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.
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%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
GWP
Gateway Wealth Partners
Appleton,
Wisconsin
|
+$1.86M |
| 2 |
Pathstone Holdings
Englewood,
New Jersey
|
+$782K |
| 3 |
Wells Fargo
San Francisco,
California
|
+$403K |
| 4 |
Morgan Stanley
New York
|
+$365K |
| 5 |
OC
Oppenheimer & Co
New York
|
+$337K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Stifel Financial
St. Louis,
Missouri
|
-$1.9M |
| 2 |
RCM
Robinson Capital Management
Grosse Pointe Farms,
Michigan
|
-$1.38M |
| 3 |
UBS Group
Zurich,
Switzerland
|
-$1.22M |
| 4 |
AIA
Absolute Investment Advisers
Rosemary Beach,
Florida
|
-$709K |
| 5 |
WAM
Wolverine Asset Management
Chicago,
Illinois
|
-$311K |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
|
NFSG
51
Newbridge Financial Services Group
Boca Raton,
Florida
| $13.1K | – | – | – |
|
|
PTC
52
Private Trust Company
Cleveland,
Ohio
| $11.6K | – | – | – |
|
|
BBPWM
53
Blue Bell Private Wealth Management
Blue Bell,
Pennsylvania
| $11.5K | – | – | – |
|
54
Bank of America
Charlotte,
North Carolina
| $10.9K | – | – | – |
|
|
HWP
55
Highline Wealth Partners
Sherman Oaks,
California
| $9.13K | +$8.91K | +700 | New |
|
|
WAM
56
Wolverine Asset Management
Chicago,
Illinois
| – | -$311K | -24,565 | Closed |
|
|
HF
57
HRT Financial
New York
| – | -$195K | -15,441 | Closed |
|
58
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
| – | -$164K | -12,944 | Closed |
|
|
HH
59
Hilltop Holdings
Dallas,
Texas
| – | -$155K | -12,300 | Closed |
|
60
PNC Financial Services Group
Pittsburgh,
Pennsylvania
| – | -$31.6K | -2,500 | Closed |
|
61
Northwestern Mutual Wealth Management
Milwaukee,
Wisconsin
| – | -$9.48K | -750 | Closed |
|
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.