RiverNorth/DoubleLine Strategic Income Fund
Class I: RNSIX
Class R: RNDLX
Overview
Performance
Portfolio
Distributions
Management

Overview

Net Asset Value as of 10.20.2021 Current NAV Daily Change % YTD Change %
Class I: RNSIX $10.51 0.00% 3.33%
Class R: RNDLX $10.53 0.00% 3.14%

Investment Objective & Philosophy

The RiverNorth/DoubleLine Strategic Income 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 three principal strategies: Tactical Closed-End Fund Income, Core Fixed Income and Opportunistic Fixed Income. RiverNorth manages the Tactical Closed-End Fund Income Strategy and DoubleLine manages the Core Fixed Income and Opportunistic Fixed Income Strategies.

RiverNorth determines which portion of the Fund's assets is allocated to each strategy based on market conditions, although there is no set minimum for any strategy. Therefore, the amount allocated to any individual strategy may vary between 0% and 100%. RiverNorth, however, anticipates it will, under normal circumstances, allocate some portion of the Fund's assets to each of the three strategies at any given time.

Investment Rationale

  • Core fixed income portfolio combined with two niche, hard-to-access, potential alpha-generating strategies2.
  • Experienced and proven managers
  • Flexible and opportunistic income strategies designed to capitalize on the inefficiencies within the closed-end fund space and fixed income markets, including the mortgage-backed securities market
  • Flexibility to respond to market dynamics

Fund Information as of 8.31.2021

Class I (Institutional) Class R (Retail)
NASDAQ Symbol RNSIX RNDLX
CUSIP 76881N202 76881N301
Inception Date 12.30.2010
Annual Report Expense Ratio 0.87% 1.12%
Total Expense Ratio3 1.39% 1.64%
Minimum Initial Investment $100,000 $5,000
Minimum IRA Investment $100,000 $1,000
Estimated Duration (years)4 3.09 3.09
30-Day SEC Yield (net)5, 6 3.37% 3.12%
Benchmarks Bloomberg Barclays US Aggregate Bond Index7
Fund Net Assets $2.03B
Sales Load None
Income Distributions Monthly
Capital Gains Distributions Annually

Performance

Total Returns for the Period Ending 6.30.2021 Q2 2021 YTD 1 Year 3 Year 5 Year 10 Year Since Inception†*
RiverNorth/DoubleLine Strategic Income Fund, Class I 2.41% 2.93% 10.15% 6.52% 5.26% 5.74% 6.07%
RiverNorth/DoubleLine Strategic Income Fund, Class R 2.34% 2.80% 9.86% 6.27% 5.01% 5.49% 5.82%
Bloomberg Barclays US Aggregate Bond Index7 1.83% -1.60% -0.33% 5.34% 3.03% 3.39% 3.53%
Total Returns for the Period Ending 8.31.2021 August 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since Inception†*
RiverNorth/DoubleLine Strategic Income Fund, Class I 0.09% 1.54% 3.70% 8.04% 6.39% 4.91% 5.56% 6.05%
RiverNorth/DoubleLine Strategic Income Fund, Class R 0.07% 1.48% 3.52% 7.75% 6.11% 4.64% 5.31% 5.79%
Bloomberg Barclays US Aggregate Bond Index7 -0.19% 1.63% -0.69% -0.08% 5.43% 3.11% 3.18% 3.56%

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.

* Inception Date: 12.30.2010

Average Annual

Portfolio

  • Portfolio asset allocations are estimates made by the adviser and are subject to change.
Strategy Weightings as of 8.31.2021
Strategy Weighting
Opportunistic Income Strategy [DoubleLine] 36%
Core Fixed Income Strategy [DoubleLine] 33%
Tactical Closed-End Fund Income Strategy [RiverNorth] 31%
Opportunistic Income Strategy [DoubleLine] 36%
Core Fixed Income Strategy [DoubleLine] 33%
Tactical Closed-End Fund Income Strategy [RiverNorth] 31%
Fixed Income Allocation as of 8.31.2021
Fixed Income Class Allocation
Investment Grade 49%
High Yield 34%
Not Rated 17%
Investment Grade 49%
High Yield 34%
Not Rated 17%
Sector as of 8.31.2021
Sector Weighting
Non-Agency MBS 19%
Cash 14%
US Government 13%
Bank Loans 11%
Agency MBS 10%
High Yield 6%
CMBS 6%
Other 5%
IG/Corporates 5%
Special Purpose Acquisition Companies (SPACs) 4%
Emerging Market Debt 4%
Investment Co. Bonds 3%
Infrastructure 2%
BDCs 1%
Preferreds 1%
Developed Foreign 1%
Non-Agency MBS 19%
Cash 14%
US Government 13%
Bank Loans 11%
Agency MBS 10%
High Yield 6%
CMBS 6%
Other 5%
IG/Corporates 5%
Special Purpose Acquisition Companies (SPACs) 4%
Emerging Market Debt 4%
Investment Co. Bonds 3%
Infrastructure 2%
BDCs 1%
Preferreds 1%
Developed Foreign 1%

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

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 »
Jeffrey Gundlach
Chief Executive Officer, Chief Investment Officer
DoubleLine
Read full bio »
Jeffrey Sherman
Deputy Chief Investment Officer
DoubleLine
Read full bio »

Disclosures & Definitions

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

Fund Risks: Asset-Backed Security Risk – the risk that the value of the underlying assets will impair the value of the security. 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. Convertible Security Risk – the market value of convertible securities adjusts with interest rates and the value of the underlying stock. Currency Risk – foreign currencies will rise or decline relative to the U.S. dollar. Defaulted Securities Risk – defaulted securities carry the risk of uncertainty of repayment. 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. 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. Liquidity Risk – illiquid investments may be difficult or impossible to sell. 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. Management Risk – there is no guarantee that the adviser's or sub-adviser's investment decisions will produce the desired results. Market Risk – economic conditions, interest rates and political events may affect the securities markets. Mortgage-Backed Security Risk – mortgage backed securities are subject to credit risk, pre-payment risk and devaluation of the underlying collateral. 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. Rating Agency Risk – rating agencies may change their ratings or ratings may not accurately reflect a debt issuer's creditworthiness. 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. 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. Valuation Risk – Loans and fixed-income securities are traded "over the counter" and because there is no centralized information regarding trading, the valuation of loans and fixed-income securities may vary.

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

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

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 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 data 1.28.2021 is required to include the indirect expenses of investing in underlying funds.

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.

5 30-Day SEC Yield: The yield figure reflects the dividends and interest earned during the period, after the deduction of the Fund's expenses.

6 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 the 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 SEC Yield may consist of an estimated amount of return of capital.

7 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.

8 BofA Master Mortgage Index consists of fixed-rate, coupon-bearing bonds that are comprised of generic pass-through securities which are composed of numerous mortgage pools with various maturities. The amount outstanding in each agency/type/coupon subdivision of the mortgage index must be greater than or equal to $200 million. CMOs are excluded to avoid double-counting. The index cannot be invested in directly and does not reflect fees and expenses.

9 The All Fixed Income Closed-End Fund (CEF) Index is a peer grouping of all listed closed-end funds Morningstar categorizes as "Fixed Income", including both taxable and non-taxable funds.

10 Standard deviation is a measure of the volatility of a fund's returns.