RiverNorth Core Opportunity Fund
Class I: RNCIX
Class R: RNCOX
Overview
Performance
Portfolio
Distributions
Management

Overview

Net Asset Value as of 10.20.2021 Current NAV Daily Change % YTD Change %
Class I: RNCIX $9.49 0.00% 17.87%
Class R: RNCOX $9.50 0.00% 17.62%

Investment Objective & Philosophy

  • The RiverNorth Core Opportunity Fund seeks to provide investors with long-term capital appreciation and income.
  • RiverNorth primarily allocates the Fund's assets among closed-end funds, exchange-traded funds and cash.
  • While 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.

Diversification does not ensure a profit or guarantee against loss.

Investment Strategy

  • Primarily invests in closed-end funds and exchange-traded funds that invest in both equity and fixed income securities
  • Opportunistically utilizes a combination of short-term and long-term trading strategies to seek to derive value from changes in discounts and premiums associated with closed-end funds
  • Employs both a quantitative and qualitative approach
  • Utilizes proprietary screening and trading models

Investment Rationale

  • Fund provides beta2 exposure to both equity and fixed income asset classes with the potential ability to generate alpha2 through changes in closed-end fund discounts/premiums
  • Opportunistic strategy designed to capitalize on the inefficiencies within the closed-end fund space
  • Experienced and proven managers
  • Tactically managed asset allocation
  • Flexibility to respond to market dynamics

Fund Information as of 8.31.2021

Class I (Institutional) Class R (Retail)
NASDAQ Symbol RNCIX RNCOX
CUSIP 76881N889 76881N103
Inception Date 12.27.2006 8.11.2014
Annual Report Expense Ratio 1.29% 1.54%
Total Expense Ratio3 2.69% 2.94%
Minimum Initial Investment $100,000 $5,000
Minimum IRA Investment $100,000 $1,000
30-Day SEC Yield (net)4, 5 2.52% 2.28%
Benchmarks6 S&P 500 Index, Barclays Aggregate Index, Morningstar Blend
Fund Net Assets $82.1M
Sales Load None
Income Distributions Monthly
Capital Gains Distributions Annually

Performance

Total Returns for the Period Ending 6.30.2021 Q2 2021 1 Year 3 Year 5 Year 10 Year Since Inception†* (RNCOX) Since Inception* (RNCIX)
RiverNorth Core Opportunity Fund, Class I 5.75% 36.97% 10.94% 11.11% - - - - 8.11%
RiverNorth Core Opportunity Fund, Class R 5.68% 36.58% 10.68% 10.83% 8.14% 8.34% - -
S&P 500 Total Return Index2 8.55% 40.79% 18.67% 17.65% 14.84% 10.15% 14.51%
Bloomberg Barclays US Aggregate Bond Index2 1.83% -0.33% 5.34% 3.03% 3.39% 4.21% 3.29%
Morningstar Category: U.S. Fund Allocation - 50% to 70% Equity2 5.15% 26.62% 11.01% 10.00% 7.89% 6.03% 7.61%
Total Returns for the Period Ending 8.31.2021 August 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since Inception†* (RNCIX) Since Inception†* (RNCOX)
RiverNorth Core Opportunity Fund, Class I 1.06% 2.46% 16.02% 30.86% 10.21% 10.29% - - 8.04% - -
RiverNorth Core Opportunity Fund, Class R 1.15% 2.50% 15.93% 30.63% 9.97% 10.03% 8.90% - - 8.30%
S&P 500 Total Return Index6 3.04% 7.95% 21.58% 31.17% 18.07% 18.02% 16.34% 15.01% 10.43%
Bloomberg Barclays US Aggregate Bond Index6 -0.19% 1.63% -0.69% -0.08% 5.43% 3.11% 3.18% 3.35% 4.23%
Morningstar Category: U.S. Fund Allocation - 50% to 70% Equity6 1.54% 3.42% 12.27% 21.02% 10.75% 9.92% 8.73% 7.80% 6.14%

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.

* RNCOX Inception Date: 12.27.2006, RNCIX Inception Date: 8.11.2014

Average Annual

Portfolio

  • Portfolio asset allocations are estimates made by the adviser and are subject to change.
Asset Class Allocation as of 8.31.2021
Asset Class Allocation
Fixed Income 34%
Cash & Cash Equivalents 21%
US Equity 18%
Business Development Companies (BDCs) 14%
Special Purpose Acquisition Companies (SPACs) 11%
International Equity 11%
Investment Company Bonds 6%
Alternatives 3%
Fixed Income 34%
Cash & Cash Equivalents 21%
US Equity 18%
Business Development Companies (BDCs) 14%
Special Purpose Acquisition Companies (SPACs) 11%
International Equity 11%
Investment Company Bonds 6%
Alternatives 3%

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

Investment Vehicle Allocation as of 8.31.2021
Asset Class Allocation
Closed-End Funds (CEFs) 56%
Cash & Cash Equivalents 19%
Special Purpose Acquisition Companies (SPACs) 10%
Business Development Companies (BDCs) 7%
Investment Company Bonds 6%
Exchange-Traded Funds (ETFs) 1%
Closed-End Funds (CEFs) 56%
Cash & Cash Equivalents 19%
Special Purpose Acquisition Companies (SPACs) 10%
Business Development Companies (BDCs) 7%
Investment Company Bonds 6%
Exchange-Traded Funds (ETFs) 1%

Total does not add up to 100% due to rounding.

