After the close of business on December 5, 2019, the Manning & Napier Fund, Inc. Disciplined Value Series conducted a 1.75-for-1 share split on the Series’ Class I and Z shares. Please review the FAQ document for details regarding the upcoming stock split.

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.

Download the product spotlight 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

$6.38

Daily $ Change

$0.38

Daily % Change

5.96%

as of 04/06/2020

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

Performance

As of 02/29/2020

YTD

-12.85%

1 Year

-1.54%

3 Year

6.63%

5 Year

7.38%

10 Year

10.56%

Inception
(11/07/2008)

11.10%

Market Cycle

---

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 0.61%
Net 0.60%*

*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors.

Top Ten Investments

As of 02/29/2020

JP MORGAN CHASE & CO 3.84%
WAL MART STORES 3.70%
JOHNSON & JOHNSON 3.64%
INTEL CORP 3.47%
HOME DEPOT INC 3.29%
MERCK & CO INC 2.92%
PFIZER INC 2.68%
WELLS FARGO COMPANY 2.64%
BANK OF AMERICA CORP 2.40%
CISCO SYSTEMS INC 2.24%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 02/29/2020

Communication Services 0.18%
Consumer Discretionary 5.43%
Consumer Staples 13.51%
Energy 4.97%
Financials 16.74%
Health Care 20.41%
Industrials 21.73%
Information Technology 14.74%
Materials 2.29%

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.

