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

$19.12

Daily $ Change

$0.28

Daily % Change

1.46%

as of 06/23/2022

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
Applications & Forms

Performance

As of 05/31/2022

YTD

-15.07%

1 Year

-9.24%

3 Year

13.37%

5 Year

11.04%

10 Year

11.38%

Inception
(05/01/2006)

7.11%

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. 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 0.76%
Net 0.75%*

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

Top Ten Investments

As of 05/31/2022

MICROSOFT CORP 3.27%
AMAZON.COM INC 3.17%
MASTERCARD INC-CLASS A 3.04%
MEDTRONIC INC 2.71%
VISA INC - CLASS A SHARES 2.49%
NESTLE SA-REGISTERED 2.18%
SERVICENOW INC 2.08%
PAYPAL HOLDINGS INC 2.04%
CONSTELLATION BRANDS INC-A 1.87%
JOHNSON & JOHNSON 1.84%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 05/31/2022

Communication Services 9.14%
Consumer Discretionary 13.35%
Consumer Staples 10.63%
Energy 0.46%
Financials 9.22%
Health Care 18.33%
Industrials 9.93%
Information Technology 22.62%
Materials 3.77%
Real Estate 2.55%

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.

Country Allocation

As of 05/31/2022

United States 63.87%
Switzerland 6.00%
Canada 4.66%
United Kingdom 4.25%
Germany 3.94%
Ireland 3.61%
France 3.39%
Japan 2.40%
Netherlands 1.93%
Sweden 1.57%
Singapore 1.22%
Taiwan 0.92%
Italy 0.85%
Mexico 0.83%
Bermuda 0.56%

