Shares of Citigroup are down 16% year-to-date as low interest rates and a lack of earnings momentum have sent investors elsewhere. Jim Stephenson, portfolio manager for the Nuveen NWQ Global Equity Income Fund , said the money center bank is transforming itself and will soon bounce back. “We see a tremendous ability for Citigroup to not only lower costs, isolate the bad bank within the portfolio and start to return a lot of capital to shareholders,” said Stephenson. “We think that will be a big catalyst for them going forward.” The Nuveen NWQ Global Equity Income Fund is down 33 basis points thus far in 2016, according to Morningstar. The $53 million fund has returned an average of 7.5% annually over the past five years, outpacing 72% of its peers in Morningstar’s world stock category. The Nuveen NWQ Global Equity Income Fund sports a trailing 12 month yield of 2.1%, according to Morningstar.
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