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

$17.11

Daily $ Change

$0.04

Daily % Change

0.23%

as of 11/25/2022

Ticker

MNDVUX

CUSIP

302028774

Inception Date

06/06/2017

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

Important Documents

Annual Report
Applications & Forms

Performance

As of 10/31/2022

YTD

-6.64%

1 Year

-2.94%

3 Year

7.44%

5 Year

8.41%

10 Year

11.54%

Inception
(10/01/2011)

12.48%

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. 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.

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 10/31/2022

JOHNSON & JOHNSON 3.63%
JP MORGAN CHASE & CO 3.49%
WAL MART STORES 3.46%
HOME DEPOT INC 3.15%
PROCTER & GAMBLE CO 3.00%
MERCK & CO INC 2.75%
CHEVRON CORP 2.52%
CISCO SYSTEMS INC 2.16%
BRISTOL MYERS SQUIBB CO 2.02%
PFIZER INC 1.89%

This investment list is unaudited and excludes cash.

Sector Allocation

As of 10/31/2022

Communication Services 2.29%
Consumer Discretionary 10.08%
Consumer Staples 13.95%
Energy 8.48%
Financials 10.74%
Health Care 15.72%
Industrials 21.74%
Information Technology 12.46%
Materials 4.54%

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.

October Fund Holdings

As of 10/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 19,181 $1,897,768.14
ALLSTATE CORPORATION US ALL 7,955 $1,004,318.75
ANALOG DEVICES INC US ADI 10,188 $1,453,012.56
ARCHER-DANIELS-MIDLAND CO US ADM 12,362 $1,198,866.76
AUTOMATIC DATA PROCESSING US ADP 7,438 $1,797,764.60
BAXTER INTERNATIONAL INC US BAX 8,859 $481,486.65
BEST BUY INC US BBY 7,548 $516,358.68
BRISTOL MYERS SQUIBB CO US BMY 32,435 $2,512,739.45
BROADRIDGE FINANCIAL SOLUTIONS US BR 3,637 $545,768.22
C.H. ROBINSON WORLDWIDE INC US CHRW 4,815 $470,521.80
COTERRA ENERGY INC US CTRA 17,838 $555,296.94
CAMPBELL SOUP CO US CPB 10,102 $534,496.82
CATERPILLAR INC US CAT 9,429 $2,041,001.34
CHEVRON CORP US CVX 17,285 $3,126,856.50
CINCINNATI FINANCIAL CORP US CINF 4,816 $497,589.12
CISCO SYSTEMS INC US CSCO 59,110 $2,685,367.30
CITIGROUP INC US C 37,940 $1,739,928.40
COLGATE-PALMOLIVE CO US CL 18,144 $1,339,752.96
COMCAST CORP-CL A US CMCSA 65,401 $2,075,827.74
CONAGRA BRAND INC. US CAG 15,830 $580,961.00
CONOCOPHILLIPS US COP 16,056 $2,024,501.04
CUMMINS INC US CMI 3,935 $962,146.85
DEVON ENERGY CORPORATION US DVN 12,265 $948,697.75
DIAMONDBACK ENERGY INC US FANG 3,799 $596,860.89
DOW INC US DOW 12,198 $570,134.52
DREYFUS GVT CSH MANAGEMENT US 743,318 $743,318.00
EOG RESOURCES INC US EOG 8,776 $1,198,099.52
EASTMAN CHEM CO US EMN 4,614 $354,401.34
EBAY INC US EBAY 12,054 $480,231.36
EMERSON ELEC CO US EMR 13,335 $1,154,811.00
FMC CORP US FMC 4,131 $491,175.90
FIFTH THIRD BANCORP US FITB 20,096 $717,226.24
GENERAL DYNAMICS CORP US GD 5,832 $1,456,833.60
GENERAL MLS INC US GIS 13,634 $1,112,261.72
GENUINE PARTS CO US GPC 4,390 $780,805.40
GILEAD SCIENCES INC US GILD 24,035 $1,885,786.10
HOME DEPOT INC US HD 13,192 $3,906,546.96
HONEYWELL INTERNATIONAL INC US HON 11,055 $2,255,441.10
ILLINOIS TOOL WKS INC US ITW 6,540 $1,396,486.20
INTEL CORP US INTC 63,330 $1,800,471.90
INTERNATIONAL FLVRS & FRAGRANCES US IFF 6,775 $661,307.75
JP MORGAN CHASE & CO US JPM 34,429 $4,333,922.52
