Investment Objective

To capture investment opportunities in U.S. and non-U.S. equities, including those from both developed and emerging countries.

Investment Strategy

This fund is managed using a bottom-up, opportunistic, core approach with top-down input. At least 90% of the portfolio is invested in equities, with a general range of 30% - 70% expected to be invested in securities of companies that are domiciled outside of the U.S. Holdings are selected security-by-security and consist of ordinary (local) shares, in addition to American Depository Receipts (ADRs). This portfolio may be diversified across investment styles, sectors, regions, and market capitalizations.

May be Appropriate for Investors

  • Seeking a long-term (15 years or more) investment and who are willing to accept potentially significant fluctuations in value (very high capital risk tolerance)
  • Seeking to add diversification to their retirement portfolio by adding a global equity component

Daily Price

$13.99

Daily $ Change

-$0.01

Daily % Change

-0.07%

as of 01/18/2018

CUSIP

302027180

Inception Date

01/21/2014

Investment Minimum

$1,000,000.00

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

Annualized Performance

As of 12/31/2017

YTD

---

1 Year

27.01%

3 Year

9.79%

5 Year

10.68%

10 Year

5.06%

Inception
(---)

---

Market Cycle

---

Performance through the inception date of the Global Equity CIT Class I units is based on the historical performance of the CIT's oldest unit class. Performance through the inception date of the oldest unit class (11/16/2012) is not the past performance of the Global Equity CIT Fund and is based on historical performance data for the Manning & Napier Global Equity Composite, which is a weighted average of discretionary separately managed accounts that are managed by Manning & Napier Advisors, LLC with a Global Equity objective. Returns are net of the Class I expenses. Performance data quoted represents past performance and does not guarantee future results. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.76%
Net 0.75%*

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

Top Ten Investments

As of 12/31/2017

PRICELINE GROUP INC 3.16%
MEDTRONIC INC 2.86%
VISA INC - CLASS A SHARES 2.51%
JOHNSON & JOHNSON 2.51%
DIAGEO PLC 2.46%
DAVITA INC. 2.42%
O'REILLY AUTOMOTIVE INC 2.32%
FACEBOOK INC -A 2.32%
AMBEV SA-ADR 1.95%
EXPRESS SCRIPTS HOLDING CO 1.82%

Top Ten Investments list is unaudited and excludes cash.

Country Allocation

As of 12/31/2017

United States 64.63%
United Kingdom 7.19%
Ireland 4.62%
Germany 3.59%
Netherlands 3.44%
Switzerland 2.78%
Spain 2.76%
Canada 2.62%
China 2.50%
Brazil 1.95%
Belgium 1.29%
Japan 1.19%
France 0.73%
Australia 0.71%

Sector Allocation

As of 12/31/2017

Consumer Discretionary 12.80%
Consumer Staples 13.43%
Energy 2.88%
Financials 3.85%
Health Care 25.18%
Industrials 7.85%
Information Technology 23.34%
Materials 6.78%
Real Estate 2.17%
Telecommunication Services 1.72%

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.

