Collective Investment Trust

Disciplined Value CIT

A Redefined Approach to Value Investing

The video above was originally published in March 2019. Down market capture discussed represents the percent of market return captured by the investment manager’s return relative to the benchmark during negative periods. See below for the most recent performance.

We re-define “value portfolio” in this strategy by using a systematic, but flexible approach. This allows us to actively find areas of the market that are offering superior dividends and valuations, which has historically driven favorable risk-adjusted returns and meaningful downside risk management.


Investment Objective

To provide competitive returns consistent with the broad equity market while also providing a level of capital protection during market downturns.

Investment Strategy

This fund is designed to offer a diversified portfolio of dividend-paying U.S. equity securities. Using a systematic process with a focus on mid- to large-capitalization U.S. companies, securities are selected based on factors such as free cash flow generation and earnings power, minimum dividend yield, dividend sustainability, and financial health.

May be Appropriate for Investors

  • Seeking to add diversification to their retirement portfolio by investing in high-quality, dividend-yielding securities
  • Seeking exposure to U.S. companies with meaningful growth potential due to high free cash flow yields and earnings power

Daily Price

$16.43

Daily $ Change

-$0.06

Daily % Change

-0.37%

as of 09/22/2023

Ticker

MNDVUX

CUSIP

302028774

Inception Date

06/06/2017

This fund is only available for use within certain qualified employee benefit plans.

Important Documents

Applications & Forms
Fact Sheet
Annual Report

Performance

As of 08/31/2023

YTD

2.05%

1 Year

8.65%

3 Year

9.98%

5 Year

6.52%

10 Year

10.28%

Inception
(06/06/2017)

12.01%

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Performance through the inception date of the Disciplined Value CIT Class U units is not the past performance of the Disciplined Value CIT Fund and is based on historical performance data for the Manning & Napier Disciplined Value – U.S. Composite, which is a weighted average of discretionary separately managed accounts, and may include proprietary mutual fund accounts, that are managed by Manning & Napier Advisors, LLC with a Disciplined Value – U.S. objective. Returns are net of the Class U expenses.

Expense Ratio

Gross 0.26%
Net 0.25%*

*Reflects the Trustee's contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 08/31/2023

JP MORGAN CHASE & CO 4.04%
HOME DEPOT INC 3.91%
JOHNSON & JOHNSON 3.45%
MERCK & CO INC 3.37%
BROADCOM INC 3.35%
EXXON MOBIL CORP 3.06%
CISCO SYSTEMS INC 2.99%
CHEVRON CORP 2.90%
COMCAST CORP-CL A 2.59%
CATERPILLAR INC 2.53%

This investment list is unaudited and excludes cash.

Sector Allocation

As of 08/31/2023

Communication Services
3.35%
Consumer Discretionary
5.10%
Consumer Staples
6.70%
Energy
15.22%
Financials
13.25%
Health Care
17.53%
Industrials
19.19%
Information Technology
17.10%
Materials
2.56%

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Manning & Napier when referencing GICS sectors. Nether MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification nor shall any such party have any liability therefrom.

