Mackay Shields Lowers stake in Nuveen Dividend Advantage Municipal Fd 3 (NZF)

Nuveen Dividend Advantage Municipal Fd 3 (NZF) : Mackay Shields reduced its stake in Nuveen Dividend Advantage Municipal Fd 3 by 32.94% during the most recent quarter end. The investment management company now holds a total of 455,910 shares of Nuveen Dividend Advantage Municipal Fd 3 which is valued at $6,975,423 after selling 223,988 shares in Nuveen Dividend Advantage Municipal Fd 3 , the firm said in a disclosure report filed with the SEC on Apr 21, 2016.Nuveen Dividend Advantage Municipal Fd 3 makes up approximately 1.87% of Mackay Shields’s portfolio.

Nuveen Dividend Advantage Municipal Fd 3 opened for trading at $15.31 and hit $15.34 on the upside on Wednesday, eventually ending the session at $15.3, with a gain of 0.07% or 0.01 points. The heightened volatility saw the trading volume jump to 4,59,650 shares. Company has a market cap of $556 M.

Other Hedge Funds, Including , Advocacy Wealth Management Services added NZF to its portfolio by purchasing 298 company shares during the most recent quarter which is valued at $4,559. Clean Yield Group added NZF to its portfolio by purchasing 2,380 company shares during the most recent quarter which is valued at $36,557. Nuveen Dividend Advantage Municipal Fd 3 makes up approx 0.02% of Clean Yield Group’s portfolio.Capital Investment Advisors reduced its stake in NZF by selling 1,208 shares or 0.81% in the most recent quarter. The Hedge Fund company now holds 147,841 shares of NZF which is valued at $2,270,838. Nuveen Dividend Advantage Municipal Fd 3 makes up approx 0.22% of Capital Investment Advisors’s portfolio.Sit Investment Associates Inc reduced its stake in NZF by selling 439 shares or 0.59% in the most recent quarter. The Hedge Fund company now holds 74,527 shares of NZF which is valued at $1,144,735. Nuveen Dividend Advantage Municipal Fd 3 makes up approx 0.02% of Sit Investment Associates Inc’s portfolio.Creative Planning boosted its stake in NZF in the latest quarter, The investment management firm added 6,105 additional shares and now holds a total of 32,414 shares of Nuveen Dividend Advantage Municipal Fd 3 which is valued at $491,720.

Nuveen Dividend Advantage Municipal Fund 3 is a United States-based closed-end diversified management investment company. The Fund’s investment objective is to provide current income exempt from regular federal income tax and to enhance portfolio value. The Fund invests in municipal securities that are exempt from federal income taxes. The Fund invests at least 80% of its managed assets in municipal securities rated investment grade. The Fund invests up to 20% of its managed assets in municipal securities rated below investment quality or judged by the manager to be of comparable quality of which up to 10% of its managed assets may be rated below B-/B3 or of comparable quality. The Fund uses leverage. Nuveen Asset Management LLC is the sub-adviser to the Fund and an affiliate of Nuveen Investments Inc.

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