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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
Stifel Financial
1
Stifel Financial
Missouri
$11M -$77.8K -5,612 -0.7%
Rockefeller Capital Management
2
Rockefeller Capital Management
New York
$11M +$541K +38,988 +5%
UBS Group
3
UBS Group
Switzerland
$10.2M -$505K -36,444 -5%
Wells Fargo
4
Wells Fargo
California
$5.65M +$431K +31,108 +8%
TJHA
5
Thomas J. Herzfeld Advisors
Florida
$4.06M +$657K +47,376 +19%
Royal Bank of Canada
6
Royal Bank of Canada
Ontario, Canada
$3.98M +$3.76K +271 +0.1%
AIA
7
Absolute Investment Advisers
Florida
$3.97M -$198K -14,248 -5%
KIM
8
Karpus Investment Management
New York
$3.72M -$125K -9,000 -3%
Morgan Stanley
9
Morgan Stanley
New York
$3.13M -$244K -17,605 -7%
Pathstone Holdings
10
Pathstone Holdings
New Jersey
$2.94M +$2.14M +153,988 +244%
Envestnet Asset Management
11
Envestnet Asset Management
Illinois
$2.75M +$580K +41,833 +26%
OC
12
Oppenheimer & Co
New York
$2.06M +$510K +36,750 +32%
AW
13
Atlas Wealth
Ohio
$1.92M +$1.14M +82,010 +134%
RCM
14
Robinson Capital Management
Michigan
$1.56M +$303K +21,846 +23%
QL
15
Quarry LP
New York
$1.55M -$65K -4,687 -4%
WS
16
Wedbush Securities
California
$1.51M +$3.8K +274 +0.2%
RP
17
Riverbridge Partners
Minnesota
$1.44M +$145K +10,440 +11%
USCWA
18
U.S. Capital Wealth Advisors
Texas
$880K +$24.4K +1,760 +3%
PAG
19
Private Advisor Group
New Jersey
$721K -$47.3K -3,407 -6%
CL
20
Choreo LLC
Illinois
$695K +$83K +5,988 +13%
CIA
21
Concurrent Investment Advisors
Florida
$517K +$74.5K +5,375 +16%
Corient Private Wealth
22
Corient Private Wealth
Florida
$488K -$53.5K -3,859 -10%
MC
23
Mathes Company
New York
$456K – – –
Truist Financial
24
Truist Financial
North Carolina
$414K +$77.2K +5,564 +22%
CIC
25
Carnegie Investment Counsel
Ohio
$383K – – –
1
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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.