RiverNorth Managed Duration Municipal Income Fund II, Inc. — Cyborg Score 6/10
Solid
Asset Management
Strategic Profile
The fund's primary investment objective is current income exempt from regular U.S. federal income taxes, with a secondary objective of total return. The fund combines a municipal closed-end fund strategy with MacKay Municipal Managers, a municipal bond team within MacKay Shields LLC, providing an attractive investment vehicle for tax-conscious investors.
Cyborg Score Rationale
The fund commenced investment operations in February 2022, establishing a four-year track record. The fund maintains meaningful assets under management and offers a tax-advantaged income strategy with diversification across municipal bonds. However, as a closed-end fund, it trades at variable discounts/premiums to NAV, introducing timing and valuation risks.
Top Insights
Current yield of 6.9% with 8.17% dividend yield based on recent market pricing, attractive for tax-exempt income seekers
Commenced operations in February 2022, providing approximately four years of operating history as of June 2026
Utilizes unique swap opportunities and diversification via hybrid muni bond and fund-of-funds approach, differentiating from single-strategy competitors
Fund structure allows investors to purchase a diversified fund and potentially generate additional return through changes in the closed-end fund's discount/premium to NAV
Named Competitors
BlackRock MuniYield Quality Fund — Municipal bond closed-end fund focused on investment-grade quality
Western Asset Managed Municipals Fund — Diversified municipal bond closed-end fund
RiverNorth Managed Duration Municipal Income Fund — First iteration of RiverNorth's managed duration municipal strategy
Recent Developments
(February 2022) Fund commenced investment operations
(March 2024) NAV per share reported at $17.42, with market price at discount to NAV
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