Name
As of 04/17/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
3.4%
1 yr return
12.0%
3 Yr Avg Return
2.5%
5 Yr Avg Return
5.9%
Net Assets
$46.7 M
Holdings in Top 10
57.0%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 3.92%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 182.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$5,000
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/17/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
RNCOX - Profile
Distributions
- YTD Total Return 3.4%
- 3 Yr Annualized Total Return 2.5%
- 5 Yr Annualized Total Return 5.9%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 2.88%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameRiverNorth Core Opportunity Fund
-
Fund Family NameRiverNorth Funds
-
Inception DateAug 11, 2014
-
Shares Outstanding2943416
-
Share ClassR
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerPatrick Galley
Fund Description
The Fund’s adviser, RiverNorth Capital Management, LLC (“RiverNorth Capital” or the “Adviser”), will allocate the Fund’s investments among equities, fixed income securities, and cash and cash equivalents. The Adviser may allocate to the various asset classes either through the purchase of closed-end investment companies (including business development companies (“BDCs”)), exchange-traded funds (“ETFs”) and other investment companies (collectively, “Underlying Funds”) or through direct investment in the various securities. The Adviser considers a number of factors when making these allocations, including fundamental and technical analysis to assess the relative risk and reward potential throughout the financial markets. As a result, the percentages allocated to equities, fixed income securities and cash and cash equivalents will vary. The Fund does not expect to directly invest in securities rated below Baa3 by Moody’s Investor Services, Inc. (“Moody’s”) (securities rated below BBB by S&P Global Ratings (“S&P”) and Baa3 by Moody’s are commonly referred to as “junk bonds”), although it may invest in Underlying Funds that hold securities rated below Baa3 or that are in default.
To achieve exposure to the asset classes discussed above, the Fund will typically invest more than 50% of its assets in Underlying Funds. The remaining portion of the Fund’s assets will be invested in individual equity and fixed income securities and real estate investment trusts (“REITs”), limited partnerships and structured securities, such as collateralized mortgage and debt obligations. REITs are companies that invest in real estate either directly or through mortgage securities. Collateralized mortgage obligations are securities that are backed by a pool of mortgage instruments and collateralized debt obligations are securities backed by a pool of bonds, debt or other assets. The Fund may invest directly in exchange-traded notes (“ETNs”), which are debt securities whose returns are linked to a particular index. The Fund may also invest in structured notes, which are debt securities whose returns are linked to the performance of a single equity security, a basket of equity securities, or an equity index.
The Fund also may invest directly in the equity and debt securities of U.S. corporate issuers, and U.S. government securities. Equity securities purchased by the Fund may include, but are not limited to, common stocks, preferred stocks, convertible securities, and warrants to buy common stocks. Fixed income securities purchased by the Fund may include corporate bonds, U.S. Treasury securities and municipal bonds. In addition, the Fund may invest without limitation in foreign securities, including securities issued in emerging market countries, either directly or by purchasing sponsored or unsponsored American Depositary Receipts (“ADRs”). Unsponsored ADRs are generally established by banks or brokers and may not share in the benefits or voting rights of sponsored ADRs. The Fund may also invest in Underlying Funds that hold foreign securities or ADRs. The Fund may also seek to realize additional gains or hedge investments by selling a security short. When the Fund engages in a short sale, it sells a security it does not own and, to complete the sale, borrows the same security from a broker or other institution. The Fund may liquidate positions in order to change the Fund’s asset allocation or to generate cash to invest in more attractive opportunities, which may result in a larger portion of any net gains being realized as short-term capital gains. In addition, a negative change in the fundamental or qualitative characteristics of the issuer may cause the Adviser to sell a security. Finally, the Adviser may sell a security when its price approaches, meets or exceeds the Adviser’s target price.
The Fund may invest in special purpose acquisition companies (“SPACs”). SPACs are collective investment structures that pool funds in order to seek potential acquisition opportunities. SPACs and similar entities may be blank check companies with no operating history or ongoing business other than to seek a potential acquisition. Certain SPACs may seek acquisitions only in limited industries or regions, which may increase the volatility of their prices. Investments in SPACs may be illiquid and/or be subject to restrictions on resale. To the extent the SPAC is invested in cash or similar securities, this
may impact the Fund’s ability to meet its investment objective.
