City National Rochdale Select Strategies Fund
CNRLX
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- City National Rochdale Select Strategies Fund (CNRLX) is a non-diversified, closed-end management investment company operated as an interval fund that seeks total return consisting of income and capital appreciation through investments providing exposure to insurance risks from natural catastrophes, such as hurricanes and earthquakes; the fund invests significantly in structured reinsurance investments, including equity-linked notes and preferred shares issued by insurance company segregated accounts or special purpose vehicles whose returns are tied to industry loss warranties (ILWs) and catastrophe bonds (event-linked bonds); under normal circumstances, at least 70% of its total assets are invested in instruments designed to provide exposure to ILWs, with secondary exposure to catastrophe bonds, categorized by peril types including Efficiency (all natural perils in North America, Europe, and Australia), Wind (predominantly US, Japan, and Europe), Frequency (multiple events in US and Canada), Multi-Peril (US, Japan, Europe, Australia, New Zealand), Opportunistic (all natural perils, wind, and earthquake in the US), Earthquake (predominantly US), and Non-Florida (wind in US and earthquake in Japan). The fund, with CUSIP 17801L108, was incepted on July 27, 2017, and is managed by City National Rochdale, LLC, a wholly-owned subsidiary of City National Bank (itself a subsidiary of Royal Bank of Canada), with principal offices in Beverly Hills, California, and New York City; it operates primarily in the US market, offering quarterly repurchase opportunities for 5% of outstanding shares at net asset value, targeting long-term investors tolerant of illiquidity and high risks associated with reinsurance-linked securities. As of June 30, 2025, the fund's net asset value stood at $15.49, with top holdings including Hollywood Segregated Account (21.04%), Broadway Segregated Account (20.86%), and others such as Glendale, Madison, Atlantic, Carmelia, Ocean, King, and Park Segregated Accounts; its total annual operating expenses are capped at 0.98% through July 27, 2026, via fee waivers by the investment manager. In recent developments, the fund maintained steady operations amid a stable insurance-linked securities market, issuing its quarterly interval fund report as of June 30, 2025, with year-to-date total return of 0.97% and 1-year return of 11.21%; City National Rochdale, the fund's manager, announced the promotion of Gregg Giaquinto to Chief Executive Officer on July 29, 2025, succeeding prior leadership to oversee strategic direction, investment performance, and client service enhancements.