RiverNorth launches core opportunity fund I-share class
RiverNorth Capital Management’s flagship RiverNorth Core Opportunity Fund has launched an institutional share class (RNCIX).
The new share class will be in addition to the existing R-share class (RNCOX).
The USD730 million RiverNorth Core Opportunity Fund is an open-end mutual fund focused on opportunistically investing in closed-end funds and exchange-traded funds.
Given the continuous opportunities within the closed-end fund marketplace since May of last year, RiverNorth has made the decision to launch an institutional share class to give institutional investors the opportunity to invest in a share class that does not contain a 12b-1 fee. The minimum investment for the new I-share class will be USD5 million.
"RiverNorth is excited about the ongoing opportunity set within the closed-end fund space and is pleased to offer institutional investors further access to our flagship strategy," says Patrick Galley, chief investment officer of RiverNorth. "With the launch of this institutional share class for the RiverNorth Core Opportunity Fund, the firm feels confident that it is attracting the right kind of investors and that the integrity of the strategy will be maintained for everyone."
The fund seeks to provide investors with total return consisting of long-term capital appreciation and income through a diverse allocation to both equity and fixed income asset classes with the potential ability to generate excess return (alpha) through changes in closed-end fund discounts/premiums.
The fund's portfolio managers are Patrick Galley and Stephen O'Neill.
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