November 2018 Intelligently Personalized Investment …...Our Experience Over 30 years as a boutique...
Transcript of November 2018 Intelligently Personalized Investment …...Our Experience Over 30 years as a boutique...
Investment management services provided by City National Bank through its wholly-owned subsidiary City National Rochdale, LLC, a registered investment advisor.
Intelligently Personalized Investment ManagementNovember 2018
TABLE OF CONTENTS Introduction
Intelligent Personalization
Investment Competencies
City National Rochdale Overview
INTRODUCTION
*As of July 31, 2018.
+Alternative investments are speculative, may entail substantial risks and may not be suitable for all investors.
Each client has a unique portfolio and personal
benchmark, as well as direct access to a private
Portfolio Manager
Long-term investment management approach
designed to seek competitive performance within a
strong risk management framework
Strategic asset allocation based on our proprietary
research insights
Broad array of investment strategies across
traditional and alternative asset classes
Our Experience
Over 30 years as a boutique investment
management firm serving financial advisors, CPAs,
and their high-net-worth clients
As a fiduciary, we act in the client’s best interest and
provide a foundation for a prudent investment
process
$38 billion* in assets under management
30+ years average professional experience of asset
allocation committee members
Our Philosophy
Clients We Serve Investment Strategies
We specialize in intelligently personalized portfolio
management for high-net-worth individuals,
families, and institutions with more than $1 million
in investable assets
Equities
Core Fixed Income
Opportunistic Income
Real Assets
Alternative Investments+
What Distinguishes City National Rochdale?
INTRODUCTION
Every portfolio is customized to seek the client’s investment objectives and performance goals, not a “one-size-fits-many” model portfolio
80+% of our investment consultants and portfolio managers are CFA charterholders
Investment approach guided by proprietary, forward-looking macroeconomic and capital markets research
Top-down asset allocation guidance coupled with the experience and insight of the portfolio manager
Portfolio is actively managed by strategically rebalancing assets and adjusting allocations
Three levels of active risk management: strategic, dynamic, and personal
Portfolios hold individual securities for potential greater tax efficiency
Direct and ongoing relationship with a private portfolio manager and team
Proprietary tools for portfolio analysis, portfolio management, and risk management
Client
Intelligently Personalized
Portfolios
Experienced Investment
Professionals
Differentiated Investment
Advice
Asset Allocation Discipline
Risk & Tax Management
Direct Access to Private Portfolio Manager
Proprietary Technology
Fiduciary Responsibilities
City National Rochdale adheres to the seven major fiduciary requirements outlined by the Accredited
Investment Fiduciary (AIF®) Global Precepts
INTRODUCTION
Source: fi360, Prudent Practices for Investment Stewards, 2013.
AIF® Global Fiduciary Precepts City National Rochdale
Know standards, laws, and trust provisions Over 30 years of experience managing assets for HNW clients
Diversify assets to specific risk/return profile Intelligent personalization, three levels of portfolio risk management
Prepare investment policy statement Advisor and City National Rochdale collaborate around the Investment
Policy Statement and use it as a guide when building portfolios
Use “prudent experts” (for example, an Investment
Manager) and document due diligence
80+% of our investment consultants and portfolio managers are CFA
charterholders
Control and account for investment expenses Disclosure of fees and expenses
Monitor the activities of “prudent experts” Periodic reviews with Portfolio Managers, advisor and client
Avoid prohibited transactions and avoid or manage
other conflicts of interest in favor of the portfolio Robust internal compliance and control systems, accountability across
all levels of the organization
Ongoing Active Portfolio Management
INTELLIGENT PERSONALIZATION
Asset
Allocation
Committee
Your Financial
Advisor
You
Risk Controls
Your Intelligently Personalized Portfolio
Research
Tax ManagementAsset Class
SpecialistsEconomic Team
Ongoing
Communication
Ongoing
Communication
Your Portfolio
Management
Team
Economic Outlook: Global Growth
The global economy
continues to show signs
of sustainable, but
moderating growth.
