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RCM

Rivernorth Capital Management Portfolio holdings

AUM $2B
1-Year Est. Return 0.79%
This Fund
S&P 500
This Quarter Est. Return
+3.25%
1 Year Est. Return
-0.79%
3 Year Est. Return
+4.8%
5 Year Est. Return
-8.69%
10 Year Est. Return
+11.73%
AUM
$1.75B
AUM Growth
-$54.5M
Cap. Flow
-$97M
Cap. Flow %
-5.53%
Top 10 Hldgs %
22.6%
Holding
571
New
214
Increased
30
Reduced
135
Closed
92

Top Buys

Rank Stock Value
1
BIT icon
BlackRock Multi-Sector Income Trust
BIT
+$24.8M
2
PML
PIMCO Municipal Income Fund II
PML
+$23.7M
3
MSDL icon
Morgan Stanley Direct Lending Fund
MSDL
+$14.3M
4
USA icon
Liberty All-Star Equity Fund
USA
+$13.3M
5
PCQ
Pimco California Municipal Income Fund
PCQ
+$13.2M

Top Sells

Rank Stock Value
1
NAD icon
Nuveen Quality Municipal Income Fund
NAD
+$29.5M
2
NEA icon
Nuveen AMT-Free Quality Municipal Income Fund
NEA
+$27.6M
3
NUV icon
Nuveen Municipal Value Fund
NUV
+$20.6M
4
ACP
abrdn Income Credit Strategies Fund
ACP
+$19.8M
5
PMX
PIMCO Municipal Income Fund III
PMX
+$18.3M

Sector Composition

Rank Sector Weight
1 Financials 25.87%
2 Real Estate 0.63%
3 Industrials 0.5%
4 Energy 0.3%
5 Consumer Discretionary 0.28%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NNY icon
251
Nuveen New York Municipal Value Fund
NNY
$157M
$950K 0.05%
114,981
-116,535
-50% -$946K
SOUL.U
252
Soulpower Acquisition Corp Units
SOUL.U
$941K 0.05%
92,135
-357,865
-80% -$3.7M
ATIIU
253
Archimedes Tech SPAC Partners II Co Unit
ATIIU
$940K 0.05%
92,135
-357,865
-80% -$3.84M
RANGU
254
Range Capital Acquisition Corp Units
RANGU
$118M
$924K 0.05%
88,836
-310,929
-78% -$3.31M
EMD
255
Western Asset Emerging Markets Debt Fund
EMD
$610M
$923K 0.05%
89,452
-528,431
-86% -$5.42M
TVAIU
256
Thayer Ventures Acquisition Corporation II Unit
TVAIU
$834K 0.05%
81,897
-318,103
-80% -$3.23M
SPEGU
257
Silver Pegasus Acquisition Corp Unit
SPEGU
$780K 0.04%
+76,668
New +$775K
VPV icon
258
Invesco Pennsylvania Value Municipal Income Trust
VPV
$201M
$764K 0.04%
73,922
-112,917
-60% -$1.14M
WENN
259
Wen Acquisition Corp
WENN
$389M
$753K 0.04%
+74,374
New +$758K
GTERA
260
Globa Terra Acquisition Corp
GTERA
$246M
$712K 0.04%
+71,336
New +$711K
WLACW
261
DELISTED
Willow Lane Acquisition Corp Warrants
WLACW
$700K 0.04%
+249,872
New +$261K
UYSCU
262
UY Scuti Acquisition Corp Units
UYSCU
$677K 0.04%
65,465
-184,535
-74% -$1.9M
PACHU
263
Pioneer Acquisition I Corp Units
PACHU
$670K 0.04%
66,669
-183,093
-73% -$1.84M
PFO
264
Flaherty & Crumrine Preferred and Income Opportunity Fund
PFO
$119M
$670K 0.04%
68,712
-179,010
-72% -$1.68M
TAVIU
265
Tavia Acquisition Corp Unit
TAVIU
$666K 0.04%
65,632
-196,896
-75% -$2.06M
BCARU
266
D. Boral ARC Acquisition I Corp Units
BCARU
$154M
$658K 0.04%
+65,785
New +$657K
GSRTR
267
DELISTED
GSR III Acquisition Corp Right
GSRTR
$606K 0.03%
+71,390
New +$497K
BLUWU
268
Blue Water Acquisition Corp III Unit
BLUWU
$592K 0.03%
59,021
-375,000
-86% -$3.77M
GTERU
269
Globa Terra Acquisition Corp Units
GTERU
$587K 0.03%
+57,724
New +$586K
HYAC
270
DELISTED
Haymaker Acquisition Corp 4
HYAC
$575K 0.03%
50,684
-2,868
-5% -$32K
CCII
271
Cohen Circle Acquisition Corp II
CCII
$358M
$568K 0.03%
+56,000
New +$566K
DAAQU
272
Digital Asset Acquisition Corp Units
DAAQU
$540K 0.03%
51,213
-148,890
-74% -$1.59M
RDAGU
273
Republic Digital Acquisition Co Unit
RDAGU
$538K 0.03%
51,186
-148,814
-74% -$1.58M
GTENU
274
Gores Holdings X Units
GTENU
$283M
$528K 0.03%
51,188
-148,812
-74% -$1.55M
DYNCW
275
Dynamix Corp Warrant
DYNCW
$1.42M
$528K 0.03%
250,000
– –
9 10
11
12 13

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Rivernorth Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Rivernorth Capital Management held 571 positions worth $1.75B, down 3% from $1.81B the previous quarter. Its ten largest holdings account for 23% of the portfolio.

Rivernorth Capital Management withdrew a net $97M in Q3 2025, closing 92 positions and reducing 135 holdings. Its most notable exit was Nuveen AMT-Free Quality Municipal Income Fund, an estimated $27.6M position sold in full.

By sector, the portfolio is most concentrated in Financials at 26% of assets, up from 9.4% a quarter earlier, followed by Real Estate and Industrials.

Against the trend, Rivernorth Capital Management opened a new position in BlackRock Multi-Sector Income Trust worth $23.4M.

  • Rivernorth Capital Management's largest Q3 2025 buy was BlackRock Multi-Sector Income Trust: 1,748,396 shares worth $23.4M.
  • Rivernorth Capital Management added most to PIMCO Municipal Income Fund II in Q3 2025, an estimated $23.7M increase.
  • Rivernorth Capital Management's biggest Q3 2025 reduction was Nuveen Quality Municipal Income Fund, cutting an estimated $29.5M.
  • Rivernorth Capital Management fully exited Nuveen AMT-Free Quality Municipal Income Fund in Q3 2025, selling an estimated $27.6M.
  • Rivernorth Capital Management's ten largest holdings make up 23% of its $1.75B portfolio in Q3 2025.
  • Rivernorth Capital Management opened 214 new positions and closed 92 in Q3 2025.
  • Rivernorth Capital Management's portfolio value fell 3% quarter-over-quarter to $1.75B.

Based on Rivernorth Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.