Itx.MN.SMAFundTitle

Core Equity - Unrestricted   

Itx.MN.SMAFundDetail

Investment Objective

To maximize returns over the long term through consistent participation in stocks and other equity instruments.

Investment Team

The portfolio is managed by a team of research professionals who average years with the firm. Known as the Global Core Team, these portfolio managers are responsible for scoring bottom-up stock recommendations based on strategy fit and valuation measures as well as incorporating the firm’s market and economic overviews into oversight of total portfolio positioning.

Investment Process

For more than 40 years, the same proprietary bottom-up driven investment process has been used to build diversified portfolios of individual securities. Manning & Napier’s equity analysts first search the global investment universe using both bottom-up (company-specific) and top-down (macro) research to reduce the initial universe to a workable list of potential portfolio candidates. Next, companies are screened using bottom-up analysis to generate a formal list of portfolio candidates based on three selection strategies - Strategic Profile, Hurdle Rate, and Bankable Deal. If a company is a strategy fit, strict pricing disciplines are used to establish buy and sell targets based on fair market value. After that, the security is submitted to a peer review process where a minimum of two analysts have a financial stake in each stock that is recommended for the portfolio. Once the two analysts decide to formally recommend the security, it is presented to the Global Core Team, which determines whether to accept the security recommendation, put it on the “firedrill” list, or reject it. The portfolio is continuously monitored for events that may require portfolio adjustments.


Composition

Equity Range

90% - 100% Equities

At least 90% of the portfolio is invested in equities, to achieve stock market participation. Though the portfolio is comprised primarily of U.S. securities, we are also allowed to invest in non-U.S. securities.


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

One Year (07/01/2015 - 06/30/2016) -2%
Five Year (07/01/2011 - 06/30/2016) 7.97%
Ten Year (07/01/2006 - 06/30/2016) 6.36%
US Stock Market Cycle (04/01/2000 - 06/30/2016) 7.04%
Inception (01/01/1995 - 06/30/2016) 10.81%


1

The Manning & Napier Core Equity – Unrestricted Composite is a weighted average of discretionary separately managed accounts with a Core Equity – Unrestricted objective. Accounts in this composite must have a market value greater than $500,000 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 investment objective of accounts in this composite is to maximize returns over the long-term through consistent participation in stocks and other equity instruments. 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. This composite includes separately managed accounts that may have a portion of their assets invested in proprietary asset class mutual funds, which may be declined or may not be permitted through the selection of some custodial programs. All data are subject to revision.

Related Documents

Related Documents

There are currently no documents available.

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