NXP
Nuveen Select Tax-Free Income PortfolioNuveen 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 United States. The fund invests in the investment-grade municipal securities rated Baa and BBB or better. It benchmarks the performance of its portfolio against the Standard & Poor's (S&P) National Municipal Bond Index and Lipper General and Insured Unle
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2026-Q4 | 19.8 | 13.9 | -- | 12.9 | -- | 0.0 | -0.0 | 6.0 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 19.5 | 13.7 | -- | 12.7 | -- | 0.0 | -0.0 | 6.0 | -- | -- | -- | -- | -- |
| Est | 2025-Q4 | 19.0 | 13.7 | -- | 12.7 | -- | 0.0 | -0.0 | 6.0 | -- | -- | -- | -- | -- |
| Est | 2025-Q2 | 18.5 | 13.9 | -- | 13.0 | -- | 0.0 | -0.0 | 6.0 | -- | -- | -- | -- | -- |
| Act | 2024-Q4 | 17.0 | -10.2 | -10.2 | -10.5 | 0.0 | 0.0 | -0.0 | 6.0 | 26.4 | 50.9 | -6.9% | -- | 77.2x |
| Act | 2024-Q2 | 16.0 | 19.8 | 20.1 | 20.0 | 0.0 | 0.0 | -0.0 | 3.4 | 0.1 | 49.2 | 14.6% | 3041.6x | 34.4x |
| Act | 2023-Q4 | 15.4 | 0.0 | 14.6 | 54.8 | 0.0 | 0.0 | -0.0 | 0.3 | 0.1 | 47.9 | 11.4% | 0.0x | -- |
| Act | 2023-Q2 | 14.8 | 0.0 | 14.1 | -23.4 | 0.0 | 0.0 | -0.0 | 0.0 | 3.9 | 47.9 | 13.3% | 0.0x | -- |
| Act | 2022-Q4 | 14.5 | 0.0 | 13.8 | 47.9 | 0.0 | 0.0 | -0.0 | 0.1 | 0.0 | 93.6 | 11.4% | -- | -- |
| Act | 2022-Q2 | 10.9 | 0.0 | 10.1 | -48.2 | 0.0 | 0.0 | -0.0 | 0.1 | 1.1 | 93.6 | 9.5% | 0.0x | -- |
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| TTM | 14.30 | +13.4% | 15.1% | 10 | 0.0× | — | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
AI Analysis
LLM Evaluations
NXP is a modestly yielding closed-end municipal bond fund now carrying elevated concentration risk in California and New York following forced mergers. The ~4.4% distribution yield is competitive but potentially at risk given the absorption of lower-coupon portfolios and evidence that NII may not fully cover the payout. Trading at a slight premium to NAV with 6% annual dilution, the risk/reward is unattractive relative to lower-cost muni ETF alternatives. The fund is safe from a credit perspective but offers limited total return upside and faces structural headwinds from dilution, yield compression, and competitive pressure from cheaper passive vehicles.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Forward Projections & Estimates
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 4.3% of float, sold 0.3%.
