Fund Evaluator:
RiverNorth/Oaktree High Income R (RNOTX)
Follow This Fund
Best Performing in High Yield Bond Over the Last Year
| 11.4% | Fidelity Capital & Income (FAGIX) |
| 10.5% | Fidelity Advisor Capital & Income Z (FIQTX) |
| 7.4% | American Beacon SiM High Yld Opps Inv (SHYPX) |
| 7.4% | Fidelity Advisor High Income Z (FGUMX) |
| 7.2% | Fidelity High Income (SPHIX) |
Fund Details
RiverNorth/Oaktree High Income R Overview
RiverNorth/Oaktree High Income R (RNOTX) is an actively managed Taxable Bond High Yield Bond fund. RiverNorth Funds launched the fund in 2012.
The investment seeks overall total return consisting of long-term capital appreciation and income. The fund will invest at least 80% of its assets in income-producing securities and instruments including, but not limited to, corporate bonds (including high-yield, below investment grade bonds, which are sometimes referred to as "junk bonds"), government-issued bonds, convertible bonds, preferred stocks, senior loans (which the manager defines as a type of security for purposes of this prospectus), and shares of closed-end funds, exchange-traded funds (ETFs) and other investment companies that invest principally in fixed income securities.
About RiverNorth/Oaktree High Income R (RNOTX)
There are 8 members of the management team with an average tenure of 10.06 years: Patrick Galley (2012), Stephen O'Neill (2012), Alap Shah (2023), David Rosenberg (2014), Madelaine Jones (2016), Anthony Shackleton (2018), Ronnie Kaplan (2019), Sheldon Stone (2012). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE BofA NFincl Dv Mkts HY Cstd TR USD index with a weighting of 100%. RiverNorth/Oaktree High Income R has 404 securities in its portfolio. The top 10 holdings constitute 9.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
RiverNorth/Oaktree High Income R is part of the Fixed Income global asset class and is within the Taxable Bond fund group. RiverNorth/Oaktree High Income R has 13.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.6%. There is 0.5% allocated to foreign stock, and 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 89.8% (76.9% domestic bond, 12.9% foreign bond and 1.2% convertible bond). RiverNorth/Oaktree High Income R has 5.5% of the portfolio in cash.
Assets Under Management
The fund has $3 million in total assets, which is below the $545 million average for the High Yield Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
RNOTX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The RiverNorth/Oaktree High Income R expense ratio is high compared to funds in the High Yield Bond category. RiverNorth/Oaktree High Income R has an expense ratio of 1.66%, which is 81% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. RiverNorth/Oaktree High Income R has a portfolio turnover rate of 67%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 72% for the High Yield Bond category.
Recently, in the month of July 2026, RiverNorth/Oaktree High Income R returned -0.4%, which earned it a grade of D, as the High Yield Bond category had an average return of -0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
RiverNorth/Oaktree High Income R has a trailing yield of 7.19%, which is above the 6.28% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
RiverNorth/Oaktree High Income R Grades
Year to date, the fund has returned 1.0%, 0.7 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.6% over the past year (grade of F), 6.8% over the past three years (grade of F) and 4.0% per year over the past five years (grade of B) and 4.2% per year over the past 10 years (grade of F).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about RiverNorth/Oaktree High Income R, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
RNOTX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| RNOTX Return (NAV) | -0.4% | 0.3% | 3.6% | 6.8% | 4.0% | 4.2% |
| RNOTX Grade | D | D | F | F | B | F |
| +/- Category | -0.1% | -0.1% | -1.3% | -0.8% | 0.3% | -0.6% |
| High Yield Bond Avg | -0.3% | 0.4% | 4.9% | 7.5% | 3.7% | 4.8% |
| RNOTX Tax Cost Ratio | na | na | 2.8% | 2.7% | 2.5% | 2.0% |
RNOTX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RNOTX Return (NAV) | 1.0% | 6.7% | 7.1% | 12.0% | -6.9% | 3.7% | 2.6% | 10.9% | -2.5% | 5.2% | 12.8% |
| RNOTX Grade | F | F | D | C | A | D | F | F | B | F | D |
| +/- Category | -0.7% | -1.2% | -0.5% | 0.1% | 3.2% | -1.4% | -2.6% | -2.1% | 0.2% | -1.5% | -0.6% |
| High Yield Bond Avg | 1.6% | 7.9% | 7.6% | 11.9% | -10.0% | 5.1% | 5.2% | 13.0% | -2.7% | 6.7% | 13.4% |
| Risk Measures | |
| Standard Deviation: | 3.5% |
| Total Risk Index: | 0.28 - Low |
| Category Risk Index: | 0.86 - Low |
| Category Risk Grade: | A (16% Rank) |
| Beta: | 0.49 |
| R-Squared: | 64% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 7.2% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $57 Mil |
| Fund Total Assets: | $ 4 Mil |
| Share Class Type: | Adv |
| Portfolio Turnover: | 67% |
Management Team
| Number of Managers: 8 | |||
| Longest Tenure: 13.6 years | |||
| Average Tenure: 10.1 years | |||
| Managers (Year): Galley Patrick (2012), O'Neill Stephen (2012), Stone Sheldon (2012), Rosenberg David (2014), Jones Madelaine (2016), Shackleton Anthony (2018), Kaplan Ronnie (2019), Shah Alap (2023) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 404 |
| % in Top 10 Holdings: | 9.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 13.5% |
Portfolio Allocation |
|
| Domestic Stock: | 1.6% |
| Foreign Stock: | 0.5% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 76.9% |
| Foreign Bond: | 12.9% |
| Convertible Bond: | 1.2% |
| Other: | 1.2% |
| Cash: | 5.5% |
Purchase Information
| Fund Family: | RiverNorth Funds |
| Phone Number: | 888-848-7569 |
| Website: | www.rivernorthfunds.com |
| Status: | Open |
| Inception Date: | December 28, 2012 |
| Min. Initial Purchase: | $5,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.66% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | RiverNorth/Oaktree High Income I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
