Disciplined Value – Unrestricted   


Investment Objective

To provide competitive returns consistent with the broad equity markets while also providing a level of capital protection during sustained market downturns.

The investment minimum for Disciplined Value – Unrestricted is $250,000.

Investment Team

The portfolio is managed by a team of research professionals whose key members average over years with the firm and determine which securities are purchased for the portfolio.

Investment Process

Using a disciplined screening process with a focus on mid-to-large capitalization companies, securities are selected annually based on free cash flow generation and earnings power, minimum dividend yield, dividend sustainability, and financial health. Holdings will predominantly consist of U.S. securities; however, non-U.S. developed and emerging market securities may be held.


Equity Range

95% - 100% Equities

High-quality, high dividend-yielding securities. Focus is on mid-to-large cap companies.

Annualized Performance
(as of 06/30/2017)

One Year (07/01/2016 - 06/30/2017) 15.53%
Five Year (07/01/2012 - 06/30/2017) 12.04%
Ten Year (07/01/2007 - 06/30/2017) 8.14%
Inception (11/01/2003 - 06/30/2017) 10.68%

The Manning & Napier Disciplined Value – Unrestricted (formerly known as Disciplined Value) Composite is a weighted average of discretionary separately managed and mutual fund accounts with a Disciplined Value – Unrestricted objective. Accounts in this composite must have a market value greater than $250,000 and tenure of at least one month under our management. This composite includes accounts invested primarily in the U.S. with some non-U.S. equities. The composite consists of diversified portfolios of mid-to-large capitalization stocks based on attractive free cash flow yields and attractive dividend yields. The proprietary criteria used include screens based on dividend yields, free cash flow yields, bankruptcy risk estimates, and market capitalization. Portfolios are typically rebalanced according to these criteria in April of each year. At such time, we may use our discretion to attempt to minimize commission costs and realized capital gains. 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. Prior to 01/01/2009, proprietary mutual fund accounts with a Disciplined Value objective were excluded from the composite. All data are subject to revision.

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