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

$29.14

Daily $ Change

$0.04

Daily % Change

0.14%

as of 01/14/2021

CUSIP

302027172

Inception Date

11/16/2012

Investment Minimum

$50,000,000.00

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

Important Documents

Annual Report
Applications & Forms

Performance

As of 12/31/2020

YTD

---

1 Year

22.71%

3 Year

14.66%

5 Year

14.93%

10 Year

10.03%

Inception
(05/01/2006)

7.70%

Performance through the inception date of the Global Equity CIT Class Z units 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. 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. Returns are estimated net of a model fee of 0.75%, which is the highest trustee fee for the Global Equity CIT Class Z units. Actual fees charged on accounts may vary.

Expense Ratio

Custom ---

Top Ten Investments

As of 12/31/2020

MASTERCARD INC-CLASS A 3.14%
MICROSOFT CORP 2.42%
VISA INC - CLASS A SHARES 2.42%
TENCENT HOLDINGS LTD 2.33%
AMAZON.COM INC 2.13%
EXPEDIA INC 1.92%
MEDTRONIC INC 1.82%
ALPHABET INC-CL A 1.81%
MICRON TECHNOLOGY INC 1.79%
SERVICENOW INC 1.76%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 12/31/2020

Communication Services 13.10%
Consumer Discretionary 17.93%
Consumer Staples 9.88%
Energy 8.37%
Financials 9.25%
Health Care 15.08%
Industrials 5.50%
Information Technology 14.81%
Materials 3.33%
Real Estate 2.75%

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 12/31/2020

United States 61.98%
United Kingdom 5.24%
China 4.47%
Switzerland 4.45%
Canada 3.80%
Germany 3.33%
Ireland 2.82%
Japan 2.78%
Netherlands 1.86%
Mexico 1.71%
Singapore 1.65%
France 1.59%
Spain 1.22%
Sweden 1.14%
Italy 0.87%
Bermuda 0.55%
Belgium 0.54%

