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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
LEGT
51
DELISTED
Legato Merger Corp III
LEGT
$8.42M 0.48%
783,724
-1,028
-0.1% -$11K
CLM icon
52
Cornerstone Strategic Value Fund
CLM
$2.25B
$8.37M 0.48%
1,011,315
-792,077
-44% -$6.44M
NBH
53
Neuberger Municipal Fund Inc
NBH
$302M
$8.37M 0.48%
810,858
– –
NQP
54
DELISTED
Nuveen Pennsylvania Quality Municipal Income Fund
NQP
$8.25M 0.47%
687,151
+84,278
+14% +$936K
BCX icon
55
BlackRock Resources & Commodities Strategy Trust
BCX
$964M
$8.09M 0.46%
795,810
-119,027
-13% -$1.17M
IGLB icon
56
iShares 10+ Year Investment Grade Corporate Bond ETF
IGLB
$2.78B
$7.98M 0.46%
+154,866
New +$7.81M
MHN
57
DELISTED
BlackRock MuniHoldings New Yrok Quality Fund
MHN
$7.88M 0.45%
771,240
-946
-0.1% -$9.25K
PNI
58
PIMCO New York Municipal Income Fund II
PNI
$78M
$7.41M 0.42%
1,066,323
+562,981
+112% +$3.76M
DSM
59
BNY Mellon Strategic Municipal Bond Fund
DSM
$290M
$7.32M 0.42%
1,236,121
-262,240
-18% -$1.49M
GBDC icon
60
Golub Capital BDC
GBDC
$3.42B
$7.19M 0.41%
+525,122
New +$7.73M
CPZ
61
Calamos Long/Short Equity & Dynamic Income Trust
CPZ
$268M
$6.92M 0.39%
428,309
-108,869
-20% -$1.79M
NRK icon
62
Nuveen New York AMT-Free Quality Municipal Income Fund
NRK
$919M
$6.41M 0.37%
628,368
+468,635
+293% +$4.52M
LPBB
63
Launch Two Acquisition Corp
LPBB
$310M
$6.26M 0.36%
599,487
-513
-0.1% -$5.35K
ALDF
64
Aldel Financial II Inc
ALDF
$322M
$6.26M 0.36%
+599,486
New +$6.25M
NUW icon
65
Nuveen AMT-Free Municipal Value Fund
NUW
$251M
$6.09M 0.35%
429,247
– –
AOD
66
abrdn Total Dynamic Dividend Fund
AOD
$1.13B
$6.07M 0.35%
641,556
-1,686,660
-72% -$15.4M
IFN
67
Aberdeen India Fund
IFN
$508M
$6M 0.34%
409,758
+161,037
+65% +$2.49M
IQI icon
68
Invesco Quality Municipal Securities
IQI
$534M
$5.89M 0.34%
597,976
-465,818
-44% -$4.42M
WLAC
69
DELISTED
Willow Lane Acquisition Corp
WLAC
$5.79M 0.33%
+499,744
New +$5.33M
CUB
70
Lionheart Holdings
CUB
$285M
$5.73M 0.33%
544,727
-427
-0.1% -$4.48K
VCIC
71
DELISTED
Vine Hill Capital Investment Corp
VCIC
$5.66M 0.32%
528,394
– –
OTF
72
Blue Owl Technology Finance Corp
OTF
$5.37B
$5.64M 0.32%
+408,031
New +$6.12M
DMB
73
BNY Mellon Municipal Bond Infrastructure Fund
DMB
$195M
$5.59M 0.32%
522,524
-272,345
-34% -$2.78M
ASPC
74
A SPAC III Acquisition Corp
ASPC
$24.7M
$5.58M 0.32%
+539,744
New +$5.56M
POLE
75
Andretti Acquisition Corp II
POLE
$319M
$5.49M 0.31%
525,332
– –
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.