A Redefined Approach to Value Investing

We re-define “value portfolio” in this strategy by using a systematic, but flexible approach. This allows us to actively find areas of the market that are offering superior dividends and valuations, which has historically driven favorable risk-adjusted returns and meaningful downside risk management.

 

The video above was originally published in March 2019. Down market capture discussed represents the percent of market return captured by the investment manager’s return relative to the benchmark during negative periods. See below for the most recent performance.

Request the product spotlight

Our team is here to answer any questions you may have. Contact us if you would like to learn more about our time-tested, rules-based strategy.

Investment Objective

To provide competitive returns consistent with the broad equity market while also providing a level of capital protection during market downturns.

Investment Strategy

The Series is designed to offer a diversified portfolio of dividend-paying U.S. equity securities. Using a systematic process with a focus on mid-to-large capitalization U.S. companies, securities are selected based on free cash flow generation and earnings power, minimum dividend yield, dividend sustainability, and financial health.

May be Appropriate for Investors

  • Seeking a portfolio of high-quality, dividend yielding securities
  • Seeking exposure to companies with meaningful growth potential due to high free cash flow yields and earning power

Daily Price

$9.17

Daily $ Change

-$0.12

Daily % Change

-1.31%

as of 01/20/2022

Ticker

MNDFX

CUSIP

56382P658

Inception Date

11/07/2008

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plan and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
N-Port Part F Reports

Performance

As of 12/31/2021

YTD

---

1 Year

22.45%

3 Year

15.98%

5 Year

13.00%

10 Year

12.40%

Inception
(11/07/2008)

12.56%

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

Expense Ratio

Gross 0.55%

Top Ten Investments

As of 12/31/2021

HOME DEPOT INC 4.23%
PROCTER & GAMBLE CO 3.88%
WAL MART STORES 3.47%
JP MORGAN CHASE & CO 3.43%
JOHNSON & JOHNSON 3.34%
CISCO SYSTEMS INC 2.98%
ORACLE CORP 2.94%
QUALCOMM INC 2.59%
COMCAST CORP-CL A 2.47%
MERCK & CO INC 2.40%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 12/31/2021

Communication Services 5.25%
Consumer Discretionary 6.81%
Consumer Staples 17.87%
Financials 13.29%
Health Care 9.63%
Industrials 22.23%
Information Technology 17.25%
Materials 7.67%

