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City National Rochdale Fixed Income Opportunities Fund

mutual fund
RIMOX
Payout Change
Pending
Price as of:
$19.76 +0.0 +0.0%
primary theme
High Yield Bond
share class
RIMOX (Mutual Fund)

City National Rochdale Fixed Income Opportunities Fund

Payout Change
Pending
Price as of:
$19.76 +0.0 +0.0%
primary theme
High Yield Bond
share class
RIMOX (Mutual Fund)

City National Rochdale Fixed Income Opportunities Fund

Payout Change
Pending
Price as of:
$19.76 +0.0 +0.0%
primary theme
High Yield Bond
share class

Name

As of 10/04/2024

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

$19.76

$2.02 B

4.18%

$0.82

1.27%

Vitals

YTD Return

7.9%

1 yr return

13.9%

3 Yr Avg Return

2.3%

5 Yr Avg Return

3.2%

Net Assets

$2.02 B

Holdings in Top 10

14.5%

52 WEEK LOW AND HIGH

$19.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.27%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 117.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 10/04/2024

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

$19.76

$2.02 B

4.18%

$0.82

1.27%

RIMOX - Profile

Distributions

  • YTD Total Return 7.9%
  • 3 Yr Annualized Total Return 2.3%
  • 5 Yr Annualized Total Return 3.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 5.14%
DIVIDENDS
  • Dividend Yield 4.2%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    City National Rochdale Fixed Income Opportunities Fund
  • Fund Family Name
    City National Rochdale Funds
  • Inception Date
    Mar 08, 2013
  • Shares Outstanding
    168766463
  • Share Class
    N
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Charles Luke

Fund Description

Under normal conditions, the Fund invests at least 80% of its net assets (plus any borrowing for investment purposes) in fixed income securities and floating rate loans. The Fund invests in both fixed rate and floating rate fixed income securities and may invest in fixed income securities of any credit rating. The Fund seeks to invest its net assets opportunistically across a broad spectrum of income yielding securities, including without limitation collateralized loan obligations (“CLOs”). The Fund generally expects to have exposure to high yield bonds

(commonly known as “junk” bonds), first- and second-lien senior floating rate loans and other floating rate debt securities, bonds issued by sovereign issuers or quasi-sovereign issuers (i.e., entities that are fully guaranteed, or 100% directly or indirectly owned or controlled, by sovereign entities), and domestic and foreign corporate bonds including asset-backed securities, bank loans, zero coupon obligations, pay-in-kind bonds and trust preferred securities. The Fund may also invest in agency and non-agency mortgage-backed securities and asset-backed securities. The Fund’s portfolio managers determine the portion of the Fund’s assets invested in each asset class.

The Fund’s foreign investments generally include investments in companies that are operating principally in emerging market or frontier market countries. The Fund considers a company to be operating principally in an emerging market or frontier market if (i) the company is incorporated or has its principal business activities in such a market or (ii) the company derives 50% or more of its revenues from, or has 50% or more of its assets in, such a market. The Fund considers a country to be an emerging market country if it has been determined by an international organization, such as the World Bank, to have a low to middle income economy. The Fund considers a country to be a frontier market country if it is included in the MSCI Frontier Markets Index. The Fund’s foreign investments may be denominated in U.S. dollars or in local currencies.

The Fund may also invest in other income-producing securities consisting of preferred stocks, high dividend paying stocks, securities issued by other investment companies (including exchange-traded funds (“ETFs”), and money market funds), and money market instruments. Up to 100% of the Fund’s assets may be held in instruments that are rated below investment grade by either by Standard & Poor’s Ratings Services (“Standard & Poor’s”) or Moody’s Investors Service, Inc. (“Moody’s”), or in unrated securities determined by City National Rochdale, LLC (the “Adviser”), the Fund’s investment adviser, or a Fund sub-adviser to be of equal quality. Although the Adviser and sub-advisers may consider credit ratings in selecting investments for the Fund, the Adviser and the sub-advisers generally base their investment decisions for a particular instrument primarily on their own credit analyses and not on a credit rating by a nationally recognized statistical rating organization. The Adviser and sub-advisers generally 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 income producing securities and other instruments without regard to the maturity of any instrument or the average maturity or duration of the Fund as a whole.

