Q1 20252717

Biggest buyers

SIT INVESTMENT ASSOCIATES INC Added +721,300+721.3k
WELLS FARGO & COMPANY/MN Added +137,944+137.9k
ROYAL BANK OF CANADA Added +51,748+51.7k
GOLDMAN SACHS GROUP INC New +35,692+35.7k
Cambridge Investment Research Advisors, Inc. New +13,612+13.6k
ACCREDITED INVESTOR SERVICES, LLC New +12,595+12.6k
Sage Capital Management, LLC New +12,500+12.5k
Geneos Wealth Management Inc. Added +10,840+10.8k
Invesco Ltd. Added +9,202+9.2k
COMMONWEALTH EQUITY SERVICES, LLC Added +8,957+9.0k

Biggest sellers

Pathstone Holdings, LLC Reduced -255,577-255.6k
Thomas J. Herzfeld Advisors, Inc. Reduced -230,044-230.0k
Karpus Management, Inc. Sold out -166,988-167.0k
Rareview Capital LLC Reduced -115,823-115.8k
ENVESTNET ASSET MANAGEMENT INC Reduced -104,008-104.0k
Sanctuary Advisors, LLC Sold out -71,782-71.8k
Independent Advisor Alliance Sold out -63,965-64.0k
UBS Group AG Reduced -47,633-47.6k
Seed Wealth Management, Inc. Reduced -34,881-34.9k
MORGAN STANLEY Reduced -33,329-33.3k

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
SIT INVESTMENT ASSOCIATES INC 13G · institution filed 2025-03-04 10.5% 2.5m≈ $47.9m 2025-03-04
FIRST TRUST PORTFOLIOS LP 13G · institution new · filed 2026-04-30 7.8% new 1.9m≈ $35.5m 2026-04-30
MORGAN STANLEY 13G · institution +4.0 pts · filed 2025-08-05 6.5% +4.0 pts 1.6m≈ $29.5m 2025-08-05

Insider purchases and sales in Q1 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q1 2025.

