Key Details
Price
$15.87Last Dividend
$0.09Annual ROE
7.78%Beta
0.14Events Calendar
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Nov 15, 2024Next split:
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The recent 10-year Treasury yield spike presents a buying opportunity in the muni bond CEFs offering better NAV discount and high yield. RiverNorth Managed Duration Muni offers a 6.88% yield and relatively strong performance in 2024 due to the unique and adaptive fund strategy. RMM and its peer RMI (7% yield) are term funds with liquidation in 6-7 years, offering price stability and ensuring NAV discount closure, good for longer-term holding.
RiverNorth Managed Duration Municipal Income Fund is a muni bond-focused fund managed by RiverNorth and MacKay Shields. A swap to RiverNorth Flexible Municipal Income Fund II based on relative valuations has worked well, and there could be more potential room for this to play out. RMM offers a managed 6.75% distribution based on year-end NAV, and that payout will need to be supported with capital gains and/or return of capital.
RMM has seen a negative total return since my prior review years ago. Going forward, I'm reluctant to place a buy rating on it. The use of return of capital is extensive, suggesting a distribution cut will occur in 2024. Munis as a whole have merit given the historically high income streams (relative to their trading history). But RMM is not the best way to play it.
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