RiverNorth Managed Duration Municipal Income Fund

RMM

Market cap $282M

The Fed's overnight target rate cuts have entirely failed to suppress long-duration yields, creating buying opportunities at the long end of the curve. Fixed-rate debt obligations with long maturities are trading at their cheapest real valuation points in two decades. Opportunities include mortgages, treasury bonds, and municipal bonds.

Large-caps are trading at a staggering 20.8x P/E, a dangerous valuation disconnect last seen in 2001. Without valuation expansion over the last 15 years, the S&P 500 would be 33% lower. Small and mid-caps are locked in at a historically reasonable and highly attractive 16x P/E.

Use RMM and USA to gain exposure to two completely unrelated asset classes. Benefit from RiverNorth's expertise in capturing "discounts on discounts" in the municipal bond sector. Secure a 12% yield from the world's most profitable large-cap companies through USA.

The 30-year Treasury has found its footing in the 4.5%–5% range. Long-term inflation is declining due to slowing population growth, which hit a near-record low last year. The COVID Recovery: The pandemic-era inflationary spike was a unique, temporary disruption to a 40-year downward trend.

Stop paying interest and start collecting dividends from the debt economy. EPR Properties (7.1% yield) is doubling investment spending to accelerate growth in 2026. Experiential portfolio (TopGolf, waterparks) offers monthly income and capital upside.

RiverNorth Managed Duration Muni Inc Fd employs a fund-of-funds strategy targeting CEFs trading below NAV, aiming for enhanced returns. RMM's distribution yield appears attractive at 7.7%, but after adjusting for return of capital, the true yield is only 3.66%. RMM's leverage and low credit/interest rate risk positioning do not deliver superior after-tax income versus simpler municipal bond funds.

Stop buying expensive goods with debt, and use tax-free debt instead. The creditor owns the debtor, so become a creditor. Your retirement can be paid for by your local government!

Municipal bonds are trading at persistent discounts due to the Federal Reserve maintaining interest rates at elevated levels. We forecast additional cuts that will boost values considerably. Collect federal tax-free income.

I maintain a 'hold' rating on RMM, despite its attractive 8% yield and notable discount to NAV, due to lingering concerns from past reviews. Municipal bonds remain a core allocation for me, offering superior after-tax yields versus similarly rated corporates, especially as tax rates rise. RMM's current discount to NAV is appealing, but it's consistent with its historical range, so I don't see it as a standout bargain.

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