Core Non-U.S. Equity   


Investment Objective

To capture investment opportunities in equity markets outside of the United States.

The investment minimum for Core Non-U.S. Equity is $5 million.

Investment Team

The portfolio is managed by a team of research professionals who average years with the firm. Known as the Non-U.S. Equity 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 Non-U.S. Equity 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.


Equity Range

90% - 100% Equities

90% to 100% non-U.S. equities chosen from a broad range of markets, including developed and emerging markets.

Annualized Performance 1
(as of 06/30/2017)

One Year (07/01/2016 - 06/30/2017) 14.16%
Five Year (07/01/2012 - 06/30/2017) 6.36%
Ten Year (07/01/2007 - 06/30/2017) 1.2%
US Stock Market Cycle (04/01/2000 - 06/30/2017) 5.7%
Inception (10/01/1996 - 06/30/2017) 7.56%


The Manning & Napier Core Non-U.S. Equity Composite is a weighted average of discretionary separately managed, proprietary mutual fund, and collective investment trust fund accounts with a Core Non-U.S. Equity objective. Accounts in this composite must have a market value greater than $500,000 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 non-U.S. equity securities. 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. 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.

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