RiverNorth Opportunities Fund, Inc. (the "Fund") seeks total return consisting of capital appreciation and current income.
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.
Investment Strategy
The Fund employs a tactical asset allocation strategy primarily comprised of closed-end funds, exchange-traded funds, special purpose acquisition companies (SPACs), and business development companies (BDCs). RiverNorth implements an opportunistic investment strategy designed to capitalize on the inefficiencies in the closed-end fund space while simultaneously providing diversified exposure to several asset classes.
Investment Rationale
RiverNorth Opportunities Fund, Inc.is a closed-end fund designed to opportunistically invest in closed-end funds (CEFs), exchange-traded funds (ETFs), special purpose acquisition companies (SPACs), and business development companies (BDCs) which seeks to provide:
Attractive monthly current income and the potential for capital appreciation
Access to a diversified portfolio of closed-end and exchange-traded funds representing a wide array of underlying asset classes
The potential to benefit from unique alpha* opportunities in the closed-end fund market
Opportunistic use of leverage in order to potentially capitalize at times on market dislocations2
* A measure of performance on a risk-adjusted basis.
Fund Information as of 3.31.2024
NYSE Symbol
RIV
CUSIP
76881Y109
Inception Date
12.24.2015
Total Managed Assets*
$371.32M
Benchmark3
S&P 500 Total Return Index
Estimated Duration4 (years)
3.47
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 3.31.2024
Mar
3 Mo
1 Year
3 Year†
5 Year†
Since Inception†*
RiverNorth Opportunities Fund, Inc. Net Asset Value
2.52%
6.19%
17.52%
4.60%
7.70%
8.31%
RiverNorth Opportunities Fund, Inc. Market Price
2.09%
13.14%
21.42%
1.69%
7.74%
7.17%
S&P 500 Total Return Index3
3.22%
10.56%
29.88%
11.49%
15.05%
14.02%
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.
† Annualized
* Inception Date: 12.24.2015
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
Asset Class Allocation as of 3.31.2024
Fixed Income
42%
Investment Company Bonds
15%
Cash & Cash Equivalents
9%
International Equity
8%
US Equity
8%
Special Purpose Acquisition Companies (SPACs)
7%
Alternatives
1%
EM Equity
1%
Fixed Income
42%
Investment Company Bonds
15%
Cash & Cash Equivalents
9%
International Equity
8%
US Equity
8%
Special Purpose Acquisition Companies (SPACs)
7%
Alternatives
1%
EM Equity
1%
The allocation does not add up to 100% as it reflects the estimated leverage utilized by the underlying funds.
Investment Vehicle Allocation as of 3.31.2024
Closed-End Funds (CEFs)
65%
Investment Company Debt
15%
Cash & Cash Equivalents
7%
Special Purpose Acquisition Companies (SPACs)
7%
Treasuries
5%
Exchange-Traded Funds (ETFs)
-8%
The allocation does not add up to 100% as it reflects the estimated leverage utilized by the underlying funds.
Sector Allocation as of 3.31.2024
Municipal/BABs
26%
Investment Co. Bonds
15%
US Equity
9%
INT Equity
9%
Cash
7%
Special Purpose Acquisition Companies (SPACs)
7%
Preferreds
6%
High Yield
6%
US Government
4%
Bank Loans
3%
CEF Cash
3%
Emerging Market Debt
2%
Convertibles
2%
Non-Agency MBS
2%
Agency MBS
1%
Foreign Corporates
1%
CMBS
1%
ABS
1%
EM Equity
1%
Other
1%
Alternatives
1%
Municipal/BABs
26%
Investment Co. Bonds
15%
US Equity
9%
INT Equity
9%
Cash
7%
Special Purpose Acquisition Companies (SPACs)
7%
Preferreds
6%
High Yield
6%
US Government
4%
Bank Loans
3%
CEF Cash
3%
Emerging Market Debt
2%
Convertibles
2%
Non-Agency MBS
2%
Agency MBS
1%
Foreign Corporates
1%
CMBS
1%
ABS
1%
EM Equity
1%
Other
1%
Alternatives
1%
The allocation does not add up to 100% as it reflects the estimated leverage utilized by the underlying funds.
Distribution dates are estimates and subject to change.
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Preferred Issue
NYSE Trading Symbol
RIVPRA
Number of shares
3,910,000
Initial Public Offering Price
$25.00 per Share
Liquidation Preference
$25.00 per Share plus accumulated and unpaid dividends, if any
Dividend Rate
6.00% per annum
Original Issue Date
April 20, 2022
Non-Call Period and Redemption Information
The Series A Preferred Shares are generally not redeemable at the Fund's option prior to May 15, 2027, and are subject to mandatory redemption by the Fund in certain circumstances. On or after May 15, 2027, 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.
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: May 15, 2022
Preferred Issue: Distributions
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* Partial distribution representing the period from original issue date of April 20, 2022 to May 14, 2022.
Portfolio Management
Patrick Galley, CFAChief Executive Officer, Chief Investment OfficerRiverNorthRead full bio »
Steve O'Neill, CFAPortfolio ManagerRiverNorthRead 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 Annual Report and/or Semi Annual Report should be read carefully before investing. For more information, please read the Annual Report and/or Semi Annual Report, 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.
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 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.
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.
