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

$7.93

Daily $ Change

$0.01

Daily % Change

0.13%

as of 12/11/2019

Ticker

MDFSX

CUSIP

56382P476

Inception Date

03/01/2012

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, 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 11/30/2019

YTD

21.24%

1 Year

10.36%

3 Year

12.97%

5 Year

9.79%

10 Year

11.36%

Inception
(11/07/2008)

12.23%

Market Cycle

---

Inception performance is based on the Disciplined Value Series Class I inception of 11/07/2008. For periods through 03/01/2012 (the inception date of the Class S shares), performance for the Class S shares is hypothetical and is based on the historical performance of the Class I shares adjusted for the Class S shares’ charges and expenses. 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 0.84%*

*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee.

Top Ten Investments

As of 11/30/2019

JP MORGAN CHASE & CO 3.79%
WAL MART STORES 3.56%
JOHNSON & JOHNSON 3.34%
INTEL CORP 3.24%
HOME DEPOT INC 3.23%
WELLS FARGO COMPANY 3.03%
MERCK & CO INC 2.87%
PFIZER INC 2.73%
BOEING CO 2.50%
CISCO SYSTEMS INC 2.48%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 11/30/2019

Communication Services 0.28%
Consumer Discretionary 5.57%
Consumer Staples 12.89%
Energy 5.84%
Financials 17.47%
Health Care 19.69%
Industrials 21.34%
Information Technology 14.25%
Materials 2.67%

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.