Security Description Country Ticker Shares/Par Market Value (USD)
3M CO US MMM 12,741 $1,359,082.47
ABBOTT LABORATORIES US ABT 23,384 $2,406,213.60
ANALOG DEVICES INC US ADI 11,633 $2,114,646.74
ARCHER-DANIELS-MIDLAND CO US ADM 13,720 $1,087,996.00
BANK OF AMERICA CORP US BAC 89,833 $2,575,512.11
BAXTER INTERNATIONAL INC US BAX 13,040 $529,424.00
BRISTOL MYERS SQUIBB CO US BMY 35,185 $2,169,155.25
BROADCOM INC US AVGO 4,496 $4,149,313.44
BROADRIDGE FINANCIAL SOLUTIONS US BR 3,824 $712,067.04
BUNGE LIMITED US BG 5,301 $606,010.32
C.H. ROBINSON WORLDWIDE INC US CHRW 5,292 $478,555.56
CAMPBELL SOUP CO US CPB 11,888 $495,729.60
CATERPILLAR INC US CAT 11,137 $3,130,944.81
CHEVRON CORP US CVX 22,265 $3,586,891.50
CISCO SYSTEMS INC US CSCO 64,417 $3,694,314.95
CITIGROUP INC US C 40,426 $1,669,189.54
COGNIZANT TECH SOLUTIONS - A US CTSH 10,847 $776,753.67
COLGATE-PALMOLIVE CO US CL 19,302 $1,418,117.94
COMCAST CORP-CL A US CMCSA 68,634 $3,209,325.84
CONAGRA BRAND INC. US CAG 17,506 $523,079.28
CONOCOPHILLIPS US COP 18,640 $2,218,719.20
CORNING INC US GLW 18,974 $622,726.68
COTERRA ENERGY INC US CTRA 22,949 $646,932.31
CUMMINS INC US CMI 4,744 $1,091,309.76
CVS HEALTH CORP US CVS 18,197 $1,185,898.49
DEVON ENERGY CORPORATION US DVN 15,443 $788,982.87
DIAMONDBACK ENERGY INC US FANG 4,869 $739,016.82
DOW INC US DOW 16,390 $894,238.40
DREYFUS GVT CSH MANAGEMENT US 1,435,559.37 $1,435,559.37
EBAY INC US EBAY 15,135 $677,745.30
EMERSON ELEC CO US EMR 15,236 $1,496,937.00
EOG RESOURCES INC US EOG 10,702 $1,376,491.24
EXXON MOBIL CORP US XOM 34,019 $3,782,572.61
FEDEX CORPORATION US FDX 4,207 $1,098,111.14
FIFTH THIRD BANCORP US FITB 22,423 $595,330.65
FMC CORP US FMC 4,789 $412,955.47
GENERAL DYNAMICS CORP US GD 6,546 $1,483,585.44
GENERAL MLS INC US GIS 15,973 $1,080,733.18
GENUINE PARTS CO US GPC 5,137 $789,711.01
GILEAD SCIENCES INC US GILD 26,864 $2,054,558.72
HALLIBURTON CO US HAL 19,174 $740,499.88
HARTFORD FINL SVCS US HIG 7,304 $524,573.28
HOME DEPOT INC US HD 14,658 $4,841,537.40
HONEYWELL INTERNATIONAL INC US HON 13,131 $2,467,840.14
HUNTINGTON BANCSHARES US HBAN 37,806 $419,268.54
INTERNATIONAL BUSINESS MACH CORP US IBM 12,586 $1,848,002.38
INTERNATIONAL FLVRS & FRAGRANCES US IFF 7,211 $508,014.95
JM SMUCKER CO/THE-NEW COM WI US SJM 4,159 $602,847.05
JOHNSON & JOHNSON US JNJ 26,369 $4,263,339.92
JP MORGAN CHASE & CO US JPM 34,164 $4,999,218.12
KELLOGG CO US K 8,052 $491,333.04
KRAFT HEINZ CO/THE US KHC 22,145 $732,778.05
L3HARRIS TECHNOLOGIES INC US LHX 4,926 $877,271.34
LOCKHEED MARTIN CORP US LMT 4,998 $2,240,853.30
MARATHON OIL CORP US MRO 16,660 $438,991.00
MARATHON PETROLEUM CORP US MPC 9,999 $1,427,557.23
MEDTRONIC INC IE MDT 22,003 $1,793,244.50
MERCK & CO INC US MRK 38,215 $4,164,670.70
MICROCHIP TECHNOLOGY INC US MCHP 12,964 $1,060,973.76
NETAPP INC US NTAP 8,262 $633,695.40
NORFOLK SOUTHN CORP US NSC 4,940 $1,012,749.40
OMNICOM GROUP US OMC 7,756 $628,313.56
PACKAGING CORP OF AMERICA US PKG 3,488 $520,060.80
PARAMOUNT GLOBAL CLASS B US PARA 20,345 $307,006.05
PFIZER INC US PFE 71,957 $2,545,838.66
PHILLIPS 66 US PSX 8,048 $918,759.68
PPG INDUSTRIES INC US PPG 5,858 $830,430.08
QUALCOMM INC US QCOM 21,344 $2,444,528.32
QUEST DIAGNOSTICS INC US DGX 4,427 $582,150.50
RAYTHEON TECHNOLOGIES CORP US RTX 18,944 $1,629,941.76
REGIONS FINANCIAL CORP. US RF 33,885 $621,450.90
SCHLUMBERGER LTD NL SLB 22,675 $1,336,918.00
SKYWORKS SOLUTIONS INC US SWKS 5,028 $546,744.72
SYSCO CORP US SYY 10,145 $706,599.25
TE CONNECTIVITY LIMITED CH TEL 7,426 $983,128.14
TEXAS INSTRUMENTS INC US TXN 13,552 $2,277,549.12
TRAVELLERS COS INC US TRV 6,390 $1,030,259.70
TRUIST FINANCIAL CORP US TFC 24,471 $747,589.05
TYSON FOODS INC -CL A US TSN 10,268 $546,976.36
U.S. BANCORP US USB 33,760 $1,233,252.80
UNION PAC CORP US UNP 11,400 $2,514,498.00
UNITED PARCEL SERVICE US UPS 12,734 $2,157,139.60
VALERO ENERGY US VLO 6,347 $824,475.30
WELLS FARGO COMPANY US WFC 47,932 $1,979,112.28

