Bringing you live news and features since 2006 

Patrick Galley, RiverNorth

RiverNorth launches Strategic Opportunity Fund with DoubleLine


RiverNorth Capital Management has launched the RiverNorth/DoubleLine Strategic Opportunity Fund, a closed-end fund that opportunistically invests in fixed income securities and tactically invests in closed-end funds.

The fund debuted on 28 September on the NYSE under the symbol OPP.
RiverNorth serves as the fund’s investment adviser and DoubleLine Capital serves as sub-adviser to the fund.
“We are extremely excited to again partner with DoubleLine to add another unique multi-manager strategy to RiverNorth’s existing portfolio of closed-end fund offerings,” says Patrick Galley (pictured), RiverNorth’s chief investment officer. “The fund will leverage RiverNorth’s and DoubleLine’s long performance track records across market cycles and history of working together to capitalise on market inefficiencies in both the closed-end fund and fixed income markets.”
The fund seeks to achieve its investment objective of current income and overall total return by allocating among two principal investment strategies: the Tactical Closed-End Fund Income Strategy, managed by RiverNorth, and the Opportunistic Income Strategy, managed by DoubleLine.
The fund has flexibility to strategically allocate between these two strategies in order to select the best relative opportunities in different market environments. The fund will provide diversification across numerous fixed income asset classes with careful regard to balancing credit and interest rate risk.
“The team at DoubleLine is very pleased to extend our strategic relationship with RiverNorth into our first jointly-managed closed-end fund,” says Jeffrey Gundlach, CEO and chief investment officer of DoubleLine. “As with our open-end fund collaboration, the new closed-end fund brings together complementary investment strategies. Our respective teams have experience not only in bottom-up security selection but also in working successfully together to manage sector allocations to tap undervalued and avoid overvalued market segments.”
The fund raised gross proceeds of approximately USD210 million in its initial public offering of shares of common stock and, should the underwriters exercise the over-allotment option in full, which may or may not occur, the fund will raise gross proceeds of approximately USD242 million.

Latest News

Saving and investing app, Moneybox, has doubled the number of ETFs available on the platform, in the light of ‘growing..
Global X ETFs has announced the appointment of Ryan O'Connor as its Chief Executive Officer effective as of April 8, 2024. ..
Value-driven structured credit investing firm, Angel Oak Capital Advisors, LLC, has announced the completed conversions of two of its mutual..
Confidence in the continuing strength of bitcoin and Ethereum is driving wider interest in altcoins and other digital assets, according..

Related Articles

Sal Esposito, Zacks Investment Management
Zacks Investment Management started doing investment research in 1978 and in 1992 started its investment management arm, initially with SMAs...
Jeremy Senderowicz, Vedder Price
Jeremy Senderowicz, a member of the Investment Services Group at law firm Vedder Price, has witnessed a steady upswing in...
Graham MacKenzie, Toronto Stock Exchange
The evolution of ETFs has been a multi-decade experience for Toronto Stock Exchange says Graham MacKenzie, managing director, Exchange Traded...
Frank Koudelka, State Street Global Services
ETF data provider and ETF Express data partner, Trackinsight, has published its Global ETF Survey 2024 Report: ‘50+ Charts on...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by