May Fund Holdings

As of 05/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ACTIVISION INC US ATVI 22,580 $1,758,530.40
ALIGN TECHNOLOGY INC US ALGN 6,146 $1,706,375.44
ALPHABET INC-CL A US GOOGL 1,647 $3,747,320.28
AMAZON.COM INC US AMZN 3,236 $7,779,958.84
DIAGEO PLC GB DGE LN 59,592 $2,768,720.34
BARRICK GOLD CORP CA GOLD 43,053 $882,155.97
BIOMARIN PHARMACEUTICAL INC US BMRN 41,664 $3,130,216.32
BLACKROCK INC US BLK 3,734 $2,498,344.72
DECHRA PHARMACEUTICALS PLC GB DPH LN 25,067 $1,149,007.37
BOSTON SCIENTIFIC CORP US BSX 34,635 $1,420,381.35
CBOE GLOBAL MARKETS INC US CBOE 12,854 $1,443,632.74
CAMECO CORP CA CCJ 46,411 $1,135,677.17
CANADIAN NATIONAL RAILWAY CO CA CNI 29,876 $3,399,291.28
CHARTER COMMUNICATIONS INC-A US CHTR 7,385 $3,743,678.05
COCA COLA CO/THE US KO 40,566 $2,571,073.08
CONSTELLATION BRANDS INC-A US STZ 18,672 $4,583,415.84
COPART INC US CPRT 11,469 $1,313,544.57
WALT DISNEY CO/THE US DIS 12,047 $1,330,470.68
DOLLAR GENERAL CORP US DG 17,605 $3,879,085.70
DOLLAR TREE STORES INC US DLTR 22,645 $3,630,672.85
DOMINO'S PIZZA US DPZ 5,047 $1,832,918.99
DOUBLEVERIFY HOLDINGS INC US DV 95,156 $2,117,221.00
DREYFUS GVT CSH MANAGEMENT US 16,641,127.41 $16,641,127.41
EAST WEST BANCORP INC US EWBC 28,111 $2,067,282.94
ELECTRONIC ARTS US EA 23,828 $3,303,752.20
EQUINIX INC US EQIX 4,804 $3,300,780.36
EXPEDIA INC US EXPE 13,825 $1,787,987.25
FMC CORP US FMC 27,142 $3,327,066.36
META PLATFORMS INC US FB 22,508 $4,358,449.12
FEDEX CORPORATION US FDX 7,151 $1,605,971.58
GRAPHIC PACKAGING HOLDING CO US GPK 95,810 $2,132,730.60
GRUPO AEROPORTUARIO PAC-ADR MX PAC 4,801 $721,974.38
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 3,060 $664,907.40
AIRBUS SE FR AIR FP 12,808 $1,501,043.91
ADIDAS AG DE ADS GR 15,662 $3,111,532.44
HESKA CORP US HSKA 12,962 $1,293,477.98
HUMANA INC US HUM 3,893 $1,768,317.39
IDEXX LABORATORIES INC US IDXX 4,410 $1,727,044.20
INSPERITY INC US NSP 19,941 $1,995,495.87
INTERCONTINENTALEXCHANGE INC US ICE 14,630 $1,497,965.70
INTUITIVE SURGICAL INC US ISRG 4,083 $929,454.12
JP MORGAN CHASE & CO US JPM 16,040 $2,120,969.20
JOHNSON & JOHNSON US JNJ 25,173 $4,519,308.69
L3HARRIS TECHNOLOGIES INC US LHX 8,179 $1,970,321.10
BEIERSDORF AG DE BEI GR 19,770 $2,051,955.07
LULULEMON - ADR CA LULU 14,116 $4,131,612.04
ATOS SE FR ATO FP 84,831 $2,233,132.31
MASTERCARD INC-CLASS A US MA 20,873 $7,469,820.51
ACCOR SA FR AC FP 41,425 $1,363,079.35
MICROSOFT CORP US MSFT 29,565 $8,037,836.55
MONDELEZ INTERNATIONAL INC US MDLZ 41,102 $2,612,443.12
MOODY'S CORPORATION US MCO 6,651 $2,005,742.07
KEYENCE CORP JP 6861 JP 6,300 $2,504,732.46
NEWMONT GOLDCORP CORP US NEM 13,235 $897,994.75
NORFOLK SOUTHN CORP US NSC 9,250 $2,216,855.00
NORTHROP GRUMMAN CORP US NOC 4,187 $1,959,390.39
NOVARTIS AG- REG CH NVS 48,547 $4,414,864.18
NVIDIA CORP US NVDA 5,351 $999,138.72
OKTA INC US OKTA 14,573 $1,210,287.65
SONY CORP FIRST SECTION JP 6758 JP 36,100 $3,385,798.76
DEUTSCHE BOERSE AG DE DB1 GR 11,576 $1,945,499.16
PAYPAL HOLDINGS INC US PYPL 58,776 $5,008,302.96
NESTLE SA-REGISTERED CH NESN SW 43,835 $5,361,775.78
RESTAURANT BRANDS INTERN CA QSR 36,110 $1,896,136.10
GETINGE AB-B SHS SE GETIB SS 81,618 $2,368,652.91
HEINEKEN NV NL HEIA NA 22,215 $2,233,786.30
RYANAIR HOLDINGS - ADR IE RYAAY 25,495 $2,223,164.00
S&P GLOBAL INC US SPGI 4,405 $1,539,459.40
SBA COMMUNICATIONS CORP US SBAC 8,802 $2,962,841.22
SALESFORCE INC US CRM 23,827 $3,818,038.48
SEA LTD - ADR SG SE 36,401 $3,008,906.66
SEAGEN INC US SGEN 21,796 $2,957,281.28
SERVICENOW INC US NOW 10,937 $5,112,719.39
SNOWFLAKE INC-CLASS A US SNOW 10,302 $1,315,050.30
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 23,771 $2,265,376.30
THERMO FISHER SCIENTIFIC INC US TMO 3,679 $2,088,090.03
UNILEVER PLC - ADR GB UL 81,281 $3,928,310.73
UNITED PARCEL SERVICE US UPS 8,672 $1,580,472.00
UNITEDHEALTH GROUP INC US UNH 3,682 $1,829,143.96
UNIVERSAL DISPLAY CORP US OLED 20,800 $2,627,248.00
VERTEX PHARMACEUTICALS INC US VRTX 12,170 $3,269,470.50
VISA INC - CLASS A SHARES US V 28,830 $6,116,861.10
ZOETIS INC US ZTS 6,535 $1,117,027.55
ADMIRAL GROUP PLC GB ADM LN 35,770 $1,001,466.22
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 92,100 $663,683.44
UBISOFT ENTERTAINMENT FR UBI FP 22,964 $1,207,288.14
AIR LIQUIDE FR AI FP 11,581 $2,028,619.21
BRENNTAG AG DE BNR GR 33,380 $2,582,829.95
AVANZA BANK HOLDING AB SE AZA SS 61,691 $1,486,276.79
SOFTWAREONE HOLDING AG CH SWON SW 168,990 $2,256,985.30
FINECOBANK SPA IT FBK IM 148,115 $2,098,876.70
INTERMEDIATE CAPITAL GROUP GB ICP LN 80,504 $1,598,341.69
ADYEN NV NL ADYEN NA 1,621 $2,510,386.87
BANK OF N.T. BUTTERFIELD&SON BM NTB 43,272 $1,366,529.76
MEDTRONIC INC IE MDT 66,426 $6,652,563.90
ALCON INC CH ALC 36,198 $2,705,076.54

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 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.

