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

$16.71

Daily $ Change

$0.17

Daily % Change

1.02%

as of 07/02/2020

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 05/31/2020

YTD

-1.35%

1 Year

15.26%

3 Year

10.12%

5 Year

8.73%

10 Year

9.54%

Inception
(05/01/2006)

6.38%

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. 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 05/31/2020

MASTERCARD INC-CLASS A 3.19%
VISA INC - CLASS A SHARES 2.78%
TENCENT HOLDINGS LTD 2.73%
ALIBABA GROUP - ADR 2.58%
MICROSOFT CORP 2.40%
AMAZON.COM INC 1.93%
JOHNSON & JOHNSON 1.87%
MEDTRONIC INC 1.84%
UNILEVER PLC - ADR 1.84%
SERVICENOW INC 1.81%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 05/31/2020

Communication Services 13.99%
Consumer Discretionary 20.08%
Consumer Staples 8.87%
Energy 5.94%
Financials 7.98%
Health Care 16.94%
Industrials 4.21%
Information Technology 15.68%
Materials 2.70%
Real Estate 3.61%

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 05/31/2020

United States 58.34%
Germany 6.01%
China 5.88%
Canada 5.17%
Ireland 4.91%
Switzerland 4.76%
United Kingdom 3.70%
Japan 2.15%
France 1.33%
Spain 1.29%
Sweden 1.09%
Singapore 0.95%
Mexico 0.80%
Netherlands 0.80%
Italy 0.74%
Belgium 0.69%
Australia 0.50%
Brazil 0.49%
Bermuda 0.40%

