Collective Investment Trusts

Global Equity CIT

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

$24.04

Daily $ Change

$0.29

Daily % Change

1.21%

as of 04/23/2024

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

Applications & Forms
Fact Sheet
Annual Report

Performance

As of 03/31/2024

YTD

5.18%

1 Year

19.23%

3 Year

4.98%

5 Year

11.43%

10 Year

9.08%

Inception
(01/21/2014)

7.48%

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.

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.

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 03/31/2024

ASTRAZENECA 4.28%
AMAZON.COM INC 4.13%
MASTERCARD INC-CLASS A 3.55%
TAIWAN SEMICONDUCTOR - SP ADR 3.02%
VISA INC - CLASS A SHARES 2.79%
ALPHABET INC-CL A 2.51%
MICRON TECHNOLOGY INC 2.41%
ELECTRONIC ARTS 2.36%
HEINEKEN NV 2.35%
NESTLE SA-REGISTERED 2.28%

Top Ten Investments list is unaudited and excludes cash.

Country Allocation

As of 03/31/2024

United States
59.26%
United Kingdom
10.73%
Switzerland
6.58%
Canada
3.19%
Taiwan
3.02%
Netherlands
2.92%
Ireland
2.49%
Germany
2.11%
France
1.99%
India
1.78%
Japan
1.31%
China
0.96%
Brazil
0.87%
Spain
0.78%
Italy
0.55%
Hong Kong
0.54%
Sweden
0.50%
Australia
0.42%

Sector Allocation

As of 03/31/2024

Communication Services
8.75%
Consumer Discretionary
6.94%
Consumer Staples
11.06%
Financials
18.35%
Health Care
20.71%
Industrials
12.71%
Information Technology
15.97%
Materials
0.85%
Real Estate
3.05%
Utilities
1.61%

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.

Security Description Country Ticker Shares/Par Market Value (USD)
ADMIRAL GROUP PLC GB ADM LN 154,401 $5,533,382.24
AIR LIQUIDE FR AI FP 10,286 $2,139,988.94
AIRBUS SE FR AIR FP 15,417 $2,840,255.55
ALCON INC CH ALC 30,593 $2,548,090.97
ALPHABET INC-CL A US GOOGL 41,678 $6,290,460.54
AMAZON.COM INC US AMZN 57,437 $10,360,486.06
APPLIED MATERIALS INC US AMAT 20,023 $4,129,343.29
ASTRAZENECA GB AZN 158,292 $10,724,283.00
ATLASSIAN CORP PLC-CLASS A AU TEAM 5,354 $1,044,618.94
AVANZA BANK HOLDING AB SE AZA SS 57,963 $1,249,508.77
BAE SYSTEMS PLC GB BA/ LN 128,424 $2,189,042.03
BIOMARIN PHARMACEUTICAL INC US BMRN 31,452 $2,747,017.68
BOSTON SCIENTIFIC CORP US BSX 21,036 $1,440,755.64
BRENNTAG AG DE BNR GR 14,297 $1,204,966.07
CANADIAN NATIONAL RAILWAY CO CA CNI 40,282 $5,305,542.22
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 111,317 $1,961,405.54
COCA COLA CO/THE US KO 52,981 $3,241,377.58
CONSTELLATION BRANDS INC-A US STZ 19,007 $5,165,342.32
COPART INC US CPRT 25,186 $1,458,773.12
CSX CORP US CSX 69,284 $2,568,357.88
DEUTSCHE BOERSE AG DE DB1 GR 19,938 $4,083,102.01
DIAGEO PLC GB DGE LN 59,592 $2,205,036.25
DOLLARAMA INC CA DOL CN 35,346 $2,692,668.22
DREYFUS GVT CSH MANAGEMENT US 10,053,352.85 $10,053,352.85
ELECTRONIC ARTS US EA 44,663 $5,925,440.21
EQUINIX INC US EQIX 5,359 $4,422,943.47
EVERGY INC US EVRG 75,666 $4,039,051.08
EXPERIAN PLC IE EXPN LN 48,827 $2,127,536.47
FINECOBANK SPA IT FBK IM 92,762 $1,389,277.78
HALMA PLC GB HLMA LN 117,563 $3,510,475.87
HDFC BANK LTD-ADR IN HDB 79,560 $4,452,973.20
HEINEKEN NV NL HEIA NA 61,188 $5,898,990.63
HUMANA INC US HUM 13,921 $4,826,689.12
IDEXX LABORATORIES INC US IDXX 3,305 $1,784,468.65
IMCD NV NL IMCD NA 8,110 $1,427,441.82
INTERCONTINENTALEXCHANGE INC US ICE 20,256 $2,783,782.08
INTERMEDIATE CAPITAL GROUP GB ICP LN 105,973 $2,744,858.08
INTUIT INC US INTU 1,976 $1,284,400.00
INTUITIVE SURGICAL INC US ISRG 5,149 $2,054,914.41
JOHNSON & JOHNSON US JNJ 28,056 $4,438,178.64
JP MORGAN CHASE & CO US JPM 11,286 $2,260,585.80
KEYENCE CORP JP 6861 JP 2,400 $1,114,226.20
L3HARRIS TECHNOLOGIES INC US LHX 18,081 $3,853,061.10
LONZA GROUP AG -REG CH LONN SW 4,923 $2,941,977.65
MASCO CORP US MAS 47,347 $3,734,731.36
MASTERCARD INC-CLASS A US MA 18,480 $8,899,413.60
MEDTRONIC INC IE MDT 47,207 $4,114,090.05
MERCADOLIBRE INC BR MELI 1,442 $2,180,246.32
META PLATFORMS INC US META 11,053 $5,367,115.74
MICRON TECHNOLOGY INC US MU 51,200 $6,035,968.00
MICROSOFT CORP US MSFT 10,918 $4,593,420.96
MONDELEZ INTERNATIONAL INC US MDLZ 31,904 $2,233,280.00
MOODY'S CORPORATION US MCO 8,205 $3,224,811.15
NESTLE SA-REGISTERED CH NESN SW 53,750 $5,710,935.27
NORTHROP GRUMMAN CORP US NOC 5,295 $2,534,504.70
NOVARTIS AG- REG CH NVS 54,826 $5,303,318.98
NVIDIA CORP US NVDA 4,078 $3,684,717.68
PHILIP MORRIS INTERNATIONAL US PM 35,934 $3,292,273.08
S&P GLOBAL INC US SPGI 5,708 $2,428,468.60
SALESFORCE INC US CRM 11,186 $3,368,999.48
SBA COMMUNICATIONS CORP US SBAC 14,910 $3,230,997.00
SERVICENOW INC US NOW 4,864 $3,708,313.60
SONY CORP FIRST SECTION JP 6758 JP 25,400 $2,178,068.54
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 55,660 $7,572,543.00
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 99,500 $1,351,992.60
TENCENT HOLDINGS LTD CN 700 HK 61,600 $2,399,316.54
THERMO FISHER SCIENTIFIC INC US TMO 3,679 $2,138,271.59
UNION PAC CORP US UNP 5,209 $1,281,049.37
UNITEDHEALTH GROUP INC US UNH 10,212 $5,051,876.40
VERTEX PHARMACEUTICALS INC US VRTX 4,352 $1,819,179.52
VISA INC - CLASS A SHARES US V 25,046 $6,989,837.68

