RBC Rochdale's 97.3% ownership means the November 10 vote to replace it with ProShare is effectively controlled by the incumbent adviser. Watch for any further 13D amendments or proxy solicitation materials that could signal a negotiated outcome or a contested vote.
Executive Summary
RBC Rochdale, LLC, the investment adviser to City National Rochdale Select Strategies Fund, filed an amended Schedule 13D disclosing a 97.3% beneficial ownership stake as of August 31, 2026, and reporting recent share transactions by separately managed accounts. The filing also attaches a Master Services Agreement delegating proxy voting authority to Glass Lewis. This is a routine administrative update by the adviser, not an activist campaign, but it comes just 4 days after the Fund's proxy statement seeking shareholder approval to replace the adviser with ProShare Investment Management — the filing confirms the adviser's dominant position ahead of the November 10 special meeting vote.
Key Financial Metrics
Key Facts
- RBC Rochdale, LLC reports beneficial ownership of 13,506,519 shares (97.3% of shares outstanding) as of August 31, 2026.
- The filing reports three transactions in the 60 days prior: a redemption of 191,583 shares at $17.10 on 8/14/2026, a purchase of 2,217 shares at $17.31 on 8/27/2026, and a purchase of 19,394 shares at $17.89 on 9/28/2026.
- The filing attaches a Master Services Agreement with Glass Lewis, delegating full proxy voting authority for separately managed accounts.
- This SC 13D/A was filed 4 days after the Fund's DEF 14A (October 16, 2026) seeking shareholder approval to replace RBC Rochdale with ProShare Investment Management as investment adviser at a special meeting on November 10, 2026.
Financial Impact
RBC Rochdale controls 97.3% of shares, giving it decisive voting power over the November 10 special meeting proposals to replace the adviser and elect new trustees.
Risk Factors
- The adviser's near-total ownership stake makes the shareholder vote a formality — the outcome is predetermined unless RBC Rochdale changes its position.
- If the ProShare transition is approved, the Fund's investment strategy and fee structure may change materially.
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D/A Filing (Primary) | 0000929638-26-003961 |
| Document: 0000929638-26-003961-index-headers.html | 0000929638-26-003961 |
| Document: 0000929638-26-003961-index.html | 0000929638-26-003961 |
| Document: 0000929638-26-003961.txt | 0000929638-26-003961 |
US Market Status
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