RIVERNORTH CAPITAL MANAGEMENT, LLC

CIK

1447578

Location

WEST PALM BEACH, FL

Portfolio Value

Mid $1,290,115,784

Diversification

Diversified

Filing Date

Global Rank

#1,521 / 7,976 ▲ 30

Top Industry

Asset Management 75.3%

3Y Alpha vs SPY

-10.6%

Period ended 9 months ago

Filed Nov 14, 2025 · 7mo

23 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+34.0%

SPY

+76.5%

Annualised alpha

-10.6%

Max drawdown

−10.6%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

180 positions · as of Sep 30, 2025 · Δ vs Jun 30, 2025

Top Position

3.8%

−0.3 pts

Top 5

16.2%

−3.5 pts

Top 10

28.1%

−6.2 pts

HHI

138

Diversified−56

Portfolio Trend

23 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2025

Sector	% Portfolio	Value	Positions
Financial Services	97.1%	$1,252,411,145	172
Unclassified	1.3%	$16,565,608	4
Real Estate	0.9%	$10,989,908	1
Energy	0.4%	$5,184,623	1
Industrials	0.2%	$2,490,000	1
Consumer Defensive	0.2%	$2,474,500	1

Last Quarter's Activity

Export CSV

Sep 30, 2025 vs Jun 30, 2025

Added To

Positions the filer increased

22 positions

Ticker	Company	Δ Shares	Shares	Value
PML	Pimco Municipal Income Fund II	+3,211,830	5,328,492	$42,148,371
PCQ	Pimco California Municipal Income Fund	+1,563,593	2,378,296	$20,738,741
VKQ	Invesco Municipal Trust	+862,345	4,378,521	$42,252,727
CGBD	Carlyle Secured Lending, Inc.	+844,129	1,201,142	$15,014,275
MSDL	Morgan Stanley Direct Lending Fund	+781,955	989,127	$15,905,162
OCSL	Oaktree Specialty Lending Corp	+701,771	1,320,677	$17,234,834
RMT	Royce Micro-Cap Trust, Inc.	+615,932	837,781	$8,704,544
RVT	Royce Small-Cap Trust, Inc.	+584,021	596,845	$9,627,109
CMU	Mfs High Yield Municipal Trust	+580,389	2,579,075	$8,949,390
PNI	Pimco New York Municipal Income Fund II	+562,981	1,066,323	$7,410,944
NRK	Nuveen New York Amt-Free Quality Municipal Income Fund	+468,635	628,368	$6,409,353
BBDC	Barings BDC, Inc.	+191,220	602,474	$5,277,672
IFN	Aberdeen India Fund, Inc.	+161,037	409,758	$6,002,954
GLV	Clough Global Dividend & Income Fund	+109,607	535,777	$3,187,873
NQP	NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND	+84,278	687,151	$8,245,812
HQL	abrdn Life Sciences Investors	+77,793	307,637	$4,771,449
BSTZ	BlackRock Science & Technology Term Trust	+51,790	1,341,454	$29,726,620
FUND	Sprott Focus Trust Inc.	+43,830	138,901	$1,154,267
CXH	Mfs Investment Grade Municipal Trust	+25,000	471,608	$3,706,838
MHD	Blackrock Muniholdings Fund, Inc.	+18,343	4,142,201	$48,670,861
MFM	Mfs Municipal Income Trust	+10,423	397,548	$2,142,783
PDX	PIMCO Dynamic Income Strategy Fund	+5,303	1,591,955	$39,687,438
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
ACP	abrdn Income Credit Strategies Fund	−3,339,783	415,247	$2,408,432
NAD	Nuveen Quality Municipal Income Fund	−2,593,904	1,577,514	$18,441,138
NUV	Nuveen Municipal Value Fund Inc	−2,363,285	2,950,991	$26,499,899
AOD	abrdn Total Dynamic Dividend Fund	−1,686,660	641,556	$6,069,119
BRW	Saba Capital Income & Opportunities Fund	−1,493,729	381,474	$2,964,052
