Rivernorth Capital Management Portfolio holdings
RiverNorth Capital Management is an investment manager that builds its strategies around closed-end funds, which it has traded since 2004, looking for pricing gaps in the market. Founded in 2000, it launched its first mutual fund dedicated to closed-end funds in 2006 and a long/short closed-end fund arbitrage strategy in 2007. It has paired with outside managers on funds: DoubleLine for a fixed income fund in 2010, Oaktree for a high income fund in 2012, and MacKay Shields for municipal income closed-end funds from 2018. It began investing in special purpose acquisition companies in 2016. Patrick Galley, its chief executive and chief investment officer, joined in 2004 from Bank of America's investment bank portfolio management group. The firm sees broad markets as mostly efficient but some areas as drifting out of line, and it focuses on individual securities rather than forecasting the economy.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Pershing Square USA
PSUS
|
+$83.5M |
| 2 |
Gabelli Equity Trust
GAB
|
+$37M |
| 3 |
Vanguard Tax-Exempt Bond Index Fund
VTEB
|
+$27.2M |
| 4 |
BlackRock Taxable Municipal Bond Trust
BBN
|
+$22.3M |
| 5 |
Blue Owl Technology Finance Corp
OTF
|
+$17.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FS KKR Capital
FSK
|
+$21.3M |
| 2 |
Compass
COMP
|
+$20.3M |
| 3 |
Invesco Municipal Trust
VKQ
|
+$15.9M |
| 4 |
Cohen & Steers Infrastructure Fund
UTF
|
+$14.9M |
| 5 |
Morgan Stanley Direct Lending Fund
MSDL
|
+$14.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 61.17% |
| 2 | Financials | 38.14% |
| 3 | Consumer Discretionary | 0.32% |
| 4 | Real Estate | 0.29% |
| 5 | Healthcare | 0.03% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
BlackRock MuniHoldings Fund
MHD
$1.89B
| $143M | 6.78% |
11,987,371
-518,454
| -4% | -$6.06M |
2021 Q1
21 quarters
|
|
2
BlackRock MuniYield Quality Fund
MQY
$1.58B
| $82.3M | 3.91% |
7,094,331
-805,024
| -10% | -$9.16M |
2022 Q3
15 quarters
|
|
|
3
Pershing Square USA
PSUS
| $78.1M | 3.71% |
+2,089,216
| New | +$83.5M |
2026 Q2
0 quarters
|
|
4
BlackRock MuniYield Quality Fund III
MYI
$1.23B
| $52.9M | 2.51% |
4,760,961
-493,372
| -9% | -$5.38M |
2021 Q4
18 quarters
|
|
5
BlackRock Corporate High Yield Fund
HYT
$1.56B
| $47.3M | 2.25% |
5,529,831
-369,771
| -6% | -$3.18M |
2026 Q1
1 quarter
|
|
6
BlackRock Science and Technology Term Trust
BSTZ
$1.74B
| $45.4M | 2.16% |
1,511,481
+17,544
| +1% | +$484K |
2023 Q4
10 quarters
|
|
|
7
Blue Owl Technology Finance Corp
OTF
$4.39B
| $39.2M | 1.86% |
3,788,852
+1,612,583
| +74% | +$17.9M |
2025 Q3
3 quarters
|
|
|
8
Gabelli Equity Trust
GAB
$1.84B
| $37.4M | 1.78% |
+6,609,367
| New | +$37M |
2026 Q2
0 quarters
|
|
9
iShares National Muni Bond ETF
MUB
$54.9B
| $36.7M | 1.74% |
340,663
+3,712
| +1% | +$397K |
2025 Q4
2 quarters
|
|
10
PIMCO Municipal Income Fund II
PML
$863M
| $34.1M | 1.62% |
4,482,914
+231,386
| +5% | +$1.74M |
2024 Q4
6 quarters
|
|
11
FS Specialty Lending Fund
FSSL
$914M
| $31.2M | 1.48% |
2,800,048
+484,934
| +21% | +$5.73M |
2025 Q4
2 quarters
|
|
12
Guggenheim Strategic Opportunities Fund
GOF
$2.04B
| $29.1M | 1.38% |