The Fund may enter into total return swaps. Total return swaps are agreements that provide the Fund with a return based on the performance of an underlying asset (called a “reference asset”), in exchange for fee payments to a counterparty based on a specific rate of return. The difference in the value of these income streams is recorded daily by the Fund, and is settled in cash at the end of each month. The fee paid by the Fund will typically be determined by multiplying the face value of the swap agreement by an agreed upon interest rate. In addition, if the reference asset declines in value over the term of the swap, the Fund would also be required to pay the dollar value of that decline to the counterparty. Total return swaps could result in losses if the reference asset does not perform as anticipated by the Adviser. The Fund may use its own net asset value (“NAV”) or the NAV of a similar fund as the reference asset in a total return swap. This strategy serves to reduce “cash drag” (the impact of uninvested cash on the Fund’s overall return) by replacing it with the total return of the Fund’s own, or a similar fund’s investment holdings. The Fund records fluctuations in the value of open swap contracts on a daily basis as unrealized gains or losses.
RNCOX - Performance
Return Ranking - Trailing
Period | RNCOX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.4% | -2.5% | 5.5% | 43.78% |
1 Yr | 12.0% | 0.8% | 23.6% | 75.68% |
3 Yr | 2.5%* | -11.2% | 4.6% | 38.29% |
5 Yr | 5.9%* | -0.4% | 12.1% | 91.14% |
10 Yr | 5.9%* | 0.0% | 12.2% | 85.95% |
* Annualized
Return Ranking - Calendar
Period | RNCOX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 8.7% | -6.6% | 33.6% | 94.05% |
2022 | -15.8% | -44.4% | -9.8% | 3.83% |
2021 | -8.1% | -24.1% | 18.9% | 98.27% |
2020 | -1.8% | -10.9% | 60.4% | 90.91% |
2019 | 16.3% | 5.9% | 36.4% | 62.42% |
Total Return Ranking - Trailing
Period | RNCOX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.4% | -2.5% | 5.5% | 43.78% |
1 Yr | 12.0% | 0.8% | 23.6% | 75.68% |
3 Yr | 2.5%* | -11.2% | 4.6% | 38.29% |
5 Yr | 5.9%* | -0.4% | 12.1% | 91.14% |
10 Yr | 5.9%* | 0.0% | 12.2% | 85.95% |
* Annualized
Total Return Ranking - Calendar
Period | RNCOX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 13.1% | 1.4% | 34.9% | 94.59% |
2022 | -12.0% | -43.2% | -3.8% | 7.10% |
2021 | 16.3% | -24.1% | 26.7% | 79.19% |
2020 | 2.9% | -5.3% | 62.8% | 95.15% |
2019 | 22.0% | 12.4% | 52.6% | 88.54% |
NAV & Total Return History
RNCOX - Holdings
Concentration Analysis
RNCOX | Category Low | Category High | RNCOX % Rank | |
---|---|---|---|---|
Net Assets | 46.7 M | 9.96 M | 119 B | 92.43% |
Number of Holdings | 42 | 5 | 8469 | 20.54% |
Net Assets in Top 10 | 26 M | 6.4 M | 20.9 B | 93.51% |
Weighting of Top 10 | 57.00% | 0.7% | 100.0% | 82.16% |
Top 10 Holdings
- BlackRock ESG Capital Allocation Term Trust 9.99%
- Pershing Square Holdings Ltd. 9.91%
- BlackRock Capital Allocation Term Trust 9.47%
- Blackrock Flexible Income ETF 4.64%
- State Street Institutional Trust 4.39%
- Nuveen Variable Rate Preferred Income Fund 3.95%
- First Trust High Yield Opportunities 2027 Term Fund 3.89%
- First Trust New Opportunities MLP Energy Fund 3.66%
- Western Asset Inflation-Linked Opportunities Income Fund 3.63%
- Nuveen Municipal Value Fund, Inc. 3.47%
Asset Allocation
Weighting | Return Low | Return High | RNCOX % Rank | |
---|---|---|---|---|
Stocks | 89.08% | 0.00% | 100.05% | 73.51% |
Bonds | 5.58% | 0.00% | 141.68% | 7.03% |
Cash | 4.53% | 0.00% | 99.02% | 11.89% |
Convertible Bonds | 3.49% | 0.00% | 3.88% | 2.70% |
Preferred Stocks | 0.81% | 0.00% | 13.37% | 4.32% |
Other | 0.00% | -28.75% | 8.72% | 22.16% |
Stock Sector Breakdown