Holders, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 SIT INVESTMENT ASSOCIATES INC 1.16% of their portfolio Minneapolis, MN 2,644,0612.6m $49.6m $49.6m 1.16% Added +721.3k +721,300
2 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,771,2131.8m $33.2m $33.2m 0.00% Reduced -33.3k -33,329
3 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 882,365882.4k $16.6m $16.6m 0.00% Added +137.9k +137,944
4 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 546,927546.9k $10.3m $10.3m 0.00% Added +51.7k +51,748
5 UBS Group AG 0.00% of their portfolio ZURICH, V8 539,477539.5k $10.1m $10.1m 0.00% Reduced -47.6k -47,633
6 Thomas J. Herzfeld Advisors, Inc. 2.62% of their portfolio MIAMI BEACH, FL 410,089410.1k $7.7m $7.7m 2.62% Reduced -230.0k -230,044
7 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 346,087346.1k $6.5m $6.5m 0.00% Added +9.2k +9,202
8 Penserra Capital Management LLC 0.09% of their portfolio ORINDA, CA 268,161268.2k $5.0m $5.0m 0.09% Added +3.7k +3,707
9 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 248,416248.4k $4.7m $4.7m 0.00% Reduced -104.0k -104,008
10 COHEN & STEERS, INC. 0.01% of their portfolio NEW YORK, NY 205,000205.0k $3.8m $3.8m 0.01% Unchanged
11 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 185,905185.9k $3.5m $3.5m 0.00% Added +3.2k +3,184
12 FIRST TRUST ADVISORS LP 0.00% of their portfolio Wheaton, IL 89,45789.5k $1.7m $1.7m 0.00% Added +1.2k +1,225
13 Rareview Capital LLC 0.87% of their portfolio LAS VEGAS, NV 73,16273.2k $1.4m $1.4m 0.87% Reduced -115.8k -115,823
14 CHOREO, LLC 0.02% of their portfolio ROCKFORD, IL 62,34962.3k $1.2m $1.2m 0.02% Reduced -32.5k -32,494
15 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 55,38455.4k $1.0m $1.0m 0.00% Added +9.0k +8,957
16 Pathstone Holdings, LLC 0.00% of their portfolio ENGLEWOOD, NJ 46,67046.7k $882.3k $882.3k 0.00% Reduced -255.6k -255,577
17 Bramshill Investments, LLC 0.08% of their portfolio NAPLES, FL 39,50839.5k $741.6k $741.6k 0.08% Added +42 +42
18 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 35,69235.7k $669.9k $669.9k 0.00% New
19 Concorde Asset Management, LLC 0.28% of their portfolio ANN ARBOR, MI 28,40028.4k $516.9k $516.9k 0.28% Added +6.2k +6,150
20 WEDBUSH SECURITIES INC 0.02% of their portfolio PASADENA, CA 26,90026.9k $505.0k $505.0k 0.02% Added +1.6k +1,594
21 Seed Wealth Management, Inc. 0.41% of their portfolio EVANSTON, IL 26,71926.7k $501.5k $501.5k 0.41% Reduced -34.9k -34,881
22 JONES ROAD CAPITAL MANAGEMENT, L.P. 0.32% of their portfolio NEW YORK, NY 23,60023.6k $443.0k $443.0k 0.32% Added +4.0k +3,961
23 Catalina Capital Group, LLC 0.29% of their portfolio Torrance, CA 23,54823.5k $442.0k $442.0k 0.29% Unchanged
24 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 20,51920.5k $385.1k $385.1k 0.00% Added +669 +669
25 UHLMANN PRICE SECURITIES, LLC 0.26% of their portfolio SKOKIE, IL 18,91718.9k $355.1k $355.1k 0.26% Reduced -529 -529
26 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 16,71716.7k $315.3k $315.3k 0.00% Reduced -2.9k -2,945
27 Lido Advisors, LLC 0.00% of their portfolio Los Angeles, CA 15,05415.1k $285.1k $285.1k 0.00% Unchanged
28 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 13,61213.6k $255.0k $255.0k 0.00% New
29 ACCREDITED INVESTOR SERVICES, LLC 0.20% of their portfolio ST. CLOUD, MN 12,59512.6k $236.4k $236.4k 0.20% New
30 Sage Capital Management, LLC 0.13% of their portfolio Stockton, NJ 12,50012.5k $234.6k $234.6k 0.13% New
31 Carnegie Investment Counsel 0.00% of their portfolio PEPPER PIKE, OH 12,00012.0k $207.1k $207.1k 0.00% Unchanged
32 WALLED LAKE PLANNING & WEALTH MANAGEMENT, LLC 0.08% of their portfolio HIGHLAND PARK, IL 11,76711.8k $220.9k $220.9k 0.08% Unchanged
33 Geneos Wealth Management Inc. 0.00% of their portfolio ENGLEWOOD, CO 11,50111.5k $215.9k $215.9k 0.00% Added +10.8k +10,840
34 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 10,70510.7k $200.9k $200.9k 0.00% Added +1.4k +1,422
35 BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC 0.02% of their portfolio BLUE BELL, PA 6,3656.4k $119.5k $119.5k 0.02% Reduced -4.9k -4,932
36 COMERICA BANK 0.00% of their portfolio DALLAS, TX 2,5112.5k $47.1k $47.1k 0.00% Added +62 +62
37 SVB WEALTH LLC 0.00% of their portfolio BOSTON, MA 1,5311.5k $28.7k $28.7k 0.00% New
38 HAZLETT, BURT & WATSON, INC. 0.01% of their portfolio WHEELING, WV 1,3351.3k $25.0k $25.0k 0.01% Added +23 +23
39 WPG Advisers, LLC 0.02% of their portfolio BALTIMORE, MD 1,2061.2k $22.6k $22.6k 0.02% Added +260 +260
40 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 947947 $17.8k $17.8k 0.00% New
41 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 760760 $14.3k $14.3k 0.00% Reduced -770 -770
42 FNY Investment Advisers, LLC 0.01% of their portfolio NEW YORK, NY 700700 $13.0k $13.0k 0.01% New
43 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 320320 $6.0k $6.0k 0.00% New
44 COLDSTREAM CAPITAL MANAGEMENT INC 0.00% of their portfolio BELLEVUE, WA 266266 $5.0k $5.0k 0.00% New
45 CWM, LLC 0.00% of their portfolio OMAHA, NE 112112 $2.0k $2.0k 0.00% Unchanged
46 ASSETMARK, INC 0.00% of their portfolio CONCORD, CA 4444 $826 $826 0.00% Unchanged
47 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged