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Trending ETFs

City National Rochdale Municipal High Income Fund

mutual fund
CNRMX
Payout Change
Pending
Price as of:
$9.46 +0.01 +0.11%
primary theme
High Yield Municipal Bond
share class
CNRMX (Mutual Fund)

City National Rochdale Municipal High Income Fund

Payout Change
Pending
Price as of:
$9.46 +0.01 +0.11%
primary theme
High Yield Municipal Bond
share class
CNRMX (Mutual Fund)

City National Rochdale Municipal High Income Fund

Payout Change
Pending
Price as of:
$9.46 +0.01 +0.11%
primary theme
High Yield Municipal Bond
share class

Name

As of 12/06/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.46

$954 M

4.15%

$0.39

0.84%

Vitals

YTD Return

7.9%

1 yr return

9.6%

3 Yr Avg Return

-1.4%

5 Yr Avg Return

0.8%

Net Assets

$954 M

Holdings in Top 10

8.4%

52 WEEK LOW AND HIGH

$9.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.84%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 15.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/06/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.46

$954 M

4.15%

$0.39

0.84%

CNRMX - Profile

Distributions

  • YTD Total Return 7.9%
  • 3 Yr Annualized Total Return -1.4%
  • 5 Yr Annualized Total Return 0.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.27%
DIVIDENDS
  • Dividend Yield 4.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    City National Rochdale Municipal High Income Fund
  • Fund Family Name
    City National Rochdale Funds
  • Inception Date
    Dec 30, 2013
  • Shares Outstanding
    67127131
  • Share Class
    S
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    William Black

Fund Description

Under normal market conditions, the Muni High Income Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of tax-exempt municipal bonds. Municipal bonds are obligations issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and Guam), their political subdivisions such as counties and cities, and agencies or authorities, to finance public-purpose projects. The interest on municipal bonds is excludable from gross income for federal income tax purposes, although a significant portion of such interest may be a tax preference item (“Tax Preference Item”) for purposes of the federal alternative minimum tax (the “AMT”) applicable to noncorporate taxpayers.

The Fund typically invests in medium- and lower-quality bonds, which are bonds that are rated BBB+ or lower by Standard & Poor’s Ratings Services (“Standard & Poor’s”), are comparably rated by another nationally recognized statistical rating organization (“NRSRO”) or, if unrated, are determined by City National Rochdale, LLC (the “Adviser”), the Fund’s investment adviser, to be of comparable quality. The Fund’s typical investments include non-investment grade debt securities (commonly called junk bonds), which are rated BB+ or lower by Standard & Poor’s, comparably rated by another NRSRO or, if unrated, determined by the Adviser to be of comparable quality. The Fund may invest an unlimited amount of its total assets in non-investment grade debt securities. Although the Adviser considers credit ratings in selecting investments for the Fund, the Adviser bases its investment decision for a particular instrument primarily on its own credit analysis and not on an NRSRO’s credit rating. The Adviser will consider, among other things, the issuer’s financial resources and operating history, its sensitivity to economic conditions and trends, its debt maturity schedules and borrowing requirements, and relative values based on anticipated cash flow, interest and asset coverage.

The Fund may invest in higher quality municipal bonds at times when yield spreads are narrow and the Adviser believes that the higher yields do not justify the increased risk, or when, in the opinion of the Adviser, there is a lack of medium- and lower-quality bonds in which to invest.

The Adviser’s view on interest rates largely determines the desired duration of the Fund’s holdings and how the Adviser structures the portfolio to achieve a duration target. In current market conditions, the Fund invests substantially in municipal bonds with remaining maturities of ten to 30 years.

In selecting investments for the Fund, the Adviser typically conducts a macro-economic analysis, and it may consider a number of factors including the security’s current coupon; the maturity, relative value and market yield of the security; the creditworthiness of the particular issuer or of the private company involved; the sector in which the issuer operates; the structure of the security, including whether it has a call feature; and the state in which the issuer is located.