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 S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither 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 12/31/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
020002101 ALLSTATE CORPORATION US ALL 28,727 $3,379,731.55
032654105 ANALOG DEVICES INC US ADI 29,292 $5,148,654.84
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 54,047 $3,653,036.73
053015103 AUTOMATIC DATA PROCESSING US ADP 30,462 $7,511,319.96
086516101 BEST BUY INC US BBY 28,745 $2,920,492.00
099502106 BOOZ ALLEN HAMILTON HOLDINGS US BAH 18,560 $1,573,702.40
110122108 BRISTOL MYERS SQUIBB CO US BMY 132,905 $8,286,626.75
11133T103 BROADRIDGE FINANCIAL SOLUTIONS US BR 13,266 $2,425,290.12
125269100 CF INDUSTRIES HOLDINGS INC US CF 30,046 $2,126,655.88
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 17,244 $1,855,971.72
134429109 CAMPBELL SOUP CO US CPB 37,571 $1,632,835.66
149123101 CATERPILLAR INC US CAT 35,661 $7,372,555.14
172062101 CINCINNATI FINANCIAL CORP US CINF 19,606 $2,233,711.58
17275R102 CISCO SYSTEMS INC US CSCO 211,964 $13,432,158.68
172967424 CITIGROUP INC US C 123,908 $7,482,804.12
189054109 CLOROX COMPANY US CLX 12,942 $2,256,567.12
194162103 COLGATE-PALMOLIVE CO US CL 65,041 $5,550,598.94
20030N101 COMCAST CORP-CL A US CMCSA 221,225 $11,134,254.25
200340107 COMERICA INC US CMA 19,659 $1,710,333.00
205887102 CONAGRA BRAND INC. US CAG 56,722 $1,937,056.30
231021106 CUMMINS INC US CMI 14,873 $3,244,396.22
262006208 DREYFUS GVT CSH MANAGEMENT US 2,373,800.67 $2,373,800.67
277432100 EASTMAN CHEM CO US EMN 16,017 $1,936,615.47
291011104 EMERSON ELEC CO US EMR 51,840 $4,819,564.80
302491303 FMC CORP US FMC 15,816 $1,738,020.24
31620R303 FNF GROUP US FNF 38,686 $2,018,635.48
316773100 FIFTH THIRD BANCORP US FITB 73,909 $3,218,736.95
369550108 GENERAL DYNAMICS CORP US GD 23,257 $4,848,386.79
370334104 GENERAL MLS INC US GIS 55,719 $3,754,346.22
372460105 GENUINE PARTS CO US GPC 17,278 $2,422,375.60
375558103 GILEAD SCIENCES INC US GILD 89,909 $6,528,292.49
384802104 WW GRAINGER INC US GWW 5,845 $3,029,112.80
416515104 HARTFORD FINL SVCS US HIG 38,628 $2,666,877.12
427866108 HERSHEY CO/THE US HSY 19,813 $3,833,221.11
437076102 HOME DEPOT INC US HD 45,958 $19,073,029.58
438516106 HONEYWELL INTERNATIONAL INC US HON 40,870 $8,521,803.70
443510607 HUBBELL INC US HUBB 7,506 $1,563,274.62
446150104 HUNTINGTON BANCSHARES US HBAN 121,330 $1,870,908.60
452308109 ILLINOIS TOOL WKS INC US ITW 23,633 $5,832,624.40
458140100 INTEL CORP US INTC 192,411 $9,909,166.50
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 56,722 $7,581,462.52
459506101 INTERNATIONAL FLVRS & FRAGRANCES US IFF 22,651 $3,412,373.15
46625H100 JP MORGAN CHASE & CO US JPM 97,712 $15,472,695.20
478160104 JOHNSON & JOHNSON US JNJ 88,160 $15,081,531.20
494368103 KIMBERLY CLARK CORP US KMB 29,184 $4,170,977.28
500754106 KRAFT HEINZ CO/THE US KHC 102,452 $3,678,026.80
501044101 KROGER CO US KR 76,630 $3,468,273.80
502431109 L3HARRIS TECHNOLOGIES INC US LHX 18,181 $3,876,916.44
539830109 LOCKHEED MARTIN CORP US LMT 18,406 $6,541,676.46
58933Y105 MERCK & CO INC US MRK 141,202 $10,821,721.28
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 99,616 $6,605,536.96
620076307 MOTOROLA SOLUTIONS INC US MSI 16,251 $4,415,396.70
64110D104 NETAPP INC US NTAP 26,714 $2,457,420.86
651639106 NEWMONT GOLDCORP CORP US NEM 66,721 $4,138,036.42
666807102 NORTHROP GRUMMAN CORP US NOC 13,581 $5,256,797.67
670346105 NUCOR CORP US NUE 36,101 $4,120,929.15
681919106 OMNICOM GROUP US OMC 25,581 $1,874,319.87
68389X105 ORACLE CORP US ORCL 151,995 $13,255,483.95
695156109 PACKAGING CORP OF AMERICA US PKG 12,319 $1,677,231.85
742718109 PROCTER & GAMBLE CO US PG 107,030 $17,507,967.40
747525103 QUALCOMM INC US QCOM 63,826 $11,671,860.62
74834L100 QUEST DIAGNOSTICS INC US DGX 15,746 $2,724,215.46
749685103 RPM INTERNATIONAL INC US RPM 16,591 $1,675,691.00
7591EP100 REGIONS FINANCIAL CORP. US RF 109,595 $2,389,171.00
759509102 RELIANCE STEEL & ALUMINUM US RS 9,222 $1,495,992.84
760759100 REPUBLIC SERVICES INC US RSG 30,815 $4,297,151.75
831865209 SMITH (A.O.) CORP US AOS 21,903 $1,880,372.55
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 13,856 $1,881,921.92
833034101 SNAP-ON INC US SNA 7,204 $1,551,597.52
858119100 STEEL DYNAMICS INC US STLD 29,229 $1,814,244.03
88579Y101 3M CO US MMM 36,971 $6,567,158.73
89417E109 TRAVELLERS COS INC US TRV 23,183 $3,626,516.69
902494103 TYSON FOODS INC -CL A US TSN 36,486 $3,180,119.76
902973304 U.S. BANCORP US USB 105,413 $5,921,048.21
907818108 UNION PAC CORP US UNP 39,347 $9,912,689.71
92343V104 VERIZON COMMUNICATIONS US VZ 205,625 $10,684,275.00
931142103 WAL MART STORES US WMT 108,253 $15,663,126.57
94106L109 WASTE MANAGEMENT INC US WM 34,739 $5,797,939.10
963320106 WHIRLPOOL CORP US WHR 8,133 $1,908,489.78
969904101 WILLIAMS - SONOMA INC US WSM 9,654 $1,632,781.02
G16962105 BUNGE LIMITED US BG 19,688 $1,838,071.68
G29183103 EATON CORP PLC US ETN 34,205 $5,911,308.10
G3223R108 EVEREST RE GROUP LTD BM RE 5,653 $1,548,469.76
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 73,965 $6,014,094.15
G5494J103 LINDE PLC GB LIN 30,136 $10,440,014.48
H1467J104 CHUBB LTD CH CB 33,008 $6,380,776.48
H2906T109 GARMIN LTD CH GRMN 20,178 $2,747,638.26

