Itx.MN.SMAFundTitle

Short-Term Fixed Income   

Itx.MN.SMAFundDetail

Investment Objectives

To maximize current income and minimize fluctuations in principal value.

The investment minimum for Short-Term Fixed Income is $2 million.

Investment Team

The portfolio is managed by a group of research professionals, of whom are analysts that average years of industry experience and years with the Firm.

Investment Process

Manning & Napier manages fixed income portfolios using an active approach that is based on the consistent application of a multi-step process where top-down guidelines and bottom-up analysis are used to build a portfolio of individual securities.

First, an economic overview is established through top-down analysis of global economic data, monetary policy, and capital market conditions.

Then, the portfolio’s duration target is set based on longer-term interest rates and pricing. Yield curve positioning is based on the current yield curve shape as well as the economic and monetary policy outlook.

Next, the attractiveness of, and value within, each sector is evaluated to establish sector weightings. Once sector allocations are determined, individual securities are handpicked to fill the targeted sector sleeve using bottom-up, issue-specific analysis; securities that fit the selection criteria and have good relative value are purchased.

The economic overview, top-down positioning, and individual securities are continuously reviewed. Additional purchases or sales are evaluated based current conditions, specific security selection criteria, and relative value.

We believe our ability to be flexible and selective allows us to best position clients’ money.


Composition

  • U.S. Treasuries
  • U.S. Agencies
  • Corporate Debt - Investment-Grade
  • Mortgage-Backed Securities
  • Money Market Funds

Maturity

  • Maximum maturity of 5 years for each investment

Annualized Performance 1
(as of 06/30/2016)

One Year (07/01/2015 - 06/30/2016) 1.77%
Five Year (07/01/2011 - 06/30/2016) 1.18%
Ten Year (07/01/2006 - 06/30/2016) 2.9%
US Bond Market Cycle (07/01/2003 - 06/30/2016) 2.58%
Inception (01/01/1985 - 06/30/2016) 5.22%


1

The Manning & Napier Short-Term Fixed Income Composite is a weighted average of discretionary separately managed accounts with a Short-Term Fixed Income objective. Accounts in this composite must have a market value greater than $100,000 and tenure of at least one month under our management. The investment objective of accounts in this composite is to minimize capital risk by purchasing fixed income securities with short average maturities. Generally, Short-Term Fixed Income accounts invest in securities with a maximum maturity of five years. Prior to 01/01/2003, the composite only included such accounts under our discretion for at least one quarter. Net-of-fee returns are calculated based off of the effective fees of the accounts in the composite. They are after brokerage commissions, reinvested income, and advisory fees, but if applicable, before custodian costs and the fees of the investor’s Personal Financial Advisor. Also, accounts subject to solicitation fees may incur as much as 0.15% in additional expenses. Fees will vary with size and circumstances and these fee differentials would impact returns accordingly. Past performance does not guarantee future results. All data are subject to revision.

Related Documents

Related Documents

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