Investments will change over time.

A Word About Risk

All investments involve risks, including possible loss of principal. As with any stock fund, the value of your investment will fluctuate in response to stock market movements. Investing in the Fund will also involve a number of other risks, including issuer-specific risk and mid-cap risk. The Fund invests primarily in dividend-paying equity securities, with a focus on mid- to large- cap companies. There is no assurance or guarantee that such companies will declare, continue to pay, or increase dividends. Stocks of mid-cap companies tend to be more volatile than those of large-cap companies, as midcap companies tend to be more susceptible to adverse business or economic events than larger, more established companies. In addition, because the Advisor manages the Fund using a disciplined screening process, the Fund is subject to the additional risk that the investment approach may not be successful. Further, the Advisor does not intend to make frequent changes to the Fund’s portfolio in response to market movements.

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 50 years of experience managing investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.

A Redefined Approach to Value Investing

The video above was originally published in March 2019. Down market capture discussed represents the percent of market return captured by the investment manager’s return relative to the benchmark during negative periods. See below for the most recent performance.

We re-define “value portfolio” in this strategy by using a systematic, but flexible approach. This allows us to actively find areas of the market that are offering superior dividends and valuations, which has historically driven favorable risk-adjusted returns and meaningful downside risk management.


Daily Price

$16.43

Daily $ Change

-$0.06

Daily % Change

-0.37%

as of 09/22/2023

Ticker

MNDVUX

CUSIP

302028774

Inception Date

06/06/2017

This fund is only available for use within certain qualified employee benefit plans.

Important Documents

Applications & Forms
Fact Sheet
Annual Report

Investment Objective

To provide competitive returns consistent with the broad equity market while also providing a level of capital protection during market downturns.

Investment Strategy

This fund is designed to offer a diversified portfolio of dividend-paying U.S. equity securities. Using a systematic process with a focus on mid- to large-capitalization U.S. companies, securities are selected based on factors such as free cash flow generation and earnings power, minimum dividend yield, dividend sustainability, and financial health.

May be Appropriate for Investors

  • Seeking to add diversification to their retirement portfolio by investing in high-quality, dividend-yielding securities
  • Seeking exposure to U.S. companies with meaningful growth potential due to high free cash flow yields and earnings power

Performance

As of 08/31/2023

YTD

2.05%

1 Year

8.65%

3 Year

9.98%

5 Year

6.52%

10 Year

10.28%

Inception
(06/06/2017)

12.01%

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Performance through the inception date of the Disciplined Value CIT Class U units is not the past performance of the Disciplined Value CIT Fund and is based on historical performance data for the Manning & Napier Disciplined Value – U.S. Composite, which is a weighted average of discretionary separately managed accounts, and may include proprietary mutual fund accounts, that are managed by Manning & Napier Advisors, LLC with a Disciplined Value – U.S. objective. Returns are net of the Class U expenses.

