Itx.MN.SMAFundTitle

U.S. Core Equity   

Itx.MN.SMAFundDetail

Investment Objective

To maximize returns over the long term through consistent participation in U.S. equities 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 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 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.


Composition

Equity Range

90% - 100% Equities

Primarily common stocks of U.S. issuers.


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

One Year (10/01/2015 - 09/30/2016) 16.88%
Five Year (10/01/2011 - 09/30/2016) 14.08%
Ten Year (10/01/2006 - 09/30/2016) 6.67%
Inception (07/01/2000 - 09/30/2016) 7.02%


1

The Manning & Napier U.S. Core Equity Composite is a weighted average of discretionary separately managed and proprietary mutual fund accounts with a U.S. Core 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. This composite includes accounts invested in U.S. equity securities and not invested in proprietary mutual funds. The investment objective of accounts in this composite is long-term capital growth through U.S. equity participation. 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 U.S. Core Equity objective were excluded from the composite. All data are subject to revision.

Related Documents

Related Documents

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