NVG	Nuveen AMT-Free Municipal Credit Income Fund	−1,321,643	2,314,335	$28,443,177
PHK	Pimco High Income Fund	−1,089,862	2,417,443	$12,063,040
MMU	Western Asset Managed Municipals Fund Inc.	−1,020,910	3,440,071	$35,570,334
PFL	Pimco Income Strategy Fund	−950,043	331,520	$2,824,550
CLM	Cornerstone Strategic Investment Fund, Inc.	−792,077	1,011,315	$8,373,688
PFN	PIMCO Income Strategy Fund II	−742,654	1,961,828	$14,890,274
VGM	Invesco Trust for Investment Grade Municipals	−701,761	941,728	$9,530,287
VKI	Invesco Advantage Municipal Income Trust II	−673,870	160,147	$1,404,489
CRF	Cornerstone Total Return Fund Inc	−608,433	1,346,454	$10,825,490
GLO	Clough Global Opportunities Fund	−604,878	2,986,407	$17,022,519
VMO	Invesco Municipal Opportunity Trust	−557,663	3,706,857	$35,845,307
EMD	Western Asset Emerging Markets Debt Fund Inc.	−528,431	89,452	$923,144
IQI	Invesco Quality Municipal Income Trust	−465,818	597,976	$5,890,063
MUC	Blackrock Muniholdings California Quality Fund, Inc.	−449,316	1,487,540	$16,139,809
EAD	Allspring Income Opportunities Fund	−418,435	378,755	$2,655,072
IHD	Voya Emerging Markets High Dividend Equity Fund	−402,204	33,384	$209,317
SWZ	Total Return Securities Fund	−291,309	378,637	$2,302,112
DMB	BNY Mellon Municipal Bond Infrastructure Fund, Inc.	−272,345	522,524	$5,591,006
DSM	Bny Mellon Strategic Municipal Bond Fund, Inc.	−262,240	1,236,121	$7,317,836
WIW	Western Asset Inflation-Linked Opportunities & Income Fund	−249,752	1,699,467	$15,108,261
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
BIT	BlackRock Multi-Sector Income Trust	1,748,396	$23,411,022
USA	Liberty All Star Equity Fund	2,018,714	$12,798,646
MPA	Blackrock Muniyield Pennsylvania Quality Fund	1,042,864	$11,857,363
HHH	Howard Hughes Holdings Inc.	133,746	$10,989,908
GBDC	GOLUB CAPITAL BDC, Inc.	525,122	$7,188,920
ALDF	Aldel Financial II Inc.	599,486	$6,264,628
WLAC	Willow Lane Acquisition Corp.	499,744	$5,787,035
OTF	Blue Owl Technology Finance Corp.	408,031	$5,638,988
ASPC	ASPAC III Acquisition Corp.	539,744	$5,580,952
XRPN	Armada Acquisition Corp. II	506,333	$5,283,078
NTWO	Newbury Street II Acquisition Corp	499,744	$5,177,347
MLAC	Mountain Lake Acquisition Corp.	500,000	$5,150,000
LOKV	Live Oak Acquisition Corp. V	499,872	$5,098,694
NHIC	NewHold Investment Corp. III	499,872	$5,088,696
NMP	NMP Acquisition Corp.	511,346	$5,077,665
KCHV	Kochav Defense Acquisition Corp.	499,872	$5,013,716
FGMC	FG Merger II Corp.	500,000	$4,995,500
SOCA	Solarius Capital Acquisition Corp.	495,411	$4,934,293
KYN	Kayne Anderson Energy Infrastructure Fund, Inc.	387,544	$4,793,919
GSHR	Gesher Acquisition Corp. II	449,872	$4,566,200
BACC	Blue Acquisition Corp/Cayman	446,469	$4,462,457
HSPT	Horizon Space Acquisition II Corp.	427,400	$4,427,864
NOEM	CO2 Energy Transition Corp.	428,040	$4,366,008
JACS	Jackson Acquisition Co II	399,744	$4,149,342
TDAC	Translational Development Acquisition Corp.	400,000	$4,140,000
No positions match the current search.

