Municipal Fund Portfolio Rebalancing
Rareview Capital rebalances municipal fund stakes by reducing holdings and initiating new positions.
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Key Points
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Rareview’s reduced BlackRock MuniYield Quality Fund III position represented about 2.0% of its portfolio and ranked as the firm’s 12th-largest holding; the remaining 385,009 shares were valued at $4.039 million.
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Rivernorth Capital Management more than tripled its BlackRock MuniYield Quality Fund III position during the first quarter, increasing its holdings by 3,502,884 shares to 5,254,333 shares valued at $55.223 million.
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Neuberger Berman Municipal Fund is designed to provide shareholders with tax-exempt income by investing primarily in municipal securities; its shares opened at $10.05, compared with 50-day and 200-day moving averages of $10.30.
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Rivernorth Capital Management remained a major PIMCO Municipal Income Fund II investor after raising its holdings 5.4% to 4,482,914 shares valued at $34.115 million.
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Following her July 21 purchase at an average price of $7.50 per share, PIMCO Municipal Income Fund II director Sonya Morris doubled her direct ownership to 10,000 shares, valued at approximately $75,000.
Rareview Capital LLC shuffled its municipal bond fund holdings in the second quarter, cutting back on three positions while making a fresh $1.7 million bet on PIMCO Municipal Income Fund II Watchlist News. The firm shed 16.5% of its BlackRock MuniYield Quality Fund III stake, 14.2% of its Neuberger Berman Municipal Fund position, and dramatically reduced its AllianceBernstein National Municipal Income Fund holding by 59.6%.
Rareview's Pullback From Municipal Bond Funds
Rareview Capital scaled back its holdings across municipal bond closed-end funds as part of a broader portfolio rebalancing Watchlist News. The firm's reduced BlackRock position still represents approximately 2.0% of its overall portfolio, making it the 12th-largest holding with 385,009 shares worth $4.039 million. The Neuberger Berman reduction left the fund, which provides tax-exempt income through municipal securities, trading at $10.05 per share versus its 50-day average of $10.30 Ticker Report.
New $1.7 Million Stake in PIMCO Municipal Fund
Despite pulling back elsewhere, Rareview initiated a completely new position in PIMCO Municipal Income Fund II Watchlist News. The firm purchased 232,046 shares valued at approximately $1.7 million during the quarter. This move signals confidence in the fund even as Rareview trimmed exposure to competing municipal bond vehicles. The purchase arrived as other major institutional investors maintained significant stakes in the same fund.
Rivernorth Aggressively Doubles Down on Muni Bonds
While Rareview retreated, rival investor Rivernorth Capital Management moved in the opposite direction Watchlist News. Rivernorth more than tripled its BlackRock MuniYield Quality Fund III position during the first quarter, adding 3,502,884 shares to reach 5,254,333 shares worth $55.223 million. The firm also kept its PIMCO Municipal Income Fund II holdings fresh, raising that position 5.4% to 4,482,914 shares valued at $34.115 million.
PIMCO Director Doubles Down With Personal Purchase
PIMCO Municipal Income Fund II director Sonya Morris bought 5,000 shares on July 21 at $7.50 per share Ticker Report. The purchase doubled her direct ownership to 10,000 shares, worth roughly $75,000. The insider buy suggests confidence in the fund's near-term outlook, coinciding with Rareview's new investment in the same vehicle.
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