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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
CLRCR
551
DELISTED
ClimateRock Right
CLRCR
– –
-169,230
Closed -$19.5K
CLRCW
552
DELISTED
ClimateRock Warrant
CLRCW
– –
-84,615
Closed -$8
MSSAW
553
DELISTED
Metal Sky Star Acquisition Corporation Warrant
MSSAW
– –
-200,000
Closed -$1.12K
MSSAR
554
DELISTED
Metal Sky Star Acquisition Corporation Right
MSSAR
– –
-200,000
Closed -$2.02K
GLACR
555
DELISTED
Global Lights Acquisition Corp Rights
GLACR
– –
-296,802
Closed -$5.94K
BRRWU
556
DELISTED
Columbus Circle Capital Corp I Units
BRRWU
– –
-200,000
Closed -$2.29M
XRPNU
557
Armada Acquisition Corp II Units
XRPNU
$223M
– –
-506,461
Closed -$5.17M
KCHVU
558
Kochav Defense Acquisition Corp Units
KCHVU
– –
-500,000
Closed -$5.09M
WTGUU
559
Wintergreen Acquisition Corp Unit
WTGUU
– –
-50,000
Closed -$505K
TGE.WS
560
The Generation Essentials Group Warrants
TGE.WS
– –
-56,841
Closed -$22.7K
BACCU
561
Blue Acquisition Corp Unit
BACCU
– –
-446,469
Closed -$4.48M
BSAAU
562
BEST SPAC I Acquisition Corp Unit
BSAAU
– –
-400,000
Closed -$4.02M
KDK
563
Kodiak AI
KDK
$921M
– –
-221,607
Closed -$2.51M
AXINU
564
Axiom Intelligence Acquisition Corp 1 Units
AXINU
– –
-200,000
Closed -$2.02M
LWACU
565
LightWave Acquisition Corp Units
LWACU
– –
-300,000
Closed -$3.02M
FIGXU
566
FIGX Capital Acquisition Corp Units
FIGXU
– –
-332,641
Closed -$3.33M
CCAQU
567
Collective Acquisition Corp Units
CCAQU
– –
-339,636
Closed -$3.46M
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.