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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
DMYY.WS
301
DELISTED
dMY Squared Technology Group Warrants
DMYY.WS
$177K 0.01%
99,999
– –
TVACW
302
Texas Ventures Acquisition III Corp Warrants
TVACW
$164K 0.01%
+148,750
New +$55.4K
WIA
303
Western Asset Inflation-Linked Income Fund
WIA
$187M
$157K 0.01%
18,606
-3,394
-15% -$28.4K
ALDFW
304
Aldel Financial II Inc Warrants
ALDFW
$153K 0.01%
+299,743
New +$143K
ATMVR
305
DELISTED
AlphaVest Acquisition Corp Right
ATMVR
$153K 0.01%
250,000
– –
IPEXR
306
Inflection Point Acquisition Corp V Rights
IPEXR
$150K 0.01%
+249,893
New +$91.2K
LEGT.WS
307
DELISTED
Legato Merger Corp III Warrants
LEGT.WS
$140K 0.01%
399,484
– –
CHACR
308
DELISTED
Crane Harbor Acquistion Corp Rights
CHACR
$134K 0.01%
+433,735
New +$107K
BRRWW
309
ProCap Financial Inc
BRRWW
$3.14M
$120K 0.01%
+99,968
New +$153K
CEPF
310
Cantor Equity Partners IV
CEPF
$595M
$116K 0.01%
+11,410
New +$116K
LPBBW
311
Launch Two Acquisition Corp Warrant
LPBBW
$111K 0.01%
300,000
– –
KCHVR
312
Kochav Defense Acquisition Corp Right
KCHVR
$110K 0.01%
+499,872
New +$103K
IPCXR
313
Inflection Point Acquisition Corp III Rights
IPCXR
$110K 0.01%
+249,920
New +$97.1K
NMPAR
314
NMP Acquisition Corp Right
NMPAR
$107K 0.01%
+511,346
New +$101K
HDRNW
315
Hadron Energy Warrant
HDRNW
$2.77M
$106K 0.01%
236,019
– –
LOKVW
316
DELISTED
Live Oak Acquisition Corp V Warrants
LOKVW
$105K 0.01%
+249,936
New +$138K
KFIIU
317
K&F Growth Acquisition Corp II Unit
KFIIU
$103K 0.01%
10,000
-500,000
-98% -$5.15M
ASPCR
318
A SPAC III Acquisition Corp Right
ASPCR
$103K 0.01%
+539,744
New +$101K
NOEMR
319
CO2 Energy Transition Corp Right
NOEMR
$103K 0.01%
+428,040
New +$92K
JACS.RT
320
Jackson Acquisition Co II Rights
JACS.RT
$99.9K 0.01%
+399,744
New +$98K
RANGR
321
Range Capital Acquisition Corp Rights
RANGR
$99.5K 0.01%
+310,929
New +$74.4K
QSEAR
322
Quartzsea Acquisition Corp Rights
QSEAR
$93.5K 0.01%
+397,500
New +$114K
NHICW
323
NewHold Investment Corp III Warrants
NHICW
$18.8M
$90K 0.01%
+249,936
New +$79.6K
FTW.WS
324
Presidio Production Co Warrants
FTW.WS
$83.3K ﹤0.01%
166,665
– –
RDACR
325
Rising Dragon Acquisition Corp Rights
RDACR
$81.3K ﹤0.01%
495,000
– –
11 12
13
14 15

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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.