Daily Price

$19.12

Daily $ Change

$0.28

Daily % Change

1.46%

as of 06/23/2022

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

Performance

As of 05/31/2022

YTD

-15.07%

1 Year

-9.24%

3 Year

13.37%

5 Year

11.04%

10 Year

11.38%

Inception
(05/01/2006)

7.11%

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. 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 0.76%
Net 0.75%*

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

Top Ten Investments

As of 05/31/2022

MICROSOFT CORP 3.27%
AMAZON.COM INC 3.17%
MASTERCARD INC-CLASS A 3.04%
MEDTRONIC INC 2.71%
VISA INC - CLASS A SHARES 2.49%
NESTLE SA-REGISTERED 2.18%
SERVICENOW INC 2.08%
PAYPAL HOLDINGS INC 2.04%
CONSTELLATION BRANDS INC-A 1.87%
JOHNSON & JOHNSON 1.84%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 05/31/2022

Communication Services
9.14%
Consumer Discretionary
13.35%
Consumer Staples
10.63%
Energy
0.46%
Financials
9.22%
Health Care
18.33%
Industrials
9.93%
Information Technology
22.62%
Materials
3.77%
Real Estate
2.55%

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.

Country Allocation

As of 05/31/2022

United States
63.87%
Switzerland
6.00%
Canada
4.66%
United Kingdom
4.25%
Germany
3.94%
Ireland
3.61%
France
3.39%
Japan
2.40%
Netherlands
1.93%
Sweden
1.57%
Singapore
1.22%
Taiwan
0.92%
Italy
0.85%
Mexico
0.83%
Bermuda
0.56%

