RiverNorth Flexible Municipal Income Fund II
RFMZ
57 hedge funds and large institutions have $98.7M invested in RiverNorth Flexible Municipal Income Fund II in 2026 Q1 according to their latest regulatory filings, with 5 funds opening new positions, 21 increasing their positions, 15 reducing their positions, and 8 closing their positions.
40% more repeat investments, than reductions
Existing positions increased: 21 | Existing positions reduced: 15
8% more capital invested
Capital invested by funds: $91M → $98.7M (+$7.62M)
2.29% more ownership
Funds ownership: 29.53% → 31.82% (+2.3%)
8% less funds holding
Funds holding: 62 → 57 (-5)
38% less first-time investments, than exits
New positions opened: 5 | Existing positions closed: 8
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
RCM
Robinson Capital Management
Grosse Pointe Farms,
Michigan
|
+$2.59M |
| 2 |
Pathstone Holdings
Englewood,
New Jersey
|
+$2.58M |
| 3 |
GWP
Gateway Wealth Partners
Appleton,
Wisconsin
|
+$2.47M |
| 4 |
PFM
Professional Financial Management
Appleton,
Wisconsin
|
+$2.38M |
| 5 |
GC
Guggenheim Capital
Chicago,
Illinois
|
+$1.48M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
SCM
Saba Capital Management
New York
|
-$4.1M |
| 2 |
TJHA
Thomas J. Herzfeld Advisors
Miami Beach,
Florida
|
-$1.16M |
| 3 |
USCWA
U.S. Capital Wealth Advisors
Austin,
Texas
|
-$557K |
| 4 |
IA
IFC Advisors
Los Angeles,
California
|
-$469K |
| 5 |
Envestnet Asset Management
Chicago,
Illinois
|
-$425K |
RFMZ Hedge Fund Activity: Q1 2026 in Review
57 of the 8,128 institutional investors tracked by Wall St. Rank reported a position in RiverNorth Flexible Municipal Income Fund II (RFMZ) for Q1 2026, worth a combined $98.7M — up 8.4% from $91M a quarter earlier.
Sellers outnumbered buyers: 8 funds closed out of RFMZ and 5 opened new positions — a net loss of 3 holders — while 15 trimmed existing stakes and 21 added.
The largest buyer was Robinson Capital Management, adding an estimated $2.59M. The largest seller was Saba Capital Management, cutting an estimated $4.1M.
- 57 institutional investors held RiverNorth Flexible Municipal Income Fund II (RFMZ) as of Q1 2026, down from 62 in Q4 2025.
- Funds reported $98.7M of RiverNorth Flexible Municipal Income Fund II stock for Q1 2026, up 8.4% quarter-over-quarter.
- 5 funds opened new RiverNorth Flexible Municipal Income Fund II positions in Q1 2026 and 8 closed out, a net change of -3 holders.
- The largest RiverNorth Flexible Municipal Income Fund II buyer in Q1 2026 was Robinson Capital Management, an estimated $2.59M added.
- The largest RiverNorth Flexible Municipal Income Fund II seller in Q1 2026 was Saba Capital Management, an estimated $4.1M sold.
Based on aggregated 13F filings for Q1 2026.