NUVEEN VRIABL RAT PFD & INM NPFD
COM · Closed-End Fund · CUSIP 67080R102
* 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 ≈ $19.28.
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 27 |
| Q4 2022 | 36 |
| Q1 2023 | 37 |
| Q2 2023 | 40 |
| Q3 2023 | 34 |
| Q4 2023 | 43 |
| Q1 2024 | 43 |
| Q2 2024 | 44 |
| Q3 2024 | 52 |
| Q4 2024 | 43 |
| Q1 2025 | 47 |
| Q2 2025 | 44 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 13 | 20 |
| Q4 2023 | 28 | 12 |
| Q1 2024 | 25 | 17 |
| Q2 2024 | 25 | 14 |
| Q3 2024 | 33 | 17 |
| Q4 2024 | 27 | 20 |
| Q1 2025 | 27 | 17 |
| Q2 2025 | 21 | 20 |
Biggest buyers
| ROYAL BANK OF CANADA | Added | +547.1k |
| SIT INVESTMENT ASSOCIATES INC | Added | +168.8k |
| MORGAN STANLEY | Added | +132.4k |
| Advisors Asset Management, Inc. | New | +71.3k |
| UBS Group AG | Added | +26.3k |
| SMITH CHAS P & ASSOCIATES PA CPAS | New | +22.0k |
| STIFEL FINANCIAL CORP | Added | +16.2k |
| LPL Financial LLC | New | +12.0k |
| Merit Financial Group, LLC | New | +10.5k |
| Invesco Ltd. | Added | +9.9k |
Biggest sellers
| Thomas J. Herzfeld Advisors, Inc. | Reduced | -102.6k |
| WELLS FARGO & COMPANY/MN | Reduced | -96.1k |
| Pathstone Holdings, LLC | Sold out | -46.7k |
| GOLDMAN SACHS GROUP INC | Sold out | -35.7k |
| Rareview Capital LLC | Reduced | -29.7k |
| CHOREO, LLC | Reduced | -25.5k |
| JONES ROAD CAPITAL MANAGEMENT, L.P. | Sold out | -23.6k |
| ENVESTNET ASSET MANAGEMENT INC | Reduced | -22.0k |
| Cambridge Investment Research Advisors, Inc. | Sold out | -13.6k |
| BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC | Reduced | -5.7k |
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.
| Holder | Stake |
|---|---|
| SIT INVESTMENT ASSOCIATES INC 13G · institution filed 2025-03-04 | 10.5% |
| FIRST TRUST PORTFOLIOS LP 13G · institution new · filed 2026-04-30 | 7.8% |
| MORGAN STANLEY 13G · institution +4.0 pts · filed 2025-08-05 | 6.5% |
Insider purchases and sales in Q2 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.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 0 | — | 0 | — | — |
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 1 | $9.3k | 0 | — | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-05-05 | Jones Nathaniel T. Vice President and Treasurer | Bought | $9.3k500 shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| SIT INVESTMENT ASSOCIATES INC 1.16% of their portfolio | 2.8m $54.2m | Added +168.8k |
| MORGAN STANLEY 0.00% of their portfolio | 1.9m $36.7m | Added +132.4k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 1.1m $21.1m | Added +547.1k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 786.2k $15.2m | Reduced -96.1k |
| UBS Group AG 0.00% of their portfolio | 565.7k $10.9m | Added +26.3k |
| Invesco Ltd. 0.00% of their portfolio | 356.0k $6.9m | Added +9.9k |
| Thomas J. Herzfeld Advisors, Inc. 2.11% of their portfolio | 307.5k $5.9m | Reduced -102.6k |
| Penserra Capital Management LLC 0.07% of their portfolio | 276.3k $5.3m | Added +8.1k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 226.5k $4.4m | Reduced -22.0k |
| COHEN & STEERS, INC. 0.01% of their portfolio | 205.0k $4.0m | Unchanged |
| STIFEL FINANCIAL CORP 0.00% of their portfolio | 202.1k $3.9m | Added +16.2k |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 92.8k $1.8m | Added +3.4k |
| Advisors Asset Management, Inc. 0.02% of their portfolio | 71.3k $1.4m | New |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 60.1k $1.2m | Added +4.7k |
| Rareview Capital LLC 0.53% of their portfolio | 43.4k $837.0k | Reduced -29.7k |
| Bramshill Investments, LLC 0.08% of their portfolio | 39.4k $759.6k | Reduced -108 |
| CHOREO, LLC 0.01% of their portfolio | 36.8k $712.8k | Reduced -25.5k |
| WEDBUSH SECURITIES INC 0.02% of their portfolio | 28.4k $548.0k | Added +1.5k |
| Catalina Capital Group, LLC 0.31% of their portfolio | 23.5k $454.0k | Unchanged |
| Seed Wealth Management, Inc. 0.34% of their portfolio | 23.4k $450.2k | Reduced -3.4k |
| SMITH CHAS P & ASSOCIATES PA CPAS 0.02% of their portfolio | 22.0k $424.2k | New |
| Cetera Investment Advisers 0.00% of their portfolio | 21.9k $422.4k | Added +1.4k |
| UHLMANN PRICE SECURITIES, LLC 0.26% of their portfolio | 19.0k $366.1k | Added +70 |
| &PARTNERS 0.00% of their portfolio | 17.0k $327.9k | Added +289 |
| Lido Advisors, LLC 0.00% of their portfolio | 15.1k $292.8k | Unchanged |
| ACCREDITED INVESTOR SERVICES, LLC 0.19% of their portfolio | 13.1k $252.5k | Added +499 |
| Sage Capital Management, LLC 0.12% of their portfolio | 12.5k $241.0k | Unchanged |
| LPL Financial LLC 0.00% of their portfolio | 12.0k $231.9k | New |
| Carnegie Investment Counsel 0.00% of their portfolio | 12.0k $231.4k | Unchanged |
| WALLED LAKE PLANNING & WEALTH MANAGEMENT, LLC 0.07% of their portfolio | 11.8k $226.9k | Unchanged |
| Merit Financial Group, LLC 0.00% of their portfolio | 10.5k $202.2k | New |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 8.8k $169.6k | Reduced -1.9k |
| Geneos Wealth Management Inc. 0.00% of their portfolio | 6.2k $118.9k | Reduced -5.3k |
| COMERICA BANK 0.00% of their portfolio | 3.6k $69.3k | Added +1.1k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 3.6k $69.1k | New |
| WPG Advisers, LLC 0.02% of their portfolio | 1.1k $21.1k | Reduced -109 |
| NFSG Corp 0.00% of their portfolio | 1.0k $19.3k | New |
| US BANCORP \DE\ 0.00% of their portfolio | 947 $18.3k | Unchanged |
| FNY Investment Advisers, LLC 0.01% of their portfolio | 700 $13.0k | Unchanged |
| BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC 0.00% of their portfolio | 620 $12.0k | Reduced -5.7k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 342 $6.6k | Reduced -418 |
| CWM, LLC 0.00% of their portfolio | 112 $2.0k | Unchanged |
| ASSETMARK, INC 0.00% of their portfolio | 44 $848 | Unchanged |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio | 0 $0 | Unchanged |