City National Rochdale Select Strategies Fund has made a notable update to its Schedule 13D/A filing, revealing that RBC Rochdale, LLC holds a significant 97.3% of the fund's shares. This update is crucial as it underscores the investment management strategies employed by the fund and highlights the substantial influence RBC Rochdale has within the company.
The filing, dated October 20, 2026, indicates that RBC Rochdale, LLC, which serves as the investment manager for the fund, has beneficially owned 13,506,519 shares. This ownership reflects a strong commitment to the fund's performance and strategy, especially as RBC Rochdale continues to review its investments in the fund.
City National Rochdale Select Strategies Fund operates as a closed-end, non-diversified management investment company registered under the Investment Company Act of 1940. The fund is based in New York, with its principal executive office located at 400 Park Avenue. The company was previously known as City National Rochdale Reinsurance Premium Fund until its name change in November 2016.
According to the recent filing, RBC Rochdale, LLC is not only the investment manager for the fund but also serves as an investment adviser to separately managed accounts that invest in the fund. The filing states, "The Reporting Person intends to review the separately managed accounts' investments in the Issuer on a continuing basis and may cause the separately managed accounts to acquire additional securities of the Issuer or to sell, or otherwise dispose of, all or some of the securities of the Issuer." This indicates an active management approach to the fund's investments.
Additionally, the filing highlights a Master Services Agreement between RBC Rochdale and Glass, Lewis & Co., LLC, which grants Glass Lewis full voting authority over the shares held by separately managed accounts. This agreement allows Glass Lewis to vote in accordance with its proxy voting guidelines, ensuring that the interests of shareholders are represented effectively.
The impact of this filing is significant for both the fund and the broader investment management industry. With RBC Rochdale holding such a substantial percentage of the fund, it may influence decisions and strategies that could affect other investment firms in the sector. The filing also reflects the ongoing trend of investment managers consolidating their holdings and exercising greater control over their investment strategies.
As the fund continues to navigate the complexities of the investment landscape, it remains to be seen how these developments will play out. The next steps for the fund and RBC Rochdale are not specified in the filing, leaving stakeholders to anticipate further updates regarding the fund's performance and strategic direction.
In summary, the recent Schedule 13D/A filing by City National Rochdale Select Strategies Fund reveals important insights into the fund's management and investment strategies. With RBC Rochdale's substantial ownership, the implications for the fund and the investment management industry at large are noteworthy.