CNRMX: City National Rochdale Muni Hi Inc Svc

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CNRMX City National Rochdale Muni Hi Inc Svc


Profile

CNRMX - Profile

Vitals

  • YTD Return -3.8%
  • 3 Yr Annualized Return -0.5%
  • 5 Yr Annualized Return -0.2%
  • Net Assets $1.57 B
  • Holdings in Top 10 8.0%

52 WEEK LOW AND HIGH

$10.51
$9.47
$11.26

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.83%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 33.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $0
  • IRA N/A

Fund Classification


Distributions

  • YTD Total Return -3.8%
  • 3 Yr Annualized Total Return -0.5%
  • 5 Yr Annualized Total Return -0.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.85%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    City National Rochdale Municipal High Income Fund
  • Fund Family Name
    City National Rochdale
  • Inception Date
    Dec 30, 2013
  • Shares Outstanding
    55386418
  • Share Class
    S
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    William Black

Fund Description

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of tax-exempt municipal bonds. 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.


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Categories

Performance

CNRMX - Performance

Return Ranking - Trailing

Period CNRMX Return Category Return Low Category Return High Rank in Category (%)
YTD -3.8% -11.6% 1.7% 54.82%
1 Yr -3.0% -11.5% 5.3% 61.34%
3 Yr -0.5%* -1.6% 2.8% 75.14%
5 Yr -0.2%* -2.2% 2.6% 76.71%
10 Yr N/A* -1.4% 2.1% N/A

* Annualized

Return Ranking - Calendar

Period CNRMX Return Category Return Low Category Return High Rank in Category (%)
2019 4.5% -0.7% 9.1% 69.11%
2018 -3.3% -4.8% 9.2% 84.75%
2017 5.4% -9.7% 8.6% 15.19%
2016 -4.8% -6.1% -0.8% 97.35%
2015 -0.3% -5.6% 2.9% 63.43%

Total Return Ranking - Trailing

Period CNRMX Return Category Return Low Category Return High Rank in Category (%)
YTD -3.8% -11.6% 1.7% 54.82%
1 Yr -3.0% -11.5% 5.3% 61.34%
3 Yr -0.5%* -1.6% 2.8% 75.14%
5 Yr -0.2%* -2.2% 3.0% 76.71%
10 Yr N/A* -1.4% 4.5% N/A

* Annualized

Total Return Ranking - Calendar

Period CNRMX Return Category Return Low Category Return High Rank in Category (%)
2019 4.5% -0.7% 9.1% 69.11%
2018 -3.3% -4.8% 9.2% 86.44%
2017 5.4% -9.7% 8.8% 18.35%
2016 -4.8% -6.1% 1.1% 97.35%
2015 -0.3% -5.6% 5.3% 65.67%

NAV & Total Return History


Holdings

CNRMX - Holdings

Concentration Analysis

CNRMX Category Low Category High CNRMX % Rank
Net Assets 1.57 B 573 K 19.1 B 34.50%
Number of Holdings 558 5 3533 38.00%
Net Assets in Top 10 116 M -38.7 M 2.67 B 47.00%
Weighting of Top 10 8.02% 4.2% 96.4% 94.44%

Top 10 Holdings

  1. PUERTO RICO SALES TAX FING CORP SALES TAX REV 4.5% 1.32%
  2. NEW JERSEY ST TRANSN TR FD AUTH 5.25% 1.11%
  3. PUERTO RICO SALES TAX FING CORP SALES TAX REV 5% 0.82%
  4. BUCKEYE OHIO TOB SETTLEMENT FING AUTH 5% 0.74%
  5. JEFFERSON CNTY ALA SWR REV 6% 0.72%
  6. PUERTO RICO SALES TAX FING CORP SALES TAX REV 4.78% 0.69%
  7. GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV 3.5% 0.68%
  8. CHICAGO ILL 6% 0.67%
  9. NORTHERN TOB SECURITIZATION CORP ALASKA TOB SETTLEMENT REV 5% 0.66%
  10. TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC REV 6.38% 0.63%

Asset Allocation

Weighting Return Low Return High CNRMX % Rank
Bonds
93.37% 0.00% 148.07% 88.06%
Cash
6.63% -1.98% 100.00% 12.00%
Stocks
0.00% 0.00% 4.54% 54.23%
Preferred Stocks
0.00% -48.07% 0.00% 47.00%
Other
0.00% -0.04% 1.57% 58.00%
Convertible Bonds
0.00% 0.00% 0.00% 48.50%

Bond Sector Breakdown

Weighting Return Low Return High CNRMX % Rank
Municipal
92.25% 0.00% 100.00% 88.50%
Cash & Equivalents
6.63% 0.00% 100.00% 12.00%
Corporate
1.11% 0.00% 5.11% 6.50%
Derivative
0.00% 0.00% 0.26% 50.50%
Securitized
0.00% 0.00% 0.00% 48.50%
Government
0.00% -2.36% 0.96% 55.00%

Bond Geographic Breakdown

Weighting Return Low Return High CNRMX % Rank
US
88.05% 0.00% 141.91% 73.50%
Non US
5.32% 0.00% 16.32% 37.50%

Expenses

CNRMX - Expenses

Operational Fees

CNRMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.83% 0.18% 7.04% 59.30%
Management Fee 0.50% 0.00% 1.25% 49.25%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 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% 4.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

CNRMX 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.

CNRMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 33.00% 5.10% 314.00% 64.00%

Distributions

CNRMX - Distributions

Dividend Yield Analysis

CNRMX Category Low Category High CNRMX % Rank
Dividend Yield 0.00% 0.00% 0.62% 56.22%

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 3.85% -0.98% 5.67% 38.69%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

CNRMX - Fund Manager Analysis

Managers

William Black


Start Date

Tenure

Tenure Rank

Apr 01, 2016

4.25

4.3%

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

3.42

3.4%

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

3.42

3.4%

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 28.52 7.07 0.61