INTELLIGENT PERSONALIZATION
Sources: BEA, Standard & Poor’s, Bloomberg. As of November 2018.
City National Rochdale Forecasts 2017 2018e 2019e
GDP Growth 2.30% 2.75%-3.15% 2.25%-2.75%
Corporate Profit Growth 11.30% 18%-20% 5%-7%
Interest RatesFed Funds Rate 1.50% 2.375% 2.875%
Treasury Note, 10-Yr. 2.40% 2.75%-3.25% 2.90%-3.40%
Positive U.S. economic fundamentals include jobs, confidence, corporate profits, and
stable inflation.
Consumers, businesses, and the government all contribute to driving domestic
growth.
Fiscal policy giving a boost to GDP.
We expect one more Fed rate hike this year, for a total of four in 2018.
Global outlook has moderated and become more divergent.
Economic and Financial Indicators
City National Rochdale
indicators show
widespread strength
and continue to signal
moderating but still
healthy U.S. economic
growth ahead.
INTELLIGENT PERSONALIZATION
Indicators Are Forward-Looking Three to Six Months
Source: City National Rochdale. As of November 2018.
Economic and Financial Indicators: Critical Events
INTELLIGENT PERSONALIZATION
Source: City National Rochdale
Past performance is no guarantee of future performance.
January 2008: Start of Recession October 2008: TARP Put Into Action June 2009: End of Recession
August 2011: U.S. Credit Downgrade December 2012: Fiscal Cliff October 2013: Government Shutdown
Moderate Late-Cycle Portfolio Returns Expected
At this stage of the
business cycle, we
expect real returns to
be moderate, with
higher volatility.
INTELLIGENT PERSONALIZATION
Source: City National Rochdale. As of November 2018. Forecasted expected returns represent City National Rochdale’s opinion for these asset
classes, are for illustrative purposes only, and do not represent client returns. The expected returns presented for these asset classes do not reflect
any deductions for City National Rochdale fees or expenses. Actual client portfolio and investment returns will vary.
*Forecasted expected returns for HY Municipal and Municipal FI represent the taxable equivalent return at a 43.4% tax rate.
0
2
4
6
8
10
12
14
16
Core Fixed Income EquitiesBalanced
Portfolio
High Yield
Municipal
6%-7%*
Large Cap
Core
6%-9%
Taxable
Corporate
2.75%-3.75%
Dividend &
Income
6%-8%
Taxable
Opportunistic
5%-6%
EM Asia
8%-12%
Taxable
Gov’t.
2.0-2.50%
Balanced
Portfolio
(60/40)
5%-7%
Municipal
3.0%-5.5%*
Opportunistic
Fixed Income
One-Year Forecasted Expected Returns (%)
Developed
Int’l.
4%-6%
Overweight
Neutral
Underweight
MidSmall
Cap
4%-6%
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8
Market Volatility Returns to More Moderate Levels for Now…
S&P 500 Volatility Zones
Recurring bouts of excessive volatility over the past 15 years requires investors to rethink their approach to equity
investing. An adjustment to the portfolio’s equity allocation may be necessary to meet risk tolerance
INTELLIGENT PERSONALIZATION
For Illustrative Purposes Only. As of September 30, 2018. City National Rochdale uses Barra Inc.'s Aegis System™ 'Total Risk' data as a measure
of volatility. Barra Inc.'s Aegis System™ is a third party equity risk management software package used to help assess risk/return trade offs.
