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RiverNorth launches dividend income fund with Manning & Napier


RiverNorth Capital Management has launched a new mutual fund, the RiverNorth/Manning & Napier Dividend Income Fund.

The fund will be sub-advised by Manning & Napier Advisors.

"We are very excited to be working with a firm with a 40-year history and a similar culture to ours," says Brian Schmucker (pictured), chief executive of RiverNorth. "Manning & Napier is well respected in the investment community and their Dividend Focus Strategy complements our opportunistic closed-end fund trading strategy very well."

"Manning & Napier is pleased to collaborate with RiverNorth as a sub-advisor to the new RiverNorth/Manning & Napier Dividend Income Fund. Our time-tested process and team of experienced analysts are committed to helping investors reach their long-term objectives," says Patrick Cunningham, chief executive officer, Manning & Napier. "This fund focuses on investing in financially sound companies trading at attractive prices. Together with RiverNorth, we believe we can help investors achieve their desired outcomes."

The fund’s investment objective will be total return consisting of long-term capital appreciation and income. The fund will use a flexible and opportunistic strategy designed to capitalise on the inefficiencies within the closed-end fund market combined with disciplined stock picking focused on free cash flow yield, which is the amount of cash that a company generates through its operations that remains after paying out the expenses for keeping the company in business.

The fund’s assets will be allocated among two principal strategies: a Tactical Closed-End Fund Equity Strategy, which will primarily invest in equity closed-end funds, and a Dividend-Focus Strategy, which will primarily invest in dividend-paying common stocks of mid to large capitalisation companies (generally companies with market capitalizations of more than USD2bn). The amount allocated to each of the principal strategies may change depending on RiverNorth’s assessment of market risk, security valuations, market volatility and the prospects for earning income and total return.

RiverNorth will manage the Tactical Closed-End Fund Equity Strategy, while Manning & Napier will manage the Dividend Focus Strategy.

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