RiverNorth Flexible Municipal Income Fund Inc Dossier
Qualitative Analysis
Business overview
RiverNorth Flexible Municipal Income Fund, Inc. (NYSE: RFM) is a diversified, closed-end management investment company. The Fund's primary investment objective is to seek current income exempt from regular U.S. federal income taxes, with a secondary objective of total return. Under normal market conditions, the Fund invests at least 80% of its managed assets in municipal bonds. The Fund's managed assets are dynamically allocated between two principal strategies: the Tactical Municipal Closed-End Fund (CEF) Strategy, managed by RiverNorth Capital Management, LLC, and the Municipal Bond Income Strategy, managed by MacKay Shields LLC. This dual-manager structure allows the Fund to opportunistically exploit discount and premium spreads in the CEF market while maintaining a solid foundation of institutional municipal bond selections.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Dynamically shifting the fund's managed assets between the Tactical Municipal Closed-End Fund Strategy (managed by RiverNorth Capital Management) and the Municipal Bond Income Strategy (managed by MacKay Shields LLC) to exploit market inefficiencies and closed-end fund discount trading opportunities.
Expected impact: Aims to generate tax-exempt current income and additional excess returns from closed-end fund discount narrowing, while managing duration risk in volatile interest rate environments.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
MacKay Shields acts as the sub-adviser managing the Municipal Bond Income Strategy sleeve of the fund, utilizing their specialized expertise in credit quality analysis, security selection, and duration management in the municipal bond market.
Terms: The Adviser (RiverNorth Capital Management, LLC), and not the Fund, pays MacKay Shields a sub-advisory fee out of its own management fee. The sub-advisory fee is paid monthly at an annual rate of 0.20% of the Fund's average daily Managed Assets.