December Fund Holdings

As of 12/31/2017

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0045614 ANTOFAGASTA PLC GB ANTO LN 65,090 $878,458.48
00724F101 ADOBE SYS INC US ADBE 16,915 $2,964,184.60
01609W102 ALIBABA GROUP - ADR CN BABA 26,290 $4,533,184.70
02079K107 ALPHABET INC-CL C US GOOG 2,345 $2,453,808.00
02079K305 ALPHABET INC-CL A US GOOGL 2,330 $2,454,422.00
023135106 AMAZON.COM INC US AMZN 4,365 $5,104,736.55
02319V103 AMBEV SA-ADR BR ABEV 918,140 $5,931,184.40
0237400 DIAGEO PLC GB DGE LN 204,210 $7,485,171.61
03027X100 AMERICAN TOWER REIT INC US AMT 23,855 $3,403,392.85
03965L100 ARCONIC INC. US ARNC 155,590 $4,239,827.50
044186104 ASHLAND GLOBAL HOLDINGS INC US ASH 48,660 $3,464,592.00
053332102 AUTOZONE INC US AZO 5,035 $3,581,747.95
058498106 BALL CORP US BLL 54,945 $2,079,668.25
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 53,075 $4,732,697.75
09062X103 BIOGEN IDEC INC US BIIB 9,775 $3,114,021.75
110122108 BRISTOL MYERS SQUIBB CO US BMY 66,965 $4,103,615.20
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 50,730 $3,398,402.70
12508E101 CDK GLOBAL INC US CDK 33,835 $2,411,758.80
125269100 CF INDUSTRIES HOLDINGS INC US CF 44,090 $1,875,588.60
134429109 CAMPBELL SOUP CO US CPB 54,555 $2,624,641.05
191216100 COCA COLA CO/THE US KO 44,400 $2,037,072.00
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 64,590 $904,876.61
23918K108 DAVITA INC. US DVA 101,905 $7,362,636.25
25271C102 DIAMOND OFFSHORE DRILLING US DO 73,825 $1,372,406.75
253393102 DICK'S SPORTING GOODS INC US DKS 126,935 $3,648,111.90
269246401 ETRADE FINANCIAL CORP US ETFC 79,715 $3,951,472.55
2715777 QUEBECOR INC -CL B CA QBR/B CN 64,720 $1,220,257.76
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 54,375 $1,241,065.04
285512109 ELECTRONIC ARTS US EA 51,755 $5,437,380.30
2866857 LUNDIN MINING CORP CA LUN CN 105,575 $702,153.54
294429105 EQUIFAX INC US EFX 21,720 $2,561,222.40
30219G108 EXPRESS SCRIPTS HOLDING CO US ESRX 73,945 $5,519,254.80
30303M102 FACEBOOK INC -A US FB 39,905 $7,041,636.30
31428X106 FEDEX CORPORATION US FDX 15,505 $3,869,117.70
35671D857 FREEPORT-MCMORAN INC US FCX 117,700 $2,231,592.00
371559105 GENESEE & WYOMING INC -CL A US GWR 33,470 $2,635,093.10
45337C102 INCYTE CORP US INCY 27,370 $2,592,212.70
46120E602 INTUITIVE SURGICAL INC US ISRG 8,425 $3,074,619.50
478160104 JOHNSON & JOHNSON US JNJ 54,630 $7,632,903.60
5107401 BEIERSDORF AG DE BEI GR 21,590 $2,531,056.29
5129074 FRESENIUS MEDICAL DE FME GR 47,020 $4,937,544.23
5458314 AKZO NOBEL NL AKZA NA 35,825 $3,143,461.54
550021109 LULULEMON - ADR CA LULU 49,620 $3,899,635.80
57636Q104 MASTERCARD INC-CLASS A US MA 32,600 $4,934,336.00
594918104 MICROSOFT CORP US MSFT 54,040 $4,622,581.60
6474535 JAPAN TOBACCO INC JP 2914 JP 112,680 $3,628,647.27
654106103 NIKE INC CLASS B US NKE 57,030 $3,567,226.50
66987V109 NOVARTIS AG- REG CH NVS 48,795 $4,096,828.20
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 29,305 $7,049,024.70
7123870 NESTLE SA-REGISTERED CH NESN SW 50,790 $4,366,734.42
741503403 PRICELINE GROUP INC US PCLN 5,530 $9,609,702.20
74736K101 QORVO INC US QRVO 68,055 $4,532,463.00
75886F107 REGENERON PHARMACEUTICALS INC US REGN 8,825 $3,317,847.00
7759435 ILIAD SA FR ILD FP 9,325 $2,234,416.48
78410G104 SBA COMMUNICATIONS CORP US SBAC 19,650 $3,210,024.00
806857108 SCHLUMBERGER LTD NL SLB 74,200 $5,000,338.00
808513105 CHARLES SCHWAB CORP/THE US SCHW 77,125 $3,961,911.25
81211K100 SEALED AIR CORP US SEE 51,495 $2,538,703.50
812578102 SEATTLE GENETICS INC US SGEN 52,660 $2,817,310.00
81762P102 SERVICENOW INC US NOW 40,435 $5,272,319.65
83088M102 SKYWORKS SOLUTIONS INC US SWKS 45,100 $4,282,245.00
84265V105 SOUTHERN COPPER CORPORATION US SCCO 27,780 $1,318,161.00
857949BL0 SS INT BEARING FD .022% 01/02/15 US 11,918,328.27 $11,918,328.27
882508104 TEXAS INSTRUMENTS INC US TXN 19,140 $1,998,981.60
883556102 THERMO FISHER SCIENTIFIC INC US TMO 18,800 $3,569,744.00
904767704 UNILEVER PLC - ADR GB UL 88,800 $4,914,192.00
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 22,175 $3,323,145.50
92826C839 VISA INC - CLASS A SHARES US V 66,970 $7,635,919.40
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 81,330 $2,992,944.00
B283W97 CAIXABANK S.A ES CABK SM 496,780 $2,309,435.11
B4YVF56 BRENNTAG AG DE BNR GR 54,700 $3,448,475.86
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 59,285 $3,068,470.35
BVRZ8L1 AENA SA ES AENA SM 22,680 $4,589,951.59
BYXS699 QIAGEN N.V. NL QIA GR 74,128 $2,312,084.29
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 35,020 $3,909,671.56
BZ3C3Q4 BANKIA SA ES BKIA SM 310,798 $1,483,419.79
G02602103 AMDOCS LTD GG DOX 79,160 $5,183,396.80
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 47,205 $2,148,771.60
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 45,535 $1,473,512.60
G3157S106 ENSCO INTERNATIONAL INC US ESV 101,285 $598,594.35
G5960L103 MEDTRONIC INC IE MDT 107,720 $8,698,390.00
G6518L108 NIELSEN HOLDINGS PLC US NLSN 69,805 $2,540,902.00
G97822103 PERRIGO CO PLC IE PRGO 61,350 $5,347,266.00
H8817H100 TRANSOCEAN LTD US RIG 167,230 $1,786,016.40

