Rivernorth Capital Management portfolio

What changed this quarter

168 positions with a change (23 new, 37 added to, 48 trimmed, 60 sold); also, 26 entered through an IPO, 20 exited through an acquisition or merger, 57 entered through a spin-off. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Gabelli Equity Tr+1.8 ppof portfolioNew
  — → 1.8%
• Vanguard Tax-exempt Bond ETF+1.3 ppof portfolioNew
  — → 1.3%
• BlackRock TAX Municpal BD Tr+595%more sharesIncreased
  0.2% → 1.2%
• FS KKR Capital−1.0 ppof portfolioSold out
  1.1% → —
• Blue OWL Technology Finance+74%more sharesIncreased
  1.4% → 1.9%
• Invesco Municipal Trust−37%fewer sharesReduced
  2.1% → 1.3%
• Cohen & Steers Infrastructur−91%fewer sharesReduced
  0.8% → 0.1%
• Morgan Stanley Direct Lending Fund−0.7 ppof portfolioSold out
  0.7% → —
• Oaktree Specialty Lending−0.7 ppof portfolioSold out
  0.7% → —
• Carlyle Secured Lending−0.7 ppof portfolioSold out
  0.7% → —
• BlackRock Munihldngs Cali−53%fewer sharesReduced
  1.2% → 0.6%
• Sixth Street Specialty Lending+233%more sharesIncreased
  0.3% → 0.8%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• BlackRock Muniholdings Fund InMHD6.8%
• BlackRock Muniyild Qult Fund IMQY3.9%
• Pershing Square USAPSUS3.7%
• BlackRock Muniyield QualityMYI2.5%
• BlackRock Corpor HI YLD Fund IHYT2.3%
• BlackRock Science & TechnoloBSTZ2.2%
• Blue OWL Technology FinanceOTF1.9%
• Gabelli Equity TrGAB1.8%
• iShares National Muni Bond E ETFMUB1.7%
• Pimco MUN Income Fund IIPML1.6%
• FS Specialty Lending FundFSSL1.5%
• Guggenheim Strategic OpportuGOF1.4%
• Invesco Municipal TrustVKQ1.3%
• Vanguard Tax-exempt Bond ETFVTEB1.3%
• FS Credit OpportunitiesFSCO1.3%
• BlackRock TAX Municpal BD TrBBN1.2%
• Liberty All Star Equity FundUSA1.2%
• BlackRock Tech and Private EBTX1.2%
• Pimco Calif MUN Income FundXPCQX1.1%
• Pimco Dynamic Income StrategPDX1.1%
• Saba Capital Income & OpportSABA1.1%
• Western Asset Managed Muns FMMU0.9%
• Invesco MUN Opportunit TrVMO0.8%
• Sixth Street Specialty LendingTSLX0.8%
• BlackRock Muniyield N Y QualMYN0.8%
• Eaton Vance MUN BD FundEIM0.7%
• Pershing SquarePS0.7%
• First Tr High Yield Opprt 20FTHY0.7%
• BlackRock Health Sciences TEBMEZ0.6%
• Blue OWL CapitalOBDC0.6%
• BNY Mellon Strategic Muns InLEO0.6%
• Saba Capital Income & OprntBRW0.6%
• Alliancebernstein Natl MUN IAFB0.6%
• Royce Micro-cap TrRMT0.6%
• Graf GlobalTONT0.6%
• BNY Mellon Strategic MUN BDDSM0.6%
• BlackRock Munihldngs CaliMUC0.6%
• Royce Small Cap TrustRVT0.5%
• BlackRock MUN Target Term TrBTT0.5%
• Nuveen MUN High Income OpporNMZ0.5%
• Putnam MUN Opportunities TrPMO0.5%
• Neuberger MUN FundNBH0.5%
• Western Asset Inter MuniSBI0.5%
• Kayne Anderson Energy InfrstKYN0.5%
• BlackRock Muniassets FundMUA0.4%
• BlackRock Muniyield PA QualiMPA0.4%
• Neuberger High Yield St Fund INHS0.4%
• Aberdeen MUN Income FundMFM0.4%
• Crescent Capital BDCCCAP0.4%
• Pimco New York MUN Fund IIPNI0.4%
• Western AST Infl LKD OPP & IWIW0.3%
• Nuveen Amt-free MUN Value FundNUW0.3%
• Calamos Strategic Total RetuCSQ0.3%
• FG Merger II0.3%
• Clough Global OpportunitiesGLO0.3%
• Solarius Capital AcquisitionSOCA0.3%
• BlackRock Multi Sector Inc TBIT0.3%
• Calamos LNG SHR EQT DynamicCPZ0.3%
• Launch Two AcquisitionLPBB0.3%
• Howard Hughes HoldingsHHH0.3%
• Aldel Financial IIALDF0.3%
• GigCapital8GIW0.3%
• Credit Suisse High Yield CREDHY0.3%
• Pimco Income Strategy Fund IIPFN0.3%
• QuasarEdge AcquisitionQRED0.3%
• Translational Development AcquisitionTDAC0.3%
• Stellar V CapitalSVCC0.3%
• AI Infrastructure AcquisitionAIIA0.3%
• Pimco Dynamic Income FundPDI0.3%
• Newbury Street II AcquisitionNTWO0.3%
• Quartzsea AcquisitionQSEA0.3%
• Newhold Investment Corp III0.3%
• Andretti Acquisition Corp. IIPOLE0.3%
• NMP AcquisitionNMP0.3%
• Armada Acquisition Corp. IIXRPN0.3%
• Cambridge AcquisitionCAQ0.2%
• Kochav Defense AcquisitionKCHV0.2%
• Hall Chadwick AcquisitionHCAC0.2%
• Newhold Investment Corp IVNHIVU(unit)0.2%
• Activate Energy AcquisitionAEAQ0.2%
• K&f Growth Acquisition Corp. IIKFII0.2%
• Bitcoin Infrastructure AcquisitionBIXI0.2%
• Pimco Corporate & Incm StrgPCN0.2%
• Invest Green AcquisitionIGAC0.2%
• EQV Ventures Acquisition Corp. IIEVAC0.2%
• Cslm Digital Asset Acquisition Corp IIIKOYN0.2%
• Mountain Crest Acquisition 6MCAHU(unit)0.2%
• Archimedes Tech Spac Partners IIIARCI0.2%
• Blueport AcquisitionBPAC0.2%
• Crane Harbor Acquisition Corp. IICRAN0.2%
• Stonebridge Acquisition IIAPAC0.2%
• Disciplined GrowthDGAC/U(unit)0.2%
• Twelve Seas Investment Co III/CaymanTWLV0.2%
• Silicon Valley AcquisitionSVAQ0.2%
• Leapfrog AcquisitionLFAC0.2%
• Social Commerce PartnersSCPQ0.2%
• Vine Hill Capital Investment Corp. IIVHCP0.2%
• Cayson AcquisitionCAPN0.2%
• Hennessy Capital Investment Corp. ViiiHCIC0.2%
• Lafayette Digital Acquisition Corp. IZKP0.2%