RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.
Investment Objective & Philosophy
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (the “Fund”) seeks to provide current income and overall total return.
While RiverNorth Capital Management, LLC (“RiverNorth”) believes markets are generally efficient, closed-end funds offer a unique structure whereby investors can purchase a diversified fund and potentially generate additional return through the change in the relationship between the closed-end fund’s market price and Net Asset Value (NAV)1. RiverNorth also believes combining a closed-end fund strategy with a proven fixed income manager such as DoubleLine Capital LP (“DoubleLine®”) provides an attractive investment vehicle for investors.
Diversification does not ensure a profit or guarantee against loss.
Investment Strategy
RiverNorth allocates the Fund’s assets among three principal strategies: Tactical Closed-End Fund Income Strategy, Alternative Credit Strategy, and Opportunistic Income Strategy. RiverNorth manages the Tactical CEF Income Strategy and the Alternative Credit Strategy, DoubleLine manages the Opportunistic Income Strategy.
RiverNorth Tactical Closed-End Fund Income Strategy:
- Seeks to generate returns through investments in income-producing securities
- Seeks to derive value from the discount and premium spreads associated with closed-end funds
- Typically invests in closed-end funds, business development companies and exchange-traded funds
DoubleLine Opportunistic Income Strategy*:
- Seeks to generate risk-adjusted returns through investments in fixed-income instruments
- Primarily invests in agency and non-agency residential mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities
- Seeks to derive value from inefficiencies within the subsectors of the fixed income market while maintaining active risk constraints
RiverNorth Alternative Credit Strategy:
- Seeks to achieve a high level of income through investments in alternative credit instruments
- Primarily invests in loans to small and mid-sized companies, notes or other pass-through obligations issued by an alternative credit platform, or asset-backed securities representing ownership in a pool of alternative credit
*Investments may include securities that have a rating that is below investment grade, including “high yield” securities.
High yield bonds are subject to interest rate risk. If rates increase, the value generally declines.
Investment Rationale
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. is a multi-manager closed-end fund that opportunistically invests in fixed income securities, alternative credit instruments and tactically invests in closed-end funds in order to potentially provide:
- Access to a diversified portfolio of fixed income securities, alternative credit instruments and closed-end funds representing a wide array of underlying asset classes
- Value from investments in both the closed-end fund, alternative credit and fixed income markets
- Use of leverage in order to enhance current income and capitalize at times on market dislocations2
The Fund also provides:
- Active portfolio management by RiverNorth & DoubleLine, two award-winning managers in their respective disciplines, who have worked together since 2010
FUND Information
*Managed assets include assets attributable to leverage.
The NAV ticker symbol represents the Fund’s Net Asset Value per share as it is reported by the Fund Sponsor via NASDAQ.
Portfolio Statistics
Total Returns
As of 11.30.2024
| Prior Month | YTD | 1 Year | 3 Year | 5 Year | Since Inception | |
|---|---|---|---|---|---|---|
| OPP Net Asset Value | 1.74 | 9.53 | 15.26 | -0.60 | 1.09 | 2.95 |
| OPP Market Price | -0.69 | 15.77 | 21.68 | -3.92 | 1.31 | 2.25 |
| Bloomberg US Aggregate Bond Index | 1.06 | 2.93 | 6.88 | -1.95 | -0.01 | 1.06 |
Performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling 844.569.4750. Total return measures net investment income and capital gain or loss from portfolio investments. All performance shown assumes reinvestment of dividends and capital gains distributions.
† Annualized
Inception Date: 09.27.2016
Market price is the price that the Fund closed at on the primary listing exchange on the as-of date listed above.
NAV is the Net Asset Value of the Fund and equals the value of all the Fund’s assets (less liabilities) divided by the number of shares outstanding.
Expenses do not include the effects of leverage.
Historical Price
Premium/Discount
Strategy Weightings
Credit Quality Distribution
Sector Allocation
Cumulative Distributions
Distribution Information
Distribution dates are estimates and subject to change.
