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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
PAXS
501
PIMCO Access Income Fund
PAXS
$678M
– –
-257,424
Closed -$3.89M
PCK
502
DELISTED
Pimco California Municipal Income Fund II
PCK
– –
-1,284,452
Closed -$6.88M
PFD
503
Flaherty & Crumrine Preferred and Income Fund
PFD
$145M
– –
-52,298
Closed -$591K
PMF
504
DELISTED
PIMCO Municipal Income Fund
PMF
– –
-1,103,096
Closed -$8.8M
PMX
505
DELISTED
PIMCO Municipal Income Fund III
PMX
– –
-2,673,813
Closed -$18.3M
PNF
506
DELISTED
PIMCO New York Municipal Income Fund
PNF
– –
-306,922
Closed -$2.15M
PYN
507
DELISTED
PIMCO New York Municipal Income Fund III
PYN
– –
-227,453
Closed -$1.19M
PZC
508
DELISTED
PIMCO California Municipal Income Fund III
PZC
– –
-970,651
Closed -$6.05M
SPKL
509
Spark I Acquisition Corp
SPKL
$101M
– –
-89,186
Closed -$972K
SPKLW
510
Spark I Acquisition Corp Warrant
SPKLW
$7M
– –
-48,465
Closed -$9.43K
XMPT icon
511
VanEck CEF Muni Income ETF
XMPT
$220M
– –
-325,000
Closed -$6.82M
ZAPPW
512
DELISTED
Zapp Electric Vehicles Group Limited Warrant
ZAPPW
– –
-24,999
Closed -$55
UCFI
513
CN Healthy Food Tech Group
UCFI
– –
-494,256
Closed -$5.2M
JVSAR
514
DELISTED
JV SPAC Acquisition Corp. Right
JVSAR
– –
-246,818
Closed -$215K
BNAIW
515
Brand Engagement Network Warrant
BNAIW
$1.81M
– –
-33,022
Closed -$994
ZOOZW
516
ZOOZ Strategy Ltd Warrant
ZOOZW
– –
-200,000
Closed -$10.3K
BKHA
517
Black Hawk Acquisition Corp
BKHA
– –
-301,040
Closed -$3.2M
BTX
518
BlackRock Technology and Private Equity Term Trust
BTX
$1.02B
– –
-1,270,917
Closed -$9.33M
ABVEW
519
DELISTED
Above Food Ingredients Inc Warrants
ABVEW
– –
-231,610
Closed -$12.1K
CGBSW
520
DELISTED
Crown LNG Holdings Limited Warrants
CGBSW
– –
-11,000
Closed -$350
DTSQU
521
DT Cloud Star Acquisition Corp Units
DTSQU
– –
-10,000
Closed -$100K
CHEB
522
DELISTED
Chenghe Acquisition II Co.
CHEB
– –
-236,700
Closed -$2.46M
CHEB.WS
523
DELISTED
Chenghe Acquisition II Co. Redeemable Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
CHEB.WS
– –
-125,000
Closed -$11K
FSHP
524
Flag Ship Acquisition Corp
FSHP
– –
-577,000
Closed -$6M
EURK
525
Eureka Acquisition Corp
EURK
– –
-225,000
Closed -$2.34M
19 20
21
22 23

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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.