February Fund Holdings

As of 02/29/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00287Y109 ABBVIE INC US ABBV 81,926 $7,021,877.46
020002101 ALLSTATE CORPORATION US ALL 20,280 $2,134,470.00
031162100 AMGEN INC US AMGN 35,825 $7,155,327.25
038222105 APPLIED MATERIALS INC US AMAT 53,527 $3,110,989.24
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 38,025 $1,431,641.25
05722G100 BAKER HUGHES CO US BKR 65,476 $1,053,508.84
060505104 BANK OF AMERICA CORP US BAC 277,287 $7,902,679.50
086516101 BEST BUY INC US BBY 26,276 $1,987,779.40
097023105 BOEING CO US BA 25,983 $7,148,183.13
110122108 BRISTOL MYERS SQUIBB CO US BMY 91,984 $5,432,575.04
11135F101 BROADCOM INC US AVGO 19,257 $5,249,843.34
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 18,080 $1,245,712.00
126650100 CVS HEALTH CORP US CVS 77,263 $4,572,424.34
149123101 CATERPILLAR INC US CAT 32,331 $4,016,803.44
166764100 CHEVRON CORP US CVX 65,754 $6,137,478.36
17275R102 CISCO SYSTEMS INC US CSCO 184,694 $7,374,831.42
172967424 CITIGROUP INC US C 76,852 $4,877,027.92
194162103 COLGATE-PALMOLIVE CO US CL 58,846 $3,976,224.22
205887102 CONAGRA BRAND INC. US CAG 37,080 $989,665.20
231021106 CUMMINS INC US CMI 14,911 $2,255,885.19
260557103 DOW INC US DOW 41,931 $1,694,431.71
262006208 DREYFUS GVT CSH MANAGEMENT US 5,632,595.97 $5,632,595.97
277432100 EASTMAN CHEM CO US EMN 16,717 $1,028,262.67
291011104 EMERSON ELEC CO US EMR 49,067 $3,145,685.37
311900104 FASTENAL CO US FAST 56,465 $1,932,232.30
316773100 FIFTH THIRD BANCORP US FITB 65,304 $1,593,417.60
364760108 GAP INC US GPS 43,174 $618,683.42
369550108 GENERAL DYNAMICS CORP US GD 15,181 $2,424,253.89
370334104 GENERAL MLS INC US GIS 52,593 $2,577,057.00
372460105 GENUINE PARTS CO US GPC 17,726 $1,546,416.24
375558103 GILEAD SCIENCES INC US GILD 80,425 $5,578,278.00
406216101 HALLIBURTON CO US HAL 61,096 $1,036,188.16
416515104 HARTFORD FINL SVCS US HIG 26,755 $1,336,412.25
427866108 HERSHEY CO/THE US HSY 18,967 $2,731,058.33
437076102 HOME DEPOT INC US HD 49,796 $10,847,560.64
438516106 HONEYWELL INTERNATIONAL INC US HON 38,935 $6,314,088.95
452308109 ILLINOIS TOOL WKS INC US ITW 21,419 $3,593,679.82
458140100 INTEL CORP US INTC 205,625 $11,416,300.00
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 50,336 $6,551,230.40
460146103 INTERNATIONAL PAPER CO US IP 30,746 $1,136,372.16
46625H100 JP MORGAN CHASE & CO US JPM 108,891 $12,643,334.01
478160104 JOHNSON & JOHNSON US JNJ 89,092 $11,981,092.16
482480100 KLA-TENCOR CORPORATION US KLAC 15,816 $2,431,077.36
487836108 KELLOGG CO US K 29,482 $1,782,776.54
493267108 KEYCORP US KEY 84,623 $1,383,586.05
494368103 KIMBERLY CLARK CORP US KMB 26,721 $3,505,527.99
500255104 KOHLS CORP US KSS 18,962 $742,362.30
501044101 KROGER CO US KR 54,602 $1,535,954.26
512807108 LAM RESEARCH CORP US LRCX 8,527 $2,502,077.61
539830109 LOCKHEED MARTIN CORP US LMT 15,672 $5,796,602.64
56585A102 MARATHON PETROLEUM CORP US MPC 52,823 $2,504,866.66
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 24,801 $1,379,431.62
58933Y105 MERCK & CO INC US MRK 125,730 $9,625,888.80
60871R209 MOLSON COORS BREWING CO -B US TAP 20,302 $1,007,182.22
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 82,852 $4,374,585.60
64110D104 NETAPP INC US NTAP 19,528 $912,348.16
670346105 NUCOR CORP US NUE 33,532 $1,386,548.20
674599105 OCCIDENTAL PETROLEUM CORP US OXY 44,200 $1,447,108.00
717081103 PFIZER INC US PFE 263,724 $8,813,656.08
718546104 PHILLIPS 66 US PSX 26,487 $1,982,816.82
74834L100 QUEST DIAGNOSTICS INC US DGX 13,098 $1,389,173.88
7591EP100 REGIONS FINANCIAL CORP. US RF 79,525 $1,075,178.00
773903109 ROCKWELL AUTOMATION INC US ROK 8,878 $1,629,113.00
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 12,590 $1,296,644.10
871829107 SYSCO CORP US SYY 41,710 $2,779,971.50
882508104 TEXAS INSTRUMENTS INC US TXN 53,725 $6,132,171.50
88579Y101 3M CO US MMM 35,838 $5,348,463.12
89417E109 TRAVELLERS COS INC US TRV 15,385 $1,843,276.85
89832Q109 TRUIST FINANCIAL CORP US TFC 87,449 $4,034,896.86
902494103 TYSON FOODS INC -CL A US TSN 22,595 $1,532,618.85
902973304 U.S. BANCORP US USB 93,910 $4,361,180.40
907818108 UNION PAC CORP US UNP 39,011 $6,234,347.91
911312106 UNITED PARCEL SERVICE US UPS 56,760 $5,136,212.40
913017109 UNITED TECHNOLOGIES CORP US UTX 46,624 $6,088,628.16
918204108 VF CORP US VFC 29,757 $2,142,504.00
91913Y100 VALERO ENERGY US VLO 33,244 $2,202,415.00
92556H206 VIACOMCBS INC US VIAC 24,105 $593,224.05
931142103 WAL MART STORES US WMT 113,061 $12,174,408.48
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 61,302 $2,805,179.52
94106L109 WASTE MANAGEMENT INC US WM 32,090 $3,555,892.90
949746101 WELLS FARGO COMPANY US WFC 213,134 $8,706,523.90
958102105 WESTERN DIGITAL CORP US WDC 26,525 $1,473,729.00
G29183103 EATON CORP PLC US ETN 35,680 $3,236,889.60
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 67,047 $2,451,908.79
G5960L103 MEDTRONIC INC IE MDT 56,134 $5,651,009.78
H1467J104 CHUBB LTD CH CB 22,262 $3,228,657.86
N53745100 LYONDELLBASELL INDU-CL A US LYB 32,221 $2,302,512.66

Investments will change over time.

Distributions

  • Disciplined Value Series Class I Distribution History
  • 2020 Distribution Calendar
  • Fourth Quarter 2019 Distributions
  • Third Quarter 2019 Distributions
  • Second Quarter 2019 Distributions
  • First Quarter 2020 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.

