NUVEEN VRIABL RAT PFD & INM NPFD
COM · Closed-End Fund · CUSIP 67080R102
56
institutional holders
+8 vs Q4 2025
7.8m
shares reported held*
$141.5mreported value*
14 new
20 added
15 reduced
4 sold out
net sold ≈ $7.2m (-395.3k 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 ≈ $18.15.
Trends to Q1 2026
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 |
| Q3 2025 | 45 |
| Q4 2025 | 48 |
| Q1 2026 | 56 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Bought or addedCut or sold out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2024 | 25 | 14 |
| Q3 2024 | 33 | 17 |
| Q4 2024 | 27 | 20 |
| Q1 2025 | 27 | 17 |
| Q2 2025 | 21 | 20 |
| Q3 2025 | 20 | 20 |
| Q4 2025 | 17 | 24 |
| Q1 2026 | 34 | 19 |
Biggest buyers
| Advisors Asset Management, Inc. | Added | +109.9k |
| Equitable Holdings, Inc. | New | +41.4k |
| WELLS FARGO & COMPANY/MN | Added | +40.6k |
| Summit Financial, LLC | Added | +38.8k |
| BESSEMER GROUP INC | New | +28.0k |
| MILLENNIUM MANAGEMENT LLC | New | +28.0k |
| BANK OF AMERICA CORP /DE/ | Added | +26.5k |
| ROYAL BANK OF CANADA | Added | +20.8k |
| MORGAN STANLEY | Added | +17.5k |
| Cetera Investment Advisers | Added | +16.0k |
Biggest sellers
| Penserra Capital Management LLC | Sold out | -367.5k |
| SIT INVESTMENT ASSOCIATES INC | Reduced | -264.5k |
| Rareview Capital LLC | Sold out | -53.8k |
| STIFEL FINANCIAL CORP | Reduced | -33.4k |
| JANE STREET GROUP, LLC | Sold out | -24.6k |
| Closed-End Fund Advisors, Inc. | Reduced | -24.1k |
| Invesco Ltd. | Reduced | -13.7k |
| Virtu Financial LLC | Sold out | -12.2k |
| UBS Group AG | Reduced | -12.1k |
| Catalina Capital Group, LLC | Reduced | -11.0k |
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 Q1 2026
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)
BuyingSelling
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 1 | $9.3k | 0 | — | — |
| Q3 2025 | 0 | — | 0 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
| Q1 2026 | 0 | — | 0 | — | — |
None reported in Q1 2026.
Holders, Q1 2026
| Manager | Shares | Change |
|---|---|---|
| SIT INVESTMENT ASSOCIATES INC 0.89% of their portfolio | 2.4m $44.0m | Reduced -264.5k |
| MORGAN STANLEY 0.00% of their portfolio | 2.0m $36.2m | Added +17.5k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 657.8k $11.9m | Added +20.8k |
| Advisors Asset Management, Inc. 0.12% of their portfolio | 387.6k $7.0m | Added +109.9k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 387.4k $7.0m | Added +40.6k |
| UBS Group AG 0.00% of their portfolio | 383.6k $7.0m | Reduced -12.1k |
| Invesco Ltd. 0.00% of their portfolio | 259.9k $4.7m | Reduced -13.7k |
| COHEN & STEERS, INC. 0.01% of their portfolio | 205.0k $3.7m | Unchanged |
| STIFEL FINANCIAL CORP 0.00% of their portfolio | 156.2k $2.8m | Reduced -33.4k |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 122.0k $2.2m | Added +12.3k |
| EVOLVE PRIVATE WEALTH, LLC 0.07% of their portfolio | 68.8k $1.2m | Added +83 |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 64.6k $1.2m | Added +2.3k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 61.7k $1.1m | Added +14.3k |
| Cetera Investment Advisers 0.00% of their portfolio | 61.3k $1.1m | Added +16.0k |
| Closed-End Fund Advisors, Inc. 1.01% of their portfolio | 54.5k $989.1k | Reduced -24.1k |