Sold Out

Positions the filer fully exited

21 positions

Ticker	Company	Shares	Value
NEA	Nuveen AMT-Free Quality Municipal Income Fund	2,529,443	$27,621,517
NZF	Nuveen Municipal Credit Income Fund	810,446	$9,660,516
BTX	BlackRock Technology & Private Equity Term Trust	1,270,917	$9,328,530
ECAT	BlackRock ESG Capital Allocation Term Trust	487,544	$7,829,956
FSHP	Flag Ship Acquisition Corp	577,000	$6,018,110
BHK	Blackrock Core Bond Trust	551,366	$5,359,277
UCFI	CN Healthy Food Tech Group Corp.	494,256	$5,103,193
DYNC	Dynamix Corp	500,000	$5,100,000
BCAT	BlackRock Capital Allocation Term Trust	297,927	$4,510,614
PAXS	PIMCO Access Income Fund	257,424	$3,889,676
BKHA	Black Hawk Acquisition Corp	301,040	$3,197,044
JHI	John Hancock Investors Trust	155,575	$2,154,713
OIA	Invesco Municipal Income Opportunities Trust	365,136	$2,099,532
HYI	Western Asset High Yield Opportunity Fund Inc.	98,577	$1,180,952
MUA	Blackrock Muniassets Fund, Inc.	101,762	$1,058,324
SPKL	Spark I Acquisition Corp	89,186	$972,127
FLC	Flaherty & Crumrine Total Return Fund Inc	48,682	$827,594
CEV	Eaton Vance California Municipal Income Trust	84,835	$822,051
PFD	Flaherty & Crumrine Preferred & Income Fund Inc	52,298	$591,490
JQC	Nuveen Credit Strategies Income Fund	81,830	$441,063
FMN	Federated Hermes Premier Municipal Income Fund	39,172	$416,790
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

