A Redefined Approach to Value Investing

 

See below for most recent performance.

We redefine “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, factors that have historically driven favorable risk-adjusted returns and a meaningful level of downside risk management.

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

$13.70

Daily $ Change

$0.02

Daily % Change

0.15%

as of 04/18/2019

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 03/31/2019

YTD

10.59%

1 Year

7.75%

3 Year

13.52%

5 Year

10.12%

10 Year

14.07%

Inception
(11/07/2008)

12.36%

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 03/31/2019

JOHNSON & JOHNSON 4.06%
JP MORGAN CHASE & CO 3.68%
WAL MART STORES 3.64%
CISCO SYSTEMS INC 3.28%
BOEING CO 3.23%
PFIZER INC 3.19%
MERCK & CO INC 3.04%
INTEL CORP 3.02%
WELLS FARGO COMPANY 2.93%
HOME DEPOT INC 2.85%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 03/31/2019

Communication Services 2.13%
Consumer Discretionary 10.14%
Consumer Staples 16.43%
Energy 1.86%
Financials 9.50%
Health Care 19.98%
Industrials 21.62%
Information Technology 16.28%
Materials 2.06%

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. The “Other” category contains securities such as ETFs and others that cannot otherwise be classified.

March Fund Holdings

As of 03/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00287Y109 ABBVIE INC US ABBV 55,243 $4,452,033.37
031162100 AMGEN INC US AMGN 24,465 $4,647,860.70
053015103 AUTOMATIC DATA PROCESSING US ADP 20,771 $3,317,959.54
086516101 BEST BUY INC US BBY 15,580 $1,107,114.80
097023105 BOEING CO US BA 19,435 $7,412,897.70
110122108 BRISTOL MYERS SQUIBB CO US BMY 52,406 $2,500,290.26
11135F101 BROADCOM INC US AVGO 11,738 $3,529,733.98
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 10,562 $918,788.38
126650100 CVS HEALTH CORP US CVS 50,028 $2,698,010.04
134429109 CAMPBELL SOUP CO US CPB 22,170 $845,342.10
149123101 CATERPILLAR INC US CAT 17,086 $2,314,982.14
17275R102 CISCO SYSTEMS INC US CSCO 139,431 $7,527,879.69
189054109 CLOROX COMPANY US CLX 9,385 $1,505,917.10
194162103 COLGATE-PALMOLIVE CO US CL 40,608 $2,783,272.32
20030N101 COMCAST CORP-CL A US CMCSA 106,009 $4,238,239.82
205887102 CONAGRA BRAND INC. US CAG 26,954 $747,703.96
219350105 CORNING INC US GLW 47,652 $1,577,281.20
231021106 CUMMINS INC US CMI 9,091 $1,435,196.17
262006208 DREYFUS GVT CSH MANAGEMENT US 3,627,055.95 $3,627,055.95
277432100 EASTMAN CHEM CO US EMN 10,208 $774,583.04
291011104 EMERSON ELEC CO US EMR 31,318 $2,144,343.46
311900104 FASTENAL CO US FAST 19,521 $1,255,395.51
316773100 FIFTH THIRD BANCORP US FITB 47,685 $1,202,615.70
364760108 GAP INC US GPS 33,528 $877,763.04
370334104 GENERAL MLS INC US GIS 32,280 $1,670,490.00
372460105 GENUINE PARTS CO US GPC 10,698 $1,198,496.94
375558103 GILEAD SCIENCES INC US GILD 51,511 $3,348,730.11
418056107 HASBRO INC US HAS 10,105 $859,127.10
427866108 HERSHEY CO/THE US HSY 13,141 $1,508,981.03
437076102 HOME DEPOT INC US HD 34,154 $6,553,811.06
438516106 HONEYWELL INTERNATIONAL INC US HON 27,296 $4,337,880.32
440452100 HORMEL FOODS CORP US HRL 24,777 $1,109,018.52
452308109 ILLINOIS TOOL WKS INC US ITW 11,119 $1,595,910.07
458140100 INTEL CORP US INTC 129,079 $6,931,542.30
