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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
AGG icon
476
iShares Core US Aggregate Bond ETF
AGG
$138B
– –
-4,742
Closed -$470K
BCAT icon
477
BlackRock Capital Allocation Term Trust
BCAT
$1.68B
– –
-297,927
Closed -$4.51M
BHK icon
478
BlackRock Core Bond Trust
BHK
$659M
– –
-551,366
Closed -$5.36M
BUJAW
479
DELISTED
Bukit Jalil Global Acquisition 1 Ltd. Warrants
BUJAW
– –
-35,967
Closed -$971
CEV
480
Eaton Vance California Municipal Income Trust
CEV
$74.9M
– –
-84,835
Closed -$822K
CLBR.WS
481
DELISTED
Colombier Acquisition Corp. II Warrants, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share
CLBR.WS
– –
-88,153
Closed -$331K
DISTR
482
DELISTED
Distoken Acquisition Corporation Right
DISTR
– –
-147,684
Closed -$42.8K
DISTW
483
DELISTED
Distoken Acquisition Corporation Warrant
DISTW
– –
-147,684
Closed -$17.7K
ECAT icon
484
BlackRock ESG Capital Allocation Term Trust
ECAT
$1.57B
– –
-487,544
Closed -$7.83M
FLC
485
Flaherty & Crumrine Total Return Fund
FLC
$175M
– –
-48,682
Closed -$828K
FMN
486
Federated Hermes Premier Municipal Income Fund
FMN
$87M
– –
-39,172
Closed -$417K
FORL
487
DELISTED
Four Leaf Acquisition Corp
FORL
– –
-81,934
Closed -$955K
HOVRW icon
488
New Horizon Aircraft Ltd
HOVRW
$13.1M
– –
-95,918
Closed -$27.7K
HYI
489
Western Asset High Yield Opportunity Fund Inc
HYI
$135M
– –
-98,577
Closed -$1.18M
JHI
490
John Hancock Investors Trust
JHI
$118M
– –
-155,575
Closed -$2.15M
JQC icon
491
Nuveen Credit Strategies Income Fund
JQC
$717M
– –
-81,830
Closed -$441K
MAV
492
DELISTED
Pioneer Municipal High Income Advantage Fund
MAV
– –
-510,263
Closed -$4.24M
MHI
493
DELISTED
Pioneer Municipal High Income Fund
MHI
– –
-1,003,600
Closed -$9.19M
MIO
494
DELISTED
Pioneer Municipal High Income Opportunities Fund
MIO
– –
-752,523
Closed -$8.88M
MUA icon
495
BlackRock MuniAssets Fund
MUA
$521M
– –
-101,762
Closed -$1.06M
NEA icon
496
Nuveen AMT-Free Quality Municipal Income Fund
NEA
$3.39B
– –
-2,529,443
Closed -$27.6M
NETD
497
DELISTED
Nabors Energy Transition Corp II
NETD
– –
-118,992
Closed -$1.32M
DFNSW
498
T3 Defense Inc Warrants
DFNSW
$594K
– –
-26,066
Closed -$3.13K
NZF icon
499
Nuveen Municipal Credit Income Fund
NZF
$2.42B
– –
-810,446
Closed -$9.66M
OIA icon
500
Invesco Municipal Income Opportunities Trust
OIA
$289M
– –
-365,136
Closed -$2.1M
18 19
20
21 22

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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.