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RFMZ

RiverNorth Flexible Municipal Income Fund II
RFMZ

55 hedge funds and large institutions have $83M invested in RiverNorth Flexible Municipal Income Fund II in 2025 Q3 according to their latest regulatory filings, with 8 funds opening new positions, 19 increasing their positions, 14 reducing their positions, and 6 closing their positions.

New
Increased
Maintained
Reduced
Closed

36% more repeat investments, than reductions

Existing positions increased: 19 | Existing positions reduced: 14

33% more first-time investments, than exits

New positions opened: 8 | Existing positions closed: 6

4% more funds holding

Funds holding: 53 → 55 (+2)

2% more capital invested

Capital invested by funds: $81M → $83M (+$2M)

0.19% less ownership

Funds ownership: 26.31% → 26.11% (-0.19%)

Holders
55
Holders Change
+2
Holders Change %
+3.77%
% of All Funds
0.72%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
8
Increased
19
Reduced
14
Closed
6
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
GWP
Gateway Wealth Partners
Wisconsin
+$1.86M
2
Pathstone Holdings
Pathstone Holdings
New Jersey
+$782K
3
Wells Fargo
Wells Fargo
California
+$403K
4
Morgan Stanley
Morgan Stanley
New York
+$365K
5
OC
Oppenheimer & Co
New York
+$337K

Top Sellers

Rank Fund Capital Flow
1
Stifel Financial
Stifel Financial
Missouri
-$1.9M
2
RCM
Robinson Capital Management
Michigan
-$1.38M
3
UBS Group
UBS Group
Switzerland
-$1.22M
4
AIA
Absolute Investment Advisers
Florida
-$709K
5
WAM
Wolverine Asset Management
Illinois
-$311K
Name Holding Trade Value Shares
Change 		Change in
Stake
PI
26
PFG Investments
New York
$418K +$98.1K +7,708 +32%
Truist Financial
27
Truist Financial
North Carolina
$403K – – –
IA
28
IFC Advisors
California
$401K -$175K -13,733 -31%
CIC
29
Carnegie Investment Counsel
Ohio
$392K – – –
RSA
30
River Street Advisors
Illinois
$373K – – –
CL
31
Choreo LLC
Illinois
$372K -$1.55K -122 -0.4%
SW
32
SteelPeak Wealth
California
$300K +$10.2K +800 +4%
SCM
33
Saba Capital Management
New York
$275K +$268K +21,077 New
HighTower Advisors
34
HighTower Advisors
Illinois
$260K -$10.9K -859 -4%
NA
35
NewEdge Advisors
Louisiana
$260K +$253K +19,900 New
LPL Financial
36
LPL Financial
California
$256K +$6.36K +500 +3%
PL
37
Plancorp LLC
Missouri
$219K – – –
Corient Private Wealth
38
Corient Private Wealth
Florida
$211K -$248K -19,445 -55%
Osaic Holdings
39
Osaic Holdings
Arizona
$204K -$19.3K -1,517 -9%
BRWA
40
B. Riley Wealth Advisors
Florida
$195K +$44K +3,454 +30%
Comerica Bank
41
Comerica Bank
Texas
$181K – – –
XF
42
XML Financial
Maryland
$170K +$165K +13,000 New
CWMK
43
Caliber Wealth Management (Kansas)
Kansas
$157K – – –
RAM
44
Readystate Asset Management
Illinois
$152K +$149K +11,678 New
WA
45
Waverly Advisors
Alabama
$146K +$1.58K +124 +1%
P
46
&Partners
Tennessee
$145K -$63.6K -5,000 -31%
WFA
47
Wellspring Financial Advisors
Ohio
$131K – – –
EWA
48
EverSource Wealth Advisors
Alabama
$78.3K +$12.7K +1,000 +20%
US Bancorp
49
US Bancorp
Minnesota
$53K – – –
ASN
50
Advisory Services Network
Georgia
$23.5K +$22.9K +1,800 New
1
2
3

RFMZ Hedge Fund Activity: Q3 2025 in Review

55 of the 7,620 institutional investors tracked by Wall St. Rank reported a position in RiverNorth Flexible Municipal Income Fund II (RFMZ) for Q3 2025, worth a combined $83M — up 2.5% from $81M a quarter earlier.

Buyers outnumbered sellers: 8 funds opened new RFMZ positions and 6 closed out — a net gain of 2 holders — while 19 added to existing stakes and 14 trimmed.

The largest buyer was Gateway Wealth Partners, opening a new position worth an estimated $1.86M. The largest seller was Stifel Financial, cutting an estimated $1.9M.

  • 55 institutional investors held RiverNorth Flexible Municipal Income Fund II (RFMZ) as of Q3 2025, up from 53 in Q2 2025.
  • Funds reported $83M of RiverNorth Flexible Municipal Income Fund II stock for Q3 2025, up 2.5% quarter-over-quarter.
  • 8 funds opened new RiverNorth Flexible Municipal Income Fund II positions in Q3 2025 and 6 closed out, a net change of +2 holders.
  • The largest RiverNorth Flexible Municipal Income Fund II buyer in Q3 2025 was Gateway Wealth Partners, an estimated $1.86M added.
  • The largest RiverNorth Flexible Municipal Income Fund II seller in Q3 2025 was Stifel Financial, an estimated $1.9M sold.

Based on aggregated 13F filings for Q3 2025.