Nuveen Long/Short Commodity Total Return Fund Attracts $540 Million
Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced it has successfully completed the initial public offering of the Nuveen Long/Short Commodity Total Return Fund. The fund is an actively managed long/short commodity pool and will begin trading on the NYSE MKT today, under the symbol CTF. The fund will invest directly in a fully collateralized, diverse portfolio of exchange-traded commodity futures and options contracts and seeks to capitalize on opportunities in both up and down commodity markets.
The fund seeks to outperform its benchmark, the Morningstar® Long/Short Commodity IndexSM. This index tracks the historical total return performance of a diverse portfolio of commodity futures, which may be invested long, short or flat, and is comprised of 20 different commodities as of August 31, 2012.
The fund raised $540.5 million in its initial public offering, assuming full exercise of the underwriters' option to purchase additional shares, which may not occur. The fund offered its shares through a group of underwriters led by Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, UBS Securities LLC, and Nuveen Securities, LLC.
Gresham Investment Management LLC, an affiliate of Nuveen Investments, is the fund's commodity subadvisor and will manage the fund's commodity investments. Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, serves as the fund's collateral subadvisor. Nuveen Commodities Asset Management, LLC, a wholly-owned subsidiary of Nuveen Investments, is the manager of the fund and will be responsible for determining the fund's overall investment strategy and its implementation.
The fund is a commodity pool; the fund is not a mutual fund, a closed-end fund, or any other type of “investment company” within the meaning of the Investment Company Act of 1940, as amended.
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $212 billion as of June 30, 2012. For more information, please visit the Nuveen Investments website at www.nuveen.com.
A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the offered shares, nor shall there be any sale of such shares in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction. The offering is being made solely by means of a prospectus.
A copy of the final prospectus related to the offering will be filed with the Securities and Exchange Commission and can be obtained, when available, by contacting your securities representative or Nuveen Securities, LLC, 333 W. Wacker Drive, Chicago, IL 60606. Investors should read the prospectus carefully before they invest or send money.
This press release contains forward-looking statements, including statements related to the fund's initial public offering and the expected use of those net proceeds, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. For a discussion of these and other factors that could affect the fund's future results, performance or transactions, see the section entitled "Risk Factors" in the fund's final prospectus relating to its initial public offering, and other risks described in documents subsequently filed by the fund from time to time with the Securities and Exchange Commission.
The Nuveen Long/Short Commodity Total Return Fund is not sponsored, endorsed, sold or promoted by Morningstar, and Morningstar makes no representation regarding the advisability of investing in it.
Kristyna Munoz, (312) 917-8343