In plain terms — RiverNorth Managed Duration Municipal Income Fund
Shares currently cost about 4.4% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 6.1% discount, so today's level is not high for this fund (Z-score +0.5). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 7.7% a year of the share price (7.4% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.05 of assets — a ReinvestCapture™ rate of 8.1%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 3.3% over the past year including distributions (NAV total return).
Annual costs are 5.88% of assets.
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -4.93% | 1.63% | -0.14 | 64 |
| 6 months | -4.84% | 1.37% | -0.23 | 126 |
| 1 year | -6.09% | 1.89% | +0.49 | 250 |
| 3 years | -7.19% | — | — | — |
| 5 years | -6.36% | — | — | — |
Current contemporaneous premium/discount -5.16% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -9.93% to -2.60%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -6.26% | -13.68% | -5.44% | -9.49% | -1.38% | -8.16% |
| Market price total return | -5.67% | -12.13% | -0.29% | -2.72% | +5.92% | -1.44% |
| NAV return | -4.51% | -10.77% | -8.93% | -9.65% | -2.51% | -7.18% |
| NAV total return | -3.94% | -9.23% | -4.21% | -3.25% | +4.22% | -0.82% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Rivernorth Managed Duration Municipal Income Fund Inc. (RMM) is a closed-end investment vehicle dedicated to fixed-income assets. It was launched and is managed by RiverNorth Capital Management, LLC, with MacKay Shields LLC serving as co-manager. The fund's strategy involves investing in the U.S. fixed-income markets, with a primary focus on investment-grade municipal debt across all maturities. To guide its investment decisions, the fund utilizes a combination of fundamental and quantitative analysis, underpinned by proprietary research for portfolio construction. Its performance is measured against the Bloomberg Barclays Municipal Bond Index. This fund, domiciled in the United States, commenced operations on July 26, 2019.
CEF Explorer research page for RiverNorth Managed Duration Municipal Income Fund, Inc.. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.