May Fund Holdings

As of 05/31/2022

Security Description Country Ticker Shares/Par Market Value (USD)
ACTIVISION INC US ATVI 22,580 $1,758,530.40
ALIGN TECHNOLOGY INC US ALGN 6,146 $1,706,375.44
ALPHABET INC-CL A US GOOGL 1,647 $3,747,320.28
AMAZON.COM INC US AMZN 3,236 $7,779,958.84
DIAGEO PLC GB DGE LN 59,592 $2,768,720.34
BARRICK GOLD CORP CA GOLD 43,053 $882,155.97
BIOMARIN PHARMACEUTICAL INC US BMRN 41,664 $3,130,216.32
BLACKROCK INC US BLK 3,734 $2,498,344.72
DECHRA PHARMACEUTICALS PLC GB DPH LN 25,067 $1,149,007.37
BOSTON SCIENTIFIC CORP US BSX 34,635 $1,420,381.35
CBOE GLOBAL MARKETS INC US CBOE 12,854 $1,443,632.74
CAMECO CORP CA CCJ 46,411 $1,135,677.17
CANADIAN NATIONAL RAILWAY CO CA CNI 29,876 $3,399,291.28
CHARTER COMMUNICATIONS INC-A US CHTR 7,385 $3,743,678.05
COCA COLA CO/THE US KO 40,566 $2,571,073.08
CONSTELLATION BRANDS INC-A US STZ 18,672 $4,583,415.84
COPART INC US CPRT 11,469 $1,313,544.57
WALT DISNEY CO/THE US DIS 12,047 $1,330,470.68
DOLLAR GENERAL CORP US DG 17,605 $3,879,085.70
DOLLAR TREE STORES INC US DLTR 22,645 $3,630,672.85
DOMINO'S PIZZA US DPZ 5,047 $1,832,918.99
DOUBLEVERIFY HOLDINGS INC US DV 95,156 $2,117,221.00
DREYFUS GVT CSH MANAGEMENT US 16,641,127.41 $16,641,127.41
EAST WEST BANCORP INC US EWBC 28,111 $2,067,282.94
ELECTRONIC ARTS US EA 23,828 $3,303,752.20
EQUINIX INC US EQIX 4,804 $3,300,780.36
EXPEDIA INC US EXPE 13,825 $1,787,987.25
FMC CORP US FMC 27,142 $3,327,066.36
META PLATFORMS INC US FB 22,508 $4,358,449.12
FEDEX CORPORATION US FDX 7,151 $1,605,971.58
GRAPHIC PACKAGING HOLDING CO US GPK 95,810 $2,132,730.60
GRUPO AEROPORTUARIO PAC-ADR MX PAC 4,801 $721,974.38
GRUPO AEROPORTUARIO DEL SURESTE MX ASR 3,060 $664,907.40
AIRBUS SE FR AIR FP 12,808 $1,501,043.91
ADIDAS AG DE ADS GR 15,662 $3,111,532.44
HESKA CORP US HSKA 12,962 $1,293,477.98
HUMANA INC US HUM 3,893 $1,768,317.39
IDEXX LABORATORIES INC US IDXX 4,410 $1,727,044.20
INSPERITY INC US NSP 19,941 $1,995,495.87
INTERCONTINENTALEXCHANGE INC US ICE 14,630 $1,497,965.70
INTUITIVE SURGICAL INC US ISRG 4,083 $929,454.12
JP MORGAN CHASE & CO US JPM 16,040 $2,120,969.20
JOHNSON & JOHNSON US JNJ 25,173 $4,519,308.69
L3HARRIS TECHNOLOGIES INC US LHX 8,179 $1,970,321.10
BEIERSDORF AG DE BEI GR 19,770 $2,051,955.07
LULULEMON - ADR CA LULU 14,116 $4,131,612.04
ATOS SE FR ATO FP 84,831 $2,233,132.31
MASTERCARD INC-CLASS A US MA 20,873 $7,469,820.51
ACCOR SA FR AC FP 41,425 $1,363,079.35
MICROSOFT CORP US MSFT 29,565 $8,037,836.55
MONDELEZ INTERNATIONAL INC US MDLZ 41,102 $2,612,443.12
MOODY'S CORPORATION US MCO 6,651 $2,005,742.07
KEYENCE CORP JP 6861 JP 6,300 $2,504,732.46
NEWMONT GOLDCORP CORP US NEM 13,235 $897,994.75
NORFOLK SOUTHN CORP US NSC 9,250 $2,216,855.00
NORTHROP GRUMMAN CORP US NOC 4,187 $1,959,390.39
NOVARTIS AG- REG CH NVS 48,547 $4,414,864.18
NVIDIA CORP US NVDA 5,351 $999,138.72
OKTA INC US OKTA 14,573 $1,210,287.65
SONY CORP FIRST SECTION JP 6758 JP 36,100 $3,385,798.76
DEUTSCHE BOERSE AG DE DB1 GR 11,576 $1,945,499.16
PAYPAL HOLDINGS INC US PYPL 58,776 $5,008,302.96
NESTLE SA-REGISTERED CH NESN SW 43,835 $5,361,775.78
RESTAURANT BRANDS INTERN CA QSR 36,110 $1,896,136.10
GETINGE AB-B SHS SE GETIB SS 81,618 $2,368,652.91
HEINEKEN NV NL HEIA NA 22,215 $2,233,786.30
RYANAIR HOLDINGS - ADR IE RYAAY 25,495 $2,223,164.00
S&P GLOBAL INC US SPGI 4,405 $1,539,459.40
SBA COMMUNICATIONS CORP US SBAC 8,802 $2,962,841.22
SALESFORCE INC US CRM 23,827 $3,818,038.48
SEA LTD - ADR SG SE 36,401 $3,008,906.66
SEAGEN INC US SGEN 21,796 $2,957,281.28
SERVICENOW INC US NOW 10,937 $5,112,719.39
SNOWFLAKE INC-CLASS A US SNOW 10,302 $1,315,050.30
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 23,771 $2,265,376.30
THERMO FISHER SCIENTIFIC INC US TMO 3,679 $2,088,090.03
UNILEVER PLC - ADR GB UL 81,281 $3,928,310.73
UNITED PARCEL SERVICE US UPS 8,672 $1,580,472.00
UNITEDHEALTH GROUP INC US UNH 3,682 $1,829,143.96
UNIVERSAL DISPLAY CORP US OLED 20,800 $2,627,248.00
VERTEX PHARMACEUTICALS INC US VRTX 12,170 $3,269,470.50
VISA INC - CLASS A SHARES US V 28,830 $6,116,861.10
ZOETIS INC US ZTS 6,535 $1,117,027.55
ADMIRAL GROUP PLC GB ADM LN 35,770 $1,001,466.22
GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 92,100 $663,683.44
UBISOFT ENTERTAINMENT FR UBI FP 22,964 $1,207,288.14
AIR LIQUIDE FR AI FP 11,581 $2,028,619.21
BRENNTAG AG DE BNR GR 33,380 $2,582,829.95
AVANZA BANK HOLDING AB SE AZA SS 61,691 $1,486,276.79
SOFTWAREONE HOLDING AG CH SWON SW 168,990 $2,256,985.30
FINECOBANK SPA IT FBK IM 148,115 $2,098,876.70
INTERMEDIATE CAPITAL GROUP GB ICP LN 80,504 $1,598,341.69
ADYEN NV NL ADYEN NA 1,621 $2,510,386.87
BANK OF N.T. BUTTERFIELD&SON BM NTB 43,272 $1,366,529.76
MEDTRONIC INC IE MDT 66,426 $6,652,563.90
ALCON INC CH ALC 36,198 $2,705,076.54

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 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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