13F
中
← All fund report cards

RIVERNORTH CAPITAL MANAGEMENT, LLC

13F equity value
$2.0B
Positions
542
Top 10 concentration
26.7%
Quarters / total new picks
18 / 31
13F equity value over time
$0M$1.0T$2.1T2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 18 quarters, returned -0.7% per quarter — versus +3.8% per quarter from simply owning every 13F stock. It beat that baseline in only 27.8% of quarters (excess t = -1.58, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-5.6%
t-stat
-1.58
Quarterly win rate
28%
Annualized excess
-18.8%
$1 → follow vs universe
$0.78 vs $1.76
Cumulative return: $1 invested in new picks vs universe
1.00 20190930: universe 1.07520191231: universe 0.86820200331: universe 1.04620200630: universe 1.15520200930: universe 1.41720201231: universe 1.48220210930: universe 1.33020211231: universe 1.13220220331: universe 1.21520220630: universe 1.12620220930: universe 1.20920221231: universe 1.12320230331: universe 1.18320230930: universe 1.34320250331: universe 1.46420250630: universe 1.51020250930: universe 1.69820251231: universe 1.757 20190930: follow 1.10220191231: follow 0.69720200331: follow 0.78120200630: follow 0.83820200930: follow 0.95220201231: follow 1.00620210930: follow 1.00520211231: follow 0.92620220331: follow 0.93120220630: follow 0.85620220930: follow 0.88820221231: follow 0.86520230331: follow 0.88120230930: follow 0.87520250331: follow 0.85720250630: follow 0.80720250930: follow 0.77020251231: follow 0.776 0.64 1.27 1.90 201920202021202220232025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 542 · 2026 Q1

Ticker Value Weight QoQ
MHD $141M
7.0%
ADD
MQY $87M
4.3%
ADD
MYI $55M
2.8%
ADD
HYT $50M
2.5%
NEW
VKQ $42M
2.1%
TRIM
MUB $36M
1.8%
ADD
BSTZ $33M
1.7%
ADD
PML $32M
1.6%
TRIM
FSSL $29M
1.5%
ADD
USA $29M
1.4%
TRIM
OTF $27M
1.4%
ADD
VMO $26M
1.3%
TRIM
PDX $25M
1.3%
TRIM
SABA $24M
1.2%
ADD
MUC $23M
1.2%
TRIM
XPCQX $22M
1.1%
ADD
FSK $21M
1.1%
ADD
GOF $21M
1.0%
ADD
FSCO $20M
1.0%
NEW
COMP $20M
1.0%
NEW

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

AAPLACPARCCARESASGBBNBDCIBLZRBTXBXSLCOMPCSQFSCOHCMAHVMCHYTMBVIMMTMSFTPAXSPDOSUBTSLXXAWFXXMCRXXRMMXXSSPX

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.