November Fund Holdings

As of 11/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00287Y109 ABBVIE INC US ABBV 81,926 $7,187,367.98
020002101 ALLSTATE CORPORATION US ALL 18,516 $2,061,756.60
031162100 AMGEN INC US AMGN 35,825 $8,408,844.00
038222105 APPLIED MATERIALS INC US AMAT 53,527 $3,099,213.30
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 36,087 $1,549,214.91
054937107 BB&T CORP US BBT 40,508 $2,216,597.76
05722G100 BAKER HUGHES CO US BKR 65,476 $1,467,971.92
060505104 BANK OF AMERICA CORP US BAC 261,748 $8,721,443.36
086516101 BEST BUY INC US BBY 26,276 $2,118,896.64
097023105 BOEING CO US BA 24,133 $8,837,021.94
110122108 BRISTOL MYERS SQUIBB CO US BMY 87,568 $4,986,121.92
11135F101 BROADCOM INC US AVGO 17,978 $5,684,823.38
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 17,143 $1,317,439.55
126650100 CVS HEALTH CORP US CVS 67,476 $5,078,918.52
149123101 CATERPILLAR INC US CAT 30,611 $4,430,330.03
166764100 CHEVRON CORP US CVX 62,398 $7,308,677.74
17275R102 CISCO SYSTEMS INC US CSCO 193,794 $8,780,806.14
172967424 CITIGROUP INC US C 76,852 $5,773,122.24
194162103 COLGATE-PALMOLIVE CO US CL 53,644 $3,638,136.08
205887102 CONAGRA BRAND INC. US CAG 39,123 $1,129,481.01
231021106 CUMMINS INC US CMI 13,887 $2,539,376.82
260557103 DOW INC US DOW 41,931 $2,237,857.47
262006208 DREYFUS GVT CSH MANAGEMENT US 4,477,657.76 $4,477,657.76
277432100 EASTMAN CHEM CO US EMN 16,717 $1,310,111.29
291011104 EMERSON ELEC CO US EMR 45,439 $3,356,124.54
311900104 FASTENAL CO US FAST 52,861 $1,877,622.72
316773100 FIFTH THIRD BANCORP US FITB 61,696 $1,862,602.24
364760108 GAP INC US GPS 43,174 $717,120.14
369550108 GENERAL DYNAMICS CORP US GD 13,802 $2,508,375.48
370334104 GENERAL MLS INC US GIS 49,367 $2,632,248.44
372460105 GENUINE PARTS CO US GPC 16,620 $1,734,629.40
375558103 GILEAD SCIENCES INC US GILD 80,534 $5,415,106.16
406216101 HALLIBURTON CO US HAL 58,497 $1,227,852.03
416515104 HARTFORD FINL SVCS US HIG 24,235 $1,499,177.10
427866108 HERSHEY CO/THE US HSY 17,394 $2,577,095.04
437076102 HOME DEPOT INC US HD 51,855 $11,434,546.05
438516106 HONEYWELL INTERNATIONAL INC US HON 35,462 $6,331,740.10
452308109 ILLINOIS TOOL WKS INC US ITW 20,093 $3,502,812.69
458140100 INTEL CORP US INTC 197,508 $11,465,339.40
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 47,818 $6,429,130.10
460146103 INTERNATIONAL PAPER CO US IP 28,457 $1,318,697.38
46625H100 JP MORGAN CHASE & CO US JPM 101,820 $13,415,803.20
478160104 JOHNSON & JOHNSON US JNJ 85,785 $11,794,579.65
482480100 KLA-TENCOR CORPORATION US KLAC 16,646 $2,727,613.56
487836108 KELLOGG CO US K 27,548 $1,793,925.76
493267108 KEYCORP US KEY 84,623 $1,640,839.97
494368103 KIMBERLY CLARK CORP US KMB 24,343 $3,318,924.62
500255104 KOHLS CORP US KSS 22,794 $1,071,545.94
501044101 KROGER CO US KR 51,237 $1,400,819.58
512807108 LAM RESEARCH CORP US LRCX 8,527 $2,275,259.41
539830109 LOCKHEED MARTIN CORP US LMT 14,520 $5,677,755.60
56585A102 MARATHON PETROLEUM CORP US MPC 52,823 $3,203,186.72
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 24,801 $1,405,472.67
58933Y105 MERCK & CO INC US MRK 116,583 $10,163,705.94
60871R209 MOLSON COORS BREWING CO -B US TAP 20,302 $1,024,844.96
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 77,090 $4,050,308.60
64110D104 NETAPP INC US NTAP 16,483 $998,704.97
670346105 NUCOR CORP US NUE 31,451 $1,772,578.36
674599105 OCCIDENTAL PETROLEUM CORP US OXY 44,200 $1,704,794.00
717081103 PFIZER INC US PFE 250,921 $9,665,476.92
718546104 PHILLIPS 66 US PSX 24,419 $2,801,347.68
74834L100 QUEST DIAGNOSTICS INC US DGX 12,154 $1,295,008.70
7591EP100 REGIONS FINANCIAL CORP. US RF 75,615 $1,258,233.60
773903109 ROCKWELL AUTOMATION INC US ROK 8,349 $1,635,068.16
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 11,964 $1,257,296.76
867914103 SUNTRUST BANKS INC US STI 31,481 $2,230,114.04
871829107 SYSCO CORP US SYY 38,157 $3,073,546.35
882508104 TEXAS INSTRUMENTS INC US TXN 50,497 $6,070,244.37
88579Y101 3M CO US MMM 33,662 $5,714,797.74
89417E109 TRAVELLERS COS INC US TRV 14,059 $1,922,146.48
902494103 TYSON FOODS INC -CL A US TSN 22,595 $2,031,064.55
902973304 U.S. BANCORP US USB 89,732 $5,386,611.96
907818108 UNION PAC CORP US UNP 35,863 $6,311,529.37
911312106 UNITED PARCEL SERVICE US UPS 51,682 $6,187,885.86
913017109 UNITED TECHNOLOGIES CORP US UTX 42,770 $6,344,501.80
918204108 VF CORP US VFC 29,757 $2,634,684.78
91913Y100 VALERO ENERGY US VLO 30,870 $2,947,776.30
92553P201 VIACOM INC CL B US VIAB 40,429 $973,126.03
931142103 WAL MART STORES US WMT 105,847 $12,605,319.23
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 58,947 $3,513,241.20
94106L109 WASTE MANAGEMENT INC US WM 29,155 $3,291,891.05
949746101 WELLS FARGO COMPANY US WFC 196,558 $10,704,548.68
958102105 WESTERN DIGITAL CORP US WDC 28,658 $1,442,357.14
G29183103 EATON CORP PLC US ETN 31,670 $2,929,475.00
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 62,567 $2,679,744.61
G5960L103 MEDTRONIC INC IE MDT 50,450 $5,619,625.50
H1467J104 CHUBB LTD CH CB 20,279 $3,071,862.92
N53745100 LYONDELLBASELL INDU-CL A US LYB 30,338 $2,807,478.52

Investments will change over time.