Investments will change over time.

Investments will change over time.

Daily Price

$13.99

Daily $ Change

-$0.01

Daily % Change

-0.07%

as of 01/18/2018

CUSIP

302027180

Inception Date

01/21/2014

Investment Minimum

$1,000,000.00

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

Investment Objective

To capture investment opportunities in U.S. and non-U.S. equities, including those from both developed and emerging countries.

Investment Strategy

This fund is managed using a bottom-up, opportunistic, core approach with top-down input. At least 90% of the portfolio is invested in equities, with a general range of 30% - 70% expected to be invested in securities of companies that are domiciled outside of the U.S. Holdings are selected security-by-security and consist of ordinary (local) shares, in addition to American Depository Receipts (ADRs). This portfolio may be diversified across investment styles, sectors, regions, and market capitalizations.

May be Appropriate for Investors

  • Seeking a long-term (15 years or more) investment and who are willing to accept potentially significant fluctuations in value (very high capital risk tolerance)
  • Seeking to add diversification to their retirement portfolio by adding a global equity component

Annualized Performance

As of 12/31/2017

YTD

---

1 Year

27.01%

3 Year

9.79%

5 Year

10.68%

10 Year

5.06%

Inception
(---)

---

Market Cycle

---

Performance through the inception date of the Global Equity CIT Class I units is based on the historical performance of the CIT's oldest unit class. Performance through the inception date of the oldest unit class (11/16/2012) is not the past performance of the Global Equity CIT Fund and is based on historical performance data for the Manning & Napier Global Equity Composite, which is a weighted average of discretionary separately managed accounts that are managed by Manning & Napier Advisors, LLC with a Global Equity objective. Returns are net of the Class I expenses. Performance data quoted represents past performance and does not guarantee future results. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.76%
Net 0.75%*

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

Top Ten Investments

As of 12/31/2017

PRICELINE GROUP INC 3.16%
MEDTRONIC INC 2.86%
VISA INC - CLASS A SHARES 2.51%
JOHNSON & JOHNSON 2.51%
DIAGEO PLC 2.46%
DAVITA INC. 2.42%
O'REILLY AUTOMOTIVE INC 2.32%
FACEBOOK INC -A 2.32%
AMBEV SA-ADR 1.95%
EXPRESS SCRIPTS HOLDING CO 1.82%

Top Ten Investments list is unaudited and excludes cash.

