SCHEDULE 13G/A: Sit Investment Associates Discloses 6.1% Passive Stake in RiverNorth Capital & Income Fund
Schedule 13G
Sit Investment Associates, Inc. and its subsidiary Sit Fixed Income Advisors II, LLC have filed an amended Schedule 13G, reporting a 6.1% beneficial ownership stake in RiverNorth Capital & Income Fund, Inc.
Summary
- Sit Investment Associates, Inc. and its subsidiary, Sit Fixed Income Advisors II, LLC, collectively hold 203,421 shares of common stock in RiverNorth Capital & Income Fund, Inc.
- This ownership represents 6.1% of the issuer's common stock outstanding.
- The filing is an Amendment No. 3 to a previously filed Schedule 13G, indicating an update to their beneficial ownership position.
- The ownership percentage is calculated based on 3,312,425 shares of common stock outstanding as of December 31, 2024, adjusted for share repurchases by the issuer on January 2, 2025, and April 2, 2025.
- Both Sit Investment Associates, Inc. (a Minnesota Corporation) and Sit Fixed Income Advisors II, LLC (a Delaware LLC) are registered investment advisers.
- The securities are held in client accounts, and the reporting persons disclaim beneficial ownership pursuant to Rule 13d-4, acting solely as investment advisers with shared voting and dispositive power.
- The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing (Schedule 13G) disclosing beneficial ownership, which is neutral in sentiment. It does not contain positive or negative financial performance indicators or strategic announcements from the issuer.
Future Outlook
NA
Industry Context
This filing is a routine disclosure by an investment adviser, indicating a passive ownership stake in a closed-end fund. It reflects the investment firm's portfolio allocation decisions rather than a strategic move to influence the issuer's operations. Such filings are common for institutional investors managing client assets.
Stakeholder Impact
- Shareholders: Provides transparency regarding a significant passive ownership stake by an institutional investor, which can be a sign of confidence in the issuer's long-term prospects, though it does not imply active involvement in management.
Key Dates
| Date | Description |
|---|---|
| 2024-12-31 | Date as of which the issuer's common stock outstanding (3,312,425 shares) was reported in Form N-CSRS, used for ownership percentage calculation. |
| 2025-01-02 | Date of quarterly share repurchase by the Issuer, affecting the total shares outstanding. |
| 2025-04-02 | Date of quarterly share repurchase by the Issuer, affecting the total shares outstanding. |
| 2025-05-30 | Date of event which requires filing of this statement. |
| 2025-06-05 | Date the Schedule 13G Amendment No. 3 was signed by Paul E. Rasmussen, Vice President. |
Keywords
RiverNorth Capital & Income Fund, Sit Investment Associates, Sit Fixed Income Advisors, Schedule 13G, Beneficial Ownership, Common Stock, Investment Adviser, SEC Filing, Passive Investment
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