CNRGX — City National Rochdale Short Term Emerging Markets Debt Fund

CNRGX Fund Overview

CNRGX — City National Rochdale Short Term Emerging Markets Debt Fund is a US mutual fund managed by City National Rochdale Funds, categorised as Emerging Markets Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: City National Rochdale Funds
• Category: Emerging Markets Blend / Core Equity
• Assets under management: $216.65M
• 1-year return: 16.2%
• Ticker: CNRGX
• SEC CIK: 0001026977
• SEC series ID: S000063940
• Share class ID: C000206961

CNRGX Investment Objective and Strategy

City National Rochdale Short Term Emerging Markets Debt Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by City National Rochdale Funds.

Investment objective

The City National Rochdale Short Term Emerging Markets Debt Fund (the Short Term Emerging Markets Debt Fund or Fund) seeks to generate interest income and preserve capital in order to achieve positive total returns. CNRGX

Principal investment strategy

At least 80% of the Short Term Emerging Markets Debt Funds net assets (plus any borrowings for investment purposes) consists of bonds and other debt instruments issued by corporate, municipal, sovereign, sub-sovereign and quasi-sovereign issuers in emerging market countries. In particular, the Fund invests principally in short-term high yield debt instruments (also known as junk bonds) of corporate and sovereign issuers in or operating principally in emerging market countries. The Funds investments in securities of emerging market issuers may include securities of companies operating principally in frontier markets. Although there is no minimum amount of the Funds assets that is required to be invested in frontier market issuers, the Fund expects such investments will not typically exceed 15% of its net assets.

The Fund considers a company to be operating principally in an emerging market or frontier market country if (i) the company is incorporated or has its principal business activities in such a country, or (ii) the company derives 50% or more of its revenues from, or has 50% or more of its assets in, such a country. 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, or if it is included in the MSCI Emerging Markets Index. The Fund considers a country to be a frontier market country if it is included in the MSCI Frontier Markets Index. The Fund principally invests in U.S. dollar denominated securities, although it may invest in securities denominated in currencies of other developed markets or in local currencies of emerging and frontier market countries.

The Fund may use foreign currency forward contracts to attempt to hedge against adverse changes in currency exchange rates. The Funds investment strategy is to invest in corporate bonds and debentures, convertible debt securities (securities that may be exchanged, at the option of the holder, for equity securities), preferred securities, zero coupon obligations and debt securities that are issued by foreign issuers, including municipal and sovereign governments. The Funds sub-adviser seeks to invest in securities that offer a high risk-adjusted current yield as well as total return potential. In an effort to control risks, the sub-adviser purchases investments diversified across issuers and industries. The average maturity of the Funds investments varies, and generally the Fund will invest in bonds with maturities of no greater than two years.

The Fund has no restrictions on individual security or portfolio duration. The Fund invests in fixed income securities rated at least B- by Standard & Poors Ratings Services, at least B3 by Moodys Investors Service or at least B- by Fitch Ratings Inc. at the time of investment, or, if unrated, determined by the Funds investment adviser, City National Rochdale, LLC (the Adviser), or sub-adviser to be of comparable quality. The Fund may also invest up to 10% of its net assets in securities and debt of distressed issuers, provided that the sub-adviser believes there is a strong likelihood of repayment. Although the Funds sub-adviser considers credit ratings in selecting investments for the Fund, the sub-adviser bases its investment decision for a particular instrument primarily on its own credit analysis and not on a credit rating by a nationally recognized statistical rating organization.

The sub-adviser considers, among other things, the issuers 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 retain a security after it has been downgraded to any rating below the minimum credit ratings if the Adviser or sub-adviser determines that doing so is in the best interests of the Fund. The Fund accepted investments until January 10, 2020. After that date, the Fund closed to all investments by investors. Beginning shortly after the Fund closed to investment, the Adviser and sub-adviser intend to generally make no new portfolio investments for the Fund. During the investment period the Adviser and sub-adviser intended to invest the Funds assets pursuant to the Funds principal investment strategies in securities with stated maturities of two years or less, which securities are intended to generate steady cash flows and principal repayments over such two-year period.

The Adviser and sub-adviser intend to distribute over that two-year period recognized income and return of capital (i.e., principal repayments in respect of securities) to shareholders on a monthly basis. Generally, the Adviser and sub-adviser expect the Fund to hold each portfolio investment until maturity, although the sub-adviser may sell a security in certain circumstances including to reduce or eliminate the Funds holding in that security, to take advantage of what it believes are more attractive investment opportunities, or to raise cash to meet redemption requests. If the Fund sells a security, the Fund may invest in another security, which generally will have a stated maturity equal to or less than the stated maturity of the security sold by the Fund. The Adviser and sub-adviser expect that the Fund will liquidate approximately 2 years after the Funds inception date of May 14, 2019.

CNRGX Performance

Total returns for CNRGX (as of 2026-10-01), from SEC filings.

CNRGX Risk Information

Risk metrics for CNRGX, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 3.2%

CNRGX Costs and Fees

CNRGX costs about $93 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.93%
• Gross expense ratio: 0.93%
• Portfolio turnover: 129%
• Brokerage commissions: 0.18 bps of average net assets (SEC N-CEN)

CNRGX Cashflows

Over the 12 months to 2021-09, City National Rochdale Short Term Emerging Markets Debt Fund had net inflows of $90.11M, from monthly SEC N-PORT filings.

CNRGX Debt Constituents

No individual debt constituents are reported in City National Rochdale Short Term Emerging Markets Debt Fund's latest SEC N-PORT filing.

CNRGX Prospectus and SEC Filings

Official City National Rochdale Short Term Emerging Markets Debt Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2019-02-01
• Prospectus supplement (497) — filed 2021-10-01
• Prospectus supplement (497) — filed 2020-04-27
• Portfolio holdings (N-PORT) — filed 2021-11-24
• Portfolio holdings (N-PORT) — filed 2021-08-27
• Portfolio holdings (N-PORT) — filed 2021-05-25
• Annual census (N-CEN) — filed 2021-12-14
• Annual census (N-CEN) — filed 2020-12-11

Related Funds

Other Emerging Markets Blend / Core Equity funds tracked on ABC INVEST:

• Strategic Advisers Fidelity Emerging Markets Fund (FGOMX)
• iShares MSCI South Korea ETF (EWY)
• Strategic Advisers Emerging Markets Fund (FSAMX)
• iShares MSCI Taiwan ETF (EWT)
• iShares MSCI Brazil ETF (EWZ)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.