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

$16.33

Daily $ Change

-$0.08

Daily % Change

-0.49%

as of 09/16/2021

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 08/31/2021

YTD

18.68%

1 Year

31.16%

3 Year

10.57%

5 Year

13.07%

10 Year

---

Inception
(10/01/2011)

14.44%

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 0.28%
Net 0.25%*

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

Top Ten Investments

As of 08/31/2021

HOME DEPOT INC 3.62%
WAL MART STORES 3.61%
JOHNSON & JOHNSON 3.57%
PROCTER & GAMBLE CO 3.53%
JP MORGAN CHASE & CO 3.41%
COMCAST CORP-CL A 3.14%
ORACLE CORP 3.11%
CISCO SYSTEMS INC 2.87%
VERIZON COMMUNICATIONS 2.56%
MERCK & CO INC 2.50%

This investment list is unaudited and excludes cash.

Sector Allocation

As of 08/31/2021

Communication Services 6.13%
Consumer Discretionary 6.38%
Consumer Staples 17.18%
Financials 13.57%
Health Care 10.18%
Industrials 22.38%
Information Technology 16.85%
Materials 7.33%

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.

August Fund Holdings

As of 08/31/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
020002101 ALLSTATE CORPORATION US ALL 8,655 $1,170,848.40
032654105 ANALOG DEVICES INC US ADI 9,313 $1,517,553.35
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 16,686 $1,001,160.00
053015103 AUTOMATIC DATA PROCESSING US ADP 9,105 $1,903,309.20
086516101 BEST BUY INC US BBY 8,422 $981,247.22
099502106 BOOZ ALLEN HAMILTON HOLDINGS US BAH 5,901 $483,350.91
110122108 BRISTOL MYERS SQUIBB CO US BMY 42,036 $2,810,526.96
11133T103 BROADRIDGE FINANCIAL SOLUTIONS US BR 4,223 $727,285.06
125269100 CF INDUSTRIES HOLDINGS INC US CF 9,163 $416,183.46
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 5,246 $472,454.76
134429109 CAMPBELL SOUP CO US CPB 11,347 $473,510.31
149123101 CATERPILLAR INC US CAT 10,642 $2,244,078.54
172062101 CINCINNATI FINANCIAL CORP US CINF 6,019 $742,744.60
17275R102 CISCO SYSTEMS INC US CSCO 65,723 $3,878,971.46
172967424 CITIGROUP INC US C 35,755 $2,571,142.05
189054109 CLOROX COMPANY US CLX 4,020 $675,561.00
194162103 COLGATE-PALMOLIVE CO US CL 20,057 $1,563,443.15
20030N101 COMCAST CORP-CL A US CMCSA 69,834 $4,237,527.12
200340107 COMERICA INC US CMA 6,085 $449,742.35
205887102 CONAGRA BRAND INC. US CAG 17,209 $569,962.08
231021106 CUMMINS INC US CMI 4,506 $1,063,325.88
277432100 EASTMAN CHEM CO US EMN 5,144 $582,095.04
291011104 EMERSON ELEC CO US EMR 15,714 $1,657,827.00
302491303 FMC CORP US FMC 4,676 $437,813.88
31620R303 FNF GROUP US FNF 11,669 $569,797.27
316773100 FIFTH THIRD BANCORP US FITB 22,353 $868,637.58
369550108 GENERAL DYNAMICS CORP US GD 7,350 $1,472,278.50
370334104 GENERAL MLS INC US GIS 17,193 $993,927.33
372460105 GENUINE PARTS CO US GPC 5,411 $661,170.09
375558103 GILEAD SCIENCES INC US GILD 27,221 $1,981,144.38
384802104 WW GRAINGER INC US GWW 1,812 $785,864.40
416515104 HARTFORD FINL SVCS US HIG 11,781 $791,918.82
427866108 HERSHEY CO/THE US HSY 6,218 $1,104,938.60
437076102 HOME DEPOT INC US HD 14,976 $4,884,871.68