Investments will change over time.

Distributions

  • Disciplined Value Series Class I Distribution History
  • 2021 Distribution Calendar
  • First Quarter 2021 Distributions
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2021 Distributions
  • Second Quarter 2021 Distributions
  • Tax Letter
  • Disciplined Value Series Stock Split

A Word About Risk

All investments involve risks, including possible loss of principal. As with any stock fund, the value of your investment will fluctuate in response to stock market movements. Investing in the Series will also involve a number of other risks, including issuer-specific risk and mid-cap risk. The Series invests primarily in dividend-paying equity securities, with a focus on mid-to-large cap companies. There is no assurance or guarantee that such companies will declare, continue to pay, or increase dividends. Stocks of mid-cap companies tend to be more volatile than those of large-cap companies, as midcap companies tend to be more susceptible to adverse business or economic events than larger, more established companies. In addition, because the Advisor manages the Series using a disciplined screening process, the Series is subject to the additional risk that the investment approach may not be successful. Further, the Advisor does not intend to make frequent changes to the Series’ portfolio in response to market movements.

A Redefined Approach to Value Investing

We re-define “value portfolio” in this strategy by using a systematic, but flexible approach. This allows us to actively find areas of the market that are offering superior dividends and valuations, which has historically driven favorable risk-adjusted returns and meaningful downside risk management.

 

The video above was originally published in March 2019. Down market capture discussed represents the percent of market return captured by the investment manager’s return relative to the benchmark during negative periods. See below for the most recent performance.

Request the product spotlight

Our team is here to answer any questions you may have. Contact us if you would like to learn more about our time-tested, rules-based strategy.

Daily Price

$9.17

Daily $ Change

-$0.12

Daily % Change

-1.31%

as of 01/20/2022

Ticker

MNDFX

CUSIP

56382P658

Inception Date

11/07/2008

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plan and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
N-Port Part F Reports

Investment Objective

To provide competitive returns consistent with the broad equity market while also providing a level of capital protection during market downturns.

Investment Strategy

The Series is designed to offer a diversified portfolio of dividend-paying U.S. equity securities. Using a systematic process with a focus on mid-to-large capitalization U.S. companies, securities are selected based on free cash flow generation and earnings power, minimum dividend yield, dividend sustainability, and financial health.

May be Appropriate for Investors

  • Seeking a portfolio of high-quality, dividend yielding securities
  • Seeking exposure to companies with meaningful growth potential due to high free cash flow yields and earning power

Performance

As of 12/31/2021

YTD

---

1 Year

22.45%

3 Year

15.98%

5 Year

13.00%

10 Year

12.40%

Inception
(11/07/2008)

12.56%

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

Expense Ratio

Gross 0.55%

Top Ten Investments

As of 12/31/2021

HOME DEPOT INC 4.23%
PROCTER & GAMBLE CO 3.88%
WAL MART STORES 3.47%
JP MORGAN CHASE & CO 3.43%
JOHNSON & JOHNSON 3.34%
CISCO SYSTEMS INC 2.98%
ORACLE CORP 2.94%
QUALCOMM INC 2.59%
COMCAST CORP-CL A 2.47%
MERCK & CO INC 2.40%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 12/31/2021