| Summit Financial, LLC 0.01% of their portfolio | 50.0k $915.3k | Added +38.8k |
| Equitable Holdings, Inc. 0.00% of their portfolio | 41.4k $751.0k | New |
| WEDBUSH SECURITIES INC 0.02% of their portfolio | 30.9k $561.0k | Added +1.5k |
| BESSEMER GROUP INC 0.00% of their portfolio | 28.0k $508.0k | New |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 28.0k $507.7k | New |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 26.9k $487.5k | Added +26.5k |
| Janney Montgomery Scott LLC 0.00% of their portfolio | 25.6k $464.0k | Reduced -1.0k |
| Concorde Asset Management, LLC 0.22% of their portfolio | 24.4k $446.7k | Reduced -1.7k |
| LPL Financial LLC 0.00% of their portfolio | 20.6k $373.8k | Added +5.0k |
| UHLMANN PRICE SECURITIES, LLC 0.02% of their portfolio | 19.9k $360.6k | Added +313 |
| SMITH CHAS P & ASSOCIATES PA CPAS 0.02% of their portfolio | 18.0k $326.7k | Reduced -3.0k |
| Seed Wealth Management, Inc. 0.21% of their portfolio | 17.0k $309.1k | Reduced -4.5k |
| HRT FINANCIAL LP 0.00% of their portfolio | 15.8k $285.0k | New |
| Lido Advisors, LLC 0.00% of their portfolio | 15.1k $275.6k | Reduced -55 |
| &PARTNERS 0.00% of their portfolio | 15.0k $272.8k | Reduced -1.1k |
| CHOREO, LLC 0.00% of their portfolio | 13.7k $251.7k | Added +1.2k |
| Sage Capital Management, LLC 0.12% of their portfolio | 13.5k $245.0k | Unchanged |
| Catalina Capital Group, LLC 0.14% of their portfolio | 12.6k $228.2k | Reduced -11.0k |
| ACCREDITED INVESTOR SERVICES, LLC 0.14% of their portfolio | 12.0k $218.4k | Reduced -377 |
| Carnegie Investment Counsel 0.00% of their portfolio | 12.0k $217.8k | Unchanged |
| WALLED LAKE PLANNING & WEALTH MANAGEMENT, LLC 0.06% of their portfolio | 11.8k $213.6k | Unchanged |
| Merit Financial Group, LLC 0.00% of their portfolio | 10.7k $194.2k | Added +165 |
| WOLVERINE ASSET MANAGEMENT LLC 0.00% of their portfolio | 8.9k $161.1k | Added +5.8k |
| Advisory Services Network, LLC 0.00% of their portfolio | 6.2k $112.8k | New |
| Ritter Daniher Financial Advisory LLC / DE 0.01% of their portfolio | 4.8k $86.5k | Reduced -4.6k |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 3.5k $63.2k | Reduced -2.6k |
| Pinnacle Wealth Planning Services, Inc. 0.01% of their portfolio | 3.1k $56.5k | Added +203 |
| BARCLAYS PLC 0.00% of their portfolio | 2.8k $50.8k | New |
| CoreCap Advisors, LLC 0.00% of their portfolio | 2.5k $46.1k | Unchanged |
| FIFTH THIRD BANCORP 0.00% of their portfolio | 1.5k $27.8k | New |
| WPG Advisers, LLC 0.02% of their portfolio | 1.4k $25.0k | Added +201 |
| Rockefeller Capital Management L.P. 0.00% of their portfolio | 1.2k $22.3k | Added +406 |
| US BANCORP \DE\ 0.00% of their portfolio | 947 $17.2k | Unchanged |
| FNY Investment Advisers, LLC 0.01% of their portfolio | 700 $12.0k | New |
| WHITTIER TRUST CO OF NEVADA INC 0.00% of their portfolio | 533 $9.9k | New |
| BlackRock, Inc. 0.00% of their portfolio | 495 $9.0k | New |
| Farther Finance Advisors, LLC 0.00% of their portfolio | 458 $8.5k | New |
| Osbon Capital Management LLC 0.01% of their portfolio | 377 $6.8k | New |
| Root Financial Partners, LLC 0.00% of their portfolio | 196 $3.6k | New |
| ASSETMARK, INC 0.00% of their portfolio | 44 $799 | Unchanged |
| MOTCO 0.00% of their portfolio | 37 $672 | New |