Form 4: Nuveen Portfolio Manager Schedules JLS Share Sale

Stephen Virgilio, a Portfolio Manager at Nuveen, reported a future sale of 150 shares of Nuveen Mortgage & Income Fund (JLS) common stock at $18.8137 per share, effective August 29, 2025, under a 10b5-1 plan.

Summary

• Stephen Virgilio, a Portfolio Manager for Nuveen Mortgage & Income Fund (JLS), filed a Form 4.
• The filing reports a planned disposition of 150 shares of JLS Common Stock.
• The transaction is scheduled to occur on August 29, 2025, at a price of $18.8137 per share.
• Following this transaction, Stephen Virgilio will beneficially own 850 shares directly.
• The transaction is indicated to be made pursuant to a Rule 10b5-1(c) plan.
• The filing was signed by Mark L. Winget under a Power of Attorney granted by Stephen Virgilio.

Sentiment

Score: 5

Explanation: The sale of shares by a portfolio manager, while typically viewed with caution, is mitigated by its execution under a Rule 10b5-1 plan, indicating a pre-scheduled, non-discretionary transaction rather than a reaction to new information. The future transaction date also suggests a long-term plan.

Positives

• The transaction is made pursuant to a Rule 10b5-1(c) plan, indicating a pre-scheduled, non-discretionary sale rather than a reaction to new material non-public information.

Negatives

• A Portfolio Manager is selling shares of the fund they manage, which could be perceived negatively by some investors, despite being pre-planned.

Risks

• Potential for negative investor perception regarding insider selling, even if the transaction is pre-planned under a 10b5-1 plan.

Future Outlook

The reported transaction, a sale of 150 shares, is scheduled to occur on August 29, 2025, indicating a pre-planned future disposition of shares under a Rule 10b5-1 plan.

Management Comments

• The filing was signed by Mark L. Winget under a Power of Attorney granted by Stephen Virgilio.

Industry Context

Insider transactions, such as those reported on Form 4, are common in the financial industry, particularly for portfolio managers managing funds. The transaction being part of a Rule 10b5-1 plan suggests a pre-arranged sale, which is a standard practice for insiders to manage their equity holdings while avoiding accusations of trading on material non-public information.

Stakeholder Impact

• Shareholders: May interpret the insider sale as a signal, though the 10b5-1 plan suggests it's not based on new material information and is a pre-scheduled event.

Next Steps

• The reported sale of 150 shares of common stock is scheduled to occur on August 29, 2025.

Key Dates

Recommendation

The filing reports a routine insider sale under a 10b5-1 plan, which is a pre-scheduled transaction and not indicative of new material information. The small number of shares relative to the fund's size and the future transaction date suggest no immediate impact on the investment thesis. Therefore, a 'hold' recommendation is appropriate as this filing does not provide new information to alter existing positions.

Keywords

Nuveen Mortgage & Income Fund, JLS, Stephen Virgilio, Insider Trading, Form 4, Share Sale, Portfolio Manager, Closed-End Fund, 10b5-1 plan