RiverNorth Flexible Municipal Income Fund Inc RFM

Competitive advantage analysis · financial-services

Asset Management Specialized
Overall moat score
32/100
Developing

Ranked against 174 peers in Asset Management

Key strengths

  • Durable Capital Returns Return durability is high (score 0.67).
  • Stable Earnings Earnings stability is solid (score 0.67).

Key risks

  • Below-Peer Return on Equity Return on equity lags peers (score 0.17).
  • Weak Cash Conversion Cash conversion is weak (score 0.07).

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Fee Revenue Quality

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Signals, strengths and risks for Fee Revenue Quality

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Signals, strengths and risks for Client Retention & Revenue Stickiness

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Signals, strengths and risks for Compensation Discipline

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Signals, strengths and risks for Capital Efficiency

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Signals, strengths and risks for Earnings Quality & Cash Conversion

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Signals, strengths and risks for Balance Sheet Strength

Where RFM ranks in Asset Management

RiverNorth Flexible Municipal Income Fund Inc ranks #145 of 173 scored companies in Asset Management by moat score — the top 84%. The widest moat in the group is Sound Point Meridian Capital Inc (SPMC) at 77/100.

# Company Moat score Rating
141 Corebridge Financial Inc. CRBG 34/100 Developing
142 Rand Capital Corporation RAND 33/100 Developing
143 KKR & Co. Inc. KKR 32/100 Developing
144 The Marygold Companies, Inc. MGLD 32/100 Developing
145 RiverNorth Flexible Municipal Income Fund Inc RFM 32/100 Developing
146 OFS Capital Corporation OFS 31/100 Developing
147 Oxford Lane Capital Corp. - 7.1 OXLCN 31/100 Developing
148 Oxford Lane Capital Corp. - Pre OXLCO 31/100 Developing
149 Oxford Lane Capital Corp. - 6.2 OXLCP 31/100 Developing

See every Asset Management & Capital Markets company ranked by moat score →

How RFM scores on the Asset Management Specialized defenses

Fee Revenue Quality

Not measurable · 20% of the moat score

Fee revenue quality is the ability to charge above the industry's falling average and keep charging it.

Client Retention & Revenue Stickiness

Score 28 · 18% of the moat score

Assets under management leave far more easily than they arrive, and the fee leaves with them.

Compensation Discipline

Not measurable · 18% of the moat score

Compensation is the largest expense in asset management and the one that decides whether a good year ever reaches shareholders.

Capital Efficiency

Score 32 · 20% of the moat score

Asset managers are asset-light: with little capital employed, a healthy business should earn a very high return on equity, and a merely average one is a real warning.

Earnings Quality & Cash Conversion

Score 31 · 14% of the moat score

Reported profits here can be flattered by performance fees, seed-capital gains and consolidated fund accounting, none of which recur reliably.

Balance Sheet Strength

Score 38 · 10% of the moat score

Because the business needs so little capital, an asset manager carrying meaningful debt has usually borrowed to buy another manager or to fund distributions.

How each Asset Management Specialized defense is measured, in full →

Understanding RFM's moat

What is RiverNorth Flexible Municipal Income Fund Inc's moat score?

RiverNorth Flexible Municipal Income Fund Inc (RFM) scores 32 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #145 of 173 scored companies in Asset Management, the top 84%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 174 companies in Asset Management. Its strongest defense is Balance Sheet Strength (38/100) and its weakest is Client Retention & Revenue Stickiness (28/100).

How does RiverNorth Flexible Municipal Income Fund Inc compare with other Asset Management companies?

RiverNorth Flexible Municipal Income Fund Inc ranks #145 of 173 scored companies in Asset Management by moat score. The widest moat in Asset Management is Sound Point Meridian Capital Inc (SPMC) at 77/100. The companies ranked closest are The Marygold Companies, Inc. (MGLD) at 32 just above it and OFS Capital Corporation (OFS) at 31 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Asset Management Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 174 companies in Asset Management. The defenses are then weighted to produce the overall score out of 100.

Why is RiverNorth Flexible Municipal Income Fund Inc scored with the Asset Management Specialized template?

An asset manager owns almost nothing. It charges a fee on someone else's money, pays much of that fee out in compensation, and keeps the remainder — so its economics turn on the fee rate it can defend, whether client money stays, and how much revenue survives the bonus pool. The Asset Management template scores those questions rather than the balance sheet, which in this industry is largely beside the point.

Which competitive defenses are measured for RiverNorth Flexible Municipal Income Fund Inc?

The Asset Management Specialized template measures 6 defenses, and RFM scores: Fee Revenue Quality (not measurable), Client Retention & Revenue Stickiness (28), Compensation Discipline (not measurable), Capital Efficiency (32), Earnings Quality & Cash Conversion (31), Balance Sheet Strength (38). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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