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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
OYSE
126
Oyster Enterprises II Acquisition Corp
OYSE
$351M
$3.98M 0.23%
+397,500
New +$3.98M
DMIIU
127
Drugs Made In America Acquisition II Corp Unit
DMIIU
$520M
$3.98M 0.23%
+400,000
New +$3.99M
BLUW
128
Blue Water Acquisition Corp III
BLUW
$334M
$3.91M 0.22%
+392,203
New +$3.91M
LPAA
129
Launch One Acquisition Corp
LPAA
$81.4M
$3.85M 0.22%
366,888
-31,953
-8% -$334K
EVAC
130
EQV Ventures Acquisition Corp II
EVAC
$599M
$3.82M 0.22%
+384,000
New +$3.82M
CXH
131
DELISTED
MFS Investment Grade Municipal Trust
CXH
$3.71M 0.21%
471,608
+25,000
+6% +$190K
FVN
132
Future Vision II Acquisition Corp
FVN
$83.4M
$3.66M 0.21%
350,000
– –
ATII
133
Archimedes Tech SPAC Partners II Co
ATII
$315M
$3.65M 0.21%
+357,750
New +$3.65M
KBDC
134
Kayne Anderson BDC
KBDC
$912M
$3.64M 0.21%
+273,610
New +$4.15M
SOUL
135
Soulpower Acquisition Corp
SOUL
$353M
$3.61M 0.21%
+357,750
New +$3.6M
BFZ
136
DELISTED
BlackRock CA Municipal Income Trust
BFZ
$3.58M 0.2%
+326,977
New +$3.48M
NPAC
137
New Providence Acquisition Corp III
NPAC
$400M
$3.56M 0.2%
+349,869
New +$3.55M
CXE
138
DELISTED
MFS High Income Municipal Trust
CXE
$3.51M 0.2%
944,613
– –
EMISU
139
DELISTED
Emmis Acquisition Corp Units
EMISU
$3.49M 0.2%
+350,000
New +$3.5M
CCAQ
140
Collective Acquisition Corp
CCAQ
$213M
$3.41M 0.19%
+337,760
New +$3.4M
FIGX
141
FIGX Capital Acquisition Corp
FIGX
$199M
$3.41M 0.19%
+341,261
New +$3.41M
AEF
142
abrdn Emerging Markets Equity Income Fund
AEF
$371M
$3.39M 0.19%
523,744
-167,420
-24% -$1.03M
PGAC
143
Pantages Capital Acquisition Corp
PGAC
$3.32M 0.19%
+324,000
New +$3.31M
DMAA
144
Drugs Made In America Acquisition Corp
DMAA
$260M
$3.27M 0.19%
+317,998
New +$3.26M
RANG
145
Range Capital Acquisition Corp
RANG
$23.2M
$3.21M 0.18%
+310,929
New +$3.19M
TVAI
146
Thayer Ventures Acquisition Corporation II
TVAI
$283M
$3.19M 0.18%
+318,000
New +$3.18M
GLV
147
Clough Global Dividend & Income Fund
GLV
$78.4M
$3.19M 0.18%
535,777
+109,607
+26% +$630K
TVA
148
Texas Ventures Acquisition III Corp
TVA
$316M
$3.19M 0.18%
+297,500
New +$3.02M
BMEZ icon
149
BlackRock Health Sciences Trust II
BMEZ
$1.01B
$3.16M 0.18%
+219,276
New +$3.11M
MACI
150
Melar Acquisition Corp I
MACI
$236M
$3.15M 0.18%
299,547
-451
-0.2% -$4.74K
4 5
6
7 8

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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.