RiverNorth Opportunistic Municipal Income Fund Inc RMI

Competitive advantage analysis · financial-services

Asset Management Specialized
Overall moat score
45/100
Developing

Ranked against 174 peers in Asset Management

Key risks

  • AUM Retention Risk Revenue stickiness is low (stability score 0.26).
  • Weak Cash Conversion Cash conversion is weak (score 0.38).

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 RMI ranks in Asset Management

RiverNorth Opportunistic Municipal Income Fund Inc ranks #105 of 173 scored companies in Asset Management by moat score — the top 61%. The widest moat in the group is Sound Point Meridian Capital Inc (SPMC) at 77/100.

# Company Moat score Rating
101 Brookfield Corporation BN 47/100 Developing
102 AMTD IDEA Group AMTD 47/100 Developing
103 PIMCO Dynamic Income Fund PDI 45/100 Developing
104 Principal Financial Group Inc PFG 45/100 Developing
105 RiverNorth Opportunistic Municipal Income Fund Inc RMI 45/100 Developing
106 Eagle Point Income Company Inc. EIC 45/100 Developing
107 Eagle Point Income Company Inc. EICA 44/100 Developing
108 Saratoga Investment Corp New SAR 44/100 Developing
109 Acadian Asset Management Inc. AAMI 44/100 Developing

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

How RMI 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 32 · 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 64 · 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 47 · 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 28 · 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 RMI's moat

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

RiverNorth Opportunistic Municipal Income Fund Inc (RMI) scores 45 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #105 of 173 scored companies in Asset Management, the top 61%. 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 Capital Efficiency (64/100) and its weakest is Balance Sheet Strength (28/100).

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

RiverNorth Opportunistic Municipal Income Fund Inc ranks #105 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 Principal Financial Group Inc (PFG) at 45 just above it and Eagle Point Income Company Inc. (EIC) at 44 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 Opportunistic 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 Opportunistic Municipal Income Fund Inc?

The Asset Management Specialized template measures 6 defenses, and RMI scores: Fee Revenue Quality (not measurable), Client Retention & Revenue Stickiness (32), Compensation Discipline (not measurable), Capital Efficiency (64), Earnings Quality & Cash Conversion (47), Balance Sheet Strength (28). 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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