May Fund Holdings

As of 05/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00507V109 ACTIVISION INC US ATVI 26,110 $1,879,397.80
01609W102 ALIBABA GROUP - ADR CN BABA 29,050 $6,024,679.50
02079K107 ALPHABET INC-CL C US GOOG 435 $621,580.20
02079K305 ALPHABET INC-CL A US GOOGL 2,370 $3,397,442.40
023135106 AMAZON.COM INC US AMZN 1,840 $4,493,960.80
02319V103 AMBEV SA-ADR BR ABEV 498,555 $1,151,662.05
0237400 DIAGEO PLC GB DGE LN 57,355 $2,001,101.51
03027X100 AMERICAN TOWER REIT INC US AMT 13,425 $3,465,932.25
053332102 AUTOZONE INC US AZO 1,925 $2,209,630.50
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 10,945 $2,031,173.10
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 24,750 $2,637,112.50
09247X101 BLACKROCK INC US BLK 4,000 $2,114,560.00
09857L108 BOOKING HOLDINGS INC US BKNG 1,225 $2,008,289.50
101137107 BOSTON SCIENTIFIC CORP US BSX 30,815 $1,170,661.85
12503M108 CBOE GLOBAL MARKETS INC US CBOE 11,835 $1,259,954.10
12572Q105 CME GROUP INC US CME 6,735 $1,229,811.00
127097103 CABOT OIL & GAS CORP US COG 137,355 $2,725,123.20
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 4,495 $2,445,280.00
166764100 CHEVRON CORP US CVX 5,370 $492,429.00
191216100 COCA COLA CO/THE US KO 29,650 $1,384,062.00
20605P101 CONCHO RESOURCES INC US CXO 12,220 $666,234.40
20825C104 CONOCOPHILLIPS US COP 28,235 $1,190,952.30
21036P108 CONSTELLATION BRANDS INC-A US STZ 6,805 $1,175,223.50
217204106 COPART INC US CPRT 14,710 $1,314,926.90
254687106 WALT DISNEY CO/THE US DIS 15,165 $1,778,854.50
256677105 DOLLAR GENERAL CORP US DG 16,730 $3,203,962.30
256746108 DOLLAR TREE STORES INC US DLTR 37,825 $3,701,932.75
26875P101 EOG RESOURCES INC US EOG 40,890 $2,084,163.30
2715777 QUEBECOR INC -CL B CA QBR/B CN 86,235 $1,895,873.52
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 125,695 $2,120,706.58
285512109 ELECTRONIC ARTS US EA 29,400 $3,612,672.00
29444U700 EQUINIX INC US EQIX 2,850 $1,988,245.50
30212P303 EXPEDIA INC US EXPE 52,810 $4,197,338.80
30231G102 EXXON MOBIL CORP US XOM 22,470 $1,021,710.90
302491303 FMC CORP US FMC 26,500 $2,607,865.00
30303M102 FACEBOOK INC -A US FB 12,425 $2,796,743.25
339750101 FLOOR & DECOR HOLDINGS INC -A US FND 26,890 $1,398,280.00
35671D857 FREEPORT-MCMORAN INC US FCX 132,985 $1,206,173.95
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 120,105 $1,737,919.35
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 9,350 $620,933.50
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 5,755 $596,620.85
4012250 AIRBUS SE FR AIR FP 18,675 $1,193,463.89
4031976 ADIDAS AG DE ADS GR 9,565 $2,536,710.59
45337C102 INCYTE CORP US INCY 11,025 $1,123,557.75
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 14,630 $1,422,767.50
46120E602 INTUITIVE SURGICAL INC US ISRG 1,790 $1,038,253.70
478160104 JOHNSON & JOHNSON US JNJ 29,305 $4,359,118.75
5107401 BEIERSDORF AG DE BEI GR 15,050 $1,580,839.51
550021109 LULULEMON - ADR CA LULU 14,015 $4,205,831.43
57636Q104 MASTERCARD INC-CLASS A US MA 24,725 $7,439,505.25
58933Y105 MERCK & CO INC US MRK 10,635 $858,457.20
594918104 MICROSOFT CORP US MSFT 30,565 $5,601,036.25
595112103 MICRON TECHNOLOGY INC US MU 68,330 $3,273,690.30
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 36,475 $1,901,077.00
615369105 MOODY'S CORPORATION US MCO 5,040 $1,347,746.40
6253983 ARISTOCRAT LEISURE LTD AU ALL AU 67,845 $1,170,272.98
6321954 TRAVELSKY TECHNOLOGY LTD-H CN 696 HK 650,000 $1,316,653.72
654106103 NIKE INC CLASS B US NKE 26,465 $2,608,919.70
6642321 NIKON CORP JP 7731 JP 164,100 $1,510,373.69
66987V109 NOVARTIS AG- REG CH NVS 39,505 $3,453,922.15
7021963 DEUTSCHE BOERSE AG DE DB1 GR 23,720 $3,905,539.76
70450Y103 PAYPAL HOLDINGS INC US PYPL 25,020 $3,878,350.20
7123870 NESTLE SA-REGISTERED CH NESN SW 35,265 $3,828,969.86
713448108 PEPSICO INC US PEP 13,670 $1,798,288.50
723787107 PIONEER NATURAL RESOURCES CO US PXD 7,790 $713,564.00
76131D103 RESTAURANT BRANDS INTERN CA QSR 48,485 $2,645,341.60
7698356 GETINGE AB-B SHS SE GETIB SS 136,810 $2,539,699.30
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 9,865 $300,290.60
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 39,685 $2,848,192.45
78409V104 S&P GLOBAL INC US SPGI 4,405 $1,431,713.10
78410G104 SBA COMMUNICATIONS CORP US SBAC 9,495 $2,982,664.35
79466L302 SALESFORCE.COM US CRM 11,140 $1,947,160.60
806857108 SCHLUMBERGER LTD NL SLB 84,660 $1,563,670.20
81141R100 SEA LTD - ADR SG SE 27,820 $2,220,036.00
812578102 SEATTLE GENETICS INC US SGEN 8,855 $1,392,094.55
81762P102 SERVICENOW INC US NOW 10,895 $4,226,497.35
84265V105 SOUTHERN COPPER CORPORATION US SCCO 20,525 $745,057.50
857949BL0 SS INT BEARING FD .022% 01/02/15 US 13,468,146.58 $13,468,146.58
883556102 THERMO FISHER SCIENTIFIC INC US TMO 5,810 $2,028,793.90
89151E109 TOTAL S A SPONSORED ADR FR TOT 50,930 $1,913,949.40
904767704 UNILEVER PLC - ADR GB UL 79,370 $4,289,948.50
91324P102 UNITEDHEALTH GROUP INC US UNH 9,945 $3,031,733.25
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 4,265 $1,228,149.40
92826C839 VISA INC - CLASS A SHARES US V 33,195 $6,480,991.80
955306105 WEST PHARMACEUTICAL SERVICES US WST 6,000 $1,296,240.00
B02J639 ADMIRAL GROUP PLC GB ADM LN 42,150 $1,217,476.97
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 150,000 $660,556.04
B1Y47Y7 GERRESHEIMER AG DE GXI GR 39,650 $3,392,479.85
B3QJ0H8 TOURMALINE OIL CORP CA TOU CN 120,940 $1,201,626.32
B4YVF56 BRENNTAG AG DE BNR GR 48,945 $2,604,042.10
B63QM77 NEXON CO LTD JP 3659 JP 168,105 $3,502,606.91
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 117,815 $6,380,373.62
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 235,270 $1,136,323.71
BNGN9Z1 FINECOBANK SPA IT FBK IM 148,115 $1,734,922.59
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 108,010 $3,008,451.14
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 34,325 $1,601,781.01
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 38,545 $941,654.35
G1151C101 ACCENTURE PLC - CL A IE ACN 12,135 $2,446,658.70
G5960L103 MEDTRONIC INC IE MDT 43,575 $4,295,623.50
G66721104 NORWEGIAN CRUISE LINE HOLDINGS US NCLH 20,055 $314,061.30
G97822103 PERRIGO CO PLC IE PRGO 34,190 $1,872,586.30
H01301128 ALCON INC CH ALC 60,231 $3,827,077.74
V7780T103 ROYAL CARIBBEAN CRUISES LTD US RCL 8,770 $454,899.90

