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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
EIM
76
Eaton Vance Municipal Bond Fund
EIM
$497M
$5.49M 0.31%
552,677
-182,349
-25% -$1.78M
SVACU
77
DELISTED
Spring Valley Acquisition Corp III Unit
SVACU
$5.32M 0.3%
+517,300
New +$5.23M
XRPN
78
Armada Acquisition Corp II
XRPN
$330M
$5.28M 0.3%
+506,333
New +$5.16M
BBDC icon
79
Barings BDC
BBDC
$975M
$5.28M 0.3%
602,474
+191,220
+46% +$1.8M
MRLN
80
Merlin Inc
MRLN
$426M
$5.2M 0.3%
499,744
-256
-0.1% -$2.65K
FTW
81
Presidio Production Co
FTW
$338M
$5.18M 0.3%
499,482
-513
-0.1% -$5.34K
NTWO
82
Newbury Street II Acquisition Corp
NTWO
$258M
$5.18M 0.3%
+499,744
New +$5.16M
RDAC
83
Rising Dragon Acquisition Corp
RDAC
$37.2M
$5.15M 0.29%
494,487
-513
-0.1% -$5.31K
MLAC
84
DELISTED
Mountain Lake Acquisition Corp
MLAC
$5.15M 0.29%
+500,000
New +$5.14M
CCCX
85
DELISTED
Churchill Capital Corp X
CCCX
$5.11M 0.29%
+397,500
New +$4.2M
KFII
86
K&F Growth Acquisition Corp II
KFII
$417M
$5.1M 0.29%
+499,744
New +$5.09M
LOKV
87
DELISTED
Live Oak Acquisition Corp V
LOKV
$5.1M 0.29%
+499,872
New +$5.15M
NHIC
88
NewHold Investment Corp III
NHIC
$294M
$5.09M 0.29%
+499,872
New +$5.09M
NMP
89
NMP Acquisition Corp
NMP
$165M
$5.08M 0.29%
+511,346
New +$5.07M
GSRFU
90
GSR IV Acquisition Corp Units
GSRFU
$5.07M 0.29%
+500,000
New +$5.05M
KOYNU
91
CSLM Digital Asset Acquisition Corp III Units
KOYNU
$214M
$5.05M 0.29%
+500,000
New +$5.04M
KCHV
92
Kochav Defense Acquisition Corp
KCHV
$357M
$5.01M 0.29%
+499,872
New +$5.01M
BXBL
93
BOXABL, Inc. Common stock
BXBL
$1.66B
$5M 0.28%
+500,000
New +$4.97M
APACU
94
StoneBridge Acquisition II Corp Units
APACU
$4.94M 0.28%
+495,000
New +$4.94M
SOCA
95
Solarius Capital Acquisition Corp
SOCA
$242M
$4.93M 0.28%
+495,411
New +$4.94M
KYN icon
96
Kayne Anderson Energy Infrastructure Fund
KYN
$2.48B
$4.79M 0.27%
+387,544
New +$4.78M
HQL
97
abrdn Life Sciences Investors
HQL
$642M
$4.77M 0.27%
307,637
+77,793
+34% +$1.07M
CAPN
98
Cayson Acquisition Corp
CAPN
$4.71M 0.27%
450,000
– –
YHNA
99
YHN Acquisition I Ltd
YHNA
$4.65M 0.27%
445,000
– –
GSHR
100
Gesher Acquisition Corp II
GSHR
$215M
$4.57M 0.26%
+449,872
New +$4.56M
2 3
4
5 6

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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.