New RiverNorth CEF Index Enables Investors to Track the Taxable Closed-End Fund Universe

CHICAGO, March 16 /PRNewswire/ -- RiverNorth Capital, a leading investment management firm specializing in closed-end funds, announced today the launch of the RiverNorth Closed-End Fund Index ("RiverNorth CEF Index").  The index is designed to track the performance and average discount of taxable closed-end funds.  There are over 350 taxable closed-end funds with total net assets exceeding $135 billion.  The taxable closed-end fund market covers a variety of asset classes from high yield bonds to emerging market equities.

"At RiverNorth, we are committed to educating investors about closed-end funds.  The creation of the RiverNorth CEF Index is an extension of our commitment," said RiverNorth CEO Brian Schmucker.  "We believe educated investors can capitalize on the unique investment opportunities in the closed-end fund space."

The RiverNorth CEF Index is an equal weighted index of 75 taxable closed-end funds.  The rules-based index has two objectives – 1) to ensure the index constituents provide similar asset class exposures as the broader taxable closed-end fund market, and 2) to ensure the index constituents have trading liquidity.  To accomplish these objectives, the RiverNorth methodology first weights the asset classes based on their respective net asset values within the taxable closed-end fund market and second, selects the most liquid closed-end funds within each asset class and equal weights each security to represent the asset class in the index.  

"The RiverNorth CEF Index will help closed-end fund investors gauge the performance of their portfolios versus a comparable benchmark.  We believe the RiverNorth CEF Index provides the best representation of the taxable closed-end fund market because the Index is designed to capture the broader group's asset class diversity," Mr. Schmucker said.

For more information about the RiverNorth CEF Index, please visit www.rivernorth.com. To request more information about RiverNorth Capital, please contact Katrine Winther-Olesen at 973-400-1341 or katrine@jcprinc.com.

About RiverNorth Capital  

RiverNorth Capital Management, LLC, is a leading investment management firm specializing in closed-end funds. As one of the nation's largest closed-end fund investors, RiverNorth makes quantitative and qualitative closed-end fund trading strategies available to advisors, institutions and individual investors. RiverNorth Capital is the Investment Advisor to RiverNorth Funds, and is the General Partner of two private investment entities.

SOURCE RiverNorth Capital

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