This fund is exposed to more market-timing risk than many peers. We maintain Nuveen Global Infrastructure’s People and Process Pillar ratings at Average and Below Average, respectively. Overall, this strategy benefits from a solid investment approach shepherded by a well-resourced team, but there is no clear evidence that the frequent use of tactical trading adds value. Its past execution relied heavily on former and long-standing lead manager Jay Rosenberg’s skills and insights, leaving his successor Noah Hauser with big shoes to fill.