December Fund Holdings

As of 12/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00507V109 ACTIVISION INC US ATVI 26,110 $2,424,313.50
01609W102 ALIBABA GROUP - ADR CN BABA 19,110 $4,447,470.30
02079K107 ALPHABET INC-CL C US GOOG 435 $762,067.80
02079K305 ALPHABET INC-CL A US GOOGL 2,900 $5,082,656.00
023135106 AMAZON.COM INC US AMZN 1,840 $5,992,751.20
0237400 DIAGEO PLC GB DGE LN 70,100 $2,773,770.28
025816109 AMERICAN EXPRESS CO US AXP 20,980 $2,536,691.80
03027X100 AMERICAN TOWER REIT INC US AMT 13,425 $3,013,375.50
053332102 AUTOZONE INC US AZO 1,925 $2,281,972.00
055622104 BP PLC-SPONS ADR GB BP 28,885 $592,720.20
084423102 WR BERKLEY CORP US WRB 33,595 $2,231,379.90
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 6,215 $1,441,072.05
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 23,986 $2,103,332.34
09247X101 BLACKROCK INC US BLK 3,137 $2,263,470.98
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 33,230 $1,565,023.84
101137107 BOSTON SCIENTIFIC CORP US BSX 30,815 $1,107,799.25
12503M108 CBOE GLOBAL MARKETS INC US CBOE 16,090 $1,498,300.80
12514G108 CDW CORP/DE US CDW 24,810 $3,269,709.90
12572Q105 CME GROUP INC US CME 8,560 $1,558,348.00
127097103 CABOT OIL & GAS CORP US COG 174,560 $2,841,836.80
13321L108 CAMECO CORP CA CCJ 214,871 $2,879,271.40
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 4,495 $2,973,667.25
191216100 COCA COLA CO/THE US KO 36,750 $2,015,370.00
20605P101 CONCHO RESOURCES INC US CXO 37,329 $2,178,147.15
20825C104 CONOCOPHILLIPS US COP 32,980 $1,318,870.20
21036P108 CONSTELLATION BRANDS INC-A US STZ 6,805 $1,490,635.25
217204106 COPART INC US CPRT 12,605 $1,603,986.25
254687106 WALT DISNEY CO/THE US DIS 12,433 $2,252,610.94
256677105 DOLLAR GENERAL CORP US DG 16,730 $3,518,319.00
256746108 DOLLAR TREE STORES INC US DLTR 37,825 $4,086,613.00
26875P101 EOG RESOURCES INC US EOG 43,381 $2,163,410.47
26884L109 EQT CORP US EQT 141,150 $1,794,016.50
2715777 QUEBECOR INC -CL B CA QBR/B CN 53,685 $1,381,664.39
27579R104 EAST WEST BANCORP INC US EWBC 43,319 $2,196,706.49
285512109 ELECTRONIC ARTS US EA 21,805 $3,131,198.00
29444U700 EQUINIX INC US EQIX 2,850 $2,035,413.00
30212P303 EXPEDIA INC US EXPE 40,815 $5,403,906.00
30231G102 EXXON MOBIL CORP US XOM 44,450 $1,832,229.00
302491303 FMC CORP US FMC 26,500 $3,045,645.00
30303M102 FACEBOOK INC -A US FB 16,005 $4,371,925.80
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 146,055 $2,474,171.70
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 6,587 $733,067.23
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 4,421 $729,155.53
4012250 AIRBUS SE FR AIR FP 12,808 $1,405,603.80
4031976 ADIDAS AG DE ADS GR 5,865 $2,133,716.10
42805E306 HESKA CORP US HSKA 7,102 $1,034,406.30
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 13,260 $1,475,307.60
45168D104 IDEXX LABORATORIES INC US IDXX 3,255 $1,627,076.85
45337C102 INCYTE CORP US INCY 11,025 $958,954.50
45778Q107 INSPERITY INC US NSP 24,815 $2,020,437.30
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 14,630 $1,686,692.70
46120E602 INTUITIVE SURGICAL INC US ISRG 1,555 $1,272,145.50
478160104 JOHNSON & JOHNSON US JNJ 29,305 $4,612,020.90
5107401 BEIERSDORF AG DE BEI GR 15,050 $1,730,142.21
550021109 LULULEMON - ADR CA LULU 8,045 $2,799,901.35
573284106 MARTIN MARIETTA MATERIALS US MLM 5,169 $1,467,840.93
57636Q104 MASTERCARD INC-CLASS A US MA 24,725 $8,825,341.50
5852842 ACCOR SA FR AC FP 41,425 $1,502,931.98
594918104 MICROSOFT CORP US MSFT 30,565 $6,798,267.30
595112103 MICRON TECHNOLOGY INC US MU 66,935 $5,032,173.30
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 36,475 $2,132,693.25
615369105 MOODY'S CORPORATION US MCO 5,040 $1,462,809.60
6321954 TRAVELSKY TECHNOLOGY LTD-H CN 696 HK 650,000 $1,570,343.30
654106103 NIKE INC CLASS B US NKE 20,590 $2,912,867.30
655844108 NORFOLK SOUTHN CORP US NSC 9,250 $2,197,892.50
6642321 NIKON CORP JP 7731 JP 237,800 $1,502,391.60
66987V109 NOVARTIS AG- REG CH NVS 39,505 $3,730,457.15
6821506 SONY CORP FIRST SECTION JP 6758 JP 30,600 $3,083,503.50
7021963 DEUTSCHE BOERSE AG DE DB1 GR 13,280 $2,261,216.44
70450Y103 PAYPAL HOLDINGS INC US PYPL 18,567 $4,348,391.40
7123870 NESTLE SA-REGISTERED CH NESN SW 35,265 $4,168,721.98
713448108 PEPSICO INC US PEP 13,670 $2,027,261.00
723787107 PIONEER NATURAL RESOURCES CO US PXD 19,380 $2,207,188.20
76131D103 RESTAURANT BRANDS INTERN CA QSR 36,110 $2,206,682.10
7698356 GETINGE AB-B SHS SE GETIB SS 136,810 $3,201,584.43
7792559 HEINEKEN NV NL HEIA NA 22,215 $2,475,615.45
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 17,410 $585,150.10
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 25,495 $2,803,940.10
78409V104 S&P GLOBAL INC US SPGI 4,405 $1,448,055.65
78410G104 SBA COMMUNICATIONS CORP US SBAC 9,495 $2,678,824.35
806857108 SCHLUMBERGER LTD NL SLB 99,085 $2,163,025.55
81141R100 SEA LTD - ADR SG SE 23,336 $4,645,030.80
81181C104 SEAGEN INC US SGEN 7,380 $1,292,533.20
81762P102 SERVICENOW INC US NOW 8,980 $4,942,861.40
857949BL0 SS INT BEARING FD .022% 01/02/15 US 10,573,217.14 $10,573,217.14
883556102 THERMO FISHER SCIENTIFIC INC US TMO 4,795 $2,233,415.10
89151E109 TOTAL S A SPONSORED ADR FR TOT 36,870 $1,545,221.70
904767704 UNILEVER PLC - ADR GB UL 79,370 $4,790,773.20
91324P102 UNITEDHEALTH GROUP INC US UNH 9,945 $3,487,512.60
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 9,720 $2,297,224.80
92826C839 VISA INC - CLASS A SHARES US V 31,060 $6,793,753.80
929160109 VULCAN MATERIALS CO US VMC 15,930 $2,362,578.30
955306105 WEST PHARMACEUTICAL SERVICES US WST 3,675 $1,041,164.25
98978V103 ZOETIS INC US ZTS 6,535 $1,081,542.50
B02J639 ADMIRAL GROUP PLC GB ADM LN 35,770 $1,414,412.09
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 113,900 $734,759.32
B3QJ0H8 TOURMALINE OIL CORP CA TOU CN 104,890 $1,414,024.98
B4YVF56 BRENNTAG AG DE BNR GR 41,510 $3,227,881.26
B63QM77 NEXON CO LTD JP 3659 JP 104,505 $3,224,492.02
BD6K457 COMPASS GROUP PLC GB CPG LN 114,370 $2,133,155.71
BHJYC05 INTERCONTINENTAL HOTELS GROUP GB IHG LN 22,330 $1,447,320.22
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 91,015 $6,548,874.93
BNGN9Z1 FINECOBANK SPA IT FBK IM 148,115 $2,442,715.49
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 108,010 $3,428,219.74
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX* MM 929,235 $2,610,328.73
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 21,810 $1,521,612.78
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 49,375 $1,538,525.00
G5960L103 MEDTRONIC INC IE MDT 43,575 $5,104,375.50
H01301128 ALCON INC CH ALC 69,571 $4,590,294.58

