Nuveen No. 1 Embracing Dirt Bonds for Homes Rebound: Muni Credit
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John Miller at Nuveen Asset Management LLC, who beat all his U.S. municipal bond-fund peers in 2012, is betting a rebounding housing market will deliver the biggest gains again in the year ahead.
Miller, 45, has been buying debt tied to homebuilding and land-backed securities called dirt bonds for the $9 billion Nuveen High Yield Municipal Bond Fund, which earned 21.2 percent last year. The gain beat all open-end, national muni funds that are at least three years old and geared toward institutional investors, data compiled by Bloomberg show.