JOHNSON & JOHNSON US JNJ 25,930 $4,511,042.10
KEYCORP US KEY 21,942 $392,103.54
KROGER CO US KR 16,977 $802,842.33
L3HARRIS TECHNOLOGIES INC US LHX 4,345 $1,070,912.15
LENNAR CORP US LEN 6,529 $526,890.30
LOCKHEED MARTIN CORP US LMT 4,455 $2,168,159.40
MARATHON PETROLEUM CORP US MPC 9,309 $1,057,688.58
MCDONALDS CORP US MCD 7,839 $2,137,381.74
MERCK & CO INC US MRK 33,718 $3,412,261.60
MICROCHIP TECHNOLOGY INC US MCHP 10,875 $671,422.50
MONDELEZ INTERNATIONAL INC US MDLZ 25,196 $1,549,050.08
MOTOROLA SOLUTIONS INC US MSI 4,085 $1,020,065.35
NETAPP INC US NTAP 7,612 $527,283.24
NEWMONT GOLDCORP CORP US NEM 16,804 $711,145.28
NORFOLK SOUTHN CORP US NSC 3,880 $884,911.60
NORTHROP GRUMMAN CORP US NOC 3,101 $1,702,480.01
NUCOR CORP US NUE 6,333 $832,029.54
OMNICOM GROUP US OMC 7,045 $512,523.75
PPG INDUSTRIES INC US PPG 4,529 $517,121.22
PACKAGING CORP OF AMERICA US PKG 3,281 $394,409.01
PARKER HANNIFIN CORP US PH 2,435 $707,659.70
PFIZER INC US PFE 50,374 $2,344,909.70
PIONEER NATURAL RESOURCES CO US PXD 3,961 $1,015,640.01
PROCTER & GAMBLE CO US PG 27,634 $3,721,470.78
QUALCOMM INC US QCOM 18,463 $2,172,356.58
QUEST DIAGNOSTICS INC US DGX 4,179 $600,313.35
REGIONS FINANCIAL CORP. US RF 31,126 $683,215.70
REPUBLIC SERVICES INC US RSG 7,689 $1,019,715.18
ROSS STORES INC US ROST 6,325 $605,239.25
SKYWORKS SOLUTIONS INC US SWKS 4,009 $344,814.09
JM SMUCKER CO/THE-NEW COM WI US SJM 3,410 $513,750.60
STANLEY BLACK & DECKER INC US SWK 3,590 $281,779.10
STEEL DYNAMICS INC US STLD 6,572 $618,096.60
TJX COMPANIES INC US TJX 17,620 $1,270,402.00
TARGET CORP US TGT 6,190 $1,016,707.50
TEXAS INSTRUMENTS INC US TXN 10,792 $1,733,518.96
3M CO US MMM 11,251 $1,415,263.29
TRACTOR SUPPLY COMPANY US TSCO 2,217 $487,230.09
TRAVELLERS COS INC US TRV 5,546 $1,023,015.16
TYSON FOODS INC -CL A US TSN 9,126 $623,762.10
U.S. BANCORP US USB 29,008 $1,231,389.60
UNION PAC CORP US UNP 10,057 $1,982,636.98
UNITED PARCEL SERVICE US UPS 10,008 $1,679,042.16
VF CORP US VFC 10,033 $283,432.25
PARAMOUNT GLOBAL CLASS B US PARA 13,735 $251,625.20
WAL MART STORES US WMT 30,139 $4,289,683.87
WALGREENS BOOTS ALLIANCE INC US WBA 16,312 $595,388.00
WASTE MANAGEMENT INC US WM 8,548 $1,353,746.76
BUNGE LIMITED US BG 4,653 $459,251.10
EATON CORP PLC US ETN 9,134 $1,370,739.38
JOHNSON CONTROLS INTERNATIONAL US JCI 16,381 $947,477.04
MEDTRONIC INC IE MDT 15,347 $1,340,406.98
ROYALTY PHARMA PLC- CL A US RPRX 12,371 $523,540.72
TRANE TECHNOLOGIES IE TT 4,193 $669,328.59
CHUBB LTD CH CB 7,945 $1,707,301.05
GARMIN LTD CH GRMN 5,652 $497,602.08
TE CONNECTIVITY LIMITED CH TEL 5,835 $713,212.05
LYONDELLBASELL INDU-CL A US LYB 6,336 $484,387.20

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

$17.11

Daily $ Change

$0.04

Daily % Change

0.23%

as of 11/25/2022

Ticker

MNDVUX

CUSIP

302028774

Inception Date

06/06/2017

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

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 10/31/2022

YTD

-6.64%

1 Year

-2.94%

3 Year

7.44%

5 Year

8.41%

10 Year

11.54%

Inception
(10/01/2011)

12.48%

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. 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.

