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
-10.3%
Period ended 9 months ago
Filed Nov 14, 2025 · 7mo
23 quarters · since Mar 2020
Clone Performance
Jun 2023–Jun 2026 · vs SPYHypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.
Cloned portfolio
+33.1%
SPY
+74.2%
Annualised alpha
-10.3%
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, 2025Top 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 |
|---|---|---|
| Financial Services | 97.1% | $1,252,411,145 |
| Unclassified | 1.3% | $16,565,608 |
| Real Estate | 0.9% | $10,989,908 |
| Energy | 0.4% | $5,184,623 |
| Industrials | 0.2% | $2,490,000 |
| Consumer Defensive | 0.2% | $2,474,500 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
22 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| 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 | Open |
|---|---|---|---|---|---|
| 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 | Open |
|---|---|---|---|---|
| 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 | Open |
|---|---|---|---|---|
| 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. | ||||
180 positions ·
$1,290,115,784 total
· as of Sep 30, 2025
Showing 1–50
of 180 positions by value
· page 1 of 4
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| WIA |
Western Asset Inflation-Linked Income Fund
Financial Services
|
Reduced | 18,606 | $156,662 | 0.01% | |
| IHD |
Voya Emerging Markets High Dividend Equity Fund
Financial Services
|
Reduced | 33,384 | $209,317 | 0.02% | |
| OBDC |
Blue Owl Capital Corp
Financial Services
|
NEW | 22,313 | $284,937 | 0.02% | |
| WTG |
Wintergreen Acquisition Corp.
Financial Services
|
NEW | 37,187 | $374,101 | 0.03% | |
| ONCH |
1RT Acquisition Corp.
Financial Services
|
NEW | 44,016 | $459,967 | 0.04% | |
| RAC |
Rithm Acquisition Corp.
Financial Services
|
NEW | 48,750 | $499,687 | 0.04% | |
| CCII |
Cohen Circle Acquisition Corp. II
Financial Services
|
NEW | 56,000 | $568,400 | 0.04% | |
| HYAC |
Haymaker Acquisition Corp. 4
Financial Services
|
Reduced | 50,684 | $574,756 | 0.04% | |
| VPV |
Invesco Pennsylvania Value Municipal Income Trust
Financial Services
|
Reduced | 73,922 | $763,614 | 0.06% | |
| EMD |
Western Asset Emerging Markets Debt Fund Inc.
Financial Services
|
Reduced | 89,452 | $923,144 | 0.07% | |
| NNY |
Nuveen New York Municipal Value Fund
Financial Services
|
Reduced | 114,981 | $949,743 | 0.07% | |
| JRS |
Nuveen Real Estate Income Fund
Financial Services
|
NEW | 121,305 | $992,274 | 0.08% | |
| RFAI |
RF Acquisition Corp II
Financial Services
|
Reduced | 93,099 | $999,883 | 0.08% | |
| VFL |
abrdn National Municipal Income Fund
Financial Services
|
Held | 100,181 | $1,027,857 | 0.08% | |
| CGCT |
Cartesian Growth Corp III
Financial Services
|
NEW | 108,143 | $1,086,296 | 0.08% | |
| CHPG |
ChampionsGate Acquisition Corp
Financial Services
|
NEW | 111,562 | $1,123,429 | 0.09% | |
| FUND |
Sprott Focus Trust Inc.
Financial Services
|
Added | 138,901 | $1,154,267 | 0.09% | |
| VNME |
Vendome Acquisition Corp I
Financial Services
|
NEW | 120,992 | $1,201,450 | 0.09% | |
| DTF |
Dtf Tax-Free Income 2028 Term Fund Inc
Financial Services
|
Held | 106,066 | $1,212,334 | 0.09% | |
| RTAC |
Renatus Tactical Acquisition Corp I
Financial Services
|
NEW | 114,000 | $1,243,740 | 0.10% | |
| TACO |
Berto Acquisition Corp.