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.

Daily Price

$16.71

Daily $ Change

$0.17

Daily % Change

1.02%

as of 07/02/2020

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 05/31/2020

YTD

-1.35%

1 Year

15.26%

3 Year

10.12%

5 Year

8.73%

10 Year

9.54%

Inception
(05/01/2006)

6.38%

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. 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 05/31/2020

MASTERCARD INC-CLASS A 3.19%
VISA INC - CLASS A SHARES 2.78%
TENCENT HOLDINGS LTD 2.73%
ALIBABA GROUP - ADR 2.58%
MICROSOFT CORP 2.40%
AMAZON.COM INC 1.93%
JOHNSON & JOHNSON 1.87%
MEDTRONIC INC 1.84%
UNILEVER PLC - ADR 1.84%
SERVICENOW INC 1.81%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 05/31/2020

Communication Services
13.99%
Consumer Discretionary
20.08%
Consumer Staples
8.87%
Energy
5.94%
Financials
7.98%
Health Care
16.94%
Industrials
4.21%
Information Technology
15.68%
Materials
2.70%
Real Estate
3.61%

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 05/31/2020

United States
58.34%
Germany
6.01%
China
5.88%
Canada
5.17%
Ireland
4.91%
Switzerland
4.76%
United Kingdom
3.70%
Japan
2.15%
France
1.33%
Spain
1.29%
Sweden
1.09%
Singapore
0.95%
Mexico
0.80%
Netherlands
0.80%
Italy
0.74%
Belgium
0.69%
Australia
0.50%
Brazil
0.49%
Bermuda
0.40%