Communication Services
5.25%
Consumer Discretionary
6.81%
Consumer Staples
17.87%
Financials
13.29%
Health Care
9.63%
Industrials
22.23%
Information Technology
17.25%
Materials
7.67%

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 S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither 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 12/31/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
020002101 ALLSTATE CORPORATION US ALL 28,727 $3,379,731.55
032654105 ANALOG DEVICES INC US ADI 29,292 $5,148,654.84
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 54,047 $3,653,036.73
053015103 AUTOMATIC DATA PROCESSING US ADP 30,462 $7,511,319.96
086516101 BEST BUY INC US BBY 28,745 $2,920,492.00
099502106 BOOZ ALLEN HAMILTON HOLDINGS US BAH 18,560 $1,573,702.40
110122108 BRISTOL MYERS SQUIBB CO US BMY 132,905 $8,286,626.75
11133T103 BROADRIDGE FINANCIAL SOLUTIONS US BR 13,266 $2,425,290.12
125269100 CF INDUSTRIES HOLDINGS INC US CF 30,046 $2,126,655.88
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 17,244 $1,855,971.72
134429109 CAMPBELL SOUP CO US CPB 37,571 $1,632,835.66
149123101 CATERPILLAR INC US CAT 35,661 $7,372,555.14
172062101 CINCINNATI FINANCIAL CORP US CINF 19,606 $2,233,711.58
17275R102 CISCO SYSTEMS INC US CSCO 211,964 $13,432,158.68
172967424 CITIGROUP INC US C 123,908 $7,482,804.12
189054109 CLOROX COMPANY US CLX 12,942 $2,256,567.12
194162103 COLGATE-PALMOLIVE CO US CL 65,041 $5,550,598.94
20030N101 COMCAST CORP-CL A US CMCSA 221,225 $11,134,254.25
200340107 COMERICA INC US CMA 19,659 $1,710,333.00
205887102 CONAGRA BRAND INC. US CAG 56,722 $1,937,056.30
231021106 CUMMINS INC US CMI 14,873 $3,244,396.22
262006208 DREYFUS GVT CSH MANAGEMENT US 2,373,800.67 $2,373,800.67
277432100 EASTMAN CHEM CO US EMN 16,017 $1,936,615.47
291011104 EMERSON ELEC CO US EMR 51,840 $4,819,564.80
302491303 FMC CORP US FMC 15,816 $1,738,020.24
31620R303 FNF GROUP US FNF 38,686 $2,018,635.48
316773100 FIFTH THIRD BANCORP US FITB 73,909 $3,218,736.95
369550108 GENERAL DYNAMICS CORP US GD 23,257 $4,848,386.79
370334104 GENERAL MLS INC US GIS 55,719 $3,754,346.22
372460105 GENUINE PARTS CO US GPC 17,278 $2,422,375.60
375558103 GILEAD SCIENCES INC US GILD 89,909 $6,528,292.49
384802104 WW GRAINGER INC US GWW 5,845 $3,029,112.80
416515104 HARTFORD FINL SVCS US HIG 38,628 $2,666,877.12
427866108 HERSHEY CO/THE US HSY 19,813 $3,833,221.11
437076102 HOME DEPOT INC US HD 45,958 $19,073,029.58
438516106 HONEYWELL INTERNATIONAL INC US HON 40,870 $8,521,803.70
443510607 HUBBELL INC US HUBB 7,506 $1,563,274.62
446150104 HUNTINGTON BANCSHARES US HBAN 121,330 $1,870,908.60
452308109 ILLINOIS TOOL WKS INC US ITW 23,633 $5,832,624.40
458140100 INTEL CORP US INTC 192,411 $9,909,166.50
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 56,722 $7,581,462.52
459506101 INTERNATIONAL FLVRS & FRAGRANCES US IFF 22,651 $3,412,373.15
46625H100 JP MORGAN CHASE & CO US JPM 97,712 $15,472,695.20
478160104 JOHNSON & JOHNSON US JNJ 88,160 $15,081,531.20
494368103 KIMBERLY CLARK CORP US KMB 29,184 $4,170,977.28
500754106 KRAFT HEINZ CO/THE US KHC 102,452 $3,678,026.80
501044101 KROGER CO US KR 76,630 $3,468,273.80
502431109 L3HARRIS TECHNOLOGIES INC US LHX 18,181 $3,876,916.44
539830109 LOCKHEED MARTIN CORP US LMT 18,406 $6,541,676.46
58933Y105 MERCK & CO INC US MRK 141,202 $10,821,721.28
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 99,616 $6,605,536.96
620076307 MOTOROLA SOLUTIONS INC US MSI 16,251 $4,415,396.70