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

$29.14

Daily $ Change

$0.04

Daily % Change

0.14%

as of 01/14/2021

CUSIP

302027172

Inception Date

11/16/2012

Investment Minimum

$50,000,000.00

This 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 12/31/2020

YTD

---

1 Year

22.71%

3 Year

14.66%

5 Year

14.93%

10 Year

10.03%

Inception
(05/01/2006)

7.70%

Performance through the inception date of the Global Equity CIT Class Z units 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. 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. Returns are estimated net of a model fee of 0.75%, which is the highest trustee fee for the Global Equity CIT Class Z units. Actual fees charged on accounts may vary.

Expense Ratio

Custom ---

Top Ten Investments

As of 12/31/2020

MASTERCARD INC-CLASS A 3.14%
MICROSOFT CORP 2.42%
VISA INC - CLASS A SHARES 2.42%
TENCENT HOLDINGS LTD 2.33%
AMAZON.COM INC 2.13%
EXPEDIA INC 1.92%
MEDTRONIC INC 1.82%
ALPHABET INC-CL A 1.81%
MICRON TECHNOLOGY INC 1.79%
SERVICENOW INC 1.76%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 12/31/2020

Communication Services
13.10%
Consumer Discretionary
17.93%
Consumer Staples
9.88%
Energy
8.37%
Financials
9.25%
Health Care
15.08%
Industrials
5.50%
Information Technology
14.81%
Materials
3.33%
Real Estate
2.75%

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 12/31/2020

United States
61.98%
United Kingdom
5.24%
China
4.47%
Switzerland
4.45%
Canada
3.80%
Germany
3.33%
Ireland
2.82%
Japan
2.78%
Netherlands
1.86%
Mexico
1.71%
Singapore
1.65%
France
1.59%
Spain
1.22%
Sweden
1.14%
Italy
0.87%
Bermuda
0.55%
Belgium
0.54%