After the close of business on December 5, 2019, the Manning & Napier Fund, Inc. Disciplined Value Series conducted a 1.75-for-1 share split on the Series’ Class I and Z shares. Please review the FAQ document for details regarding the upcoming stock split.

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.

Download the product spotlight to learn more about our time-tested, rules-based strategy

Daily Price

$6.38

Daily $ Change

$0.38

Daily % Change

5.96%

as of 04/06/2020

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

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 02/29/2020

YTD

-12.85%

1 Year

-1.54%

3 Year

6.63%

5 Year

7.38%

10 Year

10.56%

Inception
(11/07/2008)

11.10%

Market Cycle

---

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 0.61%
Net 0.60%*

*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors.

Top Ten Investments

As of 02/29/2020

JP MORGAN CHASE & CO 3.84%
WAL MART STORES 3.70%
JOHNSON & JOHNSON 3.64%
INTEL CORP 3.47%
HOME DEPOT INC 3.29%
MERCK & CO INC 2.92%
PFIZER INC 2.68%
WELLS FARGO COMPANY 2.64%
BANK OF AMERICA CORP 2.40%
CISCO SYSTEMS INC 2.24%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 02/29/2020

Communication Services
0.18%
Consumer Discretionary
5.43%
Consumer Staples
13.51%
Energy
4.97%
Financials
16.74%
Health Care
20.41%
Industrials
21.73%
Information Technology
14.74%
Materials
2.29%

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.

