The fund aims to achieve current income and overall total return by investing in tactical close-end fund income, core fixed income and opportunistic income, and it can change its allocation to each strategy depending on the managers’ assessment of market risk, security valuations, market volatility and the prospects for earning income.
“RiverNorth specializes in opportunistic, closed-end fund investment strategies that offer an alternative to conventional modes of investing,” said Patrick Galley, chief investment officer of the firm. “Our new mutual fund is designed to capitalize on market inefficiencies in both closed-end funds and the fixed income markets in partnership with one of the best fixed income managers in the business.”
Galley will manage the fund along with Jeffrey Gundlach, CEO and chief investment officer of DoubleLine.