The Fund primarily invests in revenue bonds, which are payable only from specific sources, such as the revenue from a particular project, a special tax, lease payments and/or appropriated funds. Revenue bonds include certain private activity bonds (“PABs”), which finance privately operated facilities. Revenue bonds may also include housing bonds that finance pools of single-family home mortgages and student loan bonds that finance pools of student loans, as well as bonds that finance charter schools. Revenue bonds may also include tobacco bonds that are issued by state created special purpose entities as a means to securitize a state’s share of annual tobacco settlement revenues. The Fund may invest significantly in PABs in general; in revenue bonds payable from revenues derived from similar projects, such as those in the health care, life care, education and special tax sectors; and in municipal bonds of issuers located in the same geographic area.

Generally, in determining whether to sell a security, the Adviser uses the same type of analysis that it uses when buying securities to determine whether the security continues to be a desirable investment for the Fund, including consideration of the security’s current credit quality. The Adviser may also sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

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CNRMX - Performance

Return Ranking - Trailing

Period CNRMX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.9% -0.7% 15.1% 31.34%
1 Yr 9.6% -0.1% 17.8% 41.79%
3 Yr -1.4%* -8.0% 3.4% 83.16%
5 Yr 0.8%* -4.7% 4.0% 79.49%
10 Yr 2.2%* -0.4% 155.7% 77.95%

* Annualized

Return Ranking - Calendar

Period CNRMX Return Category Return Low Category Return High Rank in Category (%)
2023 0.9% -6.2% 7.5% 84.65%
2022 -18.3% -26.9% -3.5% 65.83%
2021 1.8% -1.9% 5.6% 64.97%
2020 -0.2% -4.0% 4.2% 64.80%
2019 4.5% -0.7% 9.1% 72.11%

Total Return Ranking - Trailing

Period CNRMX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.9% -0.7% 15.1% 31.34%
1 Yr 9.6% -0.1% 17.8% 41.79%
3 Yr -1.4%* -8.0% 3.4% 83.16%
5 Yr 0.8%* -4.7% 4.0% 79.49%
10 Yr 2.2%* -0.4% 155.7% 77.95%

* Annualized

Total Return Ranking - Calendar

Period CNRMX Return Category Return Low Category Return High Rank in Category (%)
2023 5.4% -4.1% 10.9% 72.77%
2022 -15.3% -26.9% 4.3% 71.36%
2021 5.1% -1.9% 10.0% 61.42%
2020 3.7% -2.6% 8.2% 42.35%
2019 8.3% -0.7% 1028633.9% 55.79%

NAV & Total Return History


CNRMX - Holdings

Concentration Analysis

CNRMX Category Low Category High CNRMX % Rank
Net Assets 954 M 3.1 M 15.6 B 50.50%
Number of Holdings 425 20 3325 48.74%
Net Assets in Top 10 70.9 M -102 M 1.96 B 69.35%
Weighting of Top 10 8.44% 4.6% 98.9% 90.95%

Top 10 Holdings

  1. PUERTO RICO SALES TAX FING COR PUERTO RICO SALES TAX FINANCING CORP SALES TAX REV 1.19%
  2. CHICAGO IL CITY OF CHICAGO IL 1.12%
  3. SEI DAILY INCOME TRUST GOVERNMENT FUND (#36) 1.10%
  4. WESTCHESTER NY TOBACCO ASSET S WESTCHESTER TOBACCO ASSET SECURITIZATION CORP 0.83%
  5. CHICAGO IL O'HARE INTERNATIONA CHICAGO O'HARE INTERNATIONAL AIRPORT 0.77%
  6. N TX TOLLWAY AUTH REVENUE NORTH TEXAS TOLLWAY AUTHORITY 0.74%
  7. PUERTO RICO SALES TAX FING COR PUERTO RICO SALES TAX FINANCING CORP SALES TAX REV 0.69%
  8. LEGATO CMNTY AUTH CO LTD TAX S LEGATO COMMUNITY AUTHORITY 0.68%
  9. SIERRA VISTA AZ INDL DEV AUTH SIERRA VISTA INDUSTRIAL DEVELOPMENT AUTHORITY 0.67%
  10. NEW YORK ST DORM AUTH SALES TA NEW YORK STATE DORMITORY AUTHORITY 0.65%