438516106 HONEYWELL INTERNATIONAL INC US HON 12,420 $2,880,322.20
443510607 HUBBELL INC US HUBB 2,293 $472,610.23
446150104 HUNTINGTON BANCSHARES US HBAN 36,534 $567,373.02
452308109 ILLINOIS TOOL WKS INC US ITW 7,226 $1,682,646.36
458140100 INTEL CORP US INTC 58,755 $3,176,295.30
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 17,703 $2,484,439.02
459506101 INTERNATIONAL FLVRS & FRAGRANCES US IFF 7,072 $1,071,408.00
46625H100 JP MORGAN CHASE & CO US JPM 28,802 $4,606,879.90
478160104 JOHNSON & JOHNSON US JNJ 27,857 $4,822,882.41
494368103 KIMBERLY CLARK CORP US KMB 9,020 $1,243,046.20
500754106 KRAFT HEINZ CO/THE US KHC 31,098 $1,119,217.02
501044101 KROGER CO US KR 23,105 $1,063,523.15
502431109 L3HARRIS TECHNOLOGIES INC US LHX 5,637 $1,313,477.37
539830109 LOCKHEED MARTIN CORP US LMT 5,742 $2,065,971.60
58933Y105 MERCK & CO INC US MRK 44,161 $3,369,042.69
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 30,773 $1,910,080.11
620076307 MOTOROLA SOLUTIONS INC US MSI 5,096 $1,244,545.12
64110D104 NETAPP INC US NTAP 7,731 $687,517.83
651639106 NEWMONT GOLDCORP CORP US NEM 20,337 $1,179,342.63
666807102 NORTHROP GRUMMAN CORP US NOC 4,179 $1,536,618.30
670346105 NUCOR CORP US NUE 10,653 $1,252,366.68
681919106 OMNICOM GROUP US OMC 7,916 $579,609.52
68389X105 ORACLE CORP US ORCL 47,023 $4,191,159.99
695156109 PACKAGING CORP OF AMERICA US PKG 3,748 $568,571.60
742718109 PROCTER & GAMBLE CO US PG 33,412 $4,757,534.68
747525103 QUALCOMM INC US QCOM 19,913 $2,921,037.97
74834L100 QUEST DIAGNOSTICS INC US DGX 4,962 $758,342.46
749685103 RPM INTERNATIONAL INC US RPM 5,326 $438,276.54
7591EP100 REGIONS FINANCIAL CORP. US RF 33,340 $681,136.20
759509102 RELIANCE STEEL & ALUMINUM US RS 2,763 $414,560.52
760759100 REPUBLIC SERVICES INC US RSG 9,487 $1,177,621.31
831865209 SMITH (A.O.) CORP US AOS 6,807 $495,005.04
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 4,250 $525,597.50
833034101 SNAP-ON INC US SNA 2,151 $483,867.45
857949BL0 SS INT BEARING FD .022% 01/02/15 US 776,469.89 $776,469.89
858119100 STEEL DYNAMICS INC US STLD 8,787 $593,034.63
88579Y101 3M CO US MMM 11,142 $2,169,793.08
89417E109 TRAVELLERS COS INC US TRV 7,088 $1,132,024.48
902494103 TYSON FOODS INC -CL A US TSN 10,871 $853,590.92
902973304 U.S. BANCORP US USB 32,034 $1,838,431.26
907818108 UNION PAC CORP US UNP 12,020 $2,606,416.80
92343V104 VERIZON COMMUNICATIONS US VZ 62,772 $3,452,460.00
931142103 WAL MART STORES US WMT 32,932 $4,877,229.20
94106L109 WASTE MANAGEMENT INC US WM 10,732 $1,664,640.52
963320106 WHIRLPOOL CORP US WHR 2,442 $540,976.26
969904101 WILLIAMS - SONOMA INC US WSM 2,632 $491,394.40
G16962105 BUNGE LIMITED US BG 5,884 $445,477.64
G29183103 EATON CORP PLC US ETN 10,348 $1,742,189.28
G3223R108 EVEREST RE GROUP LTD BM RE 1,736 $459,866.40
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 23,001 $1,720,474.80
G5494J103 LINDE PLC GB LIN 9,322 $2,932,607.98
H1467J104 CHUBB LTD CH CB 10,140 $1,864,948.80
H2906T109 GARMIN LTD CH GRMN 6,036 $1,052,859.48