Mar
ket
Cap
ital
izat
ion
Wei
ghte
d P
erce
nt
in
Cat
ego
ry (
Exc
lud
es U
tilit
ies)
3/29/2000, S&P 1530
10/04/2002, S&P 830
46% decline
10/29/2007, S&P 1620
3/04/2009, S&P 683
57% decline
0%-23% Moderate 24%-29% Elevated 29%-36% High Over 36% Excessive
Level I: Strategic Asset Allocation
Three Levels of Portfolio Risk Management
Risk Management at the Portfolio Design Level
Undertake extensive review of each portfolio’s holdings
to determine how they may fit within overall target
portfolio with regard to contribution to growth and
desired diversification, taking into account the current
gains or losses of each holding
Determine which stocks or funds to hold or sell, and, at
the same time, manage the tax impact
Establish how level III actions will be implemented by
the portfolio manager through discussions with client
to determine the number of metrics (“floors”) that will
be used to trigger monetization of assets to preserve
wealth
INTELLIGENT PERSONALIZATION
Higher
Po
ten
tial
Ret
urn
Lower HigherRisk
Conservative
Moderate
Balanced
Growth
Equity Growth
20%
80%
40%
60%
60%
40%
80%
20%
100%
Stock Funds Bond Funds
Level II: Personalized Dynamic Asset Allocation
Three Levels of Portfolio Risk Management
INTELLIGENT PERSONALIZATION
Risk Management Driven by Fundamental
and Economic Research
Determine risk budget by establishing dynamic
risk management parameters that reduce equity
exposure at various levels of market decline
Utilize proprietary capital markets outlook and
economic & financial models to adjust financial
allocations
Tactically overweight/underweight risk exposures
Political Environment
- 0 +Fall 0 Rise
Energy/Oil CostsCompany Guidance
- 0 +
Equity Market Valuation
UA 0 A
Interest Rates/ Fixed Income
Fall 0 Rise
-20
-15
-10
-5
0
5
10
15
20
Valuation Economic Outlook Corporate Profits
Valuation Economic Outlook Corporate Profits
70%
65%
60%
55%
35%
40%
50%
45%
30%-20
-15
-10
-5
0
5
10
15
20
Valuation Economic Outlook Corporate Profits
Valuation Economic Outlook Corporate Profits
-20
-15
-10
-5
0
5
10
15
20
Valuation Economic Outlook Corporate Profits
Valuation Economic Outlook Corporate Profits
70%
65%
60%
55%
35%
40%
50%
45%
30%
Normal Policy Allocation
Rebalanced Equity Target %
Under
Over
Extreme Risk Normal Risk
Level III: Personalized Downside Risk Management
Three Levels of Portfolio Risk Management
INTELLIGENT PERSONALIZATION
Risk Management Focused on Non-Normal
Periods & Client’s Personal Downside Limits
Monetize assets as established “floors” are
approached and begin reinvesting
Provide limit/control on overall volatility and
downside potential of portfolio during severe
market declines
Through communication with client continually
evaluate whether the risk of each investment
portfolio is consistent with the client’s risk tolerance
and/or risk budget and whether additional risk
mitigation steps are required
Buy & Hold
EXTREME RISK: Rare Occurrence
Stock Market Value
Port
folio
Valu
e
$3,887,000
NORMAL RISK: Most of the time during full market cycles
Buy & Hold
Buy & Hold
“FLOOR”
BELOW “NORMAL”$5,607,000
$5,225,000 Reduce Market Exposure Dynamically: Steps Taken to Remove Risk
HEIGHTENED RISK: Occurs Sporadically
-18%
-12%
-39%
“Buy & Hold”Buy & Hold
EXTREME RISK: Rare Occurrence
Stock Market Value
Port
folio
Valu
e
$3,887,000
NORMAL RISK: Most of the time during full market cycles
Buy & Hold
Buy & Hold
“FLOOR”
BELOW “NORMAL”$5,607,000
$5,225,000 Reduce Market Exposure Dynamically: Steps Taken to Remove Risk
HEIGHTENED RISK: Occurs Sporadically
-18%
-12%
-39%
“Buy & Hold”
-39% -24% -18%
Extreme Risk Normal Risk
Raise Cash to Manage and Mitigate Risk
INTELLIGENT PERSONALIZATION
Source: City National Rochdale, LLC. FOR ILLUSTRATIVE PURPOSES ONLY.