February Fund Holdings

As of 02/29/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00287Y109 ABBVIE INC US ABBV 81,926 $7,021,877.46
020002101 ALLSTATE CORPORATION US ALL 20,280 $2,134,470.00
031162100 AMGEN INC US AMGN 35,825 $7,155,327.25
038222105 APPLIED MATERIALS INC US AMAT 53,527 $3,110,989.24
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 38,025 $1,431,641.25
05722G100 BAKER HUGHES CO US BKR 65,476 $1,053,508.84
060505104 BANK OF AMERICA CORP US BAC 277,287 $7,902,679.50
086516101 BEST BUY INC US BBY 26,276 $1,987,779.40
097023105 BOEING CO US BA 25,983 $7,148,183.13
110122108 BRISTOL MYERS SQUIBB CO US BMY 91,984 $5,432,575.04
11135F101 BROADCOM INC US AVGO 19,257 $5,249,843.34
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 18,080 $1,245,712.00
126650100 CVS HEALTH CORP US CVS 77,263 $4,572,424.34
149123101 CATERPILLAR INC US CAT 32,331 $4,016,803.44
166764100 CHEVRON CORP US CVX 65,754 $6,137,478.36
17275R102 CISCO SYSTEMS INC US CSCO 184,694 $7,374,831.42
172967424 CITIGROUP INC US C 76,852 $4,877,027.92
194162103 COLGATE-PALMOLIVE CO US CL 58,846 $3,976,224.22
205887102 CONAGRA BRAND INC. US CAG 37,080 $989,665.20
231021106 CUMMINS INC US CMI 14,911 $2,255,885.19
260557103 DOW INC US DOW 41,931 $1,694,431.71
262006208 DREYFUS GVT CSH MANAGEMENT US 5,632,595.97 $5,632,595.97
277432100 EASTMAN CHEM CO US EMN 16,717 $1,028,262.67
291011104 EMERSON ELEC CO US EMR 49,067 $3,145,685.37
311900104 FASTENAL CO US FAST 56,465 $1,932,232.30
316773100 FIFTH THIRD BANCORP US FITB 65,304 $1,593,417.60
364760108 GAP INC US GPS 43,174 $618,683.42
369550108 GENERAL DYNAMICS CORP US GD 15,181 $2,424,253.89
370334104 GENERAL MLS INC US GIS 52,593 $2,577,057.00
372460105 GENUINE PARTS CO US GPC 17,726 $1,546,416.24
375558103 GILEAD SCIENCES INC US GILD 80,425 $5,578,278.00
406216101 HALLIBURTON CO US HAL 61,096 $1,036,188.16
416515104 HARTFORD FINL SVCS US HIG 26,755 $1,336,412.25
427866108 HERSHEY CO/THE US HSY 18,967 $2,731,058.33
437076102 HOME DEPOT INC US HD 49,796 $10,847,560.64
438516106 HONEYWELL INTERNATIONAL INC US HON 38,935 $6,314,088.95
452308109 ILLINOIS TOOL WKS INC US ITW 21,419 $3,593,679.82
458140100 INTEL CORP US INTC 205,625 $11,416,300.00
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 50,336 $6,551,230.40
460146103 INTERNATIONAL PAPER CO US IP 30,746 $1,136,372.16
46625H100 JP MORGAN CHASE & CO US JPM 108,891 $12,643,334.01
478160104 JOHNSON & JOHNSON US JNJ 89,092 $11,981,092.16
482480100 KLA-TENCOR CORPORATION US KLAC 15,816 $2,431,077.36
487836108 KELLOGG CO US K 29,482 $1,782,776.54
493267108 KEYCORP US KEY 84,623 $1,383,586.05
494368103 KIMBERLY CLARK CORP US KMB 26,721 $3,505,527.99
500255104 KOHLS CORP US KSS 18,962 $742,362.30
501044101 KROGER CO US KR 54,602 $1,535,954.26
512807108 LAM RESEARCH CORP US LRCX 8,527 $2,502,077.61
539830109 LOCKHEED MARTIN CORP US LMT 15,672 $5,796,602.64
56585A102 MARATHON PETROLEUM CORP US MPC 52,823 $2,504,866.66
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 24,801 $1,379,431.62
58933Y105 MERCK & CO INC US MRK 125,730 $9,625,888.80
60871R209 MOLSON COORS BREWING CO -B US TAP 20,302 $1,007,182.22
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 82,852 $4,374,585.60
64110D104 NETAPP INC US NTAP 19,528 $912,348.16
670346105 NUCOR CORP US NUE 33,532 $1,386,548.20
674599105 OCCIDENTAL PETROLEUM CORP US OXY 44,200 $1,447,108.00
717081103 PFIZER INC US PFE 263,724 $8,813,656.08
718546104 PHILLIPS 66 US PSX 26,487 $1,982,816.82
74834L100 QUEST DIAGNOSTICS INC US DGX 13,098 $1,389,173.88
7591EP100 REGIONS FINANCIAL CORP. US RF 79,525 $1,075,178.00
773903109 ROCKWELL AUTOMATION INC US ROK 8,878 $1,629,113.00
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 12,590 $1,296,644.10
871829107 SYSCO CORP US SYY 41,710 $2,779,971.50
882508104 TEXAS INSTRUMENTS INC US TXN 53,725 $6,132,171.50
88579Y101 3M CO US MMM 35,838 $5,348,463.12
89417E109 TRAVELLERS COS INC US TRV 15,385 $1,843,276.85
89832Q109 TRUIST FINANCIAL CORP US TFC 87,449 $4,034,896.86
902494103 TYSON FOODS INC -CL A US TSN 22,595 $1,532,618.85
902973304 U.S. BANCORP US USB 93,910 $4,361,180.40
907818108 UNION PAC CORP US UNP 39,011 $6,234,347.91
911312106 UNITED PARCEL SERVICE US UPS 56,760 $5,136,212.40
913017109 UNITED TECHNOLOGIES CORP US UTX 46,624 $6,088,628.16
918204108 VF CORP US VFC 29,757 $2,142,504.00
91913Y100 VALERO ENERGY US VLO 33,244 $2,202,415.00
92556H206 VIACOMCBS INC US VIAC 24,105 $593,224.05
931142103 WAL MART STORES US WMT 113,061 $12,174,408.48
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 61,302 $2,805,179.52
94106L109 WASTE MANAGEMENT INC US WM 32,090 $3,555,892.90
949746101 WELLS FARGO COMPANY US WFC 213,134 $8,706,523.90
958102105 WESTERN DIGITAL CORP US WDC 26,525 $1,473,729.00
G29183103 EATON CORP PLC US ETN 35,680 $3,236,889.60
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 67,047 $2,451,908.79
G5960L103 MEDTRONIC INC IE MDT 56,134 $5,651,009.78
H1467J104 CHUBB LTD CH CB 22,262 $3,228,657.86
N53745100 LYONDELLBASELL INDU-CL A US LYB 32,221 $2,302,512.66

Investments will change over time.

Distributions

  • Disciplined Value Series Class I Distribution History
  • 2020 Distribution Calendar
  • Fourth Quarter 2019 Distributions
  • Third Quarter 2019 Distributions
  • Second Quarter 2019 Distributions
  • First Quarter 2020 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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