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

$16.33

Daily $ Change

-$0.08

Daily % Change

-0.49%

as of 09/16/2021

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 08/31/2021

YTD

18.68%

1 Year

31.16%

3 Year

10.57%

5 Year

13.07%

10 Year

---

Inception
(10/01/2011)

14.44%

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 0.28%
Net 0.25%*

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

Top Ten Investments

As of 08/31/2021

HOME DEPOT INC 3.62%
WAL MART STORES 3.61%
JOHNSON & JOHNSON 3.57%
PROCTER & GAMBLE CO 3.53%
JP MORGAN CHASE & CO 3.41%
COMCAST CORP-CL A 3.14%
ORACLE CORP 3.11%
CISCO SYSTEMS INC 2.87%
VERIZON COMMUNICATIONS 2.56%
MERCK & CO INC 2.50%

This investment list is unaudited and excludes cash.

Sector Allocation

As of 08/31/2021

Communication Services
6.13%
Consumer Discretionary
6.38%
Consumer Staples
17.18%
Financials
13.57%
Health Care
10.18%
Industrials
22.38%
Information Technology
16.85%
Materials
7.33%

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.

August Fund Holdings

As of 08/31/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
020002101 ALLSTATE CORPORATION US ALL 8,655 $1,170,848.40
032654105 ANALOG DEVICES INC US ADI 9,313 $1,517,553.35
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 16,686 $1,001,160.00
053015103 AUTOMATIC DATA PROCESSING US ADP 9,105 $1,903,309.20
086516101 BEST BUY INC US BBY 8,422 $981,247.22
099502106 BOOZ ALLEN HAMILTON HOLDINGS US BAH 5,901 $483,350.91
110122108 BRISTOL MYERS SQUIBB CO US BMY 42,036 $2,810,526.96
11133T103 BROADRIDGE FINANCIAL SOLUTIONS US BR 4,223 $727,285.06
125269100 CF INDUSTRIES HOLDINGS INC US CF 9,163 $416,183.46
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 5,246 $472,454.76
134429109 CAMPBELL SOUP CO US CPB 11,347 $473,510.31
149123101 CATERPILLAR INC US CAT 10,642 $2,244,078.54
172062101 CINCINNATI FINANCIAL CORP US CINF 6,019 $742,744.60
17275R102 CISCO SYSTEMS INC US CSCO 65,723 $3,878,971.46
172967424 CITIGROUP INC US C 35,755 $2,571,142.05
189054109 CLOROX COMPANY US CLX 4,020 $675,561.00
194162103 COLGATE-PALMOLIVE CO US CL 20,057 $1,563,443.15
20030N101 COMCAST CORP-CL A US CMCSA 69,834 $4,237,527.12
200340107 COMERICA INC US CMA 6,085 $449,742.35
205887102 CONAGRA BRAND INC. US CAG 17,209 $569,962.08
231021106 CUMMINS INC US CMI 4,506 $1,063,325.88
277432100 EASTMAN CHEM CO US EMN 5,144 $582,095.04
291011104 EMERSON ELEC CO US EMR 15,714 $1,657,827.00
302491303 FMC CORP US FMC 4,676 $437,813.88
31620R303 FNF GROUP US FNF 11,669 $569,797.27
316773100 FIFTH THIRD BANCORP US FITB 22,353 $868,637.58
369550108 GENERAL DYNAMICS CORP US GD 7,350 $1,472,278.50
370334104 GENERAL MLS INC US GIS 17,193 $993,927.33
372460105 GENUINE PARTS CO US GPC 5,411 $661,170.09
375558103 GILEAD SCIENCES INC US GILD 27,221 $1,981,144.38
384802104 WW GRAINGER INC US GWW 1,812 $785,864.40
416515104 HARTFORD FINL SVCS US HIG 11,781 $791,918.82
427866108 HERSHEY CO/THE US HSY 6,218 $1,104,938.60
437076102 HOME DEPOT INC US HD 14,976 $4,884,871.68
438516106 HONEYWELL INTERNATIONAL INC US HON 12,420 $2,880,322.20