The chart represents City National Rochdale’s historic implementation of a methodology used to determine
when cash was raised in the Large Cap and Mid Cap portfolio strategies for the periods shown above. These
do not represent actual City National Rochdale client portfolios. Client portfolios will not perform in the same
manner as the ones depicted in this chart. Clients should not interpret this to indicate how City National
Rochdale will currently manage their investment accounts.
1Portfolios used in this graph are comprised of City National Rochdale’s Large Cap & Mid Cap investment
strategies with an 80/20 split between Large Cap & Mid Cap investment strategies, respectively. The
portfolios are represented by model portfolios and do not purport to depict any actual prior client experience.
*Reflects actual cash holdings under management, including funds set aside for transactional purposes,
upcoming portfolio disbursements, new account holdings, account liquidations, etc. Cash allocation targets
from a portfolio strategy perspective could be significantly lower.
Past performance is no guarantee of future performance. As of December 31, 2012.
Historic Implementation
High-Net-Worth Large Cap & Mid Cap Strategies1
(Critical Event Periods October 1, 2007-December 31, 2012)
Current Methodology
Targeted Portfolio Cash Levels
(Balanced Portfolio2)
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Oct
-07
Jan
-08
Ap
r-08
Jul-
08
Oct
-08
Jan
-09
Ap
r-09
Jul-
09
Oct
-09
Jan
-10
Ap
r-10
Jul-
10
Oct
-10
Jan
-11
Ap
r-11
Jul-
11
Oct
-11
Jan
-12
Ap
r-12
Jul-
12
Oct
-12
Portfolio Cash* (Left Axis)
City National Rochdale Recession Monitor (Left Axis)
S&P 500 (Right Axis)
0%
20%
40%
60%
80%
100%
Late Cycle MildRecession
AverageRecession
SevereRecession…
Risk Level
0%-10%
20%-30%
10%-20%
≥30%
Source: City National Rochdale, LLC.
Targeted portfolio cash levels are derived from the outcomes of City National Rochdale’s proprietary
economic forecasts and monitors.
2A City National Rochdale Balanced portfolio assumes a 60/40 split between Equities and Fixed
Income asset classes.
Actual client portfolio target cash allocations will vary.
As of November 2018.
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
City National Bank provides investment management services in conjunction with City National Rochdale, LLC, its wholly-owned subsidiary.
Attached herein are communications prepared by City National Rochdale that reflect City National Bank's investment products and
services.
The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice. This presentation is not
an offer to buy or sell, or a solicitation of any offer to buy or sell any of the securities mentioned herein.
Certain statements contained herein may constitute projections, forecasts and other forward looking statements, which do not reflect actual
results and are based primarily upon a hypothetical set of assumptions applied to certain historical financial information. Certain
information has been provided by third-party sources and, although believed to be reliable, it has not been independently verified and its
accuracy or completeness cannot be guaranteed.
Any opinions, projections, forecasts, and forward-looking statements presented herein are valid as on the date of this document and are
subject to change.
As with any investment strategy, there is no guarantee that investment objectives will be met and investors may lose money. Your actual
returns will vary, and loss of principal is a possibility. All investing is subject to risk, including the possible loss of the money you invest.
Future return and downside risk are City National Rochdale’s forecasts for a particular asset class and not any individual security. They are
not a representation by City National Rochdale that they will actually be realized. City National Rochdale cannot predict future results. Future
rates of return and downside risk may be greater or less than City National Rochdale’s forecast. Please see the Monte Carlo Assumptions and
Limitations at the end of this presentation.
The expected returns are net of any City National Rochdale management fees, however other fees may apply. The expected returns do
not include fees for trading costs (i.e., commissions) or any fees charged by your financial advisor. Please speak to your financial advisor for
a complete understanding of all fees.