Country Allocation

As of 12/31/2017

United States
64.63%
United Kingdom
7.19%
Ireland
4.62%
Germany
3.59%
Netherlands
3.44%
Switzerland
2.78%
Spain
2.76%
Canada
2.62%
China
2.50%
Brazil
1.95%
Belgium
1.29%
Japan
1.19%
France
0.73%
Australia
0.71%

Sector Allocation

As of 12/31/2017

Consumer Discretionary
12.80%
Consumer Staples
13.43%
Energy
2.88%
Financials
3.85%
Health Care
25.18%
Industrials
7.85%
Information Technology
23.34%
Materials
6.78%
Real Estate
2.17%
Telecommunication Services
1.72%

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.

December Fund Holdings

As of 12/31/2017

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0045614 ANTOFAGASTA PLC GB ANTO LN 65,090 $878,458.48
00724F101 ADOBE SYS INC US ADBE 16,915 $2,964,184.60
01609W102 ALIBABA GROUP - ADR CN BABA 26,290 $4,533,184.70
02079K107 ALPHABET INC-CL C US GOOG 2,345 $2,453,808.00
02079K305 ALPHABET INC-CL A US GOOGL 2,330 $2,454,422.00
023135106 AMAZON.COM INC US AMZN 4,365 $5,104,736.55
02319V103 AMBEV SA-ADR BR ABEV 918,140 $5,931,184.40
0237400 DIAGEO PLC GB DGE LN 204,210 $7,485,171.61
03027X100 AMERICAN TOWER REIT INC US AMT 23,855 $3,403,392.85
03965L100 ARCONIC INC. US ARNC 155,590 $4,239,827.50
044186104 ASHLAND GLOBAL HOLDINGS INC US ASH 48,660 $3,464,592.00
053332102 AUTOZONE INC US AZO 5,035 $3,581,747.95
058498106 BALL CORP US BLL 54,945 $2,079,668.25
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 53,075 $4,732,697.75
09062X103 BIOGEN IDEC INC US BIIB 9,775 $3,114,021.75
110122108 BRISTOL MYERS SQUIBB CO US BMY 66,965 $4,103,615.20
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 50,730 $3,398,402.70
12508E101 CDK GLOBAL INC US CDK 33,835 $2,411,758.80
125269100 CF INDUSTRIES HOLDINGS INC US CF 44,090 $1,875,588.60
134429109 CAMPBELL SOUP CO US CPB 54,555 $2,624,641.05
191216100 COCA COLA CO/THE US KO 44,400 $2,037,072.00
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 64,590 $904,876.61
23918K108 DAVITA INC. US DVA 101,905 $7,362,636.25
25271C102 DIAMOND OFFSHORE DRILLING US DO 73,825 $1,372,406.75
253393102 DICK'S SPORTING GOODS INC US DKS 126,935 $3,648,111.90
269246401 ETRADE FINANCIAL CORP US ETFC 79,715 $3,951,472.55
2715777 QUEBECOR INC -CL B CA QBR/B CN 64,720 $1,220,257.76
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 54,375 $1,241,065.04
285512109 ELECTRONIC ARTS US EA 51,755 $5,437,380.30
2866857 LUNDIN MINING CORP CA LUN CN 105,575 $702,153.54
294429105 EQUIFAX INC US EFX 21,720 $2,561,222.40
30219G108 EXPRESS SCRIPTS HOLDING CO US ESRX 73,945 $5,519,254.80
30303M102 FACEBOOK INC -A US FB 39,905 $7,041,636.30
31428X106 FEDEX CORPORATION US FDX 15,505 $3,869,117.70
35671D857 FREEPORT-MCMORAN INC US FCX 117,700 $2,231,592.00
371559105 GENESEE & WYOMING INC -CL A US GWR 33,470 $2,635,093.10
45337C102 INCYTE CORP US INCY 27,370 $2,592,212.70
46120E602 INTUITIVE SURGICAL INC US ISRG 8,425 $3,074,619.50
478160104 JOHNSON & JOHNSON US JNJ 54,630 $7,632,903.60
5107401 BEIERSDORF AG DE BEI GR 21,590 $2,531,056.29
5129074 FRESENIUS MEDICAL DE FME GR 47,020 $4,937,544.23
5458314 AKZO NOBEL NL AKZA NA 35,825 $3,143,461.54
550021109 LULULEMON - ADR CA LULU 49,620 $3,899,635.80