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

$24.04

Daily $ Change

$0.29

Daily % Change

1.21%

as of 04/23/2024

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

Applications & Forms
Fact Sheet
Annual Report

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 03/31/2024

YTD

5.18%

1 Year

19.23%

3 Year

4.98%

5 Year

11.43%

10 Year

9.08%

Inception
(01/21/2014)

7.48%

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.

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.

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 03/31/2024

ASTRAZENECA 4.28%
AMAZON.COM INC 4.13%
MASTERCARD INC-CLASS A 3.55%
TAIWAN SEMICONDUCTOR - SP ADR 3.02%
VISA INC - CLASS A SHARES 2.79%
ALPHABET INC-CL A 2.51%
MICRON TECHNOLOGY INC 2.41%
ELECTRONIC ARTS 2.36%
HEINEKEN NV 2.35%
NESTLE SA-REGISTERED 2.28%

Top Ten Investments list is unaudited and excludes cash.

Country Allocation

As of 03/31/2024

United States
59.26%
United Kingdom
10.73%
Switzerland
6.58%
Canada
3.19%
Taiwan
3.02%
Netherlands
2.92%
Ireland
2.49%
Germany
2.11%
France
1.99%
India
1.78%
Japan
1.31%
China
0.96%
Brazil
0.87%
Spain
0.78%
Italy
0.55%
Hong Kong
0.54%
Sweden
0.50%
Australia
0.42%

Sector Allocation

As of 03/31/2024

Communication Services
8.75%
Consumer Discretionary
6.94%
Consumer Staples
11.06%
Financials
18.35%
Health Care
20.71%
Industrials
12.71%
Information Technology
15.97%
Materials
0.85%
Real Estate
3.05%
Utilities
1.61%

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.

