UBS Group AG Amends Stake in RiverNorth/DoubleLine Preferred Stock
Ticker: OPP-PB · Form: SC 13G/A · Filed: Feb 5, 2024 · CIK: 1678130
| Field | Detail |
|---|---|
| Company | Rivernorth/Doubleline Strategic Opportunity Fund, Inc. (OPP-PB) |
| Form Type | SC 13G/A |
| Filed Date | Feb 5, 2024 |
| Risk Level | low |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: institutional-ownership, preferred-stock, amendment, fund-holdings
TL;DR
**UBS Group AG updated its ownership of RiverNorth/DoubleLine preferred shares.**
AI Summary
UBS Group AG filed an amended SC 13G/A on February 5, 2024, indicating its ownership of the 4.75% Series B Cumulative Preferred Stock of RiverNorth/DoubleLine Strategic Opportunity Fund Inc. This filing, dated for an event on December 29, 2023, is an amendment to a previous filing, suggesting a change in UBS's beneficial ownership. This matters to investors because significant changes in institutional ownership, especially by a major financial entity like UBS, can signal shifts in confidence or strategy regarding the fund's preferred stock.
Why It Matters
This filing shows that UBS Group AG continues to hold a significant position in RiverNorth/DoubleLine Strategic Opportunity Fund Inc.'s preferred stock, which can influence market perception and liquidity for other investors.
Risk Assessment
Risk Level: low — This is a routine amendment filing by a large institutional investor, indicating a change in their reported ownership, not necessarily a major shift in the underlying company's fundamentals.
Analyst Insight
Investors holding or considering RiverNorth/DoubleLine Strategic Opportunity Fund Inc. preferred stock should monitor future SC 13G/A filings from UBS Group AG for further changes in their position, as large institutional movements can sometimes precede broader market sentiment shifts.
Key Numbers
- $25.00 — Liquidation Preference per share (This is the value per share that preferred stockholders would receive in the event of liquidation, important for understanding the security's floor value.)
- 4.75% — Coupon Rate (This is the fixed dividend rate for the Series B Cumulative Preferred Stock, indicating the income stream for investors.)
Key Players & Entities
- UBS Group AG (company) — the reporting person filing the SC 13G/A
- RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (company) — the issuer of the securities
- 4.75% Series B Cumulative Preferred Stock (company) — the class of securities being reported on
- $25.00 (dollar_amount) — liquidation preference per share of the preferred stock
- December 29, 2023 (date) — date of the event requiring the filing
Forward-Looking Statements
- UBS Group AG will maintain a significant, but potentially fluctuating, stake in RiverNorth/DoubleLine Strategic Opportunity Fund Inc.'s preferred stock. (UBS Group AG) — medium confidence, target: Next 12 months
FAQ
What type of security is UBS Group AG reporting its ownership in?
UBS Group AG is reporting its ownership in the 4.75% Series B Cumulative Preferred Stock (Liquidation Preference $25.00 per share) of RiverNorth/DoubleLine Strategic Opportunity Fund Inc., as stated in the 'Title of Class of Securities' section.
What is the CUSIP number for the securities mentioned in this filing?
The CUSIP number for the securities is 76882G404, as specified under the 'CUSIP Number' section of the filing.
When was the event that triggered this SC 13G/A filing?
The date of the event which required the filing of this statement was December 29, 2023, as indicated in the filing.
Under which rule of the Securities Exchange Act of 1934 is this Schedule 13G filed?
This Schedule 13G is filed under Rule 13d-1(b) of the Securities Exchange Act of 1934, as marked by the '/X/' in the 'Check the appropriate box' section.
What is the full name of the issuer of the securities?
The full name of the issuer is RiverNorth/DoubleLine Strategic Opportunity Fund Inc, as stated in the 'Name of Issuer' section.
Filing Details
This Form SC 13G/A (Form SC 13G/A) was filed with the SEC on February 5, 2024 regarding RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (OPP-PB).