Investment Value Analysis Report on JLS (Nuveen Mortgage and Income Fund)

Based on the comprehensive data collected, I will provide you with an in-depth analysis report on JLS (Nuveen Mortgage and Income Fund).

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is a closed-end fund listed on the New York Stock Exchange in the U.S., focusing on mortgage-backed securities and income-oriented investment strategies[0][1].

Core Metrics	Value
Current Price	$18.12
Market Capitalization	$99.24 million
P/E Ratio	9.38x
P/B Ratio	0.93x
Beta Coefficient	0.33
Monthly Dividend Yield	Approx. $0.1535 per share
ROE	9.90%

The fund is managed by

, and the portfolio is co-managed by (Managing Director and Portfolio Manager), , and [1].

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According to insider trading disclosure data,

, with a total transaction amount of $1,810 at a trading price of $18.10 per share[2].

Notably, this is not the first time Mr. Parekh has purchased shares of this fund:

Trading Date	Direction	Number of Shares	Price	Amount
January 6, 2026	Buy	100 shares	$18.10	$1,810
April 4, 2025	Buy	50 shares	$17.70	$885
April 2, 2025	Buy	100 shares	$18.25	$1,825
June 21, 2024	Sell	276 shares	$18.13	$5,005

1. Increased Purchase Frequency
   : Purchases were made 3 times in the 9-month period from April 2025 to January 2026, compared to only one sale in the previous year
2. Sustained Buying Signal
   : Cumulative purchases of approximately 250 shares vs. 276 shares sold, showing a moderate net buying trend
3. Timing of Transactions
   : The most recent purchase took place in early 2026, which may reflect judgments on investment opportunities for the new year

Although the amount of $1,810 is relatively small, from a professional perspective, this behavior may send the following signals:

• Alignment of Interests
  : The portfolio manager invests personal funds in the fund they manage, indicating that their interests are aligned with those of fund shareholders
• Expression of Confidence
  : Choosing to increase holdings at a time when the fund’s price has recently come under pressure (down 3.82% in the past 6 months) may reflect recognition of its intrinsic value
• Information Advantage
  : As an investment decision-maker, the portfolio manager has insider information advantages regarding the quality of the fund’s holdings, earnings prospects, and the rationality of market prices

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JLS adopts a

, primarily investing in:

• Residential and commercial mortgage-backed securities (RMBS/CMBS)
• High-yield corporate bonds
• Leveraged loans and other income-oriented assets

Period	Return Rate
Past 1 Month	-2.58%
Past 3 Months	-2.95%
Past 6 Months	-3.82%
Past 1 Year	-0.17%
Past 3 Years	+11.03%
Past 5 Years	-9.31%

The fund’s recent performance has been weak, but it

, indicating a certain degree of countercyclical capability[0].

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Based on evaluations from financial analysis tools[0]:

Dimension	Rating	Explanation
Debt Risk	Low Risk	Robust financial structure
Profitability	Strong	ROE of 9.90%, net profit margin of 88.39%
Cash Flow	Stable	Positive free cash flow
Valuation	Reasonable	P/E of only 9.38x, P/B of 0.93x

• Low Beta (0.33)
  : Relatively low volatility compared to the market, suitable for risk-averse investors
• Aggressive Accounting Treatment
  : Analysis shows the fund uses aggressive accounting policies, which may affect the judgment of earnings quality
• Liquidity
  : Market capitalization is only $99.24 million, with relatively limited average daily trading volume
• Interest Rate Sensitivity
  : As a mortgage-focused fund, it is relatively sensitive to interest rate changes

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Item	Data
Monthly Dividend	$0.1535 per share
Annualized Dividend	Approx. $1.84 per share
Current Dividend Yield	Approx. 10.15%
Cumulative Historical Distributions	$28.8133 per share (since inception)

1. High Dividend Yield
   : Based on the current price, the dividend yield is approximately 10.15%, which is competitive among peer funds
2. Stable Distribution History
   : The fund maintains monthly distributions, with cumulative declared dividends of $1.842 in 2025[1]
3. Low Volatility
   : Beta of only 0.33, providing a relatively stable income stream

1. Price Decline Risk
   : The price has slightly declined over the past year, which may erode part of the dividend income
2. Premium/Discount
   : Investors need to monitor whether the fund trades at a premium or discount
3. Interest Rate Environment
   : In the current high-interest-rate environment, mortgage-backed securities may face prepayment risks and price pressure

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Based on technical analysis results[0]:

Indicator	Status	Interpretation
Trend	Sideways Trading	No clear direction
MACD	Bearish Crossover	Weak short-term momentum
KDJ	Bullish Crossover	Oversold rebound signal
RSI	Normal Range	No overbought or oversold conditions
Support Level	$18.04	Short-term support
Resistance Level	$18.25	Short-term resistance

The current price ($18.12) is at the midpoint of the recent trading range, with resistance at $18.25 above and support at $18.04 below.

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Assessment Dimension	Rating	Explanation
Dividend Attractiveness	⭐⭐⭐⭐	High dividend yield, stable monthly distributions
Valuation Rationality	⭐⭐⭐⭐	Low P/E of 9.38x and P/B of 0.93x
Insider Signals	⭐⭐⭐	Portfolio manager increased holdings but the amount is limited
Risk Control	⭐⭐⭐	Low Beta, low debt risk
Liquidity	⭐⭐	Small market capitalization, limited trading volume

• ✅ The portfolio manager chose to increase holdings when the fund’s price was under pressure, conveying confidence
• ✅ Multiple purchases indicate sustained optimism
• ✅ The low Beta characteristic makes it suitable as an income-oriented asset allocation

• ⚠️ The purchase amount is small, which may only reflect personal allocation rather than strong confidence
• ⚠️ The fund’s recent performance lags behind the broader market (past 1 year: -0.17% vs. S&P +2.15%)
• ⚠️ Need to monitor changes in the fund’s premium/discount

JLS may be particularly suitable for:

• Retirement investors seeking stable cash flow
• Income-oriented investment portfolios seeking high dividend yields
• Conservative investors looking to reduce portfolio volatility

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1. Market Risk
   : A general decline in the stock market may affect the fund’s price
2. Interest Rate Risk
   : Rising interest rates may lead to a decline in the price of mortgage-backed securities
3. Liquidity Risk
   : The small market capitalization may affect the execution price of large transactions
4. Sustainability of Earnings
   : Past performance does not guarantee future returns

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JLS (Nuveen Mortgage and Income Fund) is a closed-end fund focused on mortgage income, currently offering a dividend yield of approximately 10% with a reasonable valuation (P/E 9.38x). Portfolio Manager Aashh Parekh’s multiple purchases between 2025 and 2026, especially the increase in holdings when the fund’s price was under pressure, may send a signal of confidence in the fund’s investment value.

For

, JLS’s high dividend yield and low volatility characteristics may have allocation value, but investors should note its liquidity constraints and interest rate sensitivity. It is recommended that investors make comprehensive considerations based on their personal income needs, risk tolerance, and portfolio allocation.

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[0] Jinling AI API Data (Company Profile, Technical Analysis, Financial Analysis)

[1] Nuveen Official Website - JLS Fund Page (https://www.nuveen.com/en-us/closed-end-funds/jls-nuveen-mortgage-and-income-fund)

[2] Dataroma - JLS Insider Trading Data (https://www.dataroma.com/m/ins/ins.php?t=y2&po=&so=&tp=&am=0&sym=JLS)