Section 19A-1 Notices
RiverNorth Closed-End Funds Declare Monthly Distributions
Preferred Issue
| 4.375% Series A Cumulative Preferred Stock | 4.75% Series B Cumulative Preferred Stock | 6.00% Series C Term Preferred Stock | |
|---|---|---|---|
| NYSE Trading Symbol | OPPPRA | OPPPRB | OPPPRC |
| Number of Shares | 2,400,000 | 2,400,000 | 419,206 |
| Initial Public Offering Price | $25.00 per Share | $25.00 per Share | $10.00 per Share |
| Liquidation Preference | $25.00 per Share plus accumulated and unpaid dividends, if any | $25.00 per Share plus accumulated and unpaid dividends, if any | $10.00 per Share plus accumulated and unpaid dividends, if any |
| Dividend Rate | 4.375% per annum | 4.75% per annum | 6.00% per annum |
| Original Issue | October 23, 2020 | November 22, 2021 | December 2, 2024 |
| Term Redemption Date | N/A | N/A | December 1, 2027 |
| Non-Call Period and Redemption Information | The Series A Preferred Shares are generally not redeemable at the Fund’s option prior to November 15, 2025, and are subject to mandatory redemption by the Fund in certain circumstances. On or after November 15, 2025, the Fund may redeem in whole or from time to time in part outstanding Series A Preferred Shares at a redemption price per share equal to the per share liquidation preference plus accumulated and unpaid dividends, if any, through the date of redemption. | The Series B Preferred Shares are generally not redeemable at the Fund’s option prior to February 15, 2027, and are subject to mandatory redemption by the Fund in certain circumstances. On or after February 15, 2027, the Fund may redeem in whole or from time to time in part outstanding Series B Preferred Shares at a redemption price per share equal to the per share liquidation preference plus accumulated and unpaid dividends, if any, through the date of redemption. | Prior to December 1, 2027, the Series C Term Preferred Shares are not subject to optional redemption by the Corporation unless the redemption is necessary, in the judgment of the Board of Directors, to maintain the Corporation’s status as a RIC under Subchapter M of the Internal Revenue Code of 1986. The Corporation shall redeem all Series C Term Preferred Shares on the Term Redemption Date, at a price per share equal to the Liquidation Preference per share plus an amount equal to all unpaid dividends and distributions on such Series C Term Preferred Shares accumulated to (but excluding) the Term Redemption Date (whether or not earned or declared by the Corporation, but excluding interest thereon). |
| Dividend Payment Dates | Quarterly every February 15, May 15, August 15 and November 15. If a dividend payment date falls on a non-business day, the applicable dividend payment will be made on the next business day and no additional dividend payment will accrue as a result of such delayed payment. Series A Commencement Date: November 15, 2020 | Quarterly every February 15, May 15, August 15 and November 15. If a dividend payment date falls on a non-business day, the applicable dividend payment will be made on the next business day and no additional dividend payment will accrue as a result of such delayed payment. Series B Commencement Date: February 15, 2022 | Quarterly every February , May , August and November . If a dividend payment date falls on a non-business day, the applicable dividend payment will be made on the next business day and no additional dividend payment will accrue as a result of such delayed payment. Series C Commencement Date: February 15, 2025 |
Distributions
Portfolio Management
Documents
Fund Updates
Regulatory Documents
Tax Reporting
Recent News
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December 2024: RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. Announces Final Results of Non-Transferable Rights Offering for Common and Preferred Stock
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November 2024: RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. Announces Preliminary Results of Non-transferable Rights Offering for Common and Preferred Stock
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November 2024: Reminder: RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. Non-Transferable Rights Offering for Common and Preferred Stock
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Disclosures & Definitions
Risk is inherent in all investing. Investing in any investment company security involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Therefore, before investing in the Common Shares, you should consider the risks as well as the other information in the prospectus.
More detailed information regarding these risks can be found in the Fund’s prospectus.
Past performance is no guarantee of future results. Diversification does not ensure a profit or guarantee against loss.
An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle.
Investors should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. The prospectus should be read carefully before investing. For more information, please read the prospectus, call your financial professional or call 844.569.4750.
The fund is a closed-end fund and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering, the Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market’s value.
CFA® is a trademark owned by the CFA Institute.
DoubleLine® is a registered trademark of DoubleLine Capital LP.
- The price at which a closed-end fund trades often varies from its NAV. Some funds have market prices below their net asset values – referred to as a discount. Conversely, some funds have market prices above their net asset values – referred to as a premium.
- Leverage is a speculative technique that exposes a closed-end fund to greater risk and increased costs than if it were not used. The use of leverage may cause greater volatility in the level of a closed-end fund’s NAV, market price and distributions on its common shares. Leverage will also result in higher fees to the closed-end fund manager because the amount of assets under management will be included in the Fund’s managed assets. There can be no assurance that a closed-end fund will use leverage or that its leveraging strategy will be successful during any period in which it is employed.
- The Bloomberg US Aggregate Bond Index is an unmanaged index of investment-grade fixed-rate debt issues with maturities of at least one year. The index cannot be invested in directly and does not reflect fees and expenses.
- Estimated Duration: Duration is a measure of the sensitivity of the price of a fixed income investment to a change in interest rates. Duration is expressed as a number of years. Duration is estimated by the adviser based on certain assumptions from third-party data and is subject to change.