|By PR Newswire||
|August 11, 2014 09:30 AM EDT||
CHICAGO, Aug. 11, 2014 /PRNewswire/ -- RiverNorth Capital Management, LLC ("RiverNorth") announced today that its flagship RiverNorth Core Opportunity Fund launched an institutional share class (Symbol: RNCIX). The new share class will be in addition to the existing R-share class (RNCOX).
The $730 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 of the Fund, RNCIX, 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 $5 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," said 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.
RiverNorth will host a live webcast to review the strategy on September 10, 2014. The webcast will be hosted by the Fund's co-Portfolio Manager and CIO, Patrick Galley. Visit www.rivernorthfunds.com/events/ to register.
RiverNorth is an investment management firm specializing in opportunistic investment strategies, including the trading of closed-end funds and volatility. RiverNorth invests in under-followed, niche markets where the potential to exploit inefficiencies is greatest. RiverNorth serves as the investment adviser to RiverNorth Funds and the General Partner of multiple limited partnerships.
RiverNorth's office can be reached at (312) 832-1440 or [email protected].
For more information, please visit www.rivernorthfunds.com.
RiverNorth Capital Management, LLC
You should carefully consider the investment objectives, potential risks, management fees, and charges and expenses of the Fund before investing. The Fund's prospectus contains this and other information about the Fund and should be read carefully before investing. You may obtain a copy of the Fund's prospectus by calling 1-888-848-7569.
Distributed by ALPS Distributors, Inc., 1290 Broadway, Suite 1100, Denver, CO 80203
(Member FINRA). Shares of the Fund are not available for sale outside the United States.
An investment in the Fund involves risk, including loss of principal.
SOURCE RiverNorth Capital Management, LLC
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