Financial Services
|
NEW | 130,156 | $1,353,622 | 0.10% | |
| VKI |
Invesco Advantage Municipal Income Trust II
Financial Services
|
Reduced | 160,147 | $1,404,489 | 0.11% | |
| BSL |
Blackstone Senior Floating Rate 2027 Term Fund
Financial Services
|
Reduced | 104,473 | $1,468,890 | 0.11% | |
| IBAC |
IB Acquisition Corp.
Financial Services
|
Reduced | 142,708 | $1,501,288 | 0.12% | |
| CHY |
Calamos Convertible & High Income Fund
Financial Services
|
NEW | 135,169 | $1,516,596 | 0.12% | |
| GTEN |
Gores Holdings X, Inc. / CI
Financial Services
|
NEW | 148,748 | $1,518,717 | 0.12% | |
| RDAG |
Republic Digital Acquisition Co
Financial Services
|
NEW | 148,750 | $1,518,737 | 0.12% | |
| DIAX |
Nuveen Dow 30sm Dynamic Overwrite Fund
Financial Services
|
NEW | 105,941 | $1,577,461 | 0.12% | |
| SPE |
Special Opportunities Fund, Inc.
Financial Services
|
Reduced | 103,125 | $1,598,437 | 0.12% | |
| TBMC |
Trailblazer Merger Corp I
Financial Services
|
Reduced | 160,109 | $1,870,329 | 0.14% | |
| UYSC |
UY Scuti Acquisition Corp.
Financial Services
|
NEW | 184,375 | $1,870,484 | 0.14% | |
| BCAR |
D. Boral ARC Acquisition I Corp.
Financial Services
|
NEW | 190,000 | $1,886,700 | 0.15% | |
| MIY |
Blackrock Muniyield Michigan Quality Fund, Inc.
Financial Services
|
Reduced | 175,026 | $1,974,293 | 0.15% | |
| PELI |
Pelican Acquisition Corp
Financial Services
|
NEW | 197,500 | $1,986,850 | 0.15% | |
| AXIN |
Axiom Intelligence Acquisition Corp 1
Financial Services
|
NEW | 200,000 | $1,992,000 | 0.15% | |
| COLA |
Columbus Acquisition Corp/Cayman Islands
Financial Services
|
NEW | 197,500 | $2,020,425 | 0.16% | |
| TAVI |
Tavia Acquisition Corp.
Financial Services
|
NEW | 196,896 | $2,035,904 | 0.16% | |
| MFM |
Mfs Municipal Income Trust
Financial Services
|
Added | 397,548 | $2,142,783 | 0.17% | |
| SWZ |
Total Return Securities Fund
|
Reduced | 378,637 | $2,302,112 | 0.18% | |
| SPEG |
Silver Pegasus Acquisition Corp.
Financial Services
|
NEW | 234,754 | $2,340,497 | 0.18% | |
| ACP |
abrdn Income Credit Strategies Fund
Financial Services
|
Reduced | 415,247 | $2,408,432 | 0.19% | |
| ENHA |
Enhanced Group Inc.
Consumer Defensive
|
NEW | 250,000 | $2,474,500 | 0.19% | |
| HDRN |
Hadron Energy, Inc.
Industrials
|
Held | 236,019 | $2,490,000 | 0.19% | |
| IPCX |
Inflection Point Acquisition Corp. III
Financial Services
|
NEW | 249,920 | $2,516,694 | 0.20% | |
| PMO |
Putnam Municipal Opportunities Trust
Financial Services
|
Held | 247,520 | $2,556,881 | 0.20% | |
| IPEX |
Inflection Point Acquisition Corp. V
Financial Services
|
NEW | 249,893 | $2,558,904 | 0.20% | |
| PLMK |
Plum Acquisition Corp, IV
Financial Services
|
NEW | 253,750 | $2,618,700 | 0.20% | |
| EAD |
Allspring Income Opportunities Fund
Financial Services
|
Reduced | 378,755 | $2,655,072 | 0.21% | |
| FSK |
FS KKR Capital Corp
Financial Services
|
NEW | 183,819 | $2,744,417 | 0.21% | |
| PFL |
Pimco Income Strategy Fund
Financial Services
|
Reduced | 331,520 | $2,824,550 | 0.22% |