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Vantage » Evaluating Valuations: An Environment of Elevated Risk for U.S. Equities
May 20, 2015 | Domestic Markets
The November 2014 article titled Three Dimensions of Risk and Returns for U.S. Equities discussed our framework for minimizing the risk of sustained capital loss, a key tenet of the investment process at Manning & Napier. The indicators that are used to analyze this risk from a top-down …
Spotlights » Disruptive Innovation
April 22, 2015 | Investment Themes
This Our View discusses the advantages and perils of disruption and how Manning & Napier perceives both in our efforts to find opportunity and manage risk.
Markets & Economy » Disruptive Innovation: The New Normal
October 13, 2014 | Investment Themes
The current economic and market environment is not one in which a rising tide of economic growth will lift all ships; actually, it’s quite the opposite. As businesses compete, the winners will largely succeed at the expense of the losers. Consider recent examples such as Nokia and BlackBerry; …
Markets & Economy » Cyclically Adjusted Price to Earnings: Are U.S. Stocks Overvalued?
July 02, 2014 | Domestic Markets
The 2013 stock market rally was largely driven by rising valuation multiples. Weak economic growth coupled with healthy profit margins meant business fundamentals such as revenues and earnings barely budged as stock prices advanced. Today, some absolute valuation measures reflect varying degrees …
Library » Why Asset Class Diversification is Important
April 16, 2014 | Active Management
One of the most effective risk management tools available to investors is diversification across multiple asset classes (e.g., stocks, bonds, and cash). A portfolio’s distribution across various asset classes is referred to as the portfolio’s asset allocation. Academic studies have shown that …
Library » Why Managing Capital Risk Is Important
April 14, 2014 | Active Management
While risk is often defined by various statistics, the broadest definition of risk to investors is failing to achieve one’s investment objectives. There are three basic portfolio risks that can prevent an investor from reaching his/her goals: Capital Risk - the possibility of sustained …
Library » Manager Search and Evaluation Methodology
February 18, 2014 | Active Management
A critical step in developing any investment program is the evaluation and selection of the managers which will serve various roles within a total portfolio. Most importantly, the manager selection process should focus on the manager’s ability to meet client objectives going forward. While asset …
Library » After the Rally, What’s Next for Stocks?
May 20, 2013 | Market Commentary
The swift rise in equity markets since about mid-2012 has many investors asking: now what? There is a growing concern that stocks advanced too far too fast and some market observers are wondering if now is the right time to dial-down equity exposure in their portfolio. After all, the rally seemed …
Library » U.S. Stock Market Outlook
March 18, 2013 | Domestic Markets
The U.S. stock market has been relatively placid despite fears of the country going off the “fiscal cliff” at the end of 2012. In fact, even before the rumors of a compromise on the extension of the Bush era tax cuts, the S&P 500 Index was down only -1.3% from Election Day (November 6) through …
Library » Celebrating 40 Years of Service
July 08, 2011 | Active Management
Manning & Napier key executives, employees, and former employees reflect on the past 40 years and look forward to the future.