RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.
Ticker: OPP
Overview
Performance
Portfolio
Distributions
Preferred Issue
Management

Overview

Fund Data (as of) NYSE Ticker NAV Ticker NAV Market Price Premium/ Discount Total Net Assets
12.1.2021 OPP XOPPX $14.40 $14.82 2.90% $276.74M
Fund Reporting
Tax Information

Investment Objective & Philosophy

RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (the "Fund") seeks to provide current income and overall total return.

While RiverNorth Capital Management, LLC ("RiverNorth") believes markets are generally efficient, closed-end funds offer a unique structure whereby investors can purchase a diversified fund and potentially generate additional return through the change in the relationship between the closed-end fund's market price and Net Asset Value (NAV)1. RiverNorth also believes combining a closed-end fund strategy with a proven fixed income manager such as DoubleLine Capital LP ("DoubleLine®") provides an attractive investment vehicle for investors.

Diversification does not ensure a profit or guarantee against loss.

Investment Strategy

RiverNorth allocates the Fund's assets among two principal strategies: Tactical Closed-End Fund Income Strategy (managed by RiverNorth) and Opportunistic Income Strategy (managed by DoubleLine).

* Investments may include securities that have a rating that is below investment grade, including "high yield" securities.

Target portfolio asset allocations are estimates made by the adviser and subject to change.

High yield bonds are subject to interest rate risk. If rates increase, the value generally declines.

Investment Rationale

RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. is a multi-manager closed-end fund that opportunistically invests in fixed income securities and tactically invests in closed-end funds in order to potentially provide:

  • Access to a diversified portfolio of fixed income securities and closed-end funds representing a wide array of underlying asset classes
  • Value from investments in both the closed-end fund and fixed income markets
  • Use of leverage in order to enhance current income and capitalize at times on market dislocations2

The Fund also provides:

  • Active portfolio management by RiverNorth & DoubleLine, two award-winning managers in their respective disciplines, who have worked together since 2010

Fund Information as of 10.31.2021

NYSE Symbol OPP
CUSIP 76882G107
Inception Date 9.27.2016
Total Managed Assets* $363.5M
Benchmark Bloomberg Barclays US Aggregate Bond Index3
Estimated Duration4 (years) 2.57
Income Distributions Monthly
Capital Gains Distributions Annually
Leverage The Fund may borrow money and/or issue preferred shares, notes or debt securities for investment purposes up to the limits of the Investment Company Act of 1940.

* Managed assets include assets attributable to leverage.

Performance

Total Returns for the Period Ending Q3 2021 1 Year 3 Year Since
Inception†*
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.
Net Asset Value
-0.24% 12.54% 5.85% 5.37%
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.
Market Price
-3.47% 21.23% 8.69% 5.14%
Bloomberg Barclays US Aggregate Bond Index3 0.05% -0.90% 5.36% 2.90%
Total Returns for the Period Ending 10.31.2021 Oct 3 Mo YTD 1 Year 3 Year 5 Year Since
Inception*†
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.
Net Asset Value
0.40% -0.48% 7.08% 13.15% 6.42% 5.48% 5.36%
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.
Market Price
3.16% -4.04% 15.35% 26.19% 10.99% 5.80% 5.70%
Bloomberg Barclays US Aggregate Bond Index3 -0.03% -1.08% -1.58% -0.48% 5.63% 3.10% 2.84%

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 may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling 844.569.4750. 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.

* Inception Date: 9.27.2016

Annualized

Market price is the price that the Fund closed at on the primary listing exchange on the as-of date listed above.

NAV is the Net Asset Value of the Fund and equals the value of all the Fund's assets (less liabilities) divided by the number of shares outstanding.

Expenses do not include the effects of leverage.

Portfolio

  • Portfolio asset allocations are estimates made by the adviser and are subject to change. Based on market value (including assets attributable to leverage).
Strategy Weightings as of 10.31.2021
Strategy Weighting
Opportunistic Income Strategy [DoubleLine] 74%
Tactical CEF Income Strategy [RiverNorth] 26%
Opportunistic Income Strategy [DoubleLine] 74%
Tactical CEF Income Strategy [RiverNorth] 26%
Credit Quality as of 10.31.2021
Fixed Income Class Allocation
High Yield 43%
Not Rated 31%
Investment Grade 26%
High Yield 43%
Not Rated 31%
Investment Grade 26%
Sector as of 10.31.2021
Sector Weighting
Non-Agency MBS 32%
Bank Loans 11%
Agency MBS 10%
Cash 8%
CMBS 7%
US Government 6%
Special Purpose Acquisition Companies (SPACs) 6%
Investment Co. Bonds 6%
High Yield 5%
Other 4%
ABS 4%
BDCs 3%
Emerging Market Debt 1%
Equity 1%
Developed Foreign 1%
Preferreds 1%
Non-Agency MBS 32%
Bank Loans 11%
Agency MBS 10%
Cash 8%
CMBS 7%
US Government 6%
Special Purpose Acquisition Companies (SPACs) 6%
Investment Co. Bonds 6%
High Yield 5%
Other 4%
ABS 4%
BDCs 3%
Emerging Market Debt 1%
Equity 1%
Developed Foreign 1%
Preferreds 1%

The allocation does not add up to 100% as it reflects the estimated leverage utilized by the underlying funds.

