Variety RiverNorth Relative Value Fund 

The Variety RiverNorth Relative Value Fund is a US CEF focused Relative Value Daily Dealing UCITS Fund, managed by RiverNorth Capital Management, LLC.

 

The Fund is focused on generating uncorrelated returns predominantly through the harvesting of US Closed-Ended Fund discounts and Pre-Merger SPAC Arbitrage. The Fund seeks to achieve high absolute returns through all market cycles whilst continuing to maintain a low beta to the S&P 500.

 

The Investment Manager will seek to achieve this objective primarily through a relative value and long/short strategy that invests in US closed-ended fund shares that are listed on a secondary market, usually the NASDAQ or NYSE. The Investment Manager seeks to derive value from the secondary market movement of discount and premium spreads of the shares of CEFs.

 

Using proprietary models and analysis, the Investment Manager seeks to identify CEFs that have a catalyst for their valuation to change and they would then look to capitalise on this change of valuation. The Investment Manager also implements a strategy in this Fund which takes advantage of arbitrage opportunities in Pre-Merger SPAC’s. Blunt short positions are then used by the Investment Manager in order to remove the beta and ensure that it continues to be market neutral. 

 

The Investment Manager has a wealth of expertise in US CEF Relative Value strategies and has run a mutual Fund investing in US CEFs since 2006. As of 2024, RiverNorth Capital Management LLC are the largest trader in US listed CEFs and a top three owner of US CEFs, as measured by 13F filings.

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