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 10/31/2022

JOHNSON & JOHNSON 3.63%
JP MORGAN CHASE & CO 3.49%
WAL MART STORES 3.46%
HOME DEPOT INC 3.15%
PROCTER & GAMBLE CO 3.00%
MERCK & CO INC 2.75%
CHEVRON CORP 2.52%
CISCO SYSTEMS INC 2.16%
BRISTOL MYERS SQUIBB CO 2.02%
PFIZER INC 1.89%

This investment list is unaudited and excludes cash.

Sector Allocation

As of 10/31/2022

Communication Services
2.29%
Consumer Discretionary
10.08%
Consumer Staples
13.95%
Energy
8.48%
Financials
10.74%
Health Care
15.72%
Industrials
21.74%
Information Technology
12.46%
Materials
4.54%

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.

October Fund Holdings

As of 10/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ABBOTT LABORATORIES US ABT 19,181 $1,897,768.14
ALLSTATE CORPORATION US ALL 7,955 $1,004,318.75
ANALOG DEVICES INC US ADI 10,188 $1,453,012.56
ARCHER-DANIELS-MIDLAND CO US ADM 12,362 $1,198,866.76
AUTOMATIC DATA PROCESSING US ADP 7,438 $1,797,764.60
BAXTER INTERNATIONAL INC US BAX 8,859 $481,486.65
BEST BUY INC US BBY 7,548 $516,358.68
BRISTOL MYERS SQUIBB CO US BMY 32,435 $2,512,739.45
BROADRIDGE FINANCIAL SOLUTIONS US BR 3,637 $545,768.22
C.H. ROBINSON WORLDWIDE INC US CHRW 4,815 $470,521.80
COTERRA ENERGY INC US CTRA 17,838 $555,296.94
CAMPBELL SOUP CO US CPB 10,102 $534,496.82
CATERPILLAR INC US CAT 9,429 $2,041,001.34
CHEVRON CORP US CVX 17,285 $3,126,856.50
CINCINNATI FINANCIAL CORP US CINF 4,816 $497,589.12
CISCO SYSTEMS INC US CSCO 59,110 $2,685,367.30
CITIGROUP INC US C 37,940 $1,739,928.40
COLGATE-PALMOLIVE CO US CL 18,144 $1,339,752.96
COMCAST CORP-CL A US CMCSA 65,401 $2,075,827.74
CONAGRA BRAND INC. US CAG 15,830 $580,961.00
CONOCOPHILLIPS US COP 16,056 $2,024,501.04
CUMMINS INC US CMI 3,935 $962,146.85
DEVON ENERGY CORPORATION US DVN 12,265 $948,697.75
DIAMONDBACK ENERGY INC US FANG 3,799 $596,860.89
DOW INC US DOW 12,198 $570,134.52
DREYFUS GVT CSH MANAGEMENT US 743,318 $743,318.00
EOG RESOURCES INC US EOG 8,776 $1,198,099.52
EASTMAN CHEM CO US EMN 4,614 $354,401.34
EBAY INC US EBAY 12,054 $480,231.36
EMERSON ELEC CO US EMR 13,335 $1,154,811.00
FMC CORP US FMC 4,131 $491,175.90
FIFTH THIRD BANCORP US FITB 20,096 $717,226.24
GENERAL DYNAMICS CORP US GD 5,832 $1,456,833.60
GENERAL MLS INC US GIS 13,634 $1,112,261.72
GENUINE PARTS CO US GPC 4,390 $780,805.40
GILEAD SCIENCES INC US GILD 24,035 $1,885,786.10
HOME DEPOT INC US HD 13,192 $3,906,546.96
HONEYWELL INTERNATIONAL INC US HON 11,055 $2,255,441.10
ILLINOIS TOOL WKS INC US ITW 6,540 $1,396,486.20
INTEL CORP US INTC 63,330 $1,800,471.90
INTERNATIONAL FLVRS & FRAGRANCES US IFF 6,775 $661,307.75
JP MORGAN CHASE & CO US JPM 34,429 $4,333,922.52
JOHNSON & JOHNSON US JNJ 25,930 $4,511,042.10