443510607 HUBBELL INC US HUBB 2,293 $472,610.23
446150104 HUNTINGTON BANCSHARES US HBAN 36,534 $567,373.02
452308109 ILLINOIS TOOL WKS INC US ITW 7,226 $1,682,646.36
458140100 INTEL CORP US INTC 58,755 $3,176,295.30
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 17,703 $2,484,439.02
459506101 INTERNATIONAL FLVRS & FRAGRANCES US IFF 7,072 $1,071,408.00
46625H100 JP MORGAN CHASE & CO US JPM 28,802 $4,606,879.90
478160104 JOHNSON & JOHNSON US JNJ 27,857 $4,822,882.41
494368103 KIMBERLY CLARK CORP US KMB 9,020 $1,243,046.20
500754106 KRAFT HEINZ CO/THE US KHC 31,098 $1,119,217.02
501044101 KROGER CO US KR 23,105 $1,063,523.15
502431109 L3HARRIS TECHNOLOGIES INC US LHX 5,637 $1,313,477.37
539830109 LOCKHEED MARTIN CORP US LMT 5,742 $2,065,971.60
58933Y105 MERCK & CO INC US MRK 44,161 $3,369,042.69
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 30,773 $1,910,080.11
620076307 MOTOROLA SOLUTIONS INC US MSI 5,096 $1,244,545.12
64110D104 NETAPP INC US NTAP 7,731 $687,517.83
651639106 NEWMONT GOLDCORP CORP US NEM 20,337 $1,179,342.63
666807102 NORTHROP GRUMMAN CORP US NOC 4,179 $1,536,618.30
670346105 NUCOR CORP US NUE 10,653 $1,252,366.68
681919106 OMNICOM GROUP US OMC 7,916 $579,609.52
68389X105 ORACLE CORP US ORCL 47,023 $4,191,159.99
695156109 PACKAGING CORP OF AMERICA US PKG 3,748 $568,571.60
742718109 PROCTER & GAMBLE CO US PG 33,412 $4,757,534.68
747525103 QUALCOMM INC US QCOM 19,913 $2,921,037.97
74834L100 QUEST DIAGNOSTICS INC US DGX 4,962 $758,342.46
749685103 RPM INTERNATIONAL INC US RPM 5,326 $438,276.54
7591EP100 REGIONS FINANCIAL CORP. US RF 33,340 $681,136.20
759509102 RELIANCE STEEL & ALUMINUM US RS 2,763 $414,560.52
760759100 REPUBLIC SERVICES INC US RSG 9,487 $1,177,621.31
831865209 SMITH (A.O.) CORP US AOS 6,807 $495,005.04
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 4,250 $525,597.50
833034101 SNAP-ON INC US SNA 2,151 $483,867.45
857949BL0 SS INT BEARING FD .022% 01/02/15 US 776,469.89 $776,469.89
858119100 STEEL DYNAMICS INC US STLD 8,787 $593,034.63
88579Y101 3M CO US MMM 11,142 $2,169,793.08
89417E109 TRAVELLERS COS INC US TRV 7,088 $1,132,024.48
902494103 TYSON FOODS INC -CL A US TSN 10,871 $853,590.92
902973304 U.S. BANCORP US USB 32,034 $1,838,431.26
907818108 UNION PAC CORP US UNP 12,020 $2,606,416.80
92343V104 VERIZON COMMUNICATIONS US VZ 62,772 $3,452,460.00
931142103 WAL MART STORES US WMT 32,932 $4,877,229.20
94106L109 WASTE MANAGEMENT INC US WM 10,732 $1,664,640.52
963320106 WHIRLPOOL CORP US WHR 2,442 $540,976.26
969904101 WILLIAMS - SONOMA INC US WSM 2,632 $491,394.40
G16962105 BUNGE LIMITED US BG 5,884 $445,477.64
G29183103 EATON CORP PLC US ETN 10,348 $1,742,189.28
G3223R108 EVEREST RE GROUP LTD BM RE 1,736 $459,866.40
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 23,001 $1,720,474.80
G5494J103 LINDE PLC GB LIN 9,322 $2,932,607.98
H1467J104 CHUBB LTD CH CB 10,140 $1,864,948.80
H2906T109 GARMIN LTD CH GRMN 6,036 $1,052,859.48

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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