Weighting | Return Low | Return High | RNCOX % Rank | |
---|---|---|---|---|
Financial Services | 42.24% | 9.56% | 42.24% | 0.54% |
Technology | 13.01% | 1.75% | 32.38% | 95.11% |
Energy | 10.00% | 0.00% | 31.98% | 2.72% |
Utilities | 6.57% | 0.00% | 15.29% | 3.26% |
Industrials | 6.37% | 1.80% | 14.87% | 98.37% |
Consumer Cyclical | 5.80% | 1.15% | 24.72% | 97.28% |
Healthcare | 4.89% | 2.06% | 19.02% | 97.83% |
Communication Services | 3.68% | 1.90% | 13.69% | 97.28% |
Basic Materials | 3.54% | 0.00% | 8.62% | 71.74% |
Consumer Defense | 1.97% | 0.47% | 14.80% | 96.74% |
Real Estate | 1.92% | 0.00% | 28.04% | 79.89% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | RNCOX % Rank | |
---|---|---|---|---|
US | 89.08% | 0.00% | 100.05% | 69.19% |
Non US | 0.00% | 0.00% | 32.67% | 89.19% |
Bond Sector Breakdown
Weighting | Return Low | Return High | RNCOX % Rank | |
---|---|---|---|---|
Corporate | 47.70% | 0.00% | 94.65% | 11.89% |
Government | 9.02% | 0.00% | 58.00% | 41.62% |
Securitized | 8.99% | 0.00% | 24.35% | 14.59% |
Cash & Equivalents | 4.39% | 0.00% | 33.60% | 8.65% |
Municipal | 4.30% | 0.00% | 11.59% | 2.16% |
Derivative | 0.00% | -1.12% | 5.93% | 16.22% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | RNCOX % Rank | |
---|---|---|---|---|
US | 5.58% | 0.00% | 139.75% | 7.03% |
Non US | 0.00% | 0.00% | 1.93% | 89.19% |
RNCOX - Expenses
Operational Fees
RNCOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 3.92% | 0.23% | 3.92% | 0.54% |
Management Fee | 1.00% | 0.00% | 1.30% | 97.84% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 54.17% |
Administrative Fee | N/A | 0.01% | 0.28% | 43.27% |
Sales Fees
RNCOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
RNCOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 2.00% | 2.00% | 35.71% |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
RNCOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 182.00% | 0.18% | 300.02% | 95.93% |
RNCOX - Distributions
Dividend Yield Analysis
RNCOX | Category Low | Category High | RNCOX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 9.02% | 17.30% |
Dividend Distribution Analysis
RNCOX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Annual | Quarterly | Annual |
Net Income Ratio Analysis
RNCOX | Category Low | Category High | RNCOX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.88% | -0.65% | 5.31% | 4.40% |
Capital Gain Distribution Analysis
RNCOX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Semi-Monthly | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 28, 2024 | $0.039 | OrdinaryDividend |
Feb 29, 2024 | $0.012 | OrdinaryDividend |
Jan 31, 2024 | $0.008 | OrdinaryDividend |
Dec 29, 2023 | $0.023 | OrdinaryDividend |
Nov 30, 2023 | $0.029 | OrdinaryDividend |
Oct 31, 2023 | $0.022 | OrdinaryDividend |
Sep 29, 2023 | $0.022 | OrdinaryDividend |
Aug 31, 2023 | $0.026 | OrdinaryDividend |
Jul 31, 2023 | $0.021 | OrdinaryDividend |
Jun 30, 2023 | $0.027 | OrdinaryDividend |
May 31, 2023 | $0.027 | OrdinaryDividend |
Apr 28, 2023 | $0.024 | OrdinaryDividend |
Mar 31, 2023 | $0.006 | OrdinaryDividend |
Feb 28, 2023 | $0.024 | OrdinaryDividend |
Jan 31, 2023 | $0.016 | OrdinaryDividend |
Dec 30, 2022 | $0.064 | OrdinaryDividend |
Nov 30, 2022 | $0.030 | OrdinaryDividend |
Oct 31, 2022 | $0.011 | OrdinaryDividend |
Sep 30, 2022 | $0.025 | OrdinaryDividend |
Aug 31, 2022 | $0.017 | OrdinaryDividend |
Jul 29, 2022 | $0.019 | OrdinaryDividend |
Jun 30, 2022 | $0.021 | OrdinaryDividend |
May 31, 2022 | $0.023 | OrdinaryDividend |
Apr 29, 2022 | $0.024 | OrdinaryDividend |
Mar 31, 2022 | $0.018 | OrdinaryDividend |
Jan 31, 2022 | $0.044 | OrdinaryDividend |
Dec 31, 2021 | $1.631 | OrdinaryDividend |