KEYCORP US KEY 21,942 $392,103.54
KROGER CO US KR 16,977 $802,842.33
L3HARRIS TECHNOLOGIES INC US LHX 4,345 $1,070,912.15
LENNAR CORP US LEN 6,529 $526,890.30
LOCKHEED MARTIN CORP US LMT 4,455 $2,168,159.40
MARATHON PETROLEUM CORP US MPC 9,309 $1,057,688.58
MCDONALDS CORP US MCD 7,839 $2,137,381.74
MERCK & CO INC US MRK 33,718 $3,412,261.60
MICROCHIP TECHNOLOGY INC US MCHP 10,875 $671,422.50
MONDELEZ INTERNATIONAL INC US MDLZ 25,196 $1,549,050.08
MOTOROLA SOLUTIONS INC US MSI 4,085 $1,020,065.35
NETAPP INC US NTAP 7,612 $527,283.24
NEWMONT GOLDCORP CORP US NEM 16,804 $711,145.28
NORFOLK SOUTHN CORP US NSC 3,880 $884,911.60
NORTHROP GRUMMAN CORP US NOC 3,101 $1,702,480.01
NUCOR CORP US NUE 6,333 $832,029.54
OMNICOM GROUP US OMC 7,045 $512,523.75
PPG INDUSTRIES INC US PPG 4,529 $517,121.22
PACKAGING CORP OF AMERICA US PKG 3,281 $394,409.01
PARKER HANNIFIN CORP US PH 2,435 $707,659.70
PFIZER INC US PFE 50,374 $2,344,909.70
PIONEER NATURAL RESOURCES CO US PXD 3,961 $1,015,640.01
PROCTER & GAMBLE CO US PG 27,634 $3,721,470.78
QUALCOMM INC US QCOM 18,463 $2,172,356.58
QUEST DIAGNOSTICS INC US DGX 4,179 $600,313.35
REGIONS FINANCIAL CORP. US RF 31,126 $683,215.70
REPUBLIC SERVICES INC US RSG 7,689 $1,019,715.18
ROSS STORES INC US ROST 6,325 $605,239.25
SKYWORKS SOLUTIONS INC US SWKS 4,009 $344,814.09
JM SMUCKER CO/THE-NEW COM WI US SJM 3,410 $513,750.60
STANLEY BLACK & DECKER INC US SWK 3,590 $281,779.10
STEEL DYNAMICS INC US STLD 6,572 $618,096.60
TJX COMPANIES INC US TJX 17,620 $1,270,402.00
TARGET CORP US TGT 6,190 $1,016,707.50
TEXAS INSTRUMENTS INC US TXN 10,792 $1,733,518.96
3M CO US MMM 11,251 $1,415,263.29
TRACTOR SUPPLY COMPANY US TSCO 2,217 $487,230.09
TRAVELLERS COS INC US TRV 5,546 $1,023,015.16
TYSON FOODS INC -CL A US TSN 9,126 $623,762.10
U.S. BANCORP US USB 29,008 $1,231,389.60
UNION PAC CORP US UNP 10,057 $1,982,636.98
UNITED PARCEL SERVICE US UPS 10,008 $1,679,042.16
VF CORP US VFC 10,033 $283,432.25
PARAMOUNT GLOBAL CLASS B US PARA 13,735 $251,625.20
WAL MART STORES US WMT 30,139 $4,289,683.87
WALGREENS BOOTS ALLIANCE INC US WBA 16,312 $595,388.00
WASTE MANAGEMENT INC US WM 8,548 $1,353,746.76
BUNGE LIMITED US BG 4,653 $459,251.10
EATON CORP PLC US ETN 9,134 $1,370,739.38
JOHNSON CONTROLS INTERNATIONAL US JCI 16,381 $947,477.04
MEDTRONIC INC IE MDT 15,347 $1,340,406.98
ROYALTY PHARMA PLC- CL A US RPRX 12,371 $523,540.72
TRANE TECHNOLOGIES IE TT 4,193 $669,328.59
CHUBB LTD CH CB 7,945 $1,707,301.05
GARMIN LTD CH GRMN 5,652 $497,602.08
TE CONNECTIVITY LIMITED CH TEL 5,835 $713,212.05
LYONDELLBASELL INDU-CL A US LYB 6,336 $484,387.20

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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