Mutual Fund

Disciplined Value Series

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

$8.09

Daily $ Change

-$0.04

Daily % Change

-0.49%

as of 09/22/2023

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
Applications & Forms
Fact Sheet
N-Port Part F Reports

Performance

As of 08/31/2023

YTD

1.82%

1 Year

8.44%

3 Year

9.80%

5 Year

6.45%

10 Year

9.69%

Inception
(11/07/2008)

10.88%

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 0.52%

Top Ten Investments

As of 08/31/2023

JP MORGAN CHASE & CO 4.12%
HOME DEPOT INC 3.96%
JOHNSON & JOHNSON 3.50%
BROADCOM INC 3.36%
MERCK & CO INC 3.20%
EXXON MOBIL CORP 3.09%
CHEVRON CORP 2.87%
CISCO SYSTEMS INC 2.79%
CATERPILLAR INC 2.60%
COMCAST CORP-CL A 2.53%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 08/31/2023

Communication Services
3.30%
Consumer Discretionary
5.16%
Consumer Staples
6.91%
Energy
15.39%
Financials
13.23%
Health Care
17.36%
Industrials
19.20%
Information Technology
16.93%
Materials
2.52%

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.

Security Description Country Ticker Shares/Par Market Value (USD)
3M CO US MMM 33,558 $3,579,631.86
ABBOTT LABORATORIES US ABT 65,340 $6,723,486.00
ANALOG DEVICES INC US ADI 32,857 $5,972,745.46
ARCHER-DANIELS-MIDLAND CO US ADM 39,783 $3,154,791.90
BANK OF AMERICA CORP US BAC 241,860 $6,934,126.20
BAXTER INTERNATIONAL INC US BAX 37,810 $1,535,086.00
BRISTOL MYERS SQUIBB CO US BMY 97,989 $6,041,021.85
BROADCOM INC US AVGO 12,688 $11,709,628.32
BROADRIDGE FINANCIAL SOLUTIONS US BR 10,908 $2,031,178.68
BUNGE LIMITED US BG 15,371 $1,757,212.72
C.H. ROBINSON WORLDWIDE INC US CHRW 15,572 $1,408,175.96
CAMPBELL SOUP CO US CPB 35,311 $1,472,468.70
CATERPILLAR INC US CAT 32,293 $9,078,531.09
CHEVRON CORP US CVX 62,093 $10,003,182.30
CISCO SYSTEMS INC US CSCO 169,917 $9,744,739.95
CITIGROUP INC US C 115,699 $4,777,211.71
COGNIZANT TECH SOLUTIONS - A US CTSH 31,451 $2,252,206.11
COLGATE-PALMOLIVE CO US CL 56,568 $4,156,050.96
COMCAST CORP-CL A US CMCSA 188,813 $8,828,895.88
CONAGRA BRAND INC. US CAG 50,727 $1,515,722.76
CONOCOPHILLIPS US COP 53,238 $6,336,919.14
CORNING INC US GLW 51,890 $1,703,029.80
COTERRA ENERGY INC US CTRA 61,524 $1,734,361.56
CUMMINS INC US CMI 13,626 $3,134,525.04
CVS HEALTH CORP US CVS 52,782 $3,439,802.94
DEVON ENERGY CORPORATION US DVN 44,777 $2,287,656.93
DIAMONDBACK ENERGY INC US FANG 13,735 $2,084,698.30
DOW INC US DOW 44,659 $2,436,595.04
DREYFUS GVT CSH MANAGEMENT US 3,450,825.01 $3,450,825.01
EBAY INC US EBAY 42,993 $1,925,226.54
EMERSON ELEC CO US EMR 43,476 $4,271,517.00