May Fund Holdings

As of 05/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00507V109 ACTIVISION INC US ATVI 26,110 $1,879,397.80
01609W102 ALIBABA GROUP - ADR CN BABA 29,050 $6,024,679.50
02079K107 ALPHABET INC-CL C US GOOG 435 $621,580.20
02079K305 ALPHABET INC-CL A US GOOGL 2,370 $3,397,442.40
023135106 AMAZON.COM INC US AMZN 1,840 $4,493,960.80
02319V103 AMBEV SA-ADR BR ABEV 498,555 $1,151,662.05
0237400 DIAGEO PLC GB DGE LN 57,355 $2,001,101.51
03027X100 AMERICAN TOWER REIT INC US AMT 13,425 $3,465,932.25
053332102 AUTOZONE INC US AZO 1,925 $2,209,630.50
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 10,945 $2,031,173.10
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 24,750 $2,637,112.50
09247X101 BLACKROCK INC US BLK 4,000 $2,114,560.00
09857L108 BOOKING HOLDINGS INC US BKNG 1,225 $2,008,289.50
101137107 BOSTON SCIENTIFIC CORP US BSX 30,815 $1,170,661.85
12503M108 CBOE GLOBAL MARKETS INC US CBOE 11,835 $1,259,954.10
12572Q105 CME GROUP INC US CME 6,735 $1,229,811.00
127097103 CABOT OIL & GAS CORP US COG 137,355 $2,725,123.20
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 4,495 $2,445,280.00
166764100 CHEVRON CORP US CVX 5,370 $492,429.00
191216100 COCA COLA CO/THE US KO 29,650 $1,384,062.00
20605P101 CONCHO RESOURCES INC US CXO 12,220 $666,234.40
20825C104 CONOCOPHILLIPS US COP 28,235 $1,190,952.30
21036P108 CONSTELLATION BRANDS INC-A US STZ 6,805 $1,175,223.50
217204106 COPART INC US CPRT 14,710 $1,314,926.90
254687106 WALT DISNEY CO/THE US DIS 15,165 $1,778,854.50
256677105 DOLLAR GENERAL CORP US DG 16,730 $3,203,962.30
256746108 DOLLAR TREE STORES INC US DLTR 37,825 $3,701,932.75
26875P101 EOG RESOURCES INC US EOG 40,890 $2,084,163.30
2715777 QUEBECOR INC -CL B CA QBR/B CN 86,235 $1,895,873.52
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 125,695 $2,120,706.58
285512109 ELECTRONIC ARTS US EA 29,400 $3,612,672.00
29444U700 EQUINIX INC US EQIX 2,850 $1,988,245.50
30212P303 EXPEDIA INC US EXPE 52,810 $4,197,338.80
30231G102 EXXON MOBIL CORP US XOM 22,470 $1,021,710.90
302491303 FMC CORP US FMC 26,500 $2,607,865.00
30303M102 FACEBOOK INC -A US FB 12,425 $2,796,743.25
339750101 FLOOR & DECOR HOLDINGS INC -A US FND 26,890 $1,398,280.00
35671D857 FREEPORT-MCMORAN INC US FCX 132,985 $1,206,173.95
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 120,105 $1,737,919.35
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 9,350 $620,933.50
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 5,755 $596,620.85
4012250 AIRBUS SE FR AIR FP 18,675 $1,193,463.89
4031976 ADIDAS AG DE ADS GR 9,565 $2,536,710.59
45337C102 INCYTE CORP US INCY 11,025 $1,123,557.75
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 14,630 $1,422,767.50
46120E602 INTUITIVE SURGICAL INC US ISRG 1,790 $1,038,253.70
478160104 JOHNSON & JOHNSON US JNJ 29,305 $4,359,118.75
5107401 BEIERSDORF AG DE BEI GR 15,050 $1,580,839.51
550021109 LULULEMON - ADR CA LULU 14,015 $4,205,831.43
57636Q104 MASTERCARD INC-CLASS A US MA 24,725 $7,439,505.25
58933Y105 MERCK & CO INC US MRK 10,635 $858,457.20
594918104 MICROSOFT CORP US MSFT 30,565 $5,601,036.25
595112103 MICRON TECHNOLOGY INC US MU 68,330 $3,273,690.30
