Itx.MN.SMAFundTitle

Corporate Fixed Income   

Itx.MN.SMAFundDetail

Investment Objective

To maximize total return (coupon income plus capital appreciation) over a long-term (i.e.,10+ years) time period.

The investment minimum for Corporate 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

  • Corporate notes and bonds (including convertible securities); cash equivalents and money market funds.

Maturity

  • Maximum maturity of 30 years for each investment

Annualized Performance 1
(as of 09/30/2016)

One Year (10/01/2015 - 09/30/2016) 4.6%
Five Year (10/01/2011 - 09/30/2016) 3.75%
Inception (04/01/2009 - 09/30/2016) 6.31%


1

The Manning & Napier Corporate Fixed Income Composite is a weighted average of discretionary separately managed accounts with a Corporate 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 primary investment objective of accounts in this composite is to maximize total return by purchasing corporate fixed income securities, and the secondary objective is preservation of capital over a long-term time period. 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. As of this composite was comprised of accounts totaling over All data are subject to revision.

Related Documents

Related Documents

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