December Fund Holdings

As of 12/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00507V109 ACTIVISION INC US ATVI 26,110 $2,424,313.50
01609W102 ALIBABA GROUP - ADR CN BABA 19,110 $4,447,470.30
02079K107 ALPHABET INC-CL C US GOOG 435 $762,067.80
02079K305 ALPHABET INC-CL A US GOOGL 2,900 $5,082,656.00
023135106 AMAZON.COM INC US AMZN 1,840 $5,992,751.20
0237400 DIAGEO PLC GB DGE LN 70,100 $2,773,770.28
025816109 AMERICAN EXPRESS CO US AXP 20,980 $2,536,691.80
03027X100 AMERICAN TOWER REIT INC US AMT 13,425 $3,013,375.50
053332102 AUTOZONE INC US AZO 1,925 $2,281,972.00
055622104 BP PLC-SPONS ADR GB BP 28,885 $592,720.20
084423102 WR BERKLEY CORP US WRB 33,595 $2,231,379.90
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 6,215 $1,441,072.05
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 23,986 $2,103,332.34
09247X101 BLACKROCK INC US BLK 3,137 $2,263,470.98
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 33,230 $1,565,023.84
101137107 BOSTON SCIENTIFIC CORP US BSX 30,815 $1,107,799.25
12503M108 CBOE GLOBAL MARKETS INC US CBOE 16,090 $1,498,300.80
12514G108 CDW CORP/DE US CDW 24,810 $3,269,709.90
12572Q105 CME GROUP INC US CME 8,560 $1,558,348.00
127097103 CABOT OIL & GAS CORP US COG 174,560 $2,841,836.80
13321L108 CAMECO CORP CA CCJ 214,871 $2,879,271.40
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 4,495 $2,973,667.25
191216100 COCA COLA CO/THE US KO 36,750 $2,015,370.00
20605P101 CONCHO RESOURCES INC US CXO 37,329 $2,178,147.15
20825C104 CONOCOPHILLIPS US COP 32,980 $1,318,870.20
21036P108 CONSTELLATION BRANDS INC-A US STZ 6,805 $1,490,635.25
217204106 COPART INC US CPRT 12,605 $1,603,986.25
254687106 WALT DISNEY CO/THE US DIS 12,433 $2,252,610.94
256677105 DOLLAR GENERAL CORP US DG 16,730 $3,518,319.00
256746108 DOLLAR TREE STORES INC US DLTR 37,825 $4,086,613.00
26875P101 EOG RESOURCES INC US EOG 43,381 $2,163,410.47
26884L109 EQT CORP US EQT 141,150 $1,794,016.50
2715777 QUEBECOR INC -CL B CA QBR/B CN 53,685 $1,381,664.39
27579R104 EAST WEST BANCORP INC US EWBC 43,319 $2,196,706.49
285512109 ELECTRONIC ARTS US EA 21,805 $3,131,198.00
29444U700 EQUINIX INC US EQIX 2,850 $2,035,413.00
30212P303 EXPEDIA INC US EXPE 40,815 $5,403,906.00
30231G102 EXXON MOBIL CORP US XOM 44,450 $1,832,229.00
302491303 FMC CORP US FMC 26,500 $3,045,645.00
30303M102 FACEBOOK INC -A US FB 16,005 $4,371,925.80
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 146,055 $2,474,171.70
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 6,587 $733,067.23
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 4,421 $729,155.53
4012250 AIRBUS SE FR AIR FP 12,808 $1,405,603.80
4031976 ADIDAS AG DE ADS GR 5,865 $2,133,716.10
42805E306 HESKA CORP US HSKA 7,102 $1,034,406.30
43300A203 HILTON WORLDWIDE HOLDINGS INC US HLT 13,260 $1,475,307.60
45168D104 IDEXX LABORATORIES INC US IDXX 3,255 $1,627,076.85
45337C102 INCYTE CORP US INCY 11,025 $958,954.50
45778Q107 INSPERITY INC US NSP 24,815 $2,020,437.30
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 14,630 $1,686,692.70
46120E602 INTUITIVE SURGICAL INC US ISRG 1,555 $1,272,145.50
478160104 JOHNSON & JOHNSON US JNJ 29,305 $4,612,020.90
5107401 BEIERSDORF AG DE BEI GR 15,050 $1,730,142.21
550021109 LULULEMON - ADR CA LULU 8,045 $2,799,901.35
573284106 MARTIN MARIETTA MATERIALS US MLM 5,169 $1,467,840.93