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| UBS Group AG | $20.5M | $12.31 | +$1.7M | −$374K | -0.3% | $562.11B |
| GUGGENHEIM CAPITAL LLC | $19.3M | $13.96 | +$4.8M | +$10.3M | -0.2% | $12.48B |
| Hennion & Walsh Asset Management, Inc. | $11.5M | $13.43 | −$724K | −$3.5M | -1.2% | $2.97B |
| STEPHENS INC /AR/ | $9.6M | $12.40 | +$1.3M | +$2.3M | -0.1% | $7.96B |
| MORGAN STANLEY | $7.8M | $13.50 | +$2.4M | +$1.5M | -0.3% | $1.65T |
| BANK OF AMERICA CORP /DE/ | $7.8M | $12.78 | +$1.3M | +$1.4M | -0.1% | $1.36T |
| Cambridge Investment Research Advisors, Inc. | $5.7M | $12.25 | −$383K | −$1.2M | -0.3% | $38.49B |
| VAN ECK ASSOCIATES CORP | $5.7M | $13.47 | +$1.8M | +$3.1M | +0.8% | $133.17B |
| WELLS FARGO & COMPANY/MN | $5.1M | $12.39 | −$404K | −$1.2M | -0.2% | $497.71B |
| JONES FINANCIAL COMPANIES LLLP | $4.6M | $14.09 | +$1.7M | +$2.4M | -0.1% | $208.07B |
| RAYMOND JAMES FINANCIAL INC | $4.5M | $14.34 | +$1.3M | +$876K | -0.0% | $322.69B |
| LPL Financial LLC | $4.0M | $13.73 | +$2.0M | +$2.0M | -0.2% | $372.65B |
| COMMONWEALTH EQUITY SERVICES, LLC | $3.4M | $13.52 | +$390K | +$321K | -0.3% | $71.14B |
| Prospera Financial Services Inc | $3.0M | $13.45 | +$10K | +$206K | +0.1% | $6.19B |
| ROYAL BANK OF CANADA | $2.1M | $13.67 | +$666K | +$704K | -0.2% | $526.36B |
| AMERIPRISE FINANCIAL INC | $1.6M | $13.28 | +$606K | +$29K | -0.1% | $430.96B |
| Stratos Wealth Partners, LTD. | $1.5M | $13.83 | +$609K | +$965K | -0.2% | $8.78B |
| Capital Advisors Wealth Management, LLC | $1.5M | $14.08 | +$878K | +$964K | +0.1% | $731M |
| MELFA WEALTH MANAGEMENT, INC. | $1.4M | $12.33 | +$157K | +$157K | +1.2% | $174M |
| ADVISOR GROUP HOLDINGS, INC. | $1.2M | $13.36 | +$377K | +$720K | -0.3% | $67.63B |
Trading behavior
Biggest decreases this quarter
Top-5 holders · 48.3%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Analyst Coverage
Corporate
Order Flow (FINRA, ~3w lag)
Counter-Thesis
Counter-Thesis & Recent News
In January 2026, Nuveen completed a significant reorganization by merging the Nuveen California Select Tax-Free Income Portfolio (NXC) and the Nuveen New York Select Tax-Free Income Portfolio (NXN) into NXP. While intended to create a larger, more liquid fund with lower operating expenses, the merger faced significant shareholder opposition, leading to a one-month delay in the final vote (Source: Business Wire, Stock Titan).
The primary bear case rests on yield dilution and distribution instability. Historically, NXP had higher yields than its merger targets (NXC and NXN); as these lower-coupon state-specific funds are absorbed, NXP's future distribution capacity may be dragged down. Additionally, as of late 2025, NXP was reportedly not fully earning its payout through net investment income, raising concerns that future dividends may be unsustainable or rely on destructive return of capital (Source: Seeking Alpha, Dec 2025).
The fund's concentration risk has shifted significantly; by absorbing large California and New York portfolios, NXP is now disproportionately exposed to two high-tax, high-debt states, which may not align with the risk profile of national municipal bond investors. Furthermore, NXP traded at a premium (0.70%) to its NAV in April 2026, a precarious position for a CEF if performance lags and it reverts to a historical discount (Source: Nuveen, CEF Connect).
NXP faces intense competition from larger, lower-cost municipal bond ETFs and other Nuveen-managed funds like the Nuveen Municipal Value Fund (NUV) and Nuveen Quality Municipal Income Fund (NZF). With a projected record supply of new municipal bonds in 2026 ($600B+), any failure to attract sufficient demand could cause NXP's total returns to lag behind broader fixed-income benchmarks (Source: Goldman Sachs Asset Management, Charles Schwab).
Sentiment among long-term shareholders has turned skeptical following the reorganization. Vocal pushback from investors centered on the 'forced' exposure to state-specific tax liabilities for those who previously sought a national-only exposure. Some institutional analysts have moved to a 'Hold' or 'Sell' sentiment pending clarity on the new portfolio's weighted average coupon and allocation (Source: Seeking Alpha).