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

$7.15

Daily $ Change

$0.01

Daily % Change

0.14%

as of 09/24/2020

Ticker

MDVZX

CUSIP

56382R274

Inception Date

03/01/2019

Investment Minimum

$1,000,000.00

*May be waived for certain qualified retirement plans that are not discretionary investment clients of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms

Performance

As of 08/31/2020

YTD

-7.52%

1 Year

3.40%

3 Year

7.64%

5 Year

10.32%

10 Year

11.44%

Inception
(11/07/2008)

11.17%

Inception performance is based on the Disciplined Value Series Class I inception of 11/07/2008. For periods through 03/01/2019 (the inception date of the Class Z shares), performance for the Class Z shares is based on the historical performance of the Class I shares. Because the Class Z shares invest in the same portfolio of securities as the Class I shares, performance will be different only to the extent that the Class I shares have a higher expense ratio. 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 0.47%
Net 0.45%*

*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses, where applicable. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors. Class Z shares do not make payments to financial intermediaries.

Top Ten Investments

As of 08/31/2020

WAL MART STORES 3.97%
HOME DEPOT INC 3.84%
JOHNSON & JOHNSON 3.64%
JP MORGAN CHASE & CO 3.21%
PFIZER INC 2.74%
MERCK & CO INC 2.69%
INTEL CORP 2.40%
BANK OF AMERICA CORP 2.37%
CISCO SYSTEMS INC 2.37%
ABBVIE INC 2.22%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 08/31/2020

Communication Services 1.98%
Consumer Discretionary 5.99%
Consumer Staples 14.20%
Energy 2.39%
Financials 14.96%
Health Care 18.33%
Industrials 22.13%
Information Technology 16.64%
Materials 3.38%

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.

August Fund Holdings

As of 08/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00287Y109 ABBVIE INC US ABBV 77,631 $7,434,720.87
020002101 ALLSTATE CORPORATION US ALL 21,816 $2,028,888.00
032654105 ANALOG DEVICES INC US ADI 20,488 $2,394,637.44
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 48,496 $2,170,680.96
053015103 AUTOMATIC DATA PROCESSING US ADP 19,585 $2,724,077.65
05722G100 BAKER HUGHES CO US BKR 80,732 $1,152,852.96
060505104 BANK OF AMERICA CORP US BAC 308,419 $7,938,705.06
086516101 BEST BUY INC US BBY 21,241 $2,355,839.31
110122108 BRISTOL MYERS SQUIBB CO US BMY 107,249 $6,670,887.80
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 15,244 $1,498,485.20
149123101 CATERPILLAR INC US CAT 33,153 $4,718,003.43
172062101 CINCINNATI FINANCIAL CORP US CINF 12,141 $964,116.81
17275R102 CISCO SYSTEMS INC US CSCO 187,969 $7,936,051.18
172967424 CITIGROUP INC US C 97,639 $4,991,305.68
194162103 COLGATE-PALMOLIVE CO US CL 53,492 $4,239,775.92
20030N101 COMCAST CORP-CL A US CMCSA 147,986 $6,631,252.66
205887102 CONAGRA BRAND INC. US CAG 50,524 $1,938,100.64
20825C104 CONOCOPHILLIPS US COP 51,857 $1,964,861.73
21036P108 CONSTELLATION BRANDS INC-A US STZ 10,805 $1,993,306.40
231021106 CUMMINS INC US CMI 13,379 $2,772,797.75
260003108 DOVER CORP US DOV 10,915 $1,198,903.60
262006208 DREYFUS GVT CSH MANAGEMENT US 1,353,331.64 $1,353,331.64
26875P101 EOG RESOURCES INC US EOG 32,991 $1,495,811.94
291011104 EMERSON ELEC CO US EMR 49,669 $3,450,505.43
311900104 FASTENAL CO US FAST 54,079 $2,642,299.94
316773100 FIFTH THIRD BANCORP US FITB 57,770 $1,193,528.20
369550108 GENERAL DYNAMICS CORP US GD 19,478 $2,909,039.30
370334104 GENERAL MLS INC US GIS 49,653 $3,175,309.35
372460105 GENUINE PARTS CO US GPC 14,184 $1,339,536.96
375558103 GILEAD SCIENCES INC US GILD 67,333 $4,494,477.75
384802104 WW GRAINGER INC US GWW 4,097 $1,497,166.71
416515104 HARTFORD FINL SVCS US HIG 31,829 $1,287,483.05
427866108 HERSHEY CO/THE US HSY 17,036 $2,532,231.04
437076102 HOME DEPOT INC US HD 45,104 $12,856,444.16
438516106 HONEYWELL INTERNATIONAL INC US HON 38,131 $6,312,587.05
440452100 HORMEL FOODS CORP US HRL 33,282 $1,696,716.36
452308109 ILLINOIS TOOL WKS INC US ITW 21,848 $4,316,072.40
458140100 INTEL CORP US INTC 157,438 $8,021,466.10
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 47,356 $5,839,468.36
459506101 INTERNATIONAL FLVRS & FRAGRANCES US IFF 7,353 $910,227.87
46625H100 JP MORGAN CHASE & CO US JPM 107,369 $10,757,300.11
478160104 JOHNSON & JOHNSON US JNJ 79,378 $12,177,378.98
482480100 KLA-TENCOR CORPORATION US KLAC 11,804 $2,421,472.56
494368103 KIMBERLY CLARK CORP US KMB 24,514 $3,867,328.64
501044101 KROGER CO US KR 66,280 $2,364,870.40
532457108 ELI LILLY & CO US LLY 32,733 $4,857,249.87
539830109 LOCKHEED MARTIN CORP US LMT 15,567 $6,075,177.42
56585A102 MARