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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
MUC icon
26
BlackRock MuniHoldings California Quality Fund
MUC
$1.01B
$16.1M 0.92%
1,487,540
-449,316
-23% -$4.66M
MSDL icon
27
Morgan Stanley Direct Lending Fund
MSDL
$1.28B
$15.9M 0.91%
989,127
+781,955
+377% +$14.3M
FTHY
28
First Trust High Yield Opportunities 2027 Term Fund
FTHY
$498M
$15.6M 0.89%
1,075,686
-29,782
-3% -$436K
WIW
29
Western Asset Inflation-Linked Opportunities & Income Fund
WIW
$510M
$15.1M 0.86%
1,699,467
-249,752
-13% -$2.21M
CGBD icon
30
Carlyle Secured Lending
CGBD
$766M
$15M 0.86%
1,201,142
+844,129
+236% +$11.6M
PFN
31
PIMCO Income Strategy Fund II
PFN
$707M
$14.9M 0.85%
1,961,828
-742,654
-27% -$5.59M
MQT
32
DELISTED
BlackRock MuniYield Quality Fund II
MQT
$14.5M 0.83%
1,448,205
+21,634
+2% +$209K
LEO
33
BNY Mellon Strategic Municipals
LEO
$387M
$13M 0.74%
2,075,153
-137,357
-6% -$819K
USA icon
34
Liberty All-Star Equity Fund
USA
$1.86B
$12.8M 0.73%
+2,018,714
New +$13.3M
SDHY
35
PGIM Short Duration High Yield Opportunities Fund
SDHY
$402M
$12.4M 0.7%
739,278
– –
PHK
36
PIMCO High Income Fund
PHK
$878M
$12.1M 0.69%
2,417,443
-1,089,862
-31% -$5.33M
BKN
37
DELISTED
BlackRock Investment Quality Municipal Trust
BKN
$12M 0.68%
1,054,917
+6,545
+0.6% +$71.3K
MPA icon
38
BlackRock MuniYield Pennsylvania Quality Fund
MPA
$144M
$11.9M 0.68%
+1,042,864
New +$11.4M
TONT
39
Graf Global Corp
TONT
$153M
$11.6M 0.66%
1,098,974
-1,026
-0.1% -$10.8K
AFB
40
AllianceBernstein National Municipal Income Fund
AFB
$316M
$11M 0.63%
1,014,157
-69,169
-6% -$719K
HHH icon
41
Howard Hughes
HHH
$3.91B
$11M 0.63%
+133,746
New +$9.9M
CRF
42
Cornerstone Total Return Fund
CRF
$1.17B
$10.8M 0.62%
1,346,454
-608,433
-31% -$4.78M
GLQ
43
Clough Global Equity Fund
GLQ
$157M
$9.85M 0.56%
1,294,882
-230,495
-15% -$1.69M
BYM
44
DELISTED
BlackRock Municipal Income Quality Trust
BYM
$9.64M 0.55%
880,192
– –
RVT icon
45
Royce Value Trust
RVT
$2.29B
$9.63M 0.55%
596,845
+584,021
+4,554% +$9.17M
SBI
46
Western Asset Intermediate Muni Fund
SBI
$108M
$9.62M 0.55%
1,216,584
-182,540
-13% -$1.41M
VGM icon
47
Invesco Trust Investment Grade Municipals
VGM
$564M
$9.53M 0.54%
941,728
-701,761
-43% -$6.8M
CMU
48
DELISTED
MFS High Yield Municipal Trust
CMU
$8.95M 0.51%
2,579,075
+580,389
+29% +$1.93M
RMT
49
Royce Micro-Cap Trust
RMT
$759M
$8.7M 0.5%
837,781
+615,932
+278% +$6.08M
MYN icon
50
BlackRock MuniYield New York Quality Fund
MYN
$376M
$8.47M 0.48%
852,555
-41,504
-5% -$393K
1
2
3 4 5

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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.