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RFMZ

RiverNorth Flexible Municipal Income Fund II
RFMZ

47 hedge funds and large institutions have $80.5M invested in RiverNorth Flexible Municipal Income Fund II in 2025 Q1 according to their latest regulatory filings, with 4 funds opening new positions, 22 increasing their positions, 11 reducing their positions, and 9 closing their positions.

New
Increased
Maintained
Reduced
Closed

100% more repeat investments, than reductions

Existing positions increased: 22 | Existing positions reduced: 11

0% more capital invested

Capital invested by funds: $80.4M → $80.5M (+$139K)

0.01% more ownership

Funds ownership: 24.62% → 24.63% (+0.01%)

13% less funds holding

Funds holding: 54 → 47 (-7)

56% less first-time investments, than exits

New positions opened: 4 | Existing positions closed: 9

Holders
47
Holders Change
-7
Holders Change %
-12.96%
% of All Funds
0.63%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
4
Increased
22
Reduced
11
Closed
9
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Pathstone Holdings
Pathstone Holdings
New Jersey
+$2.14M
2
AW
Atlas Wealth
Ohio
+$1.14M
3
TJHA
Thomas J. Herzfeld Advisors
Florida
+$657K
4
Envestnet Asset Management
Envestnet Asset Management
Illinois
+$580K
5
Rockefeller Capital Management
Rockefeller Capital Management
New York
+$541K

Top Sellers

Rank Fund Capital Flow
1
IAA
Independent Advisor Alliance
North Carolina
-$1.84M
2
WAM
Wolverine Asset Management
Illinois
-$1.45M
3
UBS Group
UBS Group
Switzerland
-$505K
4
RAM
Readystate Asset Management
Illinois
-$308K
5
HF
HRT Financial
New York
-$268K
Name Holding Trade Value Shares
Change 		Change in
Stake
Osaic Holdings
26
Osaic Holdings
Arizona
$337K +$65.3K +4,711 +23%
PI
27
PFG Investments
New York
$306K +$20.8K +1,500 +7%
HighTower Advisors
28
HighTower Advisors
Illinois
$288K -$104K -7,524 -26%
SW
29
SteelPeak Wealth
California
$275K +$27.7K +2,000 +11%
P
30
&Partners
Tennessee
$230K – – –
Raymond James Financial
31
Raymond James Financial
Florida
$228K +$888 +64 +0.4%
PL
32
Plancorp LLC
Missouri
$226K +$233K +16,812 New
LPL Financial
33
LPL Financial
California
$217K +$224K +16,182 New
Comerica Bank
34
Comerica Bank
Texas
$186K +$763 +55 +0.4%
CWMK
35
Caliber Wealth Management (Kansas)
Kansas
$161K +$166K +12,000 New
Janney Montgomery Scott
36
Janney Montgomery Scott
Pennsylvania
$156K +$915 +66 +0.6%
Susquehanna International Group
37
Susquehanna International Group
Pennsylvania
$154K -$20.8K -1,497 -12%
HH
38
Hilltop Holdings
Texas
$152K – – –
WFA
39
Wellspring Financial Advisors
Ohio
$134K – – –
MFG
40
Mosaic Financial Group
Illinois
$134K – – –
NWMP
41
Noble Wealth Management PBC
Colorado
$102K – – –
EWA
42
EverSource Wealth Advisors
Alabama
$59K – – –
US Bancorp
43
US Bancorp
Minnesota
$54.5K +$874 +63 +2%
WAM
44
Wolverine Asset Management
Illinois
$49.3K -$1.45M -104,659 -97%
PNC Financial Services Group
45
PNC Financial Services Group
Pennsylvania
$33.5K – – –
BBPWM
46
Blue Bell Private Wealth Management
Pennsylvania
$14.8K +$15.3K +1,100 New
PTC
47
Private Trust Company
Ohio
$11.9K – – –
IAA
48
Independent Advisor Alliance
North Carolina
– -$1.84M -137,379 Closed
RAM
49
Readystate Asset Management
Illinois
– -$308K -22,987 Closed
HF
50
HRT Financial
New York
– -$268K -20,047 Closed
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RFMZ Hedge Fund Activity: Q1 2025 in Review

47 of the 7,458 institutional investors tracked by Wall St. Rank reported a position in RiverNorth Flexible Municipal Income Fund II (RFMZ) for Q1 2025, worth a combined $80.5M — up 0.17% from $80.4M a quarter earlier.

Sellers outnumbered buyers: 9 funds closed out of RFMZ and 4 opened new positions — a net loss of 5 holders — while 11 trimmed existing stakes and 22 added.

The largest buyer was Pathstone Holdings, adding an estimated $2.14M. The largest seller was Independent Advisor Alliance, exiting entirely with an estimated $1.84M sold.

  • 47 institutional investors held RiverNorth Flexible Municipal Income Fund II (RFMZ) as of Q1 2025, down from 54 in Q4 2024.
  • Funds reported $80.5M of RiverNorth Flexible Municipal Income Fund II stock for Q1 2025, up 0.17% quarter-over-quarter.
  • 4 funds opened new RiverNorth Flexible Municipal Income Fund II positions in Q1 2025 and 9 closed out, a net change of -5 holders.
  • The largest RiverNorth Flexible Municipal Income Fund II buyer in Q1 2025 was Pathstone Holdings, an estimated $2.14M added.
  • The largest RiverNorth Flexible Municipal Income Fund II seller in Q1 2025 was Independent Advisor Alliance, an estimated $1.84M sold.

Based on aggregated 13F filings for Q1 2025.