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 31,401 $4,430,681.10
46625H100 JP MORGAN CHASE & CO US JPM 83,505 $8,453,211.15
478160104 JOHNSON & JOHNSON US JNJ 66,661 $9,318,541.19
482480100 KLA-TENCOR CORPORATION US KLAC 10,203 $1,218,340.23
487836108 KELLOGG CO US K 17,057 $978,730.66
493267108 KEYCORP US KEY 55,207 $869,510.25
494368103 KIMBERLY CLARK CORP US KMB 19,431 $2,407,500.90
500255104 KOHLS CORP US KSS 12,874 $885,344.98
500754106 KRAFT HEINZ CO/THE US KHC 57,551 $1,879,040.15
532457108 ELI LILLY & CO US LLY 30,690 $3,982,334.40
539830109 LOCKHEED MARTIN CORP US LMT 10,207 $3,063,733.12
55616P104 MACY'S INC US M 28,158 $676,636.74
56585A102 MARATHON PETROLEUM CORP US MPC 42,183 $2,524,652.55
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 15,892 $844,977.64
580135101 MCDONALDS CORP US MCD 28,318 $5,377,588.20
58933Y105 MERCK & CO INC US MRK 83,925 $6,980,042.25
60871R209 MOLSON COORS BREWING CO -B US TAP 12,071 $720,035.15
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 48,345 $2,413,382.40
620076307 MOTOROLA SOLUTIONS INC US MSI 10,100 $1,418,242.00
651229106 NEWELL BRANDS INC US NWL 34,226 $525,026.84
655844108 NORFOLK SOUTHN CORP US NSC 10,833 $2,024,579.37
670346105 NUCOR CORP US NUE 20,308 $1,184,971.80
695156109 PACKAGING CORP OF AMERICA US PKG 6,745 $670,318.10
704326107 PAYCHEX INC US PAYX 21,894 $1,755,898.80
713448108 PEPSICO INC US PEP 45,639 $5,593,059.45
717081103 PFIZER INC US PFE 172,458 $7,324,291.26
74834L100 QUEST DIAGNOSTICS INC US DGX 7,330 $659,113.60
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 8,623 $1,004,579.50
867914103 SUNTRUST BANKS INC US STI 21,029 $1,245,968.25
871829107 SYSCO CORP US SYY 28,832 $1,924,824.32
876030107 TAPESTRY INC US TPR 16,025 $520,652.25
87612E106 TARGET CORP US TGT 27,550 $2,211,163.00
882508104 TEXAS INSTRUMENTS INC US TXN 37,440 $3,971,260.80
88579Y101 3M CO US MMM 20,454 $4,249,932.12
902973304 U.S. BANCORP US USB 69,323 $3,340,675.37
907818108 UNION PAC CORP US UNP 28,531 $4,770,383.20
911312106 UNITED PARCEL SERVICE US UPS 33,221 $3,712,114.54
913017109 UNITED TECHNOLOGIES CORP US UTX 29,840 $3,846,077.60
918204108 VF CORP US VFC 20,697 $1,798,776.27
91913Y100 VALERO ENERGY US VLO 20,754 $1,760,561.82
92553P201 VIACOM INC CL B US VIAB 23,139 $649,511.73
931142103 WAL MART STORES US WMT 85,822 $8,370,219.66
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 36,400 $2,303,028.00
94106L109 WASTE MANAGEMENT INC US WM 21,305 $2,213,802.55
949746101 WELLS FARGO COMPANY US WFC 139,203 $6,726,288.96
958102105 WESTERN DIGITAL CORP US WDC 18,245 $876,854.70
96145D105 WESTROCK CO US WRK 12,485 $478,799.75
963320106 WHIRLPOOL CORP US WHR 5,350 $710,961.50
G29183103 EATON CORP PLC US ETN 21,882 $1,762,813.92
G47791101 INGERSOLL-RAND PLC US IR 11,399 $1,230,522.05
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 37,167 $1,372,948.98
N53745100 LYONDELLBASELL INDU-CL A US LYB 19,326 $1,624,930.08

Investments will change over time.

Distributions

  • Disciplined Value Series Class I Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2019 Distributions
  • Tax Letter

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

 

See below for most recent performance.

