CNRZX — City National Rochdale Fixed Income Opportunities Fund
Data updated: 2026-08-28
CNRZX — City National Rochdale Fixed Income Opportunities Fund. Intermediate Total / Aggregate Bond · $1.52B AUM. Holdings, fees, performance and SEC filings.
CNRZX Fund Overview
CNRZX — City National Rochdale Fixed Income Opportunities Fund is a US mutual fund managed by City National Rochdale Funds, categorised as Intermediate Total / Aggregate Bond. 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: Intermediate Total / Aggregate Bond
- Assets under management: $1.52B
- Ticker: CNRZX
- SEC CIK: 0001026977
- SEC series ID: S000039723
- Share class ID: C000237513
CNRZX Investment Objective and Strategy
City National Rochdale Fixed Income Opportunities 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 Fixed Income Opportunities Fund (the ""Fixed Income Opportunities Fund"" or the ""Fund"") seeks a high level of current income."
Principal investment strategy
"Under normal conditions, the Fund invests at least 80% of its net assets (plus any borrowing for investment purposes) in fixed income securities. 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 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 and trust preferred securities.
The Fund also invests 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 income-based asset class. The Fund's foreign investments 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 also invests 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. 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 purchaser of the Policy (in this case, the Fund) 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 invest in life insurance policies and related interests directly or through a wholly owned subsidiary of the Fund organized under the laws of Ireland (the ""Irish Subsidiary""). The Fund generally gains exposure to Policies through the Irish Subsidiary.
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 objective, 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."
CNRZX Holdings
Top 10 holdings of City National Rochdale Fixed Income Opportunities Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| United States of America | 2.36% |
| United States of America | 2.02% |
| Armada Euro Clo Designated Activity Company | 1.06% |
| Dryden Euro Clo PLC | 0.76% |
| Hayfin Emerald Clo Dac | 0.70% |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico | 0.70% |
| Banco Santander, S.A. | 0.54% |
| Bnp Paribas SA | 0.53% |
| Societe Generale SA | 0.52% |
| YPF Sociedad Anonima | 0.51% |
CNRZX Portfolio Allocation
Asset-class allocation of City National Rochdale Fixed Income Opportunities Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 50.1% |
| Securitized | 19.0% |
| Cash & Equivalents | 11.0% |
| Equity | 7.6% |
| Loans | 4.5% |
| Other | 2.4% |
| Real Estate | 2.0% |
| Derivatives | 0.4% |
CNRZX Performance
Total returns for CNRZX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 2.2% |
| 1 year | 6.6% |
| 3 years (annualised) | 7.7% |
| 5 years (annualised) | 3.1% |
CNRZX Risk Information
Risk metrics for CNRZX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 2.4%
CNRZX Costs and Fees
CNRZX costs about $96 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.96%
- Gross expense ratio: 0.96%
- Portfolio turnover: 40%
- Brokerage commissions: 0.80 bps of average net assets (SEC N-CEN)
CNRZX Cashflows
Over the 12 months to 2026-06, City National Rochdale Fixed Income Opportunities Fund had net outflows of $183.21M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$12.78M |
| 2026-05 | −$33.50M |
| 2026-04 | −$16.95M |
| 2026-03 | −$10.93M |
| 2026-02 | −$10.61M |
| 2026-01 | −$36.46M |
CNRZX Debt Constituents
Largest debt holdings of City National Rochdale Fixed Income Opportunities Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico | 0.70% |
| Banco Santander, S.A. | 0.54% |
| Bnp Paribas SA | 0.53% |
| Societe Generale SA | 0.52% |
| YPF Sociedad Anonima | 0.51% |
| GeoPark Limited | 0.50% |
| Akbank Turk Anonim Sirketi | 0.47% |
| Ecopetrol S.A. | 0.46% |
| First Quantum Minerals Ltd. | 0.41% |
| Turkiye Garanti Bankasi Anonim Sirketi | 0.41% |
CNRZX Prospectus and SEC Filings
Official City National Rochdale Fixed Income Opportunities Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-01-28
- Prospectus (485BPOS) — filed 2025-01-28
- Prospectus (485BPOS) — filed 2024-01-29
- Portfolio holdings (N-PORT) — filed 2026-08-28
- Portfolio holdings (N-PORT) — filed 2026-05-29
- Portfolio holdings (N-PORT) — filed 2026-02-27
- Annual census (N-CEN) — filed 2024-12-10
- Annual census (N-CEN) — filed 2023-12-14
Related Funds
Other Intermediate Total / Aggregate Bond funds tracked on ABC INVEST:
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.