Security Description Country Ticker Shares/Par Market Value (USD)
ADMIRAL GROUP PLC GB ADM LN 154,401 $5,533,382.24
AIR LIQUIDE FR AI FP 10,286 $2,139,988.94
AIRBUS SE FR AIR FP 15,417 $2,840,255.55
ALCON INC CH ALC 30,593 $2,548,090.97
ALPHABET INC-CL A US GOOGL 41,678 $6,290,460.54
AMAZON.COM INC US AMZN 57,437 $10,360,486.06
APPLIED MATERIALS INC US AMAT 20,023 $4,129,343.29
ASTRAZENECA GB AZN 158,292 $10,724,283.00
ATLASSIAN CORP PLC-CLASS A AU TEAM 5,354 $1,044,618.94
AVANZA BANK HOLDING AB SE AZA SS 57,963 $1,249,508.77
BAE SYSTEMS PLC GB BA/ LN 128,424 $2,189,042.03
BIOMARIN PHARMACEUTICAL INC US BMRN 31,452 $2,747,017.68
BOSTON SCIENTIFIC CORP US BSX 21,036 $1,440,755.64
BRENNTAG AG DE BNR GR 14,297 $1,204,966.07
CANADIAN NATIONAL RAILWAY CO CA CNI 40,282 $5,305,542.22
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 111,317 $1,961,405.54
COCA COLA CO/THE US KO 52,981 $3,241,377.58
CONSTELLATION BRANDS INC-A US STZ 19,007 $5,165,342.32
COPART INC US CPRT 25,186 $1,458,773.12
CSX CORP US CSX 69,284 $2,568,357.88
DEUTSCHE BOERSE AG DE DB1 GR 19,938 $4,083,102.01
DIAGEO PLC GB DGE LN 59,592 $2,205,036.25
DOLLARAMA INC CA DOL CN 35,346 $2,692,668.22
DREYFUS GVT CSH MANAGEMENT US 10,053,352.85 $10,053,352.85
ELECTRONIC ARTS US EA 44,663 $5,925,440.21
EQUINIX INC US EQIX 5,359 $4,422,943.47
EVERGY INC US EVRG 75,666 $4,039,051.08
EXPERIAN PLC IE EXPN LN 48,827 $2,127,536.47
FINECOBANK SPA IT FBK IM 92,762 $1,389,277.78
HALMA PLC GB HLMA LN 117,563 $3,510,475.87
HDFC BANK LTD-ADR IN HDB 79,560 $4,452,973.20
HEINEKEN NV NL HEIA NA 61,188 $5,898,990.63
HUMANA INC US HUM 13,921 $4,826,689.12
IDEXX LABORATORIES INC US IDXX 3,305 $1,784,468.65
IMCD NV NL IMCD NA 8,110 $1,427,441.82
INTERCONTINENTALEXCHANGE INC US ICE 20,256 $2,783,782.08
INTERMEDIATE CAPITAL GROUP GB ICP LN 105,973 $2,744,858.08
INTUIT INC US INTU 1,976 $1,284,400.00
INTUITIVE SURGICAL INC US ISRG 5,149 $2,054,914.41
JOHNSON & JOHNSON US JNJ 28,056 $4,438,178.64
JP MORGAN CHASE & CO US JPM 11,286 $2,260,585.80
KEYENCE CORP JP 6861 JP 2,400 $1,114,226.20
L3HARRIS TECHNOLOGIES INC US LHX 18,081 $3,853,061.10
LONZA GROUP AG -REG CH LONN SW 4,923 $2,941,977.65
MASCO CORP US MAS 47,347 $3,734,731.36
MASTERCARD INC-CLASS A US MA 18,480 $8,899,413.60
MEDTRONIC INC IE MDT 47,207 $4,114,090.05
MERCADOLIBRE INC BR MELI 1,442 $2,180,246.32
META PLATFORMS INC US META 11,053 $5,367,115.74
MICRON TECHNOLOGY INC US MU 51,200 $6,035,968.00
MICROSOFT CORP US MSFT 10,918 $4,593,420.96
MONDELEZ INTERNATIONAL INC US MDLZ 31,904 $2,233,280.00
MOODY'S CORPORATION US MCO 8,205 $3,224,811.15
NESTLE SA-REGISTERED CH NESN SW 53,750 $5,710,935.27
NORTHROP GRUMMAN CORP US NOC 5,295 $2,534,504.70
NOVARTIS AG- REG CH NVS 54,826 $5,303,318.98
NVIDIA CORP US NVDA 4,078 $3,684,717.68
PHILIP MORRIS INTERNATIONAL US PM 35,934 $3,292,273.08
S&P GLOBAL INC US SPGI 5,708 $2,428,468.60
SALESFORCE INC US CRM 11,186 $3,368,999.48
SBA COMMUNICATIONS CORP US SBAC 14,910 $3,230,997.00
SERVICENOW INC US NOW 4,864 $3,708,313.60
SONY CORP FIRST SECTION JP 6758 JP 25,400 $2,178,068.54
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 55,660 $7,572,543.00
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 99,500 $1,351,992.60
TENCENT HOLDINGS LTD CN 700 HK 61,600 $2,399,316.54
THERMO FISHER SCIENTIFIC INC US TMO 3,679 $2,138,271.59
UNION PAC CORP US UNP 5,209 $1,281,049.37
UNITEDHEALTH GROUP INC US UNH 10,212 $5,051,876.40
VERTEX PHARMACEUTICALS INC US VRTX 4,352 $1,819,179.52
VISA INC - CLASS A SHARES US V 25,046 $6,989,837.68

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.

Sign up to receive the latest financial planning and investment tips and news.

View all Preferences