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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
IPEX
176
Inflection Point Acquisition Corp V
IPEX
$126M
$2.56M 0.15%
+249,893
New +$2.54M
PMO
177
Franklin Municipal Opportunities Trust
PMO
$285M
$2.56M 0.15%
247,520
– –
SSEAU
178
Starry Sea Acquisition Corp Unit
SSEAU
$2.54M 0.14%
+250,000
New +$2.52M
IPCX
179
Inflection Point Acquisition Corp III
IPCX
$188M
$2.52M 0.14%
+249,920
New +$2.54M
HDRN
180
Hadron Energy
HDRN
$132M
$2.49M 0.14%
236,019
– –
ENHA
181
Enhanced Group Inc
ENHA
$277M
$2.48M 0.14%
+250,000
New +$2.47M
ACP
182
abrdn Income Credit Strategies Fund
ACP
$641M
$2.41M 0.14%
415,247
-3,339,783
-89% -$19.8M
SPEG
183
Silver Pegasus Acquisition Corp
SPEG
$158M
$2.34M 0.13%
+234,754
New +$2.34M
SWZ
184
Swiss Helvetia Fund
SWZ
$77.1M
$2.3M 0.13%
378,637
-291,309
-43% -$1.79M
MFM
185
Aberdeen Municipal Income Fund
MFM
$222M
$2.14M 0.12%
397,548
+10,423
+3% +$54K
AAM
186
DELISTED
AA Mission Acquisition Corp
AAM
$2.1M 0.12%
199,744
-256
-0.1% -$2.68K
HCMAU
187
HCM III Acquisition Corp Units
HCMAU
$231M
$2.06M 0.12%
+200,000
New +$2.03M
TAVI
188
Tavia Acquisition Corp
TAVI
$170M
$2.04M 0.12%
+196,896
New +$2.03M
BRR
189
ProCap Financial Inc
BRR
$160M
$2.02M 0.12%
+199,936
New +$2.06M
COLA
190
Columbus Acquisition Corp
COLA
$48.2M
$2.02M 0.12%
+197,500
New +$2.01M
BDCIU
191
BTC Development Corp Unit
BDCIU
$232M
$2.02M 0.12%
+200,000
New +$2.02M
AXIN
192
Axiom Intelligence Acquisition Corp 1
AXIN
$280M
$1.99M 0.11%
+200,000
New +$1.99M
PELI
193
DELISTED
Pelican Acquisition Corp
PELI
$1.99M 0.11%
+197,500
New +$1.98M
MIY icon
194
BlackRock MuniYield Michigan Quality Fund
MIY
$361M
$1.97M 0.11%
175,026
-43,822
-20% -$487K
TBMC
195
DELISTED
Trailblazer Merger Corp I
TBMC
$1.91M 0.11%
160,109
-979
-0.6% -$11.4K
BCAR
196
D. Boral ARC Acquisition I Corp
BCAR
$200M
$1.89M 0.11%
+190,000
New +$1.88M
UYSC
197
UY Scuti Acquisition Corp
UYSC
$1.87M 0.11%
+184,375
New +$1.86M
PACH
198
Pioneer Acquisition I Corp
PACH
$293M
$1.82M 0.1%
+183,093
New +$1.82M
HSPTU
199
DELISTED
Horizon Space Acquisition II Corp Units
HSPTU
$1.76M 0.1%
167,467
-427,533
-72% -$4.46M
PCAP
200
ProCap Acquisition Corp
PCAP
$328M
$1.63M 0.09%
+159,000
New +$1.64M
6 7
8
9 10

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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.