Fixed Income Allocation as of 8.31.2021
Asset Class Allocation
High Yield 45%
Not Rated 43%
Investment Grade 12%
High Yield 45%
Not Rated 43%
Investment Grade 12%

Total does not add up to 100% due to rounding.

Distributions

  • Distribution dates are estimates and subject to change.
Current Year Only Show All   |  

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 »

Disclosures & Definitions

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

Fund Risks: Borrowing Risk – borrowings increase fund expenses and are subject to repayment, possibly at inopportune times. Closed-End Fund Risk – closed-end funds are exchange traded, may trade at a discount to their net asset values and may deploy leverage. Derivatives Risk – derivatives are subject to counterparty risk. Equity Risk – equity securities may experience volatility and the value of equity securities may move in opposite directions from each other and from other equity markets generally. Convertible Security Risk – the market value of convertible securities adjusts with interest rates and the value of the underlying stock. Exchange Traded Note Risk – exchange traded notes represent unsecured debt of the issuer and may be influenced by interest rates, credit ratings of the issuer or changes in value of the reference index. Fixed Income Risk – the market value of fixed income securities adjusts with interest rates and the securities are subject to issuer default. Foreign/Emerging Market Risk – foreign securities may be subject to inefficient or volatile markets, different regulatory regimes or different tax policies. These risks may be enhanced in emerging markets. Investment Style Risk – investment strategies may come in and out of favor with investors and may underperform or outperform at times. Management Risk – there is no guarantee that the adviser's investment decisions will produce the desired results. Large Shareholder Purchase and Redemption Risk – The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Market Risk – economic conditions, interest rates and political events may affect the securities markets. Preferred Stock Risk – preferred stocks generally pay dividends, but may be less liquid than common stocks, have less priority than debt instruments and may be subject to redemption by the issuer. REIT Risk – the value of REITs changes with the value of the underlying properties and changes in interest rates and are subject to additional fees. Security Risk – The value of the Fund may decrease in response to the activities and financial prospects of individual securities in the Fund's portfolio. Short Sale Risk – short positions are speculative, are subject to transaction costs and are riskier than long positions in securities. Small-Cap Risk – small-cap companies are more susceptible to failure, are often thinly traded and have more volatile stock prices. Structured Notes Risk – because of the embedded derivative feature, structured notes are subject to more risk than investing in a simple note or bond. Swap Risk – swap agreements are subject to counterparty default risk and may not perform as intended. Tax Risk – new federal or state governmental action could adversely affect the tax-exempt status of securities held by the Fund, resulting in higher tax liability for shareholders and potentially hurting Fund performance as well. Underlying Fund Risk – underlying funds have additional fees, may utilize leverage, may not correlate to an intended index and may trade at a discount to their net asset values.

ALPS Distributors, Inc. is not affiliated with RiverNorth Capital Management, LLC.

CFA® is a trademark owned by the CFA Institute.

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

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 Standard Deviation is a measure of the volatility of a fund's returns. Beta reflects the sensitivity of a fund's return to fluctuations in the market index. A beta of 0.5 reflects half of the market's volatility as represented by the Fund's primary benchmark, while a beta of 2.0 reflects twice the volatility. 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.

3 The expense ratio as disclosed in the Fund's annual report dated 9.30.2020 only includes the direct expenses paid by shareholders from their investment. The expense ratio as disclosed in the Fund's prospectus dated 1.28.2021 is required to include the indirect expenses of investing in underlying funds.

4 30-Day SEC Yield: The yield figure reflects the dividends and interest earned during the period, after the deduction of the Funds' expenses.

5 The Fund pays periodic distributions consisting of dividend income, return of capital, and capital gains. However, the tax characteristics of these distributions cannot be fully determined until after the end of year when the Fund's underlying investments designate or reclassify the composition of their payments. In the interim, the Fund estimates return of capital rates based on the previous year's distribution. As a result, a portion of the quoted SEC Yield may consist of an estimated amount of return of capital

6 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. 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 indexes cannot be invested in directly and do not reflect fees and expenses. The Morningstar U.S. Fund Allocation Category - 50% to 70% Equity. Funds in allocation categories seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These portfolios are dominated by domestic holdings and have equity exposures between 50% and 70%.