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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
IMSR
526
Terrestrial Energy
IMSR
$601M
– –
-400,000
Closed -$4.44M
ALDFU
527
Aldel Financial II Inc Units
ALDFU
– –
-600,000
Closed -$6.3M
NTWOU
528
Newbury Street II Acquisition Corp Unit
NTWOU
– –
-500,000
Closed -$5.17M
GSRTU
529
DELISTED
GSR III Acquisition Corp Unit
GSRTU
– –
-500,000
Closed -$5.35M
ASPCU
530
A SPAC III Acquisition Corp Unit
ASPCU
$62.7M
– –
-540,000
Closed -$5.49M
WLACU
531
DELISTED
Willow Lane Acquisition Corp Unit
WLACU
– –
-500,000
Closed -$5.2M
ABPWW
532
DELISTED
Abpro Holdings Warrant
ABPWW
– –
-24,477
Closed -$426
NOEMU
533
CO2 Energy Transition Corp Unit
NOEMU
– –
-428,479
Closed -$4.42M
JACS.U
534
Jackson Acquisition Co II Units
JACS.U
– –
-400,000
Closed -$4.17M
DYNC
535
Dynamix Corp
DYNC
$240M
– –
-500,000
Closed -$5.1M
NUAIW
536
New Era Energy & Digital Inc Warrants
NUAIW
$14.9M
– –
-136,929
Closed -$12.3K
MLACU
537
DELISTED
Mountain Lake Acquisition Corp Units
MLACU
– –
-500,000
Closed -$5.13M
AACBU
538
Artius II Acquisition Inc Units
AACBU
– –
-300,000
Closed -$3.15M
IPEXU
539
Inflection Point Acquisition Corp V Units
IPEXU
– –
-250,000
Closed -$2.51M
LOKVU
540
DELISTED
Live Oak Acquisition Corp V Units
LOKVU
– –
-500,000
Closed -$5.38M
NHICU
541
NewHold Investment Corp III Units
NHICU
$218M
– –
-500,000
Closed -$5.15M
GSHRU
542
Gesher Acquisition Corp II Units
GSHRU
$138M
– –
-450,000
Closed -$4.61M
NPACU
543
New Providence Acquisition Corp III Units
NPACU
– –
-350,000
Closed -$3.66M
IPCXU
544
Inflection Point Acquisition Corp III Units
IPCXU
$132M
– –
-250,000
Closed -$2.63M
PITAW
545
DELISTED
Heramba Electric plc Warrants
PITAW
– –
-99,998
Closed -$10
YOTAW
546
DELISTED
Yotta Acquisition Corporation Warrant
YOTAW
– –
-425,000
Closed -$13.6K
YOTA
547
DELISTED
Yotta Acquisition Corporation Common Stock
YOTA
– –
-248,680
Closed -$2.86M
YOTAR
548
DELISTED
Yotta Acquisition Corporation Right
YOTAR
– –
-425,000
Closed -$57.9K
AITRR
549
DELISTED
AI Transportation Acquisition Corp Right
AITRR
– –
-26,934
Closed -$4.04K
DECAW
550
DELISTED
Denali Capital Acquisition Corp. Warrant
DECAW
– –
-154,800
Closed -$10.8K
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.