Distributions

  • Disciplined Value Series Class S Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2019 Distribution Estimates
  • Third Quarter 2019 Distributions
  • Second Quarter 2019 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

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

$7.93

Daily $ Change

$0.01

Daily % Change

0.13%

as of 12/11/2019

Ticker

MDFSX

CUSIP

56382P476

Inception Date

03/01/2012

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, 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 11/30/2019

YTD

21.24%

1 Year

10.36%

3 Year

12.97%

5 Year

9.79%

10 Year

11.36%

Inception
(11/07/2008)

12.23%

Market Cycle

---

Inception performance is based on the Disciplined Value Series Class I inception of 11/07/2008. For periods through 03/01/2012 (the inception date of the Class S shares), performance for the Class S shares is hypothetical and is based on the historical performance of the Class I shares adjusted for the Class S shares’ charges and expenses. 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 0.84%*

*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee.

Top Ten Investments

As of 11/30/2019

JP MORGAN CHASE & CO 3.79%
WAL MART STORES 3.56%
JOHNSON & JOHNSON 3.34%
INTEL CORP 3.24%
HOME DEPOT INC 3.23%
WELLS FARGO COMPANY 3.03%
MERCK & CO INC 2.87%
PFIZER INC 2.73%
BOEING CO 2.50%
CISCO SYSTEMS INC 2.48%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 11/30/2019

Communication Services
0.28%
Consumer Discretionary
5.57%
Consumer Staples
12.89%
Energy
5.84%
Financials
17.47%
Health Care
19.69%
Industrials
21.34%
Information Technology
14.25%
Materials
2.67%

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.

