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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
CCIIU
276
Cohen Circle Acquisition Corp II Unit
CCIIU
$514K 0.03%
+50,000
New +$512K
OBAWU
277
Oxley Bridge Acquisition Ltd Unit
OBAWU
$502K 0.03%
50,000
-50,000
-50% -$501K
RAC
278
Rithm Acquisition Corp
RAC
$309M
$500K 0.03%
+48,750
New +$499K
OBA
279
Oxley Bridge Acquisition Ltd
OBA
$325M
$497K 0.03%
+50,000
New +$497K
TACOU
280
Berto Acquisition Corp Unit
TACOU
$480K 0.03%
44,788
-130,212
-74% -$1.39M
ONCHU
281
1RT Acquisition Corp Units
ONCHU
$155M
$464K 0.03%
+44,021
New +$461K
ONCH
282
1RT Acquisition Corp
ONCH
$222M
$460K 0.03%
+44,016
New +$453K
PCAPU
283
ProCap Acquisition Corp Unit
PCAPU
$430K 0.02%
40,949
-159,051
-80% -$1.67M
VCICW
284
DELISTED
Vine Hill Capital Investment Corp Warrant
VCICW
$423K 0.02%
264,197
– –
RTACU
285
Renatus Tactical Acquisition Corp I Unit
RTACU
$188M
$403K 0.02%
35,250
-114,750
-77% -$1.37M
KDKRW
286
Kodiak AI Warrants
KDKRW
$392K 0.02%
367,930
– –
CHPGU
287
ChampionsGate Acquisition Corp Unit
CHPGU
$389K 0.02%
38,386
-111,614
-74% -$1.13M
WTG
288
Wintergreen Acquisition Corp
WTG
$76.5M
$374K 0.02%
+37,187
New +$373K
IROHR
289
DELISTED
Iron Horse Acquisitions Corp Right
IROHR
$373K 0.02%
508,133
– –
CCCXW
290
DELISTED
Churchill Capital Corp X Warrants
CCCXW
$353K 0.02%
+99,375
New +$146K
BACQR
291
DELISTED
Inflection Point Acquisition Corp IV Right
BACQR
$340K 0.02%
500,000
– –
INACU
292
Indigo Acquisition Corp Unit
INACU
$328K 0.02%
+32,426
New +$327K
IMSRW
293
Terrestrial Energy Warrant
IMSRW
$28.9M
$298K 0.02%
49,700
-150,300
-75% -$420K
OBDC icon
294
Blue Owl Capital
OBDC
$5.76B
$285K 0.02%
+22,313
New +$318K
RAC.U
295
Rithm Acquisition Corp Units
RAC.U
$272K 0.02%
26,186
-48,814
-65% -$509K
WENNU
296
Wen Acquisition Corp Unit
WENNU
$261K 0.01%
25,001
-74,999
-75% -$790K
CGCTU
297
DELISTED
Cartesian Growth Corp III Unit
CGCTU
$254K 0.01%
25,001
-108,768
-81% -$1.11M
XRPNW
298
Armada Acquisition Corp II Warrant
XRPNW
$8.86M
$240K 0.01%
+253,166
New +$131K
FGMCR
299
DELISTED
FG Merger II Corp Rights
FGMCR
$210K 0.01%
+500,000
New +$130K
IHD
300
Voya Emerging Markets High Income Dividend Equity Fund
IHD
$132M
$209K 0.01%
33,384
-402,204
-92% -$2.4M
10 11
12
13 14

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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.