In plain terms — Nuveen California Municipal Value Fund
Shares currently cost about 3.7% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 0.0% premium, so today's level is unusually wide for this fund (Z-score -2.2). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 4.3% a year of the share price (4.2% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.04 of assets — a ReinvestCapture™ rate of 4.5%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 1.8% over the past year including distributions (NAV total return).
Annual costs are 0.55% of assets.
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -1.05% | 1.81% | -2.17 | 62 |
| 6 months | +0.11% | 2.04% | -2.49 | 118 |
| 1 year | +0.03% | 2.27% | -2.20 | 224 |
| 3 years | -3.88% | — | — | — |
| 5 years | -4.89% | — | — | — |
Current contemporaneous premium/discount -4.97% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -5.05% to +5.54%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -7.38% | -12.73% | -8.83% | -8.00% | -0.92% | -4.55% |
| Market price total return | -7.05% | -11.85% | -6.14% | -4.37% | +2.96% | -0.89% |
| NAV return | -2.48% | -6.38% | -5.77% | -5.56% | -0.80% | -4.15% |
| NAV total return | -2.15% | -5.44% | -2.97% | -1.83% | +2.95% | -0.64% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Nuveen California Municipal Value Fund (NCA) is a closed-end investment vehicle, established by Nuveen Investments, Inc., which began operations on October 7, 1987, and is domiciled in the United States. Management responsibilities are jointly shared by Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. The fund's core objective is to invest in California's fixed income markets, primarily targeting municipal securities rated Baa/BBB or higher. A significant draw for investors is the income generated from these holdings, which is designed to be exempt from both federal and California state income taxes. Its portfolio is meticulously constructed using a fundamental analysis approach combined with bottom-up security selection. To gauge its performance, the fund compares its results against the S&P California Municipal Bond Index and the S&P National Municipal Bond Index.
CEF Explorer research page for Nuveen California Municipal Value Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.