EOG RESOURCES INC US EOG 30,936 $3,978,988.32
EXXON MOBIL CORP US XOM 97,040 $10,789,877.60
FEDEX CORPORATION US FDX 11,847 $3,092,303.94
FIFTH THIRD BANCORP US FITB 62,709 $1,664,923.95
FMC CORP US FMC 13,782 $1,188,421.86
GENERAL DYNAMICS CORP US GD 19,362 $4,388,203.68
GENERAL MLS INC US GIS 46,525 $3,147,881.50
GENUINE PARTS CO US GPC 14,765 $2,269,823.45
GILEAD SCIENCES INC US GILD 76,658 $5,862,803.84
HALLIBURTON CO US HAL 55,595 $2,147,078.90
HARTFORD FINL SVCS US HIG 21,679 $1,556,985.78
HOME DEPOT INC US HD 41,800 $13,806,540.00
HONEYWELL INTERNATIONAL INC US HON 36,800 $6,916,192.00
HUNTINGTON BANCSHARES US HBAN 112,291 $1,245,307.19
INTERNATIONAL BUSINESS MACH CORP US IBM 36,269 $5,325,377.27
INTERNATIONAL FLVRS & FRAGRANCES US IFF 20,293 $1,429,641.85
JM SMUCKER CO/THE-NEW COM WI US SJM 12,127 $1,757,808.65
JOHNSON & JOHNSON US JNJ 75,583 $12,220,259.44
JP MORGAN CHASE & CO US JPM 98,251 $14,377,068.83
KELLOGG CO US K 23,128 $1,411,270.56
KRAFT HEINZ CO/THE US KHC 64,473 $2,133,411.57
L3HARRIS TECHNOLOGIES INC US LHX 14,180 $2,525,316.20
LOCKHEED MARTIN CORP US LMT 13,586 $6,091,283.10
MARATHON OIL CORP US MRO 48,306 $1,272,863.10
MARATHON PETROLEUM CORP US MPC 27,636 $3,945,591.72
MEDTRONIC INC IE MDT 62,216 $5,070,604.00
MERCK & CO INC US MRK 102,358 $11,154,974.84
MICROCHIP TECHNOLOGY INC US MCHP 35,496 $2,904,992.64
NETAPP INC US NTAP 23,454 $1,798,921.80
NORFOLK SOUTHN CORP US NSC 14,389 $2,949,888.89
OMNICOM GROUP US OMC 21,936 $1,777,035.36
PACKAGING CORP OF AMERICA US PKG 9,140 $1,362,774.00
PARAMOUNT GLOBAL CLASS B US PARA 58,783 $887,035.47
PFIZER INC US PFE 191,275 $6,767,309.50
PHILLIPS 66 US PSX 23,337 $2,664,151.92
PPG INDUSTRIES INC US PPG 16,719 $2,370,085.44
QUALCOMM INC US QCOM 59,323 $6,794,263.19
QUEST DIAGNOSTICS INC US DGX 12,997 $1,709,105.50
RAYTHEON TECHNOLOGIES CORP US RTX 55,167 $4,746,568.68
REGIONS FINANCIAL CORP. US RF 91,523 $1,678,531.82
SCHLUMBERGER LTD NL SLB 67,726 $3,993,124.96
SKYWORKS SOLUTIONS INC US SWKS 14,217 $1,545,956.58
SYSCO CORP US SYY 28,876 $2,011,213.40
TE CONNECTIVITY LIMITED CH TEL 20,958 $2,774,629.62
TEXAS INSTRUMENTS INC US TXN 38,848 $6,528,794.88
TRAVELLERS COS INC US TRV 18,046 $2,909,556.58
TRUIST FINANCIAL CORP US TFC 71,221 $2,175,801.55
TYSON FOODS INC -CL A US TSN 29,774 $1,586,060.98
U.S. BANCORP US USB 86,931 $3,175,589.43
UNION PAC CORP US UNP 30,359 $6,696,284.63
UNITED PARCEL SERVICE US UPS 35,835 $6,070,449.00
VALERO ENERGY US VLO 18,691 $2,427,960.90
WELLS FARGO COMPANY US WFC 136,392 $5,631,625.68

Investments will change over time.