We redefine “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, factors that have historically driven favorable risk-adjusted returns and a meaningful level of downside risk management.

Daily Price

$13.70

Daily $ Change

$0.02

Daily % Change

0.15%

as of 04/18/2019

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 03/31/2019

YTD

10.59%

1 Year

7.75%

3 Year

13.52%

5 Year

10.12%

10 Year

14.07%

Inception
(11/07/2008)

12.36%

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 03/31/2019

JOHNSON & JOHNSON 4.06%
JP MORGAN CHASE & CO 3.68%
WAL MART STORES 3.64%
CISCO SYSTEMS INC 3.28%
BOEING CO 3.23%
PFIZER INC 3.19%
MERCK & CO INC 3.04%
INTEL CORP 3.02%
WELLS FARGO COMPANY 2.93%
HOME DEPOT INC 2.85%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 03/31/2019

Communication Services
2.13%
Consumer Discretionary
10.14%
Consumer Staples
16.43%
Energy
1.86%
Financials
9.50%
Health Care
19.98%
Industrials
21.62%
Information Technology
16.28%
Materials
2.06%

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. The “Other” category contains securities such as ETFs and others that cannot otherwise be classified.

March Fund Holdings

As of 03/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00287Y109 ABBVIE INC US ABBV 55,243 $4,452,033.37
031162100 AMGEN INC US AMGN 24,465 $4,647,860.70
053015103 AUTOMATIC DATA PROCESSING US ADP 20,771 $3,317,959.54
086516101 BEST BUY INC US BBY 15,580 $1,107,114.80
097023105 BOEING CO US BA 19,435 $7,412,897.70
110122108 BRISTOL MYERS SQUIBB CO US BMY 52,406 $2,500,290.26
11135F101 BROADCOM INC US AVGO 11,738 $3,529,733.98
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 10,562 $918,788.38
126650100 CVS HEALTH CORP US CVS 50,028 $2,698,010.04
134429109 CAMPBELL SOUP CO US CPB 22,170 $845,342.10
149123101 CATERPILLAR INC US CAT 17,086 $2,314,982.14
17275R102 CISCO SYSTEMS INC US CSCO 139,431 $7,527,879.69
189054109 CLOROX COMPANY US CLX 9,385 $1,505,917.10
194162103 COLGATE-PALMOLIVE CO US CL 40,608 $2,783,272.32
20030N101 COMCAST CORP-CL A US CMCSA 106,009 $4,238,239.82
205887102 CONAGRA BRAND INC. US CAG 26,954 $747,703.96
219350105 CORNING INC US GLW 47,652 $1,577,281.20
231021106 CUMMINS INC US CMI 9,091 $1,435,196.17
262006208 DREYFUS GVT CSH MANAGEMENT US 3,627,055.95 $3,627,055.95
277432100 EASTMAN CHEM CO US EMN 10,208 $774,583.04
291011104 EMERSON ELEC CO US EMR 31,318 $2,144,343.46
311900104 FASTENAL CO US FAST 19,521 $1,255,395.51
316773100 FIFTH THIRD BANCORP US FITB 47,685 $1,202,615.70
364760108 GAP INC US GPS 33,528 $877,763.04
370334104 GENERAL MLS INC US GIS 32,280 $1,670,490.00
372460105 GENUINE PARTS CO US GPC 10,698 $1,198,496.94
375558103 GILEAD SCIENCES INC US GILD 51,511 $3,348,730.11
418056107 HASBRO INC US HAS 10,105 $859,127.10
427866108 HERSHEY CO/THE US HSY 13,141 $1,508,981.03
437076102 HOME DEPOT INC US HD 34,154 $6,553,811.06
438516106 HONEYWELL INTERNATIONAL INC US HON 27,296 $4,337,880.32
440452100 HORMEL FOODS CORP US HRL 24,777 $1,109,018.52
452308109 ILLINOIS TOOL WKS INC US ITW 11,119 $1,595,910.07
458140100 INTEL CORP US INTC 129,079 $6,931,542.30
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 31,401 $4,430,681.10