57636Q104 MASTERCARD INC-CLASS A US MA 24,725 $8,825,341.50
5852842 ACCOR SA FR AC FP 41,425 $1,502,931.98
594918104 MICROSOFT CORP US MSFT 30,565 $6,798,267.30
595112103 MICRON TECHNOLOGY INC US MU 66,935 $5,032,173.30
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 36,475 $2,132,693.25
615369105 MOODY'S CORPORATION US MCO 5,040 $1,462,809.60
6321954 TRAVELSKY TECHNOLOGY LTD-H CN 696 HK 650,000 $1,570,343.30
654106103 NIKE INC CLASS B US NKE 20,590 $2,912,867.30
655844108 NORFOLK SOUTHN CORP US NSC 9,250 $2,197,892.50
6642321 NIKON CORP JP 7731 JP 237,800 $1,502,391.60
66987V109 NOVARTIS AG- REG CH NVS 39,505 $3,730,457.15
6821506 SONY CORP FIRST SECTION JP 6758 JP 30,600 $3,083,503.50
7021963 DEUTSCHE BOERSE AG DE DB1 GR 13,280 $2,261,216.44
70450Y103 PAYPAL HOLDINGS INC US PYPL 18,567 $4,348,391.40
7123870 NESTLE SA-REGISTERED CH NESN SW 35,265 $4,168,721.98
713448108 PEPSICO INC US PEP 13,670 $2,027,261.00
723787107 PIONEER NATURAL RESOURCES CO US PXD 19,380 $2,207,188.20
76131D103 RESTAURANT BRANDS INTERN CA QSR 36,110 $2,206,682.10
7698356 GETINGE AB-B SHS SE GETIB SS 136,810 $3,201,584.43
7792559 HEINEKEN NV NL HEIA NA 22,215 $2,475,615.45
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 17,410 $585,150.10
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 25,495 $2,803,940.10
78409V104 S&P GLOBAL INC US SPGI 4,405 $1,448,055.65
78410G104 SBA COMMUNICATIONS CORP US SBAC 9,495 $2,678,824.35
806857108 SCHLUMBERGER LTD NL SLB 99,085 $2,163,025.55
81141R100 SEA LTD - ADR SG SE 23,336 $4,645,030.80
81181C104 SEAGEN INC US SGEN 7,380 $1,292,533.20
81762P102 SERVICENOW INC US NOW 8,980 $4,942,861.40
857949BL0 SS INT BEARING FD .022% 01/02/15 US 10,573,217.14 $10,573,217.14
883556102 THERMO FISHER SCIENTIFIC INC US TMO 4,795 $2,233,415.10
89151E109 TOTAL S A SPONSORED ADR FR TOT 36,870 $1,545,221.70
904767704 UNILEVER PLC - ADR GB UL 79,370 $4,790,773.20
91324P102 UNITEDHEALTH GROUP INC US UNH 9,945 $3,487,512.60
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 9,720 $2,297,224.80
92826C839 VISA INC - CLASS A SHARES US V 31,060 $6,793,753.80
929160109 VULCAN MATERIALS CO US VMC 15,930 $2,362,578.30
955306105 WEST PHARMACEUTICAL SERVICES US WST 3,675 $1,041,164.25
98978V103 ZOETIS INC US ZTS 6,535 $1,081,542.50
B02J639 ADMIRAL GROUP PLC GB ADM LN 35,770 $1,414,412.09
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 113,900 $734,759.32
B3QJ0H8 TOURMALINE OIL CORP CA TOU CN 104,890 $1,414,024.98
B4YVF56 BRENNTAG AG DE BNR GR 41,510 $3,227,881.26
B63QM77 NEXON CO LTD JP 3659 JP 104,505 $3,224,492.02
BD6K457 COMPASS GROUP PLC GB CPG LN 114,370 $2,133,155.71
BHJYC05 INTERCONTINENTAL HOTELS GROUP GB IHG LN 22,330 $1,447,320.22
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 91,015 $6,548,874.93
BNGN9Z1 FINECOBANK SPA IT FBK IM 148,115 $2,442,715.49
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 108,010 $3,428,219.74
BW1YVH8 WALMART DE MEXICO SAB DE CV MX WALMEX* MM 929,235 $2,610,328.73
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 21,810 $1,521,612.78
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 49,375 $1,538,525.00
G5960L103 MEDTRONIC INC IE MDT 43,575 $5,104,375.50
H01301128 ALCON INC CH ALC 69,571 $4,590,294.58

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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