Distributions

  • Disciplined Value Series Class I Distribution History
  • 2023 Distribution Calendar
  • 2023 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

$8.09

Daily $ Change

-$0.04

Daily % Change

-0.49%

as of 09/22/2023

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
Applications & Forms
Fact Sheet
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 08/31/2023

YTD

1.82%

1 Year

8.44%

3 Year

9.80%

5 Year

6.45%

10 Year

9.69%

Inception
(11/07/2008)

10.88%

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 0.52%

Top Ten Investments

As of 08/31/2023

JP MORGAN CHASE & CO 4.12%
HOME DEPOT INC 3.96%
JOHNSON & JOHNSON 3.50%
BROADCOM INC 3.36%
MERCK & CO INC 3.20%
EXXON MOBIL CORP 3.09%
CHEVRON CORP 2.87%
CISCO SYSTEMS INC 2.79%
CATERPILLAR INC 2.60%
COMCAST CORP-CL A 2.53%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 08/31/2023

Communication Services
3.30%
Consumer Discretionary
5.16%
Consumer Staples
6.91%
Energy
15.39%
Financials
13.23%
Health Care
17.36%
Industrials
19.20%
Information Technology
16.93%
Materials
2.52%

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.

Security Description Country Ticker Shares/Par Market Value (USD)
3M CO US MMM 33,558 $3,579,631.86
ABBOTT LABORATORIES US ABT 65,340 $6,723,486.00
ANALOG DEVICES INC US ADI 32,857 $5,972,745.46
ARCHER-DANIELS-MIDLAND CO US ADM 39,783 $3,154,791.90
BANK OF AMERICA CORP US BAC 241,860 $6,934,126.20
BAXTER INTERNATIONAL INC US BAX 37,810 $1,535,086.00
BRISTOL MYERS SQUIBB CO US BMY 97,989 $6,041,021.85
BROADCOM INC US AVGO 12,688 $11,709,628.32
BROADRIDGE FINANCIAL SOLUTIONS US BR 10,908 $2,031,178.68
BUNGE LIMITED US BG 15,371 $1,757,212.72
C.H. ROBINSON WORLDWIDE INC US CHRW 15,572 $1,408,175.96
CAMPBELL SOUP CO US CPB 35,311 $1,472,468.70
CATERPILLAR INC US CAT 32,293 $9,078,531.09
CHEVRON CORP US CVX 62,093 $10,003,182.30
CISCO SYSTEMS INC US CSCO 169,917 $9,744,739.95
CITIGROUP INC US C 115,699 $4,777,211.71
COGNIZANT TECH SOLUTIONS - A US CTSH 31,451 $2,252,206.11
COLGATE-PALMOLIVE CO US CL 56,568 $4,156,050.96
COMCAST CORP-CL A US CMCSA 188,813 $8,828,895.88
CONAGRA BRAND INC. US CAG 50,727 $1,515,722.76
CONOCOPHILLIPS US COP 53,238 $6,336,919.14
CORNING INC US GLW 51,890 $1,703,029.80
COTERRA ENERGY INC US CTRA 61,524 $1,734,361.56
CUMMINS INC US CMI 13,626 $3,134,525.04
CVS HEALTH CORP US CVS 52,782 $3,439,802.94
DEVON ENERGY CORPORATION US DVN 44,777 $2,287,656.93
DIAMONDBACK ENERGY INC US FANG 13,735 $2,084,698.30
DOW INC US DOW 44,659 $2,436,595.04
DREYFUS GVT CSH MANAGEMENT US 3,450,825.01 $3,450,825.01
EBAY INC US EBAY 42,993 $1,925,226.54
EMERSON ELEC CO US EMR 43,476 $4,271,517.00
EOG RESOURCES INC US EOG 30,936 $3,978,988.32