Asset Allocation

Weighting Return Low Return High CNRMX % Rank
Bonds
98.45% 0.00% 146.69% 64.85%
Cash
1.55% -0.64% 10.86% 26.13%
Stocks
0.00% 0.00% 99.72% 94.06%
Preferred Stocks
0.00% -47.61% 0.00% 90.45%
Other
0.00% -5.67% 5.07% 86.43%
Convertible Bonds
0.00% 0.00% 0.00% 89.95%

Bond Sector Breakdown

Weighting Return Low Return High CNRMX % Rank
Municipal
96.31% 50.68% 100.00% 81.91%
Cash & Equivalents
1.10% 0.00% 10.86% 21.11%
Corporate
0.86% 0.00% 2.83% 15.58%
Derivative
0.00% -7.70% 2.16% 84.42%
Securitized
0.00% 0.00% 22.44% 89.95%
Government
0.00% 0.00% 0.09% 90.45%

Bond Geographic Breakdown

Weighting Return Low Return High CNRMX % Rank
US
98.45% 0.00% 139.84% 60.80%
Non US
0.00% 0.00% 13.35% 91.46%

CNRMX - Expenses

Operational Fees

CNRMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.84% 0.22% 3.44% 58.91%
Management Fee 0.50% 0.00% 1.41% 61.39%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.35% 39.47%

Sales Fees

CNRMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 4.50% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

CNRMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

CNRMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 15.00% 2.00% 121.00% 32.62%

CNRMX - Distributions

Dividend Yield Analysis

CNRMX Category Low Category High CNRMX % Rank
Dividend Yield 4.15% 0.00% 5.94% 30.69%

Dividend Distribution Analysis

CNRMX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

CNRMX Category Low Category High CNRMX % Rank
Net Income Ratio 3.27% 1.11% 5.44% 42.57%

Capital Gain Distribution Analysis

CNRMX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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CNRMX - Fund Manager Analysis

Managers

William Black


Start Date

Tenure

Tenure Rank

Apr 01, 2016

6.17

6.2%

William Black is a Managing Director and Senior Portfolio Manager of City National Rochdale, LLC. Mr. Black has over 30 years of experience in the financial services industry. Prior to that, from 1998 to 2008, he was a municipal bond analyst specializing in high yield securities at Van Kampen Investments and Invesco (after it acquired Van Kampen). Mr. Black earned his BS from Washington University in St. Louis and an MBA from the Kellogg Graduate School of Management at Northwestern University. He holds the Chartered Financial Analyst designation.

Brian Winters


Start Date

Tenure

Tenure Rank

Jan 27, 2017

5.34

5.3%

Brian Winters is a Director and Portfolio Manager / Senior High Yield Municipal Analyst of City National Rochdale. Prior to joining City National Rochdale in March 2016, he served as Senior Fixed Income Analyst with Invesco, where he was a senior member of the municipal credit team responsible for investment analysis of high yield municipal bonds. Mr. Winters began his career with Van Kampen Investments (1989-1996) and later Morgan Stanley (1996-2010) where he focused on investment grade and high yield municipal and corporate credit analysis. Mr. Winters received his MS in Finance from the Kellstadt Graduate School of Business and an MA in Economics from the Graduate School of Liberal Arts and Social Sciences, both at DePaul University. He also received a BS in Finance from the University of Illinois at Urbana-Champaign.

Douglas Gibbs


Start Date

Tenure

Tenure Rank

Jan 27, 2017

5.34

5.3%

Douglas Gibbs is a Director and Portfolio Manager / Senior High Yield Municipal Analyst of City National Rochdale. Prior to joining City National Rochdale in January 2016, he served as a senior analyst for Invesco (and Van Kampen Investments before it was acquired by Invesco in 2010) where he was responsible for the acquisition and surveillance of non-rated and below investment grade municipal credits for both Invesco open-end mutual funds and closed-end funds from 2000 until December 2015. Prior to that, from 1997 to 2000, he was an investment grade municipal analyst for Van Kampen Investments. Mr. Gibbs earned his B.A. from Illinois Wesleyan University in Bloomington, Illinois and an M.B.A. from the Kellstadt Graduate School of Business at DePaul University in Chicago.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.25 21.43 7.58 2.52