An entry written while the outcome is still unknown. It will be scored by what the market does next, and it will never be edited to look cleverer than it was.
VERDICT
The label
Markdown
read at $14.68
RiverNorth Capital and Income Fund holds its Markdown at $14.68.
PHPhase · the trend structure carries the Markdown label
INInsiders · no filings inside 60 days, left as found
POPositioning · no disclosures inside 60 days, left as found
OPOptions · no verdict drawn today, left as found
SCScreen · does not pass the values gate
edge confirmed
edge broken
edge forming
Each arm is one independent read. Conviction is not a single call, it is how many edges converge.
INVESTOR
The investor read · the season, not the day
As held on the ledger · 2026-06-14
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 46 days
Price
$14.68
Valuation
13.47 trailing · 7.72 forward price to earnings
Values screen
FAIL· score 30.0
Beta
N/A
OPPORTUNITY
The opportunity · what the numbers say it is worth
Read at
$14.68
13.47 P/E · 7.72 fwd
Our fair value
$23.37
59% discount
Price history & projections · where it has been, where the models see it going
The valuation journey · where the price sits against fair value and the Street
Current
$14.68
you are here
Conservative
$21.38
+46%
Our fair value
$23.37
+59%
Green marks levels above today's price, red below; the shaded band is the gap between the price and our fair value.
Fair value and rating are our own model estimates; target range reflects third-party analyst estimates. Analysis, not advice.
SCREEN
The values screen, explained · five checks, plain English
Does not pass. Excluded industry: Asset Management
Business activityExcluded industry: Asset ManagementFail
Debt loadInterest-bearing debt is of its assets, above the one-third ceiling the screen allows.Fail
Interest-bearing cashInterest-bearing cash and securities are of assets, above the one-third limit.Fail
ReceivablesMoney owed to the company is of assets, above the 49% limit.Fail
Revenue purity of revenue comes from non-compliant sources, over the 5% line.Fail
Every security is read against two recognised standards: our stricter asset-based screen (ratios measured against total assets) and the more widely used market-value standard (measured against market capitalisation). Where they agree we say so plainly; where they part ways — almost always on the debt check — we show both readings and mark it, because that disagreement is the finding, not a fault. We report the score; you and your scholar make the call.
PLAIN
The business, in plain words · what the numbers mean
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market.
Plain-English interpretation of our own screen data. Analysis, not advice.
TRADER
The trader read · the latest dated commentary
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 11%. Our forward projection puts the odds of a 10% gain over the next month near 0%. Entered 2026-08-11 · Markdown
JOURNAL
The dated journal · newest first, never edited
2026-08-11Markdown · changed$14.68+0.0%Entry 4
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 11%. Our forward projection puts the odds of a 10% gain over the next month near 0%.
2026-07-18Accumulation$14.68+0.0%Entry 3
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 11%. Our forward projection puts the odds of a 10% gain over the next month near 0%.
2026-07-03Accumulation$14.68+0.0%Entry 2
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Accumulation$14.68Entry 1
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
RETURNS
What holding actually paid · price plus dividends
If $1,000 had been placed · historical, not a promise
Period
Price then
Price return
Divs per share
$1,000 became
Total return
1 month
$14.49
+0.9%
$0.14
$1,019
+1.9%
2 months
$14.41
+1.5%
$0.27
$1,034
+3.4%
3 months
$14.07
+4.0%
$0.41
$1,069
+6.9%
6 months
$13.85
+5.6%
$0.82
$1,116
+11.6%
1 year
$13.21
+10.8%
$1.64
$1,232
+23.2%
2 years
$12.13
+20.6%
$3.28
$1,476
+47.6%
3 years
$10.87
+34.6%
$4.95
$1,801
+80.1%
5 years
$10.97
+33.4%
$8.64
$2,122
+112.2%
Historical returns from market close data. Past performance does not guarantee future results.
SEALED
This entry now belongs to the ledger. Whatever RSF does next, these words stay.
RiverNorth Capital and Income Fund · RSF · Markdown · $14.68
Recorded 2026-06-14 · before the outcome · scored mechanically