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 36,475 $1,901,077.00
615369105 MOODY'S CORPORATION US MCO 5,040 $1,347,746.40
6253983 ARISTOCRAT LEISURE LTD AU ALL AU 67,845 $1,170,272.98
6321954 TRAVELSKY TECHNOLOGY LTD-H CN 696 HK 650,000 $1,316,653.72
654106103 NIKE INC CLASS B US NKE 26,465 $2,608,919.70
6642321 NIKON CORP JP 7731 JP 164,100 $1,510,373.69
66987V109 NOVARTIS AG- REG CH NVS 39,505 $3,453,922.15
7021963 DEUTSCHE BOERSE AG DE DB1 GR 23,720 $3,905,539.76
70450Y103 PAYPAL HOLDINGS INC US PYPL 25,020 $3,878,350.20
7123870 NESTLE SA-REGISTERED CH NESN SW 35,265 $3,828,969.86
713448108 PEPSICO INC US PEP 13,670 $1,798,288.50
723787107 PIONEER NATURAL RESOURCES CO US PXD 7,790 $713,564.00
76131D103 RESTAURANT BRANDS INTERN CA QSR 48,485 $2,645,341.60
7698356 GETINGE AB-B SHS SE GETIB SS 136,810 $2,539,699.30
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 9,865 $300,290.60
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 39,685 $2,848,192.45
78409V104 S&P GLOBAL INC US SPGI 4,405 $1,431,713.10
78410G104 SBA COMMUNICATIONS CORP US SBAC 9,495 $2,982,664.35
79466L302 SALESFORCE.COM US CRM 11,140 $1,947,160.60
806857108 SCHLUMBERGER LTD NL SLB 84,660 $1,563,670.20
81141R100 SEA LTD - ADR SG SE 27,820 $2,220,036.00
812578102 SEATTLE GENETICS INC US SGEN 8,855 $1,392,094.55
81762P102 SERVICENOW INC US NOW 10,895 $4,226,497.35
84265V105 SOUTHERN COPPER CORPORATION US SCCO 20,525 $745,057.50
857949BL0 SS INT BEARING FD .022% 01/02/15 US 13,468,146.58 $13,468,146.58
883556102 THERMO FISHER SCIENTIFIC INC US TMO 5,810 $2,028,793.90
89151E109 TOTAL S A SPONSORED ADR FR TOT 50,930 $1,913,949.40
904767704 UNILEVER PLC - ADR GB UL 79,370 $4,289,948.50
91324P102 UNITEDHEALTH GROUP INC US UNH 9,945 $3,031,733.25
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 4,265 $1,228,149.40
92826C839 VISA INC - CLASS A SHARES US V 33,195 $6,480,991.80
955306105 WEST PHARMACEUTICAL SERVICES US WST 6,000 $1,296,240.00
B02J639 ADMIRAL GROUP PLC GB ADM LN 42,150 $1,217,476.97
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 150,000 $660,556.04
B1Y47Y7 GERRESHEIMER AG DE GXI GR 39,650 $3,392,479.85
B3QJ0H8 TOURMALINE OIL CORP CA TOU CN 120,940 $1,201,626.32
B4YVF56 BRENNTAG AG DE BNR GR 48,945 $2,604,042.10
B63QM77 NEXON CO LTD JP 3659 JP 168,105 $3,502,606.91
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 117,815 $6,380,373.62
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 235,270 $1,136,323.71
BNGN9Z1 FINECOBANK SPA IT FBK IM 148,115 $1,734,922.59
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 108,010 $3,008,451.14
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 34,325 $1,601,781.01
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 38,545 $941,654.35
G1151C101 ACCENTURE PLC - CL A IE ACN 12,135 $2,446,658.70
G5960L103 MEDTRONIC INC IE MDT 43,575 $4,295,623.50
G66721104 NORWEGIAN CRUISE LINE HOLDINGS US NCLH 20,055 $314,061.30
G97822103 PERRIGO CO PLC IE PRGO 34,190 $1,872,586.30
H01301128 ALCON INC CH ALC 60,231 $3,827,077.74
V7780T103 ROYAL CARIBBEAN CRUISES LTD US RCL 8,770 $454,899.90

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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