Expense Ratio

Gross 0.26%
Net 0.25%*

*Reflects the Trustee's contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 08/31/2023

JP MORGAN CHASE & CO 4.04%
HOME DEPOT INC 3.91%
JOHNSON & JOHNSON 3.45%
MERCK & CO INC 3.37%
BROADCOM INC 3.35%
EXXON MOBIL CORP 3.06%
CISCO SYSTEMS INC 2.99%
CHEVRON CORP 2.90%
COMCAST CORP-CL A 2.59%
CATERPILLAR INC 2.53%

This investment list is unaudited and excludes cash.

Sector Allocation

As of 08/31/2023

Communication Services
3.35%
Consumer Discretionary
5.10%
Consumer Staples
6.70%
Energy
15.22%
Financials
13.25%
Health Care
17.53%
Industrials
19.19%
Information Technology
17.10%
Materials
2.56%

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Manning & Napier when referencing GICS sectors. Nether MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification nor shall any such party have any liability therefrom.

Security Description Country Ticker Shares/Par Market Value (USD)
3M CO US MMM 12,741 $1,359,082.47
ABBOTT LABORATORIES US ABT 23,384 $2,406,213.60
ANALOG DEVICES INC US ADI 11,633 $2,114,646.74
ARCHER-DANIELS-MIDLAND CO US ADM 13,720 $1,087,996.00
BANK OF AMERICA CORP US BAC 89,833 $2,575,512.11
BAXTER INTERNATIONAL INC US BAX 13,040 $529,424.00
BRISTOL MYERS SQUIBB CO US BMY 35,185 $2,169,155.25
BROADCOM INC US AVGO 4,496 $4,149,313.44
BROADRIDGE FINANCIAL SOLUTIONS US BR 3,824 $712,067.04
BUNGE LIMITED US BG 5,301 $606,010.32
C.H. ROBINSON WORLDWIDE INC US CHRW 5,292 $478,555.56
CAMPBELL SOUP CO US CPB 11,888 $495,729.60
CATERPILLAR INC US CAT 11,137 $3,130,944.81
CHEVRON CORP US CVX 22,265 $3,586,891.50
CISCO SYSTEMS INC US CSCO 64,417 $3,694,314.95
CITIGROUP INC US C 40,426 $1,669,189.54
COGNIZANT TECH SOLUTIONS - A US CTSH 10,847 $776,753.67
COLGATE-PALMOLIVE CO US CL 19,302 $1,418,117.94
COMCAST CORP-CL A US CMCSA 68,634 $3,209,325.84
CONAGRA BRAND INC. US CAG 17,506 $523,079.28
CONOCOPHILLIPS US COP 18,640 $2,218,719.20
CORNING INC US GLW 18,974 $622,726.68
COTERRA ENERGY INC US CTRA 22,949 $646,932.31
CUMMINS INC US CMI 4,744 $1,091,309.76
CVS HEALTH CORP US CVS 18,197 $1,185,898.49
DEVON ENERGY CORPORATION US DVN 15,443 $788,982.87
DIAMONDBACK ENERGY INC US FANG 4,869 $739,016.82
DOW INC US DOW 16,390 $894,238.40
DREYFUS GVT CSH MANAGEMENT US 1,435,559.37 $1,435,559.37
EBAY INC US EBAY 15,135 $677,745.30
EMERSON ELEC CO US EMR 15,236 $1,496,937.00
EOG RESOURCES INC US EOG 10,702 $1,376,491.24
EXXON MOBIL CORP US XOM 34,019 $3,782,572.61
FEDEX CORPORATION US FDX 4,207 $1,098,111.14
FIFTH THIRD BANCORP US FITB 22,423 $595,330.65
FMC CORP US FMC 4,789 $412,955.47
GENERAL DYNAMICS CORP US GD 6,546 $1,483,585.44
GENERAL MLS INC US GIS 15,973 $1,080,733.18
GENUINE PARTS CO US GPC 5,137 $789,711.01
GILEAD SCIENCES INC US GILD 26,864 $2,054,558.72
HALLIBURTON CO US HAL 19,174 $740,499.88
HARTFORD FINL SVCS US HIG 7,304 $524,573.28
HOME DEPOT INC US HD 14,658 $4,841,537.40
HONEYWELL INTERNATIONAL INC US HON 13,131 $2,467,840.14
HUNTINGTON BANCSHARES US HBAN 37,806 $419,268.54
INTERNATIONAL BUSINESS MACH CORP US IBM 12,586 $1,848,002.38
