RiverNorth Flexible Municipal Income Fund II, Inc. — Cyborg Score 6/10
Solid
Closed-End Municipal Bond Funds
Strategic Profile
The fund leverages a closed-end structure to allow investors to potentially generate additional returns through the gap between the fund's market price and Net Asset Value, and combines a municipal strategy with experienced MacKay Municipal Managers. RiverNorth Capital Management, LLC is an independent investment manager specializing in opportunistic strategies and structures built to exploit market inefficiencies.
Cyborg Score Rationale
The fund has $353.26M in total net assets as of May 8, 2026, with a NAV of $14.51 per share but trading at $13.20, representing a 9.03% discount. The discount to NAV suggests potential value opportunity, though the fund is operating below its intrinsic value. Consistent municipal income generation and professional management provide stability.
Top Insights
Portfolio concentrated in high-credit-quality municipal issuers with top-5 state allocations to New York (15%), California (11%), Illinois (11%), Texas (6%), and Pennsylvania (5%).
Fund trading at 9.03% discount to NAV as of May 8, 2026, with $353.26M in net assets and $572.2M in total managed assets.
Estimated unhedged duration of 9.9 years with leverage ratio of 39.9% as of Q1 2026, providing enhanced yield through strategic leverage.
Fund commenced operations in February 2021, providing approximately 5 years of operating history.
Named Competitors
RiverNorth Flexible Municipal Income Fund — Sibling CEF with similar municipal income strategy
RiverNorth Managed Duration Municipal Income Fund — RiverNorth's duration-managed municipal CEF alternative
Flaherty & Crumrine Preferred Income Opportunity Fund — Competing income-focused closed-end fund
Recent Developments
(May 2026) NAV per share of $14.51 with market price of $13.20, representing 9.03% discount to NAV
(Q1 2026) Portfolio maintained with 9.9-year estimated unhedged duration and 39.9% leverage ratio
(February 2021) Fund commenced operations following June 2020 incorporation
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