Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

RIVERNORTH FLEXIBLE MUNI INC (RFMZ)

56 + Investors. Track Smart Money conviction in RFMZ. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -2
Streak
1Q ▼
Buyers last Q
53%

Smart Money Signals — RFMZ

Based on 56 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds reduced or closed their RFMZ positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️

At the ownership peak (97% of max)

97% of all-time peak
56 hedge funds hold RFMZ right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀

Fast accumulation — +22% more funds vs a year ago

fund count last 6Q
+10 new funds entered over the past year (+22% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟡

Slight buying edge — 53% buying

26 buying23 selling
Last quarter: 26 funds bought or added vs 23 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
⚠️

Fewer new buyers each quarter (-7 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 9 → 7 → 13 → 6. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒

45% of holders stayed for 2+ years

■ 45% conviction (2yr+) ■ 30% medium ■ 25% new
25 out of 56 hedge funds have held RFMZ for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
➡️

Steady discovery — ~6 new funds/quarter

4 → 9 → 7 → 13 → 6 new funds/Q
New funds entering each quarter: 9 → 7 → 13 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️

Deep conviction — 52% of holders stayed 2+ years

■ 52% veterans ■ 16% 1-2yr ■ 32% new
Of 56 current holders: 29 (52%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
✅

Strong quality — 31% AUM from major funds

31% from top-100 AUM funds
8 of 56 holders rank in the top 100 by AUM, accounting for 31% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
3.7
out of 10
Low Exit Risk
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — RFMZ

In 2026 Q1, 26 hedge funds were net buyers of RFMZ (6 opened a new position, 20 added to an existing one), while 23 reduced or exited (15 trimmed, 8 sold completely) — a 53% buyer ratio, indicating a slight buying edge. 31% of total institutional value in RFMZ is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: -2 funds (more exits than new entries). Total institutional holders: 56.

Hedge Fund Ownership: RFMZ

How many hedge funds hold RFMZ — quarterly history vs. share price
Quarterly hedge fund ownership of RFMZ vs. share price

Market Analysis: RFMZ

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: RFMZ

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy RIVERNORTH FLEXIBLE MUNI INC (RFMZ) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much RFMZ has moved relative to its sector benchmark (XLF) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 71d ago
RFMZ
+5.2%
XLF
+5.8%

RFMZ outperformed XLF by -0.6% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 26d ago
RFMZ
+1.6%
XLF
+2.2%

Since the filing became public, RFMZ outperformed XLF by -0.6% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

3 top-rated funds 0 high-conviction
Consensus
2.6
/ 10
breadth
×
Elite
0.9
/ 10
conviction
Hedge Fund Positioning: RFMZ
56 + Investors

Track Smart Money conviction in RFMZ. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 56 58 -3.45%
13F Shares 7M 7M 6.22%
Total Value $93M $87M 6.5%
New Positions 6 13 -7
Increased Positions 20 18 +2
Closed Positions 8 8 -
Reduced Positions 15 15 -
Total Calls 0 0 -
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: RFMZ

View More

Valuation Measures Data as of: --

Market Cap --
Enterprise Value --
Trailing P/E --
Forward P/E --
PEG Ratio (5yr expected) --
Price/Sales (ttm) --
Price/Book (mrq) --
Enterprise Value/Revenue --
Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

Profitability
Profit Margin --
Return on Assets (ttm) --
Return on Equity (ttm) --
Income Statement & Cash Flow
Revenue (ttm) --
Net Income Avi to Common (ttm) --
Diluted EPS (ttm) --
Total Cash (mrq) --
Total Debt/Equity (mrq) --
Levered Free Cash Flow (ttm) --

Institutional Holders (2026 Q1)

56 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in RFMZ. Verified SEC 13F-HR filings.

QUARTER:
Top 25 institutional holders of RFMZ — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 ROBINSON CAPITAL MANAGEMENT, LLC 3.51% 643,727 $8.4M
2 Closed-End Fund Advisors, Inc. 1.82% 141,623 $1.8M
3 Atlas Wealth LLC 1.25% 117,358 $4.2M
4 Thomas J. Herzfeld Advisors, Inc. 0.99% 229,634 $2.9M
5 Noble Wealth Management PBC 0.37% 58,118 $735K
6 Matisse Capital 0.27% 49,190 $622K
7 Logan Stone Capital, LLC 0.24% 67,255 $851K
8 Financially in Tune, LLC 0.19% 17,210 $218K
9 Gateway Wealth Partners, LLC 0.17% 351,058 $4.4M
10 Arlington Capital Management, Inc. 0.16% 22,069 $279K
11 Mathes Company, Inc. 0.16% 34,000 —
12 River Street Advisors LLC 0.12% 28,566 $361K
13 Karpus Management, Inc. 0.10% 263,185 $3.3M
14 Saba Capital Management, L.P. 0.10% 288,116 $3.6M
15 RIVERBRIDGE PARTNERS LLC 0.07% 225,057 $2.8M
16 IFC Advisors LLC 0.05% 30,000 $380K
17 RIVERNORTH CAPITAL MANAGEMENT, LLC 0.04% 66,008 $835K
18 WEDBUSH SECURITIES INC 0.03% 78,646 —
19 OPPENHEIMER & CO INC 0.03% 186,957 $2.4M
20 Pathstone Holdings, LLC 0.03% 546,079 $6.9M
21 Rockefeller Capital Management L.P. 0.02% 811,452 $10.3M
22 CALIBER WEALTH MANAGEMENT, LLC / KS 0.02% 12,000 $152K
23 XML Financial, LLC 0.01% 13,000 $164K
24 GUGGENHEIM CAPITAL LLC 0.01% 114,512 $1.4M
25 Wellspring Financial Advisors, LLC 0.01% 10,000 $126K
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — RIVERNORTH FLEXIBLE MUNI INC (RFMZ)

What does the Smart Money Trend signal show for RFMZ?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds reduced or closed their RFMZ positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for RFMZ?

Slight buying edge — 53% buying: Last quarter: 26 funds bought or added vs 23 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

What is the fund quality score for RFMZ holders?

Strong quality — 31% AUM from major funds: 8 of 56 holders rank in the top 100 by AUM, accounting for 31% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held RFMZ?

45% of holders stayed for 2+ years: 25 out of 56 hedge funds have held RFMZ for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Is it too late to buy RIVERNORTH FLEXIBLE MUNI INC (RFMZ) following the 2026 Q1 hedge fund 13F filings?

As of today, RFMZ has moved +1.6% since the 2026 Q1 13F filing date (May 15, 2026), compared to +2.2% for the XLF sector ETF — an outperformance of -0.6%. Since the quarter end (March 31, 2026), RFMZ has gained +5.2% vs +5.8% for XLF. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

Full history →