46625H100 JP MORGAN CHASE & CO US JPM 83,505 $8,453,211.15
478160104 JOHNSON & JOHNSON US JNJ 66,661 $9,318,541.19
482480100 KLA-TENCOR CORPORATION US KLAC 10,203 $1,218,340.23
487836108 KELLOGG CO US K 17,057 $978,730.66
493267108 KEYCORP US KEY 55,207 $869,510.25
494368103 KIMBERLY CLARK CORP US KMB 19,431 $2,407,500.90
500255104 KOHLS CORP US KSS 12,874 $885,344.98
500754106 KRAFT HEINZ CO/THE US KHC 57,551 $1,879,040.15
532457108 ELI LILLY & CO US LLY 30,690 $3,982,334.40
539830109 LOCKHEED MARTIN CORP US LMT 10,207 $3,063,733.12
55616P104 MACY'S INC US M 28,158 $676,636.74
56585A102 MARATHON PETROLEUM CORP US MPC 42,183 $2,524,652.55
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 15,892 $844,977.64
580135101 MCDONALDS CORP US MCD 28,318 $5,377,588.20
58933Y105 MERCK & CO INC US MRK 83,925 $6,980,042.25
60871R209 MOLSON COORS BREWING CO -B US TAP 12,071 $720,035.15
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 48,345 $2,413,382.40
620076307 MOTOROLA SOLUTIONS INC US MSI 10,100 $1,418,242.00
651229106 NEWELL BRANDS INC US NWL 34,226 $525,026.84
655844108 NORFOLK SOUTHN CORP US NSC 10,833 $2,024,579.37
670346105 NUCOR CORP US NUE 20,308 $1,184,971.80
695156109 PACKAGING CORP OF AMERICA US PKG 6,745 $670,318.10
704326107 PAYCHEX INC US PAYX 21,894 $1,755,898.80
713448108 PEPSICO INC US PEP 45,639 $5,593,059.45
717081103 PFIZER INC US PFE 172,458 $7,324,291.26
74834L100 QUEST DIAGNOSTICS INC US DGX 7,330 $659,113.60
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 8,623 $1,004,579.50
867914103 SUNTRUST BANKS INC US STI 21,029 $1,245,968.25
871829107 SYSCO CORP US SYY 28,832 $1,924,824.32
876030107 TAPESTRY INC US TPR 16,025 $520,652.25
87612E106 TARGET CORP US TGT 27,550 $2,211,163.00
882508104 TEXAS INSTRUMENTS INC US TXN 37,440 $3,971,260.80
88579Y101 3M CO US MMM 20,454 $4,249,932.12
902973304 U.S. BANCORP US USB 69,323 $3,340,675.37
907818108 UNION PAC CORP US UNP 28,531 $4,770,383.20
911312106 UNITED PARCEL SERVICE US UPS 33,221 $3,712,114.54
913017109 UNITED TECHNOLOGIES CORP US UTX 29,840 $3,846,077.60
918204108 VF CORP US VFC 20,697 $1,798,776.27
91913Y100 VALERO ENERGY US VLO 20,754 $1,760,561.82
92553P201 VIACOM INC CL B US VIAB 23,139 $649,511.73
931142103 WAL MART STORES US WMT 85,822 $8,370,219.66
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 36,400 $2,303,028.00
94106L109 WASTE MANAGEMENT INC US WM 21,305 $2,213,802.55
949746101 WELLS FARGO COMPANY US WFC 139,203 $6,726,288.96
958102105 WESTERN DIGITAL CORP US WDC 18,245 $876,854.70
96145D105 WESTROCK CO US WRK 12,485 $478,799.75
963320106 WHIRLPOOL CORP US WHR 5,350 $710,961.50
G29183103 EATON CORP PLC US ETN 21,882 $1,762,813.92
G47791101 INGERSOLL-RAND PLC US IR 11,399 $1,230,522.05
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 37,167 $1,372,948.98
N53745100 LYONDELLBASELL INDU-CL A US LYB 19,326 $1,624,930.08

Investments will change over time.

Distributions

  • Disciplined Value Series Class I Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2019 Distributions
  • Tax Letter

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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