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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
RDAGW
376
Republic Digital Acquisition Co Warrants
RDAGW
$48.3K ﹤0.01%
+74,375
New +$52.9K
NPACW
377
New Providence Acquisition Corp III Warrants
NPACW
$2.1M
$47.8K ﹤0.01%
+116,623
New +$53K
PELIR
378
DELISTED
Pelican Acquisition Corp Right
PELIR
$47.4K ﹤0.01%
+197,500
New +$35.9K
FVNNR
379
Future Vision II Acquisition Corp Right
FVNNR
$45.5K ﹤0.01%
350,000
– –
SBXD.WS
380
SilverBox Corp IV Warrants
SBXD.WS
$44K ﹤0.01%
99,999
– –
TACOW
381
Berto Acquisition Corp Warrant
TACOW
$16.5M
$43.6K ﹤0.01%
+65,078
New +$45.3K
DTSQR
382
DT Cloud Star Acquisition Corp Right
DTSQR
$43.5K ﹤0.01%
290,000
– –
DAAQW
383
Digital Asset Acquisition Corp Warrant
DAAQW
$1.97M
$41.7K ﹤0.01%
+74,413
New +$59K
FIGXW
384
FIGX Capital Acquisition Corp Warrant
FIGXW
$41K ﹤0.01%
+170,630
New +$33.9K
APADR
385
DELISTED
A Paradise Acquisition Corp Rights
APADR
$40K ﹤0.01%
+250,000
New +$39.4K
NETDW
386
DELISTED
Nabors Energy Transition Corp II Warrant
NETDW
$39.9K ﹤0.01%
142,499
– –
PGACR
387
Pantages Capital Acquisition Corp Right
PGACR
$38.9K ﹤0.01%
+324,000
New +$61K
TAVIR
388
Tavia Acquisition Corp Right
TAVIR
$38.4K ﹤0.01%
+196,896
New +$38.7K
UYSCR
389
UY Scuti Acquisition Corp Rights
UYSCR
$36.9K ﹤0.01%
+184,375
New +$42.9K
ISRLW
390
DELISTED
Israel Acquisitions Corp Warrant
ISRLW
$36.3K ﹤0.01%
199,036
– –
VACHW
391
DELISTED
Voyager Acquisition Corp Warrants
VACHW
$35.7K ﹤0.01%
210,000
– –
PCAPW
392
ProCap Acquisition Corp Warrant
PCAPW
$2.5M
$34.5K ﹤0.01%
+53,000
New +$35K
HSPOR
393
DELISTED
Horizon Space Acquisition I Corp Right
HSPOR
$34.3K ﹤0.01%
214,357
– –
PLMKW
394
Plum Acquisition Corp IV Warrants
PLMKW
$3.36M
$34.3K ﹤0.01%
+126,875
New +$32.8K
HYAC.WS
395
DELISTED
Haymaker Acquisition Corp 4 Warrants
HYAC.WS
$34K ﹤0.01%
85,043
– –
TBMCR
396
DELISTED
Trailblazer Merger Corporation I Rights
TBMCR
$32.2K ﹤0.01%
161,088
– –
AXINR
397
Axiom Intelligence Acquisition Corp 1 Right
AXINR
$32K ﹤0.01%
+200,000
New +$30.8K
BAYAR
398
DELISTED
Bayview Acquisition Corp Right
BAYAR
$31.8K ﹤0.01%
198,887
– –
EVAC.WS
399
EQV Ventures Acquisition Corp II Warrants
EVAC.WS
$30.7K ﹤0.01%
+128,000
New +$35.6K
COPL.WS
400
Copley Acquisition Corp Warrants
COPL.WS
$29.9K ﹤0.01%
+148,750
New +$27.2K
14 15
16
17 18

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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.