RiverNorth Core Opportunity Fund RNCOX Celebrates 10th Anniversary
| Thursday - January 19, 2017 PDF
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RiverNorth Capital Management, LLC ("RiverNorth"), a boutique investment management firm specializing in opportunistic strategies, today announced that its flagship fund, RiverNorth Core Opportunity Fund (NASDAQ: RNCOX), celebrated its 10-year anniversary on December 27, 2016.
RNCOX is an open-end mutual fund focused on opportunistically investing in closed-end and exchange-traded funds. RNCOX seeks to provide investors with total return consisting of long-term capital appreciation and income through a diverse allocation to both equity and fixed income asset classes.
For the 10-year period ending December 31, 2016, RNCOX ranked 10th among the 419 Funds in Morningstar's Allocation 50%-70% Equity category based upon risk-adjusted performance*. Furthermore, since inception, RNCOX has generated a net annualized return of 7.26%, compared to the S&P 500's 6.87% net annualized return1. The Fund returned 12.17% in 2016.
Patrick Galley, Chief Investment Officer at RiverNorth, said, "When we launched the RiverNorth Core Opportunity Fund a decade ago, our main objective was to offer investors a unique opportunity to capitalize on the inefficiencies within the closed-end fund space. Our distinct investment approach has enabled us to generate solid returns for our investors since inception. We believe we are well-positioned to continue to provide RNCOX investors with attractive returns by pursuing diverse asset allocation with the potential to generate alpha through changes in closed-end fund discounts/premiums."
About RiverNorth
RiverNorth Capital Management, LLC is an investment management firm founded in 2000. With approximately $3.5 billion in assets under management as of December 31, 2016, RiverNorth specializes in opportunistic investment strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is the investment manager to multiple registered and private funds.
1 Total Returns for the Period Ending December 31, 2016
| Fund/Benchmark | Q4 2016 | 1 Year
Annualized | 3 Year
Annualized | 5 Year
Annualized | 10 Year
Annualized | S.I.†
Annualized |
|---|
| RNCOX |
0.83% |
12.17% |
3.91% |
8.20% |
7.27% |
7.26% |
| S&P 500 |
3.82% |
11.96% |
8.87% |
14.66% |
6.95% |
6.87% |
† RNCOX inception date: 12.27.2006
Performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling (888) 848-7569. Total return measures net investment income and capital gain or loss from portfolio investments. All performance shown assumes reinvestment of dividends and capital gains distributions.
The expense ratio as disclosed in the Fund’s annual report dated 9.30.2016 is 1.36% (RNCOX) and only includes the direct expenses paid by shareholders from their investment. The total expense ratio as disclosed in the Fund's prospectus dated 1.28.2016 is 2.60% (RNCOX) and is required to include the indirect expenses of investing in underlying funds.
Investors should consider the investment objective, management fees, risks, charges and expenses of the Fund carefully before investing. The Prospectus contains this and other information about the Fund. For a current Prospectus, call toll-free (888) 848-7569 or go to rivernorth.com. Please read the Prospectus carefully before you invest.
* 2016 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For the 1- and 5-year periods, respectively, RNCOX was ranked 53rd and 286th among 810 and 606 funds in the Allocation 50%-70% Equity category for the period ended December 31, 2016.
Distributed by ALPS Distributors, Inc. Member FINRA.
Investing involves risk, including the possible loss of principal.
Past performance is not a guarantee of future results. Diversification does not ensure a profit or guarantee against loss.
Alpha is a measure of performance on a risk-adjusted basis. The excess return of a fund relative to the return of the benchmark index is a fund's alpha.
The price at which a closed-end fund trades often varies from its NAV. Some funds have market prices below their net asset values - referred to as a discount. Conversely, some funds have market prices above their net asset values - referred to as a premium.
S&P 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy based on the changing aggregate market value of these 500 stocks. The index cannot be invested in directly and does not reflect fees and expenses.