Distributions

Show Current Year Only Show All

Preferred Issue

4.375% Series A Cumulative Preferred Stock 4.75% Series B Cumulative Preferred Stock
NYSE Trading Symbol OPPPRA OPPPRB
Number of shares 2,400,000 2,400,000
Initial Public Offering Price $25.00 per Share $25.00 per Share
Liquidation Preference $25.00 per Share plus accumulated and unpaid dividends, if any $25.00 per Share plus accumulated and unpaid dividends, if any
Dividend Rate 4.375% per annum 4.75% per annum
Original Issue Date October 23, 2020 November 22, 2021
Non-Call Period and Redemption Information The Series A Preferred Shares are generally not redeemable at the Fund's option prior to November 15, 2025, and are subject to mandatory redemption by the Fund in certain circumstances. On or after November 15, 2025, the Fund may redeem in whole or from time to time in part outstanding Series A Preferred Shares at a redemption price per share equal to the per share liquidation preference plus accumulated and unpaid dividends, if any, through the date of redemption. The Series B Preferred Shares are generally not redeemable at the Fund's option prior to February 15, 2027, and are subject to mandatory redemption by the Fund in certain circumstances. On or after February 15, 2027, the Fund may redeem in whole or from time to time in part outstanding Series B Preferred Shares at a redemption price per share equal to the per share liquidation preference plus accumulated and unpaid dividends, if any, through the date of redemption.
Dividend Payment Dates Quarterly every February 15, May 15, August 15 and November 15. If a dividend payment date falls on a non-business day, the applicable dividend payment will be made on the next business day and no additional dividend payment will accrue as a result of such delayed payment.
Series A Commencement Date: November 15, 2020 Series B Commencement Date: February 15, 2022

Preferred Issue: Distributions

Cumulative Preferred Stock Record Date Ex-Date Payable Date Total Distribution
Series A 02.02.21 02.01.21 02.16.21 $0.27344
Series A 05.03.21 04.30.21 05.17.21 $0.27344
Series A 08.02.21 07.30.21 08.16.21 $0.27344
Series A 11.01.21 10.29.21 11.15.21 $0.27344
Series A 02.02.22 02.01.22 02.15.22 - -
Series B 02.02.22 02.01.22 02.15.22 - -
Series A 05.03.22 05.02.22 05.16.22 - -
Series B 05.03.22 05.02.22 05.16.22 - -
Series A 08.02.22 08.01.22 08.15.22 - -
Series B 08.02.22 08.01.22 08.15.22 - -
Series A 11.02.22 11.01.22 11.15.22 - -
Series B 11.02.22 11.01.22 11.15.22 - -

The distribution was calculated based on the preferred shares Liquidation Preference of $25.00 per share and most current distribution rate per share of 4.375%. Distributions may be paid from sources of income other than ordinary income, such as net realized short-term capital gains, net realized long term capital gains and return of capital. The current distribution has been paid from ordinary income. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. If a distribution includes anything other than net investment income, the Fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099-DIV forms after the end of the year.

Portfolio Management

Patrick Galley, CFA
Chief Executive Officer, Chief Investment Officer
RiverNorth
Read full bio »
Steve O'Neill, CFA
Portfolio Manager
RiverNorth
Read full bio »
Jeffrey Gundlach
Chief Executive Officer, Chief Investment Officer
DoubleLine
Read full bio »
Jeffrey Sherman
Deputy Chief Investment Officer
DoubleLine
Read full bio »

Disclosures & Definitions

Risk is inherent in all investing. Investing in any investment company security involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Therefore, before investing in the Common Shares, you should consider the risks as well as the other information in the prospectus.

More detailed information regarding these risks can be found in the Fund's prospectus.

Past performance is no guarantee of future results. Diversification does not ensure a profit or guarantee against loss.

An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle.

Investors should consider the Fund's investment objective, risks, charges and expenses carefully before investing. The prospectus should be read carefully before investing. For more information, please read the prospectus, call your financial professional or call 844.569.4750.

The fund is a closed-end fund and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering, the Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market's value.

CFA® is a trademark owned by the CFA Institute.

DoubleLine® is a registered trademark of DoubleLine Capital LP.

1 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

2 Leverage is a speculative technique that exposes a closed-end fund to greater risk and increased costs than if it were not used. The use of leverage may cause greater volatility in the level of a closed-end fund's NAV, market price and distributions on its common shares. Leverage will also result in higher fees to the closed-end fund manager because the amount of assets under management will be included in the Fund's managed assets. There can be no assurance that a closed-end fund will use leverage or that its leveraging strategy will be successful during any period in which it is employed.

3 The Bloomberg Barclays US Aggregate Bond Index is an unmanaged index of investment-grade fixed-rate debt issues with maturities of at least one year. The index cannot be invested in directly and does not reflect fees and expenses.

4 Estimated Duration: Duration is a measure of the sensitivity of the price of a fixed income investment to a change in interest rates. Duration is expressed as a number of years. Duration is estimated by the adviser based on certain assumptions from third-party data and is subject to change.