The Fund may also invest up to 15% of its net assets in life insurance policies (“Policies”) and interests related thereto purchased through life settlement transactions. The Fund may invest in life insurance policies and related interests directly or through a company organized under the laws of Ireland (the “Irish Company”). The Fund generally gains exposure to Policies through the Irish Company. There are no restrictions on the percentage of the Fund’s net assets that may be held or derived from the life insurance policies of a single insurance company. In connection with such an investment a Policy owner transfers his or her Policy at a discount to its face value (the amount that is payable upon the death of the insured) in return for an immediate cash settlement. The ultimate holder of the Policy (in this case, the Fund or the Irish Company) is responsible for premiums payable on the Policy and is entitled to receive the full face value from the insurance company upon the death of the insured.

The Fund may also invest in reinsurance investments providing exposure to the insurance risk of natural catastrophes. The Fund expects to gain exposure to reinsurance investments such as industry loss warranties (“ILWs”) and catastrophe bonds (also known as event-linked bonds) indirectly through structured investments in insurance company segregated accounts and/or through investments in private funds.

In selecting the Fund’s investments, the Adviser or the relevant sub-adviser analyzes an issuer’s financial condition, business product strength, competitive position and management experience. The Fund may continue to own a security as long as the dividend or interest yields satisfy the Fund’s goal, the credit quality meets the Adviser’s or sub-adviser’s fundamental criteria and the Adviser or sub-adviser believes the valuation is attractive and industry trends remain favorable. Generally, in determining whether to sell a security, the Adviser or relevant sub-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 or sub-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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RIMOX - Performance

Return Ranking - Trailing

Period RIMOX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.9% -5.4% 15.3% 35.11%
1 Yr 13.9% 0.2% 20.0% 80.74%
3 Yr 2.3%* -14.8% 21.1% 59.60%
5 Yr 3.2%* -11.8% 37.6% 79.65%
10 Yr 3.5%* -5.1% 20.2% 67.92%

* Annualized

Return Ranking - Calendar

Period RIMOX Return Category Return Low Category Return High Rank in Category (%)
2023 5.3% -4.7% 14.3% 46.92%
2022 -18.6% -33.4% 3.6% 88.36%
2021 -2.9% -8.4% 8.2% 95.07%
2020 -4.4% -13.2% 302.7% 98.07%
2019 2.7% -4.4% 13.3% 95.68%

Total Return Ranking - Trailing

Period RIMOX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.9% -5.4% 15.3% 35.11%
1 Yr 13.9% 0.2% 20.0% 80.74%
3 Yr 2.3%* -14.8% 21.1% 59.60%
5 Yr 3.2%* -11.8% 37.6% 79.65%
10 Yr 3.5%* -5.1% 20.2% 67.92%

* Annualized

Total Return Ranking - Calendar

Period RIMOX Return Category Return Low Category Return High Rank in Category (%)
2023 11.8% -4.7% 18.7% 60.55%
2022 -10.5% -33.4% 47.8% 46.56%
2021 2.9% -8.4% 12.4% 88.44%
2020 2.5% -9.6% 325.6% 87.74%
2019 8.4% -3.8% 19.4% 91.71%

NAV & Total Return History


RIMOX - Holdings

Concentration Analysis

RIMOX Category Low Category High RIMOX % Rank
Net Assets 2.02 B 3.13 M 23.6 B 25.40%
Number of Holdings 1336 2 3879 4.72%
Net Assets in Top 10 279 M -492 M 5.25 B 23.90%
Weighting of Top 10 14.47% 4.2% 146.0% 47.15%

Top 10 Holdings

  1. CITY NATIONAL ROCHDALE FUNDS FIXED INCOME OPPORTUNITIES FUND (269) 3.69%
  2. GOLUB CAPITAL BDC COMMON STOCK 3.68%
  3. GOLUB CAPITAL BDC 4 CAPITAL CALL 2.54%
  4. PRIMARY WAVE MUSIC IP FUND 3 LP CAPITAL CALL 0.84%
  5. ROCKFORD TOWER EUROPE CLO 2019-1 DAC RFTE 2019-1X A 0.77%
  6. SEI DAILY INCOME TRUST GOVERNMENT FUND (#36) 0.72%
  7. PIKES PEAK CLO 14 2023 LTD PIPK 2023-14A A1 0.57%
  8. TCW DIRECT LENDING VIII LLC CAPITAL CALL 0.57%
  9. FAIR OAKS LOAN FUNDING III DAC FOAKS 3X AR 0.55%
  10. PRIMARY WAVE MUSIC IP FUND 3, LP CAPITAL CALL 0.54%

