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City National Rochdale ILS fund drops 22% on hurricanes

The City National Rochdale Select Strategies Fund (CNRLX), an industry loss warranty (ILW) focused mutual insurance-linked securities (ILS) fund run by Royal Bank of Canada subsidiary City National Rochdale, LLC, saw the value of its investments decline 22% due to the major hurricanes that hit the United States.

The asset manager grew the total capital deployed through its City National Rochdale Select Strategies Fund to almost $23.2 million, during the quarter ending October 31st 2017, a slight increase from the $15.43 million of capital deployed three months earlier.

In the first quarterly filing of its portfolio holdings for this ILW focused mutual fund strategy it is clear that the majority of the hit has come from investments in U.S. wind exposed ILW’s, with the value of its specific wind ILW bucket had declined by more than 31% at the time of reporting.


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