November Fund Holdings

As of 11/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00287Y109 ABBVIE INC US ABBV 81,926 $7,187,367.98
020002101 ALLSTATE CORPORATION US ALL 18,516 $2,061,756.60
031162100 AMGEN INC US AMGN 35,825 $8,408,844.00
038222105 APPLIED MATERIALS INC US AMAT 53,527 $3,099,213.30
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 36,087 $1,549,214.91
054937107 BB&T CORP US BBT 40,508 $2,216,597.76
05722G100 BAKER HUGHES CO US BKR 65,476 $1,467,971.92
060505104 BANK OF AMERICA CORP US BAC 261,748 $8,721,443.36
086516101 BEST BUY INC US BBY 26,276 $2,118,896.64
097023105 BOEING CO US BA 24,133 $8,837,021.94
110122108 BRISTOL MYERS SQUIBB CO US BMY 87,568 $4,986,121.92
11135F101 BROADCOM INC US AVGO 17,978 $5,684,823.38
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 17,143 $1,317,439.55
126650100 CVS HEALTH CORP US CVS 67,476 $5,078,918.52
149123101 CATERPILLAR INC US CAT 30,611 $4,430,330.03
166764100 CHEVRON CORP US CVX 62,398 $7,308,677.74
17275R102 CISCO SYSTEMS INC US CSCO 193,794 $8,780,806.14
172967424 CITIGROUP INC US C 76,852 $5,773,122.24
194162103 COLGATE-PALMOLIVE CO US CL 53,644 $3,638,136.08
205887102 CONAGRA BRAND INC. US CAG 39,123 $1,129,481.01
231021106 CUMMINS INC US CMI 13,887 $2,539,376.82
260557103 DOW INC US DOW 41,931 $2,237,857.47
262006208 DREYFUS GVT CSH MANAGEMENT US 4,477,657.76 $4,477,657.76
277432100 EASTMAN CHEM CO US EMN 16,717 $1,310,111.29
291011104 EMERSON ELEC CO US EMR 45,439 $3,356,124.54
311900104 FASTENAL CO US FAST 52,861 $1,877,622.72
316773100 FIFTH THIRD BANCORP US FITB 61,696 $1,862,602.24
364760108 GAP INC US GPS 43,174 $717,120.14
369550108 GENERAL DYNAMICS CORP US GD 13,802 $2,508,375.48
370334104 GENERAL MLS INC US GIS 49,367 $2,632,248.44
372460105 GENUINE PARTS CO US GPC 16,620 $1,734,629.40
375558103 GILEAD SCIENCES INC US GILD 80,534 $5,415,106.16
406216101 HALLIBURTON CO US HAL 58,497 $1,227,852.03
416515104 HARTFORD FINL SVCS US HIG 24,235 $1,499,177.10
427866108 HERSHEY CO/THE US HSY 17,394 $2,577,095.04
437076102 HOME DEPOT INC US HD 51,855 $11,434,546.05
438516106 HONEYWELL INTERNATIONAL INC US HON 35,462 $6,331,740.10
452308109 ILLINOIS TOOL WKS INC US ITW 20,093 $3,502,812.69
458140100 INTEL CORP US INTC 197,508 $11,465,339.40
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 47,818 $6,429,130.10
460146103 INTERNATIONAL PAPER CO US IP 28,457 $1,318,697.38
46625H100 JP MORGAN CHASE & CO US JPM 101,820 $13,415,803.20
478160104 JOHNSON & JOHNSON US JNJ 85,785 $11,794,579.65
482480100 KLA-TENCOR CORPORATION US KLAC 16,646 $2,727,613.56
487836108 KELLOGG CO US K 27,548 $1,793,925.76
493267108 KEYCORP US KEY 84,623 $1,640,839.97
494368103 KIMBERLY CLARK CORP US KMB 24,343 $3,318,924.62
500255104 KOHLS CORP US KSS 22,794 $1,071,545.94
501044101 KROGER CO US KR 51,237 $1,400,819.58
512807108 LAM RESEARCH CORP US LRCX 8,527 $2,275,259.41
539830109 LOCKHEED MARTIN CORP US LMT 14,520 $5,677,755.60
56585A102 MARATHON PETROLEUM CORP US MPC 52,823 $3,203,186.72
57772K101 MAXIM INTEGRATED PRODUCTS US MXIM 24,801 $1,405,472.67
58933Y105 MERCK & CO INC US MRK 116,583 $10,163,705.94
60871R209 MOLSON COORS BREWING CO -B US TAP 20,302 $1,024,844.96
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 77,090 $4,050,308.60
64110D104 NETAPP INC US NTAP 16,483 $998,704.97
670346105 NUCOR CORP US NUE 31,451 $1,772,578.36
674599105 OCCIDENTAL PETROLEUM CORP US OXY 44,200 $1,704,794.00
717081103 PFIZER INC US PFE 250,921 $9,665,476.92
718546104 PHILLIPS 66 US PSX 24,419 $2,801,347.68
74834L100 QUEST DIAGNOSTICS INC US DGX 12,154 $1,295,008.70
7591EP100 REGIONS FINANCIAL CORP. US RF 75,615 $1,258,233.60
773903109 ROCKWELL AUTOMATION INC US ROK 8,349 $1,635,068.16
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 11,964 $1,257,296.76
867914103 SUNTRUST BANKS INC US STI 31,481 $2,230,114.04
871829107 SYSCO CORP US SYY 38,157 $3,073,546.35
882508104 TEXAS INSTRUMENTS INC US TXN 50,497 $6,070,244.37
88579Y101 3M CO US MMM 33,662 $5,714,797.74
89417E109 TRAVELLERS COS INC US TRV 14,059 $1,922,146.48
902494103 TYSON FOODS INC -CL A US TSN 22,595 $2,031,064.55
902973304 U.S. BANCORP US USB 89,732 $5,386,611.96
907818108 UNION PAC CORP US UNP 35,863 $6,311,529.37
911312106 UNITED PARCEL SERVICE US UPS 51,682 $6,187,885.86
913017109 UNITED TECHNOLOGIES CORP US UTX 42,770 $6,344,501.80
918204108 VF CORP US VFC 29,757 $2,634,684.78
91913Y100 VALERO ENERGY US VLO 30,870 $2,947,776.30
92553P201 VIACOM INC CL B US VIAB 40,429 $973,126.03
931142103 WAL MART STORES US WMT 105,847 $12,605,319.23
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 58,947 $3,513,241.20
94106L109 WASTE MANAGEMENT INC US WM 29,155 $3,291,891.05
949746101 WELLS FARGO COMPANY US WFC 196,558 $10,704,548.68
958102105 WESTERN DIGITAL CORP US WDC 28,658 $1,442,357.14
G29183103 EATON CORP PLC US ETN 31,670 $2,929,475.00
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 62,567 $2,679,744.61
G5960L103 MEDTRONIC INC IE MDT 50,450 $5,619,625.50
H1467J104 CHUBB LTD CH CB 20,279 $3,071,862.92
N53745100 LYONDELLBASELL INDU-CL A US LYB 30,338 $2,807,478.52

Investments will change over time.

Distributions

  • Disciplined Value Series Class S Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2019 Distribution Estimates
  • Third Quarter 2019 Distributions
  • Second Quarter 2019 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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