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RFMZ

RiverNorth Flexible Municipal Income Fund II
RFMZ

53 hedge funds and large institutions have $81M invested in RiverNorth Flexible Municipal Income Fund II in 2025 Q2 according to their latest regulatory filings, with 9 funds opening new positions, 20 increasing their positions, 14 reducing their positions, and 2 closing their positions.

New
Increased
Maintained
Reduced
Closed

350% more first-time investments, than exits

New positions opened: 9 | Existing positions closed: 2

43% more repeat investments, than reductions

Existing positions increased: 20 | Existing positions reduced: 14

13% more funds holding

Funds holding: 47 → 53 (+6)

1.68% more ownership

Funds ownership: 24.63% → 26.31% (+1.7%)

1% more capital invested

Capital invested by funds: $80.5M → $81M (+$486K)

Holders
53
Holders Change
+6
Holders Change %
+12.77%
% of All Funds
0.7%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
9
Increased
20
Reduced
14
Closed
2
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
RCM
Robinson Capital Management
Michigan
+$2.06M
2
Pathstone Holdings
Pathstone Holdings
New Jersey
+$1.49M
3
AW
Atlas Wealth
Ohio
+$1.24M
4
MC
Matisse Capital
Oregon
+$625K
5
IA
IFC Advisors
California
+$565K

Top Sellers

Rank Fund Capital Flow
1
Stifel Financial
Stifel Financial
Missouri
-$1.34M
2
Envestnet Asset Management
Envestnet Asset Management
Illinois
-$464K
3
Wells Fargo
Wells Fargo
California
-$441K
4
WS
Wedbush Securities
California
-$310K
5
CL
Choreo LLC
Illinois
-$294K
Name Holding Trade Value Shares
Change 		Change in
Stake
CIC
26
Carnegie Investment Counsel
Ohio
$379K – – –
CL
27
Choreo LLC
Illinois
$362K -$294K -23,161 -45%
RSA
28
River Street Advisors
Illinois
$361K +$363K +28,566 New
WAM
29
Wolverine Asset Management
Illinois
$311K +$266K +20,889 +568%
PI
30
PFG Investments
New York
$307K +$19.1K +1,500 +7%
SW
31
SteelPeak Wealth
California
$281K +$21.6K +1,700 +8%
HighTower Advisors
32
HighTower Advisors
Illinois
$263K -$8.95K -704 -3%
Raymond James Financial
33
Raymond James Financial
Florida
$247K +$33K +2,598 +15%
LPL Financial
34
LPL Financial
California
$242K +$37.5K +2,950 +18%
Osaic Holdings
35
Osaic Holdings
Arizona
$217K -$101K -7,930 -32%
PL
36
Plancorp LLC
Missouri
$213K – – –
P
37
&Partners
Tennessee
$204K -$12.7K -1,000 -6%
HF
38
HRT Financial
New York
$195K +$196K +15,441 New
Comerica Bank
39
Comerica Bank
Texas
$176K – – –
Susquehanna International Group
40
Susquehanna International Group
Pennsylvania
$164K +$18.5K +1,455 +13%
HH
41
Hilltop Holdings
Texas
$155K +$12.7K +1,000 +9%
CWMK
42
Caliber Wealth Management (Kansas)
Kansas
$152K – – –
BRWA
43
B. Riley Wealth Advisors
Florida
$145K +$146K +11,483 New
WA
44
Waverly Advisors
Alabama
$140K +$141K +11,089 New
WFA
45
Wellspring Financial Advisors
Ohio
$126K – – –
EWA
46
EverSource Wealth Advisors
Alabama
$63.2K +$7.63K +600 +14%
US Bancorp
47
US Bancorp
Minnesota
$51.4K – – –
PNC Financial Services Group
48
PNC Financial Services Group
Pennsylvania
$31.6K – – –
NFSG
49
Newbridge Financial Services Group
Florida
$12.6K +$12.7K +1,000 New
PTC
50
Private Trust Company
Ohio
$11.2K – – –
1
2
3

RFMZ Hedge Fund Activity: Q2 2025 in Review

53 of the 7,596 institutional investors tracked by Wall St. Rank reported a position in RiverNorth Flexible Municipal Income Fund II (RFMZ) for Q2 2025, worth a combined $81M — up 0.6% from $80.5M a quarter earlier.

Buyers outnumbered sellers: 9 funds opened new RFMZ positions and 2 closed out — a net gain of 7 holders — while 20 added to existing stakes and 14 trimmed.

The largest buyer was Robinson Capital Management, adding an estimated $2.06M. The largest seller was Stifel Financial, cutting an estimated $1.34M.

  • 53 institutional investors held RiverNorth Flexible Municipal Income Fund II (RFMZ) as of Q2 2025, up from 47 in Q1 2025.
  • Funds reported $81M of RiverNorth Flexible Municipal Income Fund II stock for Q2 2025, up 0.6% quarter-over-quarter.
  • 9 funds opened new RiverNorth Flexible Municipal Income Fund II positions in Q2 2025 and 2 closed out, a net change of +7 holders.
  • The largest RiverNorth Flexible Municipal Income Fund II buyer in Q2 2025 was Robinson Capital Management, an estimated $2.06M added.
  • The largest RiverNorth Flexible Municipal Income Fund II seller in Q2 2025 was Stifel Financial, an estimated $1.34M sold.

Based on aggregated 13F filings for Q2 2025.