Diversification may not protect against market loss or risk. All investing is subject to risk, including the possible loss of the money you invest.
Past performance is no guarantee of future performance.
Important Disclosures
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Asset Allocation by Asset Group Summary
Current Portfolio Overview
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Asset Allocation by Asset Group Summary
Current Portfolio Overview
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Portfolio Comparison by Asset Group Graph
Portfolio Analysis
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Portfolio Analysis Overview
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Cash Flow Analysis
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Domestic Individual Equities
Current Portfolio Overview
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Detailed Asset List by Asset Groups
Current Portfolio Overview
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Stock Overlap Snapshot
Mutual Fund Analysis
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Economic Sector Analysis
Standard Portfolio: Large Cap Core Equity Overview
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio
Please note that Large Cap Core Equity was previously referred to as U.S. Core Equity.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Economic Sector Analysis
Standard Portfolio: HDI Overview
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Current Portfolio: Volatility Analysis Overview
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Current Portfolio: Volatility Analysis Overview
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Current Portfolio: Fixed Income Tax Exempt Overview
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Current Portfolio: Fixed Income Analysis
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Current Portfolio: Fixed Income Analysis – Funds
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Investment Strategy Graph
Portfolio Analysis
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Portfolio Comparison by Asset Group
Portfolio Analysis
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Wealth Simulation Graph Comparison – Including Withdrawals
Projected Portfolio Results
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Wealth Simulation Graph Comparison – Including Withdrawals
Projected Portfolio Results
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Return Attributes of Actual Portfolio
Cash Flow Schedule
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Return Attributes of PAA1
Cash Flow Schedule
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Return Attributes of PAA2
Cash Flow Schedule
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Return Attributes of PAA3
Cash Flow Schedule
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Monte Carlo Assumptions
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Important Disclosures
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Important Disclosures
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Important Disclosures
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Important Information
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
The Importance of Asset Allocation
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
The Importance of Asset Allocation
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
The Importance of Asset Allocation
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Capital Market Assumptions
Client Profile
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
Capital Market Assumptions
Client Profile
FOR ILLUSTRATIVE PURPOSES ONLY.
This is a sample analysis and does not represent an actual portfolio.
INTELLIGENTLY PERSONALIZED IMPLEMENTATION
The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice. This p resentation is not an offer to buy or sell, or a solicitation of
any offer to buy or sell any of the securities mentioned herein.
Certain statements contained herein may constitute projections, forecasts and other forward looking statements, which do not reflect actual results and are based primarily upon a
hypothetical set of assumptions applied to certain historical financial information. Certain information has been provided b y third-party sources and, although believed to be reliable,
it has not been independently verified and its accuracy or completeness cannot be guaranteed .
Any opinions, projections, forecasts, and forward-looking statements presented herein are valid as on the date of this document and are subject to change.
An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other gove rnment agency. Although a money market fund
seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money marke t fund.
City National Rochdale Funds are distributed by SEI Investments Distribution Co., which is not affiliated with City National Bank or any of its affiliates.
Alternative investments are speculative, may entail substantial risks, offer limited or no liquidity and may not be suitable for all investors.
Private investments often engage in leveraging and other speculative investment practices that may increase the risk of inves tment loss, can be highly illiquid, are not required to
provide periodic pricing or valuation information to investors, and may involve complex tax structures and delays in distribu ting important tax information.
As with any investment strategy, there is no guarantee that investment objectives will be met and investors may lose money.
Diversification may not protect against market loss or risk.
All investing is subject to risk, including the possible loss of the money you invest.
Indices are unmanaged and one cannot invest directly in an index. Index returns do not reflect a deduction for fees or expen ses.
Past performance is no guarantee of future performance.
Important Disclosures
For More InformationNew York Headquarters
400 Park Avenue
New York, NY 10022
212-702-3500
Beverly Hills Headquarters
400 North Roxbury Drive
Beverly Hills, CA 90210
310-888-6000
www.cnr.com