Summary
- Nuveen Municipal High Income Opportunity Fund (NMZ) targets high current income exempt from federal tax, with total return as a secondary goal.
- I maintained a cautious stance on NMZ for most of 2025, favoring other opportunities due to relative value c…
Summary
- Nuveen Municipal High Income Opportunity Fund (NMZ) targets high current income exempt from federal tax, with total return as a secondary goal.
- I maintained a cautious stance on NMZ for most of 2025, favoring other opportunities due to relative value concerns.
- A discount to NAV is present, reversing the premium from my last review, making it more value-oriented.
- The munis at the far end of the yield curve offer the most spread over treasuries and this is the debt that NMZ holds predominately.
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Main Thesis & Background
The purpose of this article is to evaluate the Nuveen Municipal High Income Opportunity Fund (NMZ) as an investment option at its current market price. It is a closed-end fund with
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**Analyst’s Disclosure:**I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in NMZ over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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