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RFMZ

RiverNorth Flexible Municipal Income Fund II
RFMZ

44 hedge funds and large institutions have $69.9M invested in RiverNorth Flexible Municipal Income Fund II in 2023 Q4 according to their latest regulatory filings, with 14 funds opening new positions, 11 increasing their positions, 15 reducing their positions, and 3 closing their positions.

New
Increased
Maintained
Reduced
Closed

367% more first-time investments, than exits

New positions opened: 14 | Existing positions closed: 3

33% more funds holding

Funds holding: 33 → 44 (+11)

26% more capital invested

Capital invested by funds: $55.5M → $69.9M (+$14.4M)

3.39% more ownership

Funds ownership: 18.51% → 21.9% (+3.4%)

27% less repeat investments, than reductions

Existing positions increased: 11 | Existing positions reduced: 15

Holders
44
Holders Change
+11
Holders Change %
+33.33%
% of All Funds
0.64%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
14
Increased
11
Reduced
15
Closed
3
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Morgan Stanley
Morgan Stanley
New York
+$5.77M
2
TJHA
Thomas J. Herzfeld Advisors
Florida
+$2.26M
3
Envestnet Asset Management
Envestnet Asset Management
Illinois
+$1.42M
4
WAM
Wolverine Asset Management
Illinois
+$982K
5
LCM
Landscape Capital Management
New Jersey
+$974K

Top Sellers

Rank Fund Capital Flow
1
CAN
Cetera Advisor Networks
California
-$1.48M
2
UBS Group
UBS Group
Switzerland
-$1.14M
3
Wells Fargo
Wells Fargo
California
-$955K
4
MC
Moors & Cabot
Massachusetts
-$405K
5
Osaic Holdings
Osaic Holdings
Arizona
-$260K
Name Holding Trade Value Shares
Change 		Change in
Stake
CIA
26
Concurrent Investment Advisors
Florida
$311K +$301K +23,760 New
MC
27
Mathes Company
New York
$308K -$63.3K -5,000 -18%
Janney Montgomery Scott
28
Janney Montgomery Scott
Pennsylvania
$300K +$121K +9,569 +72%
VF
29
Virtu Financial
New York
$284K +$274K +21,659 New
EC
30
Elequin Capital
New York
$277K +$268K +21,149 New
WAM
31
Weiss Asset Management
Massachusetts
$269K +$260K +20,547 New
MC
32
Matisse Capital
Oregon
$250K +$241K +19,070 New
RJFSA
33
Raymond James Financial Services Advisors
Florida
$214K -$145K -11,480 -41%
ACM
34
Arlington Capital Management
Illinois
$196K +$190K +14,986 New
HKIM
35
Hayek Kallen Investment Management
Alabama
$164K -$143K -11,300 -47%
MG
36
Marex Group
$162K +$157K +12,400 New
RJA
37
Raymond James & Associates
Florida
$161K -$21.8K -1,721 -12%
Commonwealth Equity Services
38
Commonwealth Equity Services
Massachusetts
$158K -$86.4K -6,827 -36%
Comerica Bank
39
Comerica Bank
Texas
$157K -$53K -4,190 -26%
P
40
&Partners
Tennessee
$135K +$128K +10,106 New
WFA
41
Wellspring Financial Advisors
Ohio
$131K – – –
PTC
42
Private Trust Company
Ohio
$11.6K – – –
ANBT
43
American National Bank & Trust
Texas
$459 +$443 +35 New
Fidelity Investments
44
Fidelity Investments
Massachusetts
$13 – – –
CAN
45
Cetera Advisor Networks
California
– -$1.48M -120,096 Closed
Susquehanna International Group
46
Susquehanna International Group
Pennsylvania
– -$149K -12,128 Closed
XF
47
XML Financial
Maryland
– -$142K -11,500 Closed
1
2

RFMZ Hedge Fund Activity: Q4 2023 in Review

44 of the 6,859 institutional investors tracked by Wall St. Rank reported a position in RiverNorth Flexible Municipal Income Fund II (RFMZ) for Q4 2023, worth a combined $69.9M — up 26% from $55.5M a quarter earlier.

Buyers outnumbered sellers: 14 funds opened new RFMZ positions and 3 closed out — a net gain of 11 holders — while 11 added to existing stakes and 15 trimmed.

The largest buyer was Morgan Stanley, adding an estimated $5.77M. The largest seller was Cetera Advisor Networks, exiting entirely with an estimated $1.48M sold.

  • 44 institutional investors held RiverNorth Flexible Municipal Income Fund II (RFMZ) as of Q4 2023, up from 33 in Q3 2023.
  • Funds reported $69.9M of RiverNorth Flexible Municipal Income Fund II stock for Q4 2023, up 26% quarter-over-quarter.
  • 14 funds opened new RiverNorth Flexible Municipal Income Fund II positions in Q4 2023 and 3 closed out, a net change of +11 holders.
  • The largest RiverNorth Flexible Municipal Income Fund II buyer in Q4 2023 was Morgan Stanley, an estimated $5.77M added.
  • The largest RiverNorth Flexible Municipal Income Fund II seller in Q4 2023 was Cetera Advisor Networks, an estimated $1.48M sold.

Based on aggregated 13F filings for Q4 2023.