Asset Allocation

Weighting Return Low Return High RIMOX % Rank
Bonds
83.18% 0.00% 145.36% 93.37%
Stocks
15.51% 0.00% 99.64% 3.24%
Cash
3.11% -52.00% 48.02% 61.30%
Convertible Bonds
0.96% 0.00% 17.89% 58.54%
Preferred Stocks
0.00% 0.00% 4.97% 40.81%
Other
-0.89% -39.08% 99.96% 97.07%

Stock Sector Breakdown

Weighting Return Low Return High RIMOX % Rank
Energy
74.11% 0.00% 100.00% 30.70%
Industrials
16.07% 0.00% 93.12% 4.39%
Communication Services
9.82% 0.00% 99.99% 34.80%
Utilities
0.00% 0.00% 100.00% 51.46%
Technology
0.00% 0.00% 33.17% 52.92%
Real Estate
0.00% 0.00% 86.71% 47.37%
Healthcare
0.00% 0.00% 22.17% 45.32%
Financial Services
0.00% 0.00% 100.00% 52.05%
Consumer Defense
0.00% 0.00% 100.00% 46.78%
Consumer Cyclical
0.00% 0.00% 100.00% 61.11%
Basic Materials
0.00% 0.00% 100.00% 50.88%

Stock Geographic Breakdown

Weighting Return Low Return High RIMOX % Rank
US
15.45% 0.00% 99.64% 3.25%
Non US
0.06% -0.01% 0.83% 7.32%

Bond Sector Breakdown

Weighting Return Low Return High RIMOX % Rank
Corporate
79.81% 0.00% 100.00% 91.53%
Securitized
11.29% 0.00% 97.24% 1.95%
Government
3.69% 0.00% 99.07% 8.31%
Cash & Equivalents
3.11% 0.00% 48.02% 50.73%
Municipal
0.00% 0.00% 1.17% 40.72%
Derivative
-0.89% -14.19% 42.26% 99.19%

Bond Geographic Breakdown

Weighting Return Low Return High RIMOX % Rank
US
63.18% 0.00% 126.57% 91.87%
Non US
20.01% 0.00% 96.91% 7.48%

RIMOX - Expenses

Operational Fees

RIMOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.27% 0.02% 38.33% 30.68%
Management Fee 0.50% 0.00% 1.75% 31.12%
12b-1 Fee 0.25% 0.00% 1.00% 31.80%
Administrative Fee N/A 0.00% 0.50% 23.28%

Sales Fees

RIMOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

RIMOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 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.

RIMOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 117.00% 1.00% 255.00% 92.90%

RIMOX - Distributions

Dividend Yield Analysis

RIMOX Category Low Category High RIMOX % Rank
Dividend Yield 4.18% 0.00% 11.76% 35.22%

Dividend Distribution Analysis

RIMOX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Quarterly Monthly Monthly

Net Income Ratio Analysis

RIMOX Category Low Category High RIMOX % Rank
Net Income Ratio 5.14% -2.39% 9.30% 15.23%

Capital Gain Distribution Analysis

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

Distributions History

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RIMOX - Fund Manager Analysis

Managers

Charles Luke


Start Date

Tenure

Tenure Rank

May 30, 2020

2.0

2.0%

Charles Luke is a Senior Investment Director on the UK and European equities team having joined the company in 2000. Charles started his career at Framlington Investment Management in 1998, covering UK equities. Charles graduated with a BA in Economics and Japanese Studies from Leeds University and an MSc in Business and Economic History from the London School of Economics."

Thomas Ehrlein


Start Date

Tenure

Tenure Rank

May 30, 2020

2.0

2.0%

Thomas H. Ehrlein joined the former Rochdale Investment Management (predecessor to City National Rochdale) in 2005. He oversees a number of business segments at the firm including investment oversight for all non-traditional investments and the portfolio analytics and modeling processes,and is the Portfolio Manager of the City National Rochdale High Yield Alternative Strategies Fund. Mr. Ehrlein is also a key member of the asset allocation committee at City National Rochdale. He has been in the Investment Management industry since 2000. Prior to 2005, Mr. Ehrlein was a Senior Consultant in the Investment Management division of FactSet Research Systems, Inc., where he performed financial market and portfolio management research and quantitative analysis for institutional money management firms, and a middle market lending credit analyst at ABN-Amro, North America. Mr. Ehrlein earned his BS in Finance from the University of Scranton and his MBA in Finance from Hofstra University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.3 8.17