RiverNorth Flexible Municipal Income Fund II
RFMZ
62 hedge funds and large institutions have $91M invested in RiverNorth Flexible Municipal Income Fund II in 2025 Q4 according to their latest regulatory filings, with 14 funds opening new positions, 19 increasing their positions, 16 reducing their positions, and 7 closing their positions.
100% more first-time investments, than exits
New positions opened: 14 | Existing positions closed: 7
78% more capital inflows, than outflows
Capital inflows: $24.5M | Capital outflows: $13.7M
19% more repeat investments, than reductions
Existing positions increased: 19 | Existing positions reduced: 16
13% more funds holding
Funds holding: 55 → 62 (+7)
3.42% more ownership
Funds ownership: 26.11% → 29.53% (+3.4%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Saba Capital Management
New York
|
+$7.56M |
| 2 |
Morgan Stanley
New York
|
+$4.21M |
| 3 |
Robinson Capital Management
Grosse Pointe Farms,
Michigan
|
+$3.54M |
| 4 |
Riverbridge Partners
Minneapolis,
Minnesota
|
+$1.23M |
| 5 |
Logan Stone Capital
Chicago,
Illinois
|
+$870K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Stifel Financial
St. Louis,
Missouri
|
-$3.94M |
| 2 |
Absolute Investment Advisers
Rosemary Beach,
Florida
|
-$3.66M |
| 3 |
Quarry LP
New York
|
-$1.43M |
| 4 |
UBS Group
Zurich,
Switzerland
|
-$921K |
| 5 |
Rockefeller Capital Management
New York
|
-$713K |
RFMZ Hedge Fund Activity: Q4 2025 in Review
62 of the 8,294 institutional investors tracked by Wall St. Rank reported a position in RiverNorth Flexible Municipal Income Fund II (RFMZ) for Q4 2025, worth a combined $91M — up 9.7% from $83M a quarter earlier.
Buyers outnumbered sellers: 14 funds opened new RFMZ positions and 7 closed out — a net gain of 7 holders — while 19 added to existing stakes and 16 trimmed.
The largest buyer was Saba Capital Management, adding an estimated $7.56M. The largest seller was Stifel Financial, cutting an estimated $3.94M.
- 62 institutional investors held RiverNorth Flexible Municipal Income Fund II (RFMZ) as of Q4 2025, up from 55 in Q3 2025.
- Funds reported $91M of RiverNorth Flexible Municipal Income Fund II stock for Q4 2025, up 9.7% quarter-over-quarter.
- 14 funds opened new RiverNorth Flexible Municipal Income Fund II positions in Q4 2025 and 7 closed out, a net change of +7 holders.
- The largest RiverNorth Flexible Municipal Income Fund II buyer in Q4 2025 was Saba Capital Management, an estimated $7.56M added.
- The largest RiverNorth Flexible Municipal Income Fund II seller in Q4 2025 was Stifel Financial, an estimated $3.94M sold.
Based on aggregated 13F filings for Q4 2025.