EXXON MOBIL CORP US XOM 97,040 $10,789,877.60
FEDEX CORPORATION US FDX 11,847 $3,092,303.94
FIFTH THIRD BANCORP US FITB 62,709 $1,664,923.95
FMC CORP US FMC 13,782 $1,188,421.86
GENERAL DYNAMICS CORP US GD 19,362 $4,388,203.68
GENERAL MLS INC US GIS 46,525 $3,147,881.50
GENUINE PARTS CO US GPC 14,765 $2,269,823.45
GILEAD SCIENCES INC US GILD 76,658 $5,862,803.84
HALLIBURTON CO US HAL 55,595 $2,147,078.90
HARTFORD FINL SVCS US HIG 21,679 $1,556,985.78
HOME DEPOT INC US HD 41,800 $13,806,540.00
HONEYWELL INTERNATIONAL INC US HON 36,800 $6,916,192.00
HUNTINGTON BANCSHARES US HBAN 112,291 $1,245,307.19
INTERNATIONAL BUSINESS MACH CORP US IBM 36,269 $5,325,377.27
INTERNATIONAL FLVRS & FRAGRANCES US IFF 20,293 $1,429,641.85
JM SMUCKER CO/THE-NEW COM WI US SJM 12,127 $1,757,808.65
JOHNSON & JOHNSON US JNJ 75,583 $12,220,259.44
JP MORGAN CHASE & CO US JPM 98,251 $14,377,068.83
KELLOGG CO US K 23,128 $1,411,270.56
KRAFT HEINZ CO/THE US KHC 64,473 $2,133,411.57
L3HARRIS TECHNOLOGIES INC US LHX 14,180 $2,525,316.20
LOCKHEED MARTIN CORP US LMT 13,586 $6,091,283.10
MARATHON OIL CORP US MRO 48,306 $1,272,863.10
MARATHON PETROLEUM CORP US MPC 27,636 $3,945,591.72
MEDTRONIC INC IE MDT 62,216 $5,070,604.00
MERCK & CO INC US MRK 102,358 $11,154,974.84
MICROCHIP TECHNOLOGY INC US MCHP 35,496 $2,904,992.64
NETAPP INC US NTAP 23,454 $1,798,921.80
NORFOLK SOUTHN CORP US NSC 14,389 $2,949,888.89
OMNICOM GROUP US OMC 21,936 $1,777,035.36
PACKAGING CORP OF AMERICA US PKG 9,140 $1,362,774.00
PARAMOUNT GLOBAL CLASS B US PARA 58,783 $887,035.47
PFIZER INC US PFE 191,275 $6,767,309.50
PHILLIPS 66 US PSX 23,337 $2,664,151.92
PPG INDUSTRIES INC US PPG 16,719 $2,370,085.44
QUALCOMM INC US QCOM 59,323 $6,794,263.19
QUEST DIAGNOSTICS INC US DGX 12,997 $1,709,105.50
RAYTHEON TECHNOLOGIES CORP US RTX 55,167 $4,746,568.68
REGIONS FINANCIAL CORP. US RF 91,523 $1,678,531.82
SCHLUMBERGER LTD NL SLB 67,726 $3,993,124.96
SKYWORKS SOLUTIONS INC US SWKS 14,217 $1,545,956.58
SYSCO CORP US SYY 28,876 $2,011,213.40
TE CONNECTIVITY LIMITED CH TEL 20,958 $2,774,629.62
TEXAS INSTRUMENTS INC US TXN 38,848 $6,528,794.88
TRAVELLERS COS INC US TRV 18,046 $2,909,556.58
TRUIST FINANCIAL CORP US TFC 71,221 $2,175,801.55
TYSON FOODS INC -CL A US TSN 29,774 $1,586,060.98
U.S. BANCORP US USB 86,931 $3,175,589.43
UNION PAC CORP US UNP 30,359 $6,696,284.63
UNITED PARCEL SERVICE US UPS 35,835 $6,070,449.00
VALERO ENERGY US VLO 18,691 $2,427,960.90
WELLS FARGO COMPANY US WFC 136,392 $5,631,625.68

Investments will change over time.

Distributions

  • Disciplined Value Series Class I Distribution History
  • 2023 Distribution Calendar
  • 2023 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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