2,666,430
+778,095
| +41% | +$8.69M |
2025 Q4
2 quarters
|
|
|
13
Invesco Municipal Trust
VKQ
$500M
| $27.6M | 1.31% |
2,749,965
-1,637,091
| -37% | -$15.9M |
2021 Q4
18 quarters
|
|
|
14
Vanguard Tax-Exempt Bond Index Fund
VTEB
$53.8B
| $27.4M | 1.3% |
+541,385
| New | +$27.2M |
2026 Q2
0 quarters
|
|
15
FS Credit Opportunities Corp
FSCO
$1.05B
| $27.2M | 1.29% |
5,444,012
+1,435,590
| +36% | +$7.21M |
2026 Q1
1 quarter
|
|
|
16
BlackRock Taxable Municipal Bond Trust
BBN
$901M
| $26.2M | 1.25% |
1,622,646
+1,389,024
| +595% | +$22.3M |
2026 Q1
1 quarter
|
|
17
Liberty All-Star Equity Fund
USA
$1.86B
| $25.2M | 1.2% |
4,332,937
-863,302
| -17% | -$4.98M |
2025 Q3
3 quarters
|
|
18
BlackRock Technology and Private Equity Term Trust
BTX
$903M
| $24.7M | 1.18% |
2,737,496
+167,458
| +7% | +$1.39M |
2026 Q1
1 quarter
|
|
19
Pimco California Municipal Income Fund
PCQ
$156M
| $23.1M | 1.1% |
2,575,012
+63,012
| +3% | +$553K |
2023 Q1
13 quarters
|
|
20
PIMCO Dynamic Income Strategy Fund
PDX
$910M
| $22.9M | 1.09% |
1,101,509
-37,088
| -3% | -$784K |
2019 Q2
28 quarters
|
|
21
Saba Capital Income & Opportunities Fund II
SABA
$204M
| $22.6M | 1.08% |
2,711,592
-146,011
| -5% | -$1.23M |
2023 Q2
12 quarters
|
|
22
Western Asset Managed Municipals Fund
MMU
$513M
| $18.3M | 0.87% |
1,757,452
-181,356
| -9% | -$1.86M |
2020 Q1
25 quarters
|
|
23
Invesco Municipal Opportunity Trust
VMO
$606M
| $16.8M | 0.8% |
1,703,324
-1,028,952
| -38% | -$10M |
2022 Q1
17 quarters
|
|
24
Sixth Street Specialty
TSLX
$1.7B
| $16.6M | 0.79% |
969,599
+678,646
| +233% | +$12.1M |
2026 Q1
1 quarter
|
|
25
BlackRock MuniYield New York Quality Fund
MYN
$868M
| $16.5M | 0.78% |
1,624,077
-98,655
| -6% | -$980K |
2022 Q3
15 quarters
|
|
Similar funds
Rivernorth Capital Management's Q2 2026 Portfolio in Review
As of Q2 2026, Rivernorth Capital Management held 696 positions worth $2.1B, up 5.1% from $2B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Rivernorth Capital Management's Q2 2026 filing shows 154 new, 42 increased, 92 reduced and 111 closed positions. Its largest new stake was Pershing Square USA: 2,089,216 shares worth $78.1M. The largest sale was FS KKR Capital, an estimated $21.3M.
By sector, the portfolio is most concentrated in Miscellaneous at 61% of assets, up from 61% a quarter earlier, followed by Financials and Consumer Discretionary.
- Rivernorth Capital Management's largest Q2 2026 buy was Pershing Square USA: 2,089,216 shares worth $78.1M.
- Rivernorth Capital Management added most to BlackRock Taxable Municipal Bond Trust in Q2 2026, an estimated $22.3M increase.
- Rivernorth Capital Management's biggest Q2 2026 reduction was Invesco Municipal Trust, cutting an estimated $15.9M.
- Rivernorth Capital Management fully exited FS KKR Capital in Q2 2026, selling an estimated $21.3M.
- Rivernorth Capital Management's ten largest holdings make up 28% of its $2.1B portfolio in Q2 2026.
- Rivernorth Capital Management opened 154 new positions and closed 111 in Q2 2026.
- Rivernorth Capital Management's portfolio value rose 5.1% quarter-over-quarter to $2.1B.
Based on Rivernorth Capital Management's 13F filing for Q2 2026, filed 14 Aug 2026.