RiverNorth Managed Duration Municipal Income Fund, Inc. (XRMMX)
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XRMMX Chart
Seeking Yields Of +7%
Use RMM and USA to gain exposure to two completely unrelated asset classes. Benefit from RiverNorth's expertise in capturing "discounts on discounts" in the municipal bond sector. Secure a 12% yield from the world's most profitable large-cap companies through USA.
RMM: It's A Cute Idea That Does Not, Quite, Work
RiverNorth Managed Duration Muni Inc Fd employs a fund-of-funds strategy targeting CEFs trading below NAV, aiming for enhanced returns. RMM's distribution yield appears attractive at 7.7%, but after adjusting for return of capital, the true yield is only 3.66%. RMM's leverage and low credit/interest rate risk positioning do not deliver superior after-tax income versus simpler municipal bond funds.
RMM: With Modest Returns And High Expenses, I'll Continue To Pass
I maintain a 'hold' rating on RMM, despite its attractive 8% yield and notable discount to NAV, due to lingering concerns from past reviews. Municipal bonds remain a core allocation for me, offering superior after-tax yields versus similarly rated corporates, especially as tax rates rise. RMM's current discount to NAV is appealing, but it's consistent with its historical range, so I don't see it as a standout bargain.
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RiverNorth Managed Duration Municipal Income Fund, Inc. Profile
| NASDAQ Exchange | US Country |
Overview
Rivernorth Managed Duration Municipal Income Fund Inc. is a specialized closed-ended fixed income mutual fund that capitalizes on the investment expertise of RiverNorth Capital Management, LLC, along with the co-management skills of MacKay Shields LLC. The firm was established on July 26, 2019, and is efficiently domiciled within the United States. Focusing on the fixed income markets of the United States, Rivernorth Managed Duration Municipal Income Fund Inc. adopts a strategic approach to investment, intertwining fundamental and quantitative analysis to shape its investment decisions and manage portfolio performance. This distinguished fund is dedicated to those seeking investment grade municipal debt securities, targeting a diverse range of maturities to optimize returns and mitigate risks for its investors.
Products and Services
Rivernorth Managed Duration Municipal Income Fund Inc. offers a distinct investment opportunity focusing on:
- Investment Grade Municipal Debt Securities: The core of Rivernorth Managed Duration Municipal Income Fund Inc.'s investment strategy is its focus on high-quality municipal bonds. These securities are well-regarded for their tax-exempt status and are often sought after by investors looking for stable, regular income while minimizing exposure to risk. The fund seeks to invest across a wide range of maturities, allowing for a diversified and flexible investment portfolio.
The fund employs a nuanced investment process that includes:
- Combination of Fundamental and Quantitative Analysis: By leveraging both fundamental and quantitative research methods, the fund aims to identify the most promising investment opportunities within the municipal bond sector. This multifaceted approach allows it to take into account both the quantitative metrics of securities and the qualitative aspects of the issuers, striving to optimize portfolio performance against its benchmark, the Bloomberg Barclays Municipal Bond Index.
- Proprietary Research: Rivernorth Managed Duration Municipal Income Fund Inc. prides itself on its proprietary research capabilities, which facilitate a deeper understanding of the market dynamics and help in crafting a portfolio that is designed to manage risks and harness growth potential over time. This tailored research approach is integral to the fund's strategy to provide competitive returns to its investors.
