City National Rochdale | April 7, 2022

City National Rochdale CIO Expects Secular Strength of U.S. Economy to Offset Global Pressures

NEW YORK — City National Rochdale (CNR,) a direct subsidiary of City National Bank, hosted its first 2022 in-person Financial Advisor Summit in Trumbull, CT this week. The session, led by CNR’s Senior Managing Director and Head of Sales Peter Green, brought together prominent local financial advisors along with key leaders of the firm’s investment team for a deep dive on the economy and markets.

Tom Gavin, CNR’s Chief Investment Officer, shared his belief that key fundamentals point to the ability of the U.S. economy to withstand the various global pressures stemming from inflation as well as the crisis in Ukraine.

“City National Rochdale believes the secular strength in the U.S. economy will offset cyclical pressures from rising inflation and the Ukrainian crisis,” explained Galvin. “We remain overweight in high-quality equities in the U.S. selling at reasonable valuations with above average prospects for earnings and dividend growth. We remain significantly underweight in European equities as recession risks in Europe has risen meaningfully.”

CNR’s Managing Director and Co-Head of Fixed Income, Charles Luke, added, “Rates have increased rapidly, but we continue to believe we’ll see lower expected inflation, demand for U.S. dollars and low global yields will balance concern over Federal Reserve rate hikes, stabilizing 10-year yields.” Looking ahead to his predictions for the year, Luke stated, “We expect to end the year at 2.5%. We're also watching curve inversion closely, but we believe the steepness of real yields - Treasury Yields adjusted for inflation - is more relevant when it comes to future economic growth.”

Speaking about the success of the summit, CNR’s Green said: “We were pleased with the high quality of attendees which included many seasoned Financial Advisors responsible for managing billions in client assets.”

CNR has more than 20 Advisor Summits planned nationwide for 2022. These sessions provide local Financial Advisors with the firm’s latest insights on the state of the markets and economy as well as suggestions for how best to best position client portfolios to help meet each client’s unique set of goals.

For additional information about City National Rochdale, please visit www.cnr.com or contact Tom Doelp at Tom.Doelp@cnb.com.

About City National

With $91.3 billion in assets, City National Bank provides banking, investment and trust services through 74 offices, including 19 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville, Atlanta, Minneapolis, Washington, D.C., and Miami*. In addition, the company and its investment affiliates manage or administer $99.8 billion in client investment assets.

City National is a subsidiary of Royal Bank of Canada (RBC), one of North America’s leading diversified financial services companies. RBC serves more than 17 million personal, business, public sector and institutional clients through offices in Canada, the United States and 27 other countries.

For more information about City National, visit the company’s website at cnb.com.

*City National Bank does business in Miami and the state of Florida as CN Bank.

About City National Rochdale

For more than 30 years, City National Rochdale has specialized in intelligently personalized portfolio management for high-net worth individuals, families, and institutions, and provides clients with service that relates all investment decisions to each client’s personal benchmark. City National Rochdale, headquartered in Beverly Hills and New York City with offices around the country, currently manages over $56.7 billion in assets (as of 1/31/2022) and is a wholly owned subsidiary of City National Bank. City National Rochdale is an affiliate of City National Bank, which is a subsidiary of Royal Bank of Canada. For more information, visit www.cnr.com. 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. Readers are cautioned that such forward-looking statements are not a guarantee of future results, involve risks and uncertainties, and actual results may differ materially from those statement. 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. All investing is subject to risk, including the possible loss of the money you invest. As with any investment strategy, there is no guarantee that investment objectives will be met and investors may lose money. Diversification does not ensure a profit or protect against a loss in a declining market. Past performance or performance based upon assumptions is no guarantee of future results. There are inherent risks with fixed income investing. These risks may include interest rate, call, credit, market, inflation, government policy, liquidity, or junk bond. When interest rates rise, bond prices fall. This risk is heightened with investments in longer duration fixed-income securities and during periods when prevailing interest rates are low or negative. There are inherent risks with equity investing. These risks include, but are not limited to stock market, manager, or investment style. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. Past performance is not a guarantee of future results.

Media Contact

Tom Doelp, City National Bank, (201) 452-8681

Tom.Doelp@cnb.com

Important Disclosures

Risk Disclosures:

Investing involves risk including the potential loss of principal. There is no guarantee that a diversified portfolio will outperform a non-diversified portfolio in any given market environment. No investment strategy, such as asset allocation, can guarantee a profit or protect against loss in periods of declining values. Bond and bond funds are subject to interest rate risk and will decline in value as interest rates rise. High yield bonds involve greater risks of default or downgrade and are more volatile than investment grade securities, due to the speculative nature of the investment. There is no guarantee that the Fund's income will be exempt from federal or state income taxes. Capital gains, if any, are subject to capital gains tax. Income from municipal bonds may be subject to the alternative minimum tax. Please note that individual situations can vary. Therefore, the information presented here should only be relied upon when coordinated with individual professional advice.

An investor should consider carefully the Fund’s investment objectives, risks, charges and expenses. The Fund’s summary and full prospectus contains this and other important information about the investment company, and it may be obtained by calling 800-245-9888. Please read it carefully before investing.

The fund is distributed by SEI Investments Distribution Co. (SIDCO), 1 Freedom Valley Drive, Oaks, PA 19456. SIDCO is not affiliated with City National Rochdale Investment Management, City National Bank, or any of their affiliates or the sub-advisors.

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