64110D104 NETAPP INC US NTAP 26,714 $2,457,420.86
651639106 NEWMONT GOLDCORP CORP US NEM 66,721 $4,138,036.42
666807102 NORTHROP GRUMMAN CORP US NOC 13,581 $5,256,797.67
670346105 NUCOR CORP US NUE 36,101 $4,120,929.15
681919106 OMNICOM GROUP US OMC 25,581 $1,874,319.87
68389X105 ORACLE CORP US ORCL 151,995 $13,255,483.95
695156109 PACKAGING CORP OF AMERICA US PKG 12,319 $1,677,231.85
742718109 PROCTER & GAMBLE CO US PG 107,030 $17,507,967.40
747525103 QUALCOMM INC US QCOM 63,826 $11,671,860.62
74834L100 QUEST DIAGNOSTICS INC US DGX 15,746 $2,724,215.46
749685103 RPM INTERNATIONAL INC US RPM 16,591 $1,675,691.00
7591EP100 REGIONS FINANCIAL CORP. US RF 109,595 $2,389,171.00
759509102 RELIANCE STEEL & ALUMINUM US RS 9,222 $1,495,992.84
760759100 REPUBLIC SERVICES INC US RSG 30,815 $4,297,151.75
831865209 SMITH (A.O.) CORP US AOS 21,903 $1,880,372.55
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 13,856 $1,881,921.92
833034101 SNAP-ON INC US SNA 7,204 $1,551,597.52
858119100 STEEL DYNAMICS INC US STLD 29,229 $1,814,244.03
88579Y101 3M CO US MMM 36,971 $6,567,158.73
89417E109 TRAVELLERS COS INC US TRV 23,183 $3,626,516.69
902494103 TYSON FOODS INC -CL A US TSN 36,486 $3,180,119.76
902973304 U.S. BANCORP US USB 105,413 $5,921,048.21
907818108 UNION PAC CORP US UNP 39,347 $9,912,689.71
92343V104 VERIZON COMMUNICATIONS US VZ 205,625 $10,684,275.00
931142103 WAL MART STORES US WMT 108,253 $15,663,126.57
94106L109 WASTE MANAGEMENT INC US WM 34,739 $5,797,939.10
963320106 WHIRLPOOL CORP US WHR 8,133 $1,908,489.78
969904101 WILLIAMS - SONOMA INC US WSM 9,654 $1,632,781.02
G16962105 BUNGE LIMITED US BG 19,688 $1,838,071.68
G29183103 EATON CORP PLC US ETN 34,205 $5,911,308.10
G3223R108 EVEREST RE GROUP LTD BM RE 5,653 $1,548,469.76
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 73,965 $6,014,094.15
G5494J103 LINDE PLC GB LIN 30,136 $10,440,014.48
H1467J104 CHUBB LTD CH CB 33,008 $6,380,776.48
H2906T109 GARMIN LTD CH GRMN 20,178 $2,747,638.26

Investments will change over time.

Distributions

  • Disciplined Value Series Class I Distribution History
  • 2021 Distribution Calendar
  • First Quarter 2021 Distributions
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2021 Distributions
  • Second Quarter 2021 Distributions
  • Tax Letter
  • Disciplined Value Series Stock Split

A Word About Risk

All investments involve risks, including possible loss of principal. As with any stock fund, the value of your investment will fluctuate in response to stock market movements. Investing in the Series will also involve a number of other risks, including issuer-specific risk and mid-cap risk. The Series invests primarily in dividend-paying equity securities, with a focus on mid-to-large cap companies. There is no assurance or guarantee that such companies will declare, continue to pay, or increase dividends. Stocks of mid-cap companies tend to be more volatile than those of large-cap companies, as midcap companies tend to be more susceptible to adverse business or economic events than larger, more established companies. In addition, because the Advisor manages the Series using a disciplined screening process, the Series is subject to the additional risk that the investment approach may not be successful. Further, the Advisor does not intend to make frequent changes to the Series’ portfolio in response to market movements.


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