NUVEEN VRIABL RAT PFD & INM NPFD
COM · Closed-End Fund · CUSIP 67080R102
51
institutional holders
-5 vs Q1 2026
7.8m
shares reported held*
$147.5mreported value*
5 new
13 added
19 reduced
9 sold out
net bought ≈ $944.5k (+50.2k 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 ≈ $18.82.
Trends to Q2 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 |
| Q2 2026 | 51 |
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 |
|---|---|---|
| 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 |
| Q2 2026 | 18 | 28 |
Biggest buyers
| Atlas Wealth LLC | New | +263.4k |
| Advisors Asset Management, Inc. | Added | +56.8k |
| UBS Group AG | Added | +33.1k |
| Virtu Financial LLC | New | +14.6k |
| OSAIC HOLDINGS, INC. | Added | +14.5k |
| Arax Advisory Partners | New | +6.1k |
| Invesco Ltd. | Added | +6.1k |
| WEDBUSH SECURITIES INC | Added | +6.0k |
| FIRST TRUST ADVISORS LP | Added | +5.2k |
| Janney Montgomery Scott LLC | Added | +5.1k |
Biggest sellers
| WELLS FARGO & COMPANY/MN | Reduced | -117.1k |
| ROYAL BANK OF CANADA | Reduced | -70.4k |
| MORGAN STANLEY | Reduced | -28.3k |
| Concorde Asset Management, LLC | Sold out | -24.4k |
| ENVESTNET ASSET MANAGEMENT INC | Reduced | -19.3k |
| SIT INVESTMENT ASSOCIATES INC | Reduced | -16.4k |
| HRT FINANCIAL LP | Sold out | -15.8k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -15.6k |
| Cetera Investment Advisers | Reduced | -13.7k |
| Carnegie Investment Counsel | Sold out | -12.0k |
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 since 1 Apr 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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q2 2026 | 0 | — | 0 | — | — |
| Q3 2026 | 0 | — | 0 | — | — |
None reported since 1 Apr 2026.
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| SIT INVESTMENT ASSOCIATES INC 0.86% of their portfolio | 2.4m $45.3m | Reduced -16.4k |
| MORGAN STANLEY 0.00% of their portfolio | 2.0m $37.0m | Reduced -28.3k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 587.5k $11.1m | Reduced -70.4k |
| Advisors Asset Management, Inc. 0.13% of their portfolio | 444.4k $8.4m | Added +56.8k |
| UBS Group AG 0.00% of their portfolio | 416.6k $7.8m | Added +33.1k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 270.3k $5.1m | Reduced -117.1k |
| Invesco Ltd. 0.00% of their portfolio | 266.0k $5.0m | Added +6.1k |
| Atlas Wealth LLC 0.71% of their portfolio | 263.4k $5.0m | New |
| COHEN & STEERS, INC. 0.01% of their portfolio | 205.0k $3.9m | Unchanged |
| STIFEL FINANCIAL CORP 0.00% of their portfolio | 154.4k $2.9m | Reduced -1.8k |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 127.2k $2.4m | Added +5.2k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 67.2k $1.3m | Added +2.7k |
| EVOLVE PRIVATE WEALTH, LLC 0.07% of their portfolio | 64.1k $1.2m | Reduced -4.7k |
| Closed-End Fund Advisors, Inc. 0.95% of their portfolio | 51.5k $969.6k | Reduced -3.0k |
| Summit Financial, LLC 0.01% of their portfolio | 50.4k $956.8k | Added +423 |
| Cetera Investment Advisers 0.00% of their portfolio | 47.6k $895.0k | Reduced -13.7k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 42.4k $797.4k | Reduced -19.3k |
| Equitable Holdings, Inc. 0.00% of their portfolio | 41.6k $782.6k | Added +204 |
| WEDBUSH SECURITIES INC 0.02% of their portfolio | 36.9k $694.0k | Added +6.0k |
| Janney Montgomery Scott LLC 0.00% of their portfolio | 30.6k $577.0k | Added +5.1k |
| BESSEMER GROUP INC 0.00% of their portfolio | 28.0k $527.0k | Unchanged |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 23.4k $439.6k | Reduced -3.5k |
| UHLMANN PRICE SECURITIES, LLC 0.01% of their portfolio | 20.3k $382.0k | Added +428 |
| Global Retirement Partners, LLC 0.01% of their portfolio | 19.7k $371.6k | First filing |
| LPL Financial LLC 0.00% of their portfolio | 18.9k $355.4k | Reduced -1.7k |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 18.0k $339.3k | Added +14.5k |
| Seed Wealth Management, Inc. 0.20% of their portfolio | 17.0k $320.5k | Unchanged |
| &PARTNERS 0.00% of their portfolio | 15.1k $283.9k | Added +54 |
| Lido Advisors, LLC 0.00% of their portfolio | 15.1k $285.7k | Unchanged |
| Virtu Financial LLC 0.01% of their portfolio | 14.6k $275.0k | New |
| Sage Capital Management, LLC 0.10% of their portfolio | 13.5k $254.1k | Unchanged |
| CHOREO, LLC 0.00% of their portfolio | 12.8k $242.1k | Reduced -991 |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 12.3k $232.0k | Reduced -15.6k |
| WALLED LAKE PLANNING & WEALTH MANAGEMENT, LLC 0.06% of their portfolio | 11.8k $221.5k | Unchanged |
| ACCREDITED INVESTOR SERVICES, LLC 0.12% of their portfolio | 11.7k $219.4k | Reduced -374 |
| Merit Financial Group, LLC 0.00% of their portfolio | 10.8k $203.1k | Added +91 |
| Arax Advisory Partners 0.00% of their portfolio | 6.1k $114.8k | New |
| Ritter Daniher Financial Advisory LLC / DE 0.01% of their portfolio | 3.3k $61.5k | Reduced -1.5k |
| Pinnacle Wealth Planning Services, Inc. 0.01% of their portfolio | 3.1k $58.6k | Reduced -2 |
| Integrated Wealth Concepts LLC 0.00% of their portfolio | 3.1k $58.3k | New |
| BARCLAYS PLC 0.00% of their portfolio | 2.8k $52.7k | Unchanged |
| CoreCap Advisors, LLC 0.00% of their portfolio | 2.5k $47.8k | Unchanged |
| WPG Advisers, LLC 0.02% of their portfolio | 1.4k $25.9k | Reduced -5 |
| FIFTH THIRD BANCORP 0.00% of their portfolio | 974 $18.3k | Reduced -559 |
| US BANCORP \DE\ 0.00% of their portfolio | 947 $17.8k | Unchanged |
| FNY Investment Advisers, LLC 0.00% of their portfolio | 700 $13.0k | Unchanged |
| IFP Advisors, Inc 0.00% of their portfolio | 611 $11.5k | New |
| WHITTIER TRUST CO OF NEVADA INC 0.00% of their portfolio | 533 $10.0k | Unchanged |
| Farther Finance Advisors, LLC 0.00% of their portfolio | 458 $8.6k | Unchanged |
| Rockefeller Capital Management L.P. 0.00% of their portfolio | 166 $3.1k | Reduced -1.1k |
| ASSETMARK, INC 0.00% of their portfolio | 44 $828 | Unchanged |