57636Q104 MASTERCARD INC-CLASS A US MA 32,600 $4,934,336.00
594918104 MICROSOFT CORP US MSFT 54,040 $4,622,581.60
6474535 JAPAN TOBACCO INC JP 2914 JP 112,680 $3,628,647.27
654106103 NIKE INC CLASS B US NKE 57,030 $3,567,226.50
66987V109 NOVARTIS AG- REG CH NVS 48,795 $4,096,828.20
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 29,305 $7,049,024.70
7123870 NESTLE SA-REGISTERED CH NESN SW 50,790 $4,366,734.42
741503403 PRICELINE GROUP INC US PCLN 5,530 $9,609,702.20
74736K101 QORVO INC US QRVO 68,055 $4,532,463.00
75886F107 REGENERON PHARMACEUTICALS INC US REGN 8,825 $3,317,847.00
7759435 ILIAD SA FR ILD FP 9,325 $2,234,416.48
78410G104 SBA COMMUNICATIONS CORP US SBAC 19,650 $3,210,024.00
806857108 SCHLUMBERGER LTD NL SLB 74,200 $5,000,338.00
808513105 CHARLES SCHWAB CORP/THE US SCHW 77,125 $3,961,911.25
81211K100 SEALED AIR CORP US SEE 51,495 $2,538,703.50
812578102 SEATTLE GENETICS INC US SGEN 52,660 $2,817,310.00
81762P102 SERVICENOW INC US NOW 40,435 $5,272,319.65
83088M102 SKYWORKS SOLUTIONS INC US SWKS 45,100 $4,282,245.00
84265V105 SOUTHERN COPPER CORPORATION US SCCO 27,780 $1,318,161.00
857949BL0 SS INT BEARING FD .022% 01/02/15 US 11,918,328.27 $11,918,328.27
882508104 TEXAS INSTRUMENTS INC US TXN 19,140 $1,998,981.60
883556102 THERMO FISHER SCIENTIFIC INC US TMO 18,800 $3,569,744.00
904767704 UNILEVER PLC - ADR GB UL 88,800 $4,914,192.00
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 22,175 $3,323,145.50
92826C839 VISA INC - CLASS A SHARES US V 66,970 $7,635,919.40
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 81,330 $2,992,944.00
B283W97 CAIXABANK S.A ES CABK SM 496,780 $2,309,435.11
B4YVF56 BRENNTAG AG DE BNR GR 54,700 $3,448,475.86
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 59,285 $3,068,470.35
BVRZ8L1 AENA SA ES AENA SM 22,680 $4,589,951.59
BYXS699 QIAGEN N.V. NL QIA GR 74,128 $2,312,084.29
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 35,020 $3,909,671.56
BZ3C3Q4 BANKIA SA ES BKIA SM 310,798 $1,483,419.79
G02602103 AMDOCS LTD GG DOX 79,160 $5,183,396.80
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 47,205 $2,148,771.60
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 45,535 $1,473,512.60
G3157S106 ENSCO INTERNATIONAL INC US ESV 101,285 $598,594.35
G5960L103 MEDTRONIC INC IE MDT 107,720 $8,698,390.00
G6518L108 NIELSEN HOLDINGS PLC US NLSN 69,805 $2,540,902.00
G97822103 PERRIGO CO PLC IE PRGO 61,350 $5,347,266.00
H8817H100 TRANSOCEAN LTD US RIG 167,230 $1,786,016.40

Investments will change over time.

A Word About Risk

All investments involve risks, including possible loss of principal. Funds whose investments are concentrated in foreign countries may be subject to fluctuating currency values, different accounting standards, and economic and political instability. The value of the fund may be affected by changes in exchange rates between foreign currencies and the U.S. dollar. Investments in emerging markets may be more volatile than investments in more developed markets.

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 45 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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