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RCM

Rivernorth Capital Management Portfolio holdings

AUM $2B
1-Year Est. Return 0.66%
This Fund
S&P 500
This Quarter Est. Return
+3.22%
1 Year Est. Return
-0.66%
3 Year Est. Return
+4.95%
5 Year Est. Return
-8.55%
10 Year Est. Return
+11.89%
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 26.46%
2 Real Estate 0.63%
3 Industrials 0.5%
4 Energy 0.3%
5 Consumer Staples 0.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MHD icon
1
BlackRock MuniHoldings Fund
MHD
$598M
$48.7M 2.77%
4,142,201
+18,343
+0.4% +$207K
MYD
2
DELISTED
BlackRock MuniYield Fund
MYD
$48.3M 2.75%
4,572,623
+419
+0% +$4.25K
VKQ icon
3
Invesco Municipal Trust
VKQ
$541M
$42.3M 2.41%
4,378,521
+862,345
+25% +$7.97M
PML
4
PIMCO Municipal Income Fund II
PML
$485M
$42.1M 2.4%
5,328,492
+3,211,830
+152% +$23.7M
BLE
5
DELISTED
BlackRock Municipal Income Trust II
BLE
$41.1M 2.35%
3,937,529
+19,673
+0.5% +$197K
PDX
6
PIMCO Dynamic Income Strategy Fund
PDX
$955M
$39.7M 2.26%
1,591,955
+5,303
+0.3% +$130K
VMO icon
7
Invesco Municipal Opportunity Trust
VMO
$651M
$35.8M 2.04%
3,706,857
-557,663
-13% -$5.16M
MMU
8
Western Asset Managed Municipals Fund
MMU
$548M
$35.6M 2.03%
3,440,071
-1,020,910
-23% -$10.2M
BFK
9
DELISTED
BlackRock Municipal Income Trust
BFK
$32.4M 1.85%
3,226,188
-404,457
-11% -$3.94M
MQY icon
10
BlackRock MuniYield Quality Fund
MQY
$805M
$30.3M 1.73%
2,604,579
-124,794
-5% -$1.4M
BSTZ icon
11
BlackRock Science and Technology Term Trust
BSTZ
$1.95B
$29.7M 1.69%
1,341,454
+51,790
+4% +$1.11M
BTT icon
12
BlackRock Municipal 2030 Target Term Trust
BTT
$1.43B
$29.2M 1.67%
1,300,557
– –
NVG icon
13
Nuveen AMT-Free Municipal Credit Income Fund
NVG
$2.68B
$28.4M 1.62%
2,314,335
-1,321,643
-36% -$15.7M
SABA
14
Saba Capital Income & Opportunities Fund II
SABA
$220M
$27.1M 1.55%
2,971,530
-34,677
-1% -$320K
NUV icon
15
Nuveen Municipal Value Fund
NUV
$1.92B
$26.5M 1.51%
2,950,991
-2,363,285
-44% -$20.6M
MVT
16
DELISTED
BlackRock MuniVest Fund II
MVT
$24.3M 1.39%
2,288,426
-46,162
-2% -$476K
BIT icon
17
BlackRock Multi-Sector Income Trust
BIT
$698M
$23.4M 1.33%
+1,748,396
New +$24.8M
MYI icon
18
BlackRock MuniYield Quality Fund III
MYI
$709M
$21.8M 1.24%
1,970,176
-19,125
-1% -$203K
MUE
19
DELISTED
BlackRock MuniHoldings Quality Fund II
MUE
$21.6M 1.23%
2,151,629
+3,113
+0.1% +$29.9K
PCQ
20
Pimco California Municipal Income Fund
PCQ
$163M
$20.7M 1.18%
2,378,296
+1,563,593
+192% +$13.2M
MVF
21
DELISTED
BlackRock MuniVest Fund
MVF
$19.1M 1.09%
2,782,505
-210,551
-7% -$1.4M
NAD icon
22
Nuveen Quality Municipal Income Fund
NAD
$2.74B
$18.4M 1.05%
1,577,514
-2,593,904
-62% -$29.5M
BINC icon
23
BlackRock Flexible Income ETF
BINC
$16.1B
$18.3M 1.04%
343,889
+42,541
+14% +$2.25M
OCSL icon
24
Oaktree Specialty Lending
OCSL
$1.02B
$17.2M 0.98%
1,320,677
+701,771
+113% +$9.66M
GLO
25
Clough Global Opportunities Fund
GLO
$250M
$17M 0.97%
2,986,407
-604,878
-17% -$3.34M
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 9.8% 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.