INTERNATIONAL FLVRS & FRAGRANCES US IFF 7,211 $508,014.95
JM SMUCKER CO/THE-NEW COM WI US SJM 4,159 $602,847.05
JOHNSON & JOHNSON US JNJ 26,369 $4,263,339.92
JP MORGAN CHASE & CO US JPM 34,164 $4,999,218.12
KELLOGG CO US K 8,052 $491,333.04
KRAFT HEINZ CO/THE US KHC 22,145 $732,778.05
L3HARRIS TECHNOLOGIES INC US LHX 4,926 $877,271.34
LOCKHEED MARTIN CORP US LMT 4,998 $2,240,853.30
MARATHON OIL CORP US MRO 16,660 $438,991.00
MARATHON PETROLEUM CORP US MPC 9,999 $1,427,557.23
MEDTRONIC INC IE MDT 22,003 $1,793,244.50
MERCK & CO INC US MRK 38,215 $4,164,670.70
MICROCHIP TECHNOLOGY INC US MCHP 12,964 $1,060,973.76
NETAPP INC US NTAP 8,262 $633,695.40
NORFOLK SOUTHN CORP US NSC 4,940 $1,012,749.40
OMNICOM GROUP US OMC 7,756 $628,313.56
PACKAGING CORP OF AMERICA US PKG 3,488 $520,060.80
PARAMOUNT GLOBAL CLASS B US PARA 20,345 $307,006.05
PFIZER INC US PFE 71,957 $2,545,838.66
PHILLIPS 66 US PSX 8,048 $918,759.68
PPG INDUSTRIES INC US PPG 5,858 $830,430.08
QUALCOMM INC US QCOM 21,344 $2,444,528.32
QUEST DIAGNOSTICS INC US DGX 4,427 $582,150.50
RAYTHEON TECHNOLOGIES CORP US RTX 18,944 $1,629,941.76
REGIONS FINANCIAL CORP. US RF 33,885 $621,450.90
SCHLUMBERGER LTD NL SLB 22,675 $1,336,918.00
SKYWORKS SOLUTIONS INC US SWKS 5,028 $546,744.72
SYSCO CORP US SYY 10,145 $706,599.25
TE CONNECTIVITY LIMITED CH TEL 7,426 $983,128.14
TEXAS INSTRUMENTS INC US TXN 13,552 $2,277,549.12
TRAVELLERS COS INC US TRV 6,390 $1,030,259.70
TRUIST FINANCIAL CORP US TFC 24,471 $747,589.05
TYSON FOODS INC -CL A US TSN 10,268 $546,976.36
U.S. BANCORP US USB 33,760 $1,233,252.80
UNION PAC CORP US UNP 11,400 $2,514,498.00
UNITED PARCEL SERVICE US UPS 12,734 $2,157,139.60
VALERO ENERGY US VLO 6,347 $824,475.30
WELLS FARGO COMPANY US WFC 47,932 $1,979,112.28

Investments will change over time.

A Word About Risk

All investments involve risks, including possible loss of principal. As with any stock fund, the value of your investment will fluctuate in response to stock market movements. Investing in the Fund will also involve a number of other risks, including issuer-specific risk and mid-cap risk. The Fund invests primarily in dividend-paying equity securities, with a focus on mid- to large- cap companies. There is no assurance or guarantee that such companies will declare, continue to pay, or increase dividends. Stocks of mid-cap companies tend to be more volatile than those of large-cap companies, as midcap companies tend to be more susceptible to adverse business or economic events than larger, more established companies. In addition, because the Advisor manages the Fund using a disciplined screening process, the Fund is subject to the additional risk that the investment approach may not be successful. Further, the Advisor does not intend to make frequent changes to the Fund’s portfolio in response to market movements.

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 50 years of experience managing investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.

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