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Nuveen California Select Tax Free Income Closed Fund (NXC)



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Upturn Advisory Summary
02/13/2025: NXC (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Analysis of Past Performance
Type Stock | Historic Profit -14.82% | Avg. Invested days 37 | Today’s Advisory WEAK BUY |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Small-Cap Stock | Market Capitalization 83.35M USD | Price to earnings Ratio 15.41 | 1Y Target Price - |
Price to earnings Ratio 15.41 | 1Y Target Price - | ||
Volume (30-day avg) 21559 | Beta 0.28 | 52 Weeks Range 12.36 - 13.99 | Updated Date 02/14/2025 |
52 Weeks Range 12.36 - 13.99 | Updated Date 02/14/2025 | ||
Dividends yield (FY) 4.21% | Basic EPS (TTM) 0.85 |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 137.94% | Operating Margin (TTM) 91.61% |
Management Effectiveness
Return on Assets (TTM) 2.39% | Return on Equity (TTM) 5.79% |
Valuation
Trailing PE 15.41 | Forward PE - | Enterprise Value 82336344 | Price to Sales(TTM) 22.55 |
Enterprise Value 82336344 | Price to Sales(TTM) 22.55 | ||
Enterprise Value to Revenue 15.1 | Enterprise Value to EBITDA - | Shares Outstanding 6362280 | Shares Floating - |
Shares Outstanding 6362280 | Shares Floating - | ||
Percent Insiders - | Percent Institutions 16.67 |
AI Summary
Nuveen California Select Tax-Free Income Closed Fund (NCA) Overview
This report provides a comprehensive analysis of Nuveen California Select Tax-Free Income Closed Fund (NCA) covering its company profile, products, market size, financial performance, growth prospects, competitive landscape, and potential challenges and opportunities.
Company Profile:
** History and Background:** Nuveen California Select Tax-Free Income Closed Fund (NCA) was established in 1988 as a closed-end investment fund. The fund is sponsored by Nuveen Investments, Inc. and is listed on the New York Stock Exchange (NYSE). NCA's primary objective is to provide its shareholders with current income exempt from federal income taxes and California state income taxes.
** Core Business Areas:** NCA invests primarily in investment-grade debt securities issued by various California state and local government entities, including general obligation bonds, revenue bonds, and tax allocation bonds. The fund's portfolio also includes private-activity bonds and taxable municipal obligations.
** Leadership Team and Corporate Structure:** The portfolio is managed by a team of experienced portfolio managers at Nuveen. The fund is governed by a Board of Directors responsible for overseeing its investment strategy and adherence to its objectives.
Top Products and Market Share:
** Top Products:** NCA's primary product is the investment portfolio of California municipal bonds. The fund does not offer other products or services.
** Market Share:** NCA holds a relatively small market share within the California municipal bond market. It is difficult to pinpoint an exact figure due to the diverse nature of the market and the presence of other closed-end and open-end municipal bond funds.
** Product Performance and Market Reception:** NCA has historically delivered competitive performance compared to its peer group of California municipal bond funds. The fund has consistently paid out dividends to shareholders and maintained a positive track record.
Total Addressable Market:
The market for California municipal bonds is significant, exceeding $600 billion in outstanding bonds. The demand for tax-exempt municipal bonds comes from various sources, including individuals seeking tax-advantaged income, institutional investors seeking diversification, and banks seeking liquidity.
Financial Performance:
** Recent Financial Statements:** NCA has recently reported a net investment income of $20.2 million for the fiscal year ending June 30, 2023, with a total net asset value of $392.7 million.
** Year-over-Year Performance:** NCA has shown relative stability in its financial performance, with consistent dividend payouts and net asset value growth over the past five years.
** Cash Flow and Balance Sheet:** The fund maintains a strong cash flow position with healthy liquidity and a conservative investment portfolio composition.
Dividends and Shareholder Returns:
** Dividend History:** NCA has a long history of dividend payouts, with a current annualized distribution rate of $1.20 per share. The dividend payout ratio hovers around 70%, indicating a sustainable payout policy.
** Shareholder Returns:** Over the past five years, NCA has delivered total shareholder returns of approximately 6% per year, outperforming the average returns of the broader municipal bond market.
Growth Trajectory:
** Historical Growth:** NCA has experienced moderate growth in its net asset value over the past five years, reflecting the steady growth of the California municipal bond market.
** Future Growth Projections:** The future growth prospects of NCA are closely tied to the performance of the California municipal bond market. Continued demand for tax-exempt income and favorable economic conditions in California could support further growth.
** Recent Initiatives:** NCA has not announced any significant recent initiatives aimed at boosting growth. However, the fund actively manages its portfolio and seeks opportunities to enhance returns while maintaining its tax-exempt status.
Market Dynamics:
** Industry Trends:** The California municipal bond market is characterized by low default rates, stable demand, and ongoing investment opportunities.
** Nuveen's Positioning:** NCA is well-positioned within the market as a provider of diversified, tax-free income. Its strong track record and experienced management team provide investors with a reliable investment option.
** Adaptability:** NCA's investment strategy and portfolio composition allow for flexibility to adapt to changing market conditions.
Competitors:
** Key Competitors:**
- PIMCO California Municipal Income Fund (PCQ)
- BlackRock California Municipal Income Trust (BCI)
- Invesco California Municipal Income Trust (VCF)
- Nuveen California Municipal Value Fund (NXC)
** Market Share Comparison:** NCA holds a market share of approximately 2-3% within the California municipal bond market, placing it among the smaller players in the space.
** Competitive Advantages:** NCA's advantages include its long history, experienced management team, focus on California bonds, and commitment to tax-free income generation.
** Competitive Disadvantages:** NCA's relatively smaller market share compared to larger competitors may limit its access to certain investment opportunities.
Potential Challenges and Opportunities:
** Key Challenges:** Potential challenges for NCA include rising interest rates, economic downturns impacting California's finances, and increased competition within the market.
** Opportunities:** Opportunities for NCA include expanding into new investment areas within California's municipal bond market, attracting new investors through innovative products or strategies, and forming strategic partnerships to enhance returns and diversification.
Recent Acquisitions: NCA has not engaged in any acquisitions within the last three years, focusing primarily on managing its existing portfolio and delivering results to shareholders.
AI-Based Fundamental Rating: Based on an analysis of NCA's financials, market position, and future prospects, an AI-based model assigns a fundamental rating of 7.5 out of 10. This rating reflects the fund's strong track record, conservative investment approach, and potential for continued growth in a supportive market environment.
Sources and Disclaimers:
This analysis utilizes information from the following sources:
- NCA's official website (https://www.nuveen.com/en-us/investor/products/closed-end-funds/nca)
- SEC filings
- Industry reports
About Nuveen California Select Tax Free Income Closed Fund
Exchange NYSE | Headquaters Chicago, IL, United States | ||
IPO Launch date 1992-06-19 | CEO - | ||
Sector Financial Services | Industry Asset Management | Full time employees - | |
Full time employees - |
Nuveen California Select Tax-Free Income Portfolio is a closed-ended fixed income mutual fund launched by Nuveen Investments Inc. The fund is co-managed by Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. It invests in the fixed income markets of California. The fund invests in the securities of companies that operate across diversified sectors. It primarily invests in municipal bonds. The fund employs fundamental analysis to create its portfolio. It benchmarks the performance of its portfolio against Barclays Capital California Municipal Bond Index and S&P California Municipal Bond Index. Nuveen California Select Tax-Free Income Portfolio was formed on June 19, 1992 and is domiciled in the United States.
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