Itx.MN.SMAFundTitle

Global Quality    

Itx.MN.SMAFundDetail

Investment Objective

To provide future growth by the creation of a concentrated portfolio of high quality/strong Strategic Profile companies.

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

The Global Quality management team uses a proprietary investment process that combines a systematic framework with more than 40 years of fundamental analysis to create an equity portfolio with high quality characteristics. Developed market companies with strong and stable fundamentals are identified using quality (sales and margin stability, operating cash flow) and valuation (free cash flow yield and historical multiples) factors. Once a potential buy list is established, fundamental, forward looking analysis is used to identify long-term secular headwinds and tailwinds to uncover strategic profile companies whose sustainable competitive advantages give them a favorable outlook relative to valuation. Key team members then decide whether to purchase the security for the portfolio, put it on the “firedrill” list, or reject it. This approach has a focus on mid-to-large cap companies and aims to achieve a concentrated, high-conviction portfolio of about 35 - 45 names. The portfolio is continuously monitored for events that may require portfolio adjustments.


Composition

Equity Range

90% - 100% Equities

High quality U.S. and non-U.S. equities which meet our qualitative and quantitative criteria. Focus is on mid-to-large cap companies.


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

One Year (07/01/2015 - 06/30/2016) 3%
Inception (08/01/2011 - 06/30/2016) 10.56%


1

The Manning & Napier Global Quality (formerly known as Global Quality Plus) Composite is a weighted average of discretionary separately managed accounts with a Global Quality objective. Accounts in this composite must have a market value greater than $1 million and tenure of at least one month under our management. The investment objective of accounts in this composite is primarily long-term capital growth through selected U.S. and non-U.S. equity securities. These equity investments are mid-to-large capitalization stocks with favorable dividend yields, strong cash flow yields and stable financial characteristics that meet quantitative and qualitative screening criteria. 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. Portfolios in this composite may use forward currency contracts to attempt to hedge against the effects of currency rate fluctuations. Such contracts never exceed 50% of the portfolio and are only used when there is a high probability of a significant adverse movement of a currency. All data are subject to revision.

Related Documents

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