Nov 30, 2021 | $0.048 | OrdinaryDividend |
Oct 29, 2021 | $0.058 | OrdinaryDividend |
Sep 30, 2021 | $0.057 | OrdinaryDividend |
Aug 31, 2021 | $0.027 | OrdinaryDividend |
Jul 30, 2021 | $0.030 | OrdinaryDividend |
Jun 30, 2021 | $0.034 | OrdinaryDividend |
May 28, 2021 | $0.015 | OrdinaryDividend |
Apr 30, 2021 | $0.018 | OrdinaryDividend |
Mar 31, 2021 | $0.012 | OrdinaryDividend |
Feb 26, 2021 | $0.014 | OrdinaryDividend |
Jan 29, 2021 | $0.064 | OrdinaryDividend |
Dec 21, 2020 | $0.056 | OrdinaryDividend |
Nov 30, 2020 | $0.019 | OrdinaryDividend |
Oct 30, 2020 | $0.022 | OrdinaryDividend |
Sep 30, 2020 | $0.045 | OrdinaryDividend |
Aug 31, 2020 | $0.019 | OrdinaryDividend |
Jul 31, 2020 | $0.024 | OrdinaryDividend |
May 29, 2020 | $0.017 | OrdinaryDividend |
Apr 30, 2020 | $0.022 | OrdinaryDividend |
Mar 31, 2020 | $0.038 | OrdinaryDividend |
Feb 28, 2020 | $0.012 | OrdinaryDividend |
Jan 31, 2020 | $0.016 | OrdinaryDividend |
Dec 23, 2019 | $0.039 | OrdinaryDividend |
Nov 27, 2019 | $0.028 | OrdinaryDividend |
Oct 31, 2019 | $0.036 | OrdinaryDividend |
Sep 30, 2019 | $0.105 | OrdinaryDividend |
Jun 28, 2019 | $0.093 | OrdinaryDividend |
Mar 29, 2019 | $0.086 | OrdinaryDividend |
Sep 28, 2018 | $0.083 | OrdinaryDividend |
Jun 29, 2018 | $0.024 | OrdinaryDividend |
Mar 29, 2018 | $0.022 | OrdinaryDividend |
Sep 29, 2017 | $0.123 | OrdinaryDividend |
Jun 30, 2017 | $0.108 | OrdinaryDividend |
Mar 31, 2017 | $0.126 | OrdinaryDividend |
Dec 30, 2016 | $0.194 | OrdinaryDividend |
Sep 30, 2016 | $0.112 | OrdinaryDividend |
Jun 30, 2016 | $0.120 | OrdinaryDividend |
Mar 31, 2016 | $0.091 | OrdinaryDividend |
Sep 30, 2015 | $0.136 | OrdinaryDividend |
Jun 30, 2015 | $0.093 | OrdinaryDividend |
Dec 31, 2014 | $0.434 | OrdinaryDividend |
Dec 31, 2013 | $0.236 | OrdinaryDividend |
Dec 31, 2012 | $0.347 | OrdinaryDividend |
Dec 29, 2010 | $0.321 | OrdinaryDividend |
Dec 31, 2009 | $0.454 | OrdinaryDividend |
Dec 28, 2007 | $0.231 | OrdinaryDividend |
RNCOX - Fund Manager Analysis
Managers
Patrick Galley
Start Date
Tenure
Tenure Rank
Dec 27, 2006
15.44
15.4%
Patrick joined RiverNorth in 2004 and serves as Chief Investment Officer and Portfolio Manager. Patrick heads the firm's investment team and oversees all portfolio management activities at RiverNorth. Patrick also serves as the President and Chairman of RiverNorth Funds. Prior to joining RiverNorth, Patrick was Vice President at Bank of America in the Global Investment Bank's Portfolio Management group where he specialized in analyzing and structuring corporate transactions for investment management firms in addition to closed-end and open-end funds, hedge funds, fund of funds, structured investment vehicles and insurance/reinsurance companies. Patrick graduated with honors from Rochester Institute of Technology with a B.S. in Finance. He is a CFA Charterholder and member of the CFA Institute and the CFA Society of Chicago.
Stephen O'Neill
Start Date
Tenure
Tenure Rank
Dec 31, 2008
13.42
13.4%
Steve joined RiverNorth in 2007 and serves as Portfolio Manager. Steve co-manages the firm's closed-end fund trading strategies and helps to oversee the firm's closed-end fund investment analysts. Prior to joining RiverNorth, Steve was Assistant Vice President at Bank of America in the Global Investment Bank's Portfolio Management group where he specialized in the corporate real estate, asset management and structured finance industries. Steve graduated Magna Cum Laude from Miami University of Ohio with a B.S. in Finance and a minor in Economics. He is a CFA Charterholder and member of the CFA Institute and the CFA Society of Chicago.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.19 | 26.6 | 6.51 | 2.41 |