180 positions · $1,290,115,784 total · as of Sep 30, 2025

All sectors Consumer Defensive Energy Financial Services Industrials Real Estate

Showing 1–50 of 180 positions by value · page 1 of 4

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
MHD	Blackrock Muniholdings Fund, Inc. Financial Services	Added	4,142,201	+18,343	$48,670,861	+5.4%	3.77%
VKQ	Invesco Municipal Trust Financial Services	Added	4,378,521	+862,345	$42,252,727	+31.3%	3.28%
PML	Pimco Municipal Income Fund II Financial Services	Added	5,328,492	+3,211,830	$42,148,371	+167.3%	3.27%
PDX	PIMCO Dynamic Income Strategy Fund Financial Services	Added	1,591,955	+5,303	$39,687,438	+1.5%	3.08%
VMO	Invesco Municipal Opportunity Trust Financial Services	Reduced	3,706,857	-557,663	$35,845,307	−8.4%	2.78%
MMU	Western Asset Managed Municipals Fund Inc. Financial Services	Reduced	3,440,071	-1,020,910	$35,570,334	−19.5%	2.76%
MQY	Blackrock Muniyield Quality Fund, Inc. Financial Services	Reduced	2,604,579	-124,794	$30,343,345	+0.1%	2.35%
BSTZ	BlackRock Science & Technology Term Trust Financial Services	Added	1,341,454	+51,790	$29,726,620	+11.1%	2.30%
BTT	BlackRock Municipal 2030 Target Term Trust Financial Services	Held	1,300,557	0	$29,210,510	+2.6%	2.26%
NVG	Nuveen AMT-Free Municipal Credit Income Fund Financial Services	Reduced	2,314,335	-1,321,643	$28,443,177	−34.4%	2.20%
SABA	Saba Capital Income & Opportunities Fund II Financial Services	Reduced	2,971,530	-34,677	$27,100,353	−1.9%	2.10%
NUV	Nuveen Municipal Value Fund Inc Financial Services	Reduced	2,950,991	-2,363,285	$26,499,899	−42.6%	2.05%
BIT	BlackRock Multi-Sector Income Trust Financial Services	NEW	1,748,396	NEW	$23,411,022	NEW	1.81%
MYI	Blackrock Muniyield Quality Fund III, Inc. Financial Services	Reduced	1,970,176	-19,125	$21,829,550	+4.6%	1.69%
PCQ	Pimco California Municipal Income Fund Financial Services	Added	2,378,296	+1,563,593	$20,738,741	+196.3%	1.61%
NAD	Nuveen Quality Municipal Income Fund Financial Services	Reduced	1,577,514	-2,593,904	$18,441,138	−60.8%	1.43%
OCSL	Oaktree Specialty Lending Corp Financial Services	Added	1,320,677	+701,771	$17,234,834	+103.9%	1.34%
GLO	Clough Global Opportunities Fund Financial Services	Reduced	2,986,407	-604,878	$17,022,519	−12.7%	1.32%
MUC	Blackrock Muniholdings California Quality Fund, Inc. Financial Services	Reduced	1,487,540	-449,316	$16,139,809	−19.5%	1.25%
MSDL	Morgan Stanley Direct Lending Fund Financial Services	Added	989,127	+781,955	$15,905,162	+310.1%	1.23%
FTHY	First Trust High Yield Opportunities 2027 Term Fund Financial Services	Reduced	1,075,686	-29,782	$15,586,690	−5.1%	1.21%
WIW	Western Asset Inflation-Linked Opportunities & Income Fund Financial Services	Reduced	1,699,467	-249,752	$15,108,261	−11.5%	1.17%
CGBD	Carlyle Secured Lending, Inc. Financial Services	Added	1,201,142	+844,129	$15,014,275	+207.4%	1.16%
PFN	PIMCO Income Strategy Fund II Financial Services	Reduced	1,961,828	-742,654	$14,890,274	−25.5%	1.15%
LEO	Bny Mellon Strategic Municipals, Inc. Financial Services	Reduced	2,075,153	-137,357	$12,969,706	−1.0%	1.01%
USA	Liberty All Star Equity Fund Financial Services	NEW	2,018,714	NEW	$12,798,646	NEW	0.99%
SDHY	PGIM Short Duration High Yield Opportunities Fund Financial Services	Held	739,278	0	$12,360,728	−0.7%	0.96%
PHK	Pimco High Income Fund Financial Services	Reduced	2,417,443	-1,089,862	$12,063,040	−28.3%	0.94%
MPA	Blackrock Muniyield Pennsylvania Quality Fund Financial Services	NEW	1,042,864	NEW	$11,857,363	NEW	0.92%
GRAF	Graf Global Corp. Financial Services	Reduced	1,098,974	-1,026	$11,583,185	+0.7%	0.90%
AFB	Alliancebernstein National Municipal Income Fund Financial Services	Reduced	1,014,157	-69,169	$11,003,603	−1.5%	0.85%
HHH	Howard Hughes Holdings Inc. Real Estate	NEW	133,746	NEW	$10,989,908	NEW	0.85%
CRF	Cornerstone Total Return Fund Inc Financial Services	Reduced	1,346,454	-608,433	$10,825,490	−28.5%	0.84%
GLQ	Clough Global Equity Fund Financial Services	Reduced	1,294,882	-230,495	$9,854,052	−9.3%	0.76%
RVT	Royce Small-Cap Trust, Inc. Financial Services	Added	596,845	+584,021	$9,627,109	+4888.1%	0.75%
SBI	Western Asset Intermediate Muni Fund Inc. Financial Services	Reduced	1,216,584	-1,581,664	$9,623,179	−54.3%	0.75%
VGM	Invesco Trust for Investment Grade Municipals Financial Services	Reduced	941,728	-701,761	$9,530,287	−38.9%	0.74%
CMU	Mfs High Yield Municipal Trust Financial Services	Added	2,579,075	+580,389	$8,949,390	+34.5%	0.69%
RMT	Royce Micro-Cap Trust, Inc. Financial Services	Added	837,781	+615,932	$8,704,544	+324.2%	0.67%
MYN	Blackrock Muniyield New York Quality Fund, Inc. Financial Services	Reduced	852,555	-41,504	$8,465,871	−0.6%	0.66%
LEGT	Legato Merger Corp. III Financial Services	Reduced	783,724	-1,028	$8,417,195	+0.4%	0.65%
CLM	Cornerstone Strategic Investment Fund, Inc. Financial Services	Reduced	1,011,315	-792,077	$8,373,688	−42.8%	0.65%
NBH	Neuberger Municipal Fund Inc. Financial Services	Held	810,858	0	$8,368,054	+5.0%	0.65%
NQP	NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND Financial Services	Added	687,151	+84,278	$8,245,812	+21.9%	0.64%
BCX	BlackRock Resources & Commodities Strategy Trust Financial Services	Reduced	795,810	-119,027	$8,093,387	−6.4%	0.63%
PNI	Pimco New York Municipal Income Fund II Financial Services	Added	1,066,323	+562,981	$7,410,944	+119.1%	0.57%
DSM	Bny Mellon Strategic Municipal Bond Fund, Inc. Financial Services	Reduced	1,236,121	-262,240	$7,317,836	−12.8%	0.57%
GBDC	GOLUB CAPITAL BDC, Inc. Financial Services	NEW	525,122	NEW	$7,188,920	NEW	0.56%
CPZ	Calamos Long/Short Equity & Dynamic Income Trust Financial Services	Reduced	428,309	-108,869	$6,921,473	−20.6%	0.54%
NRK	Nuveen New York Amt-Free Quality Municipal Income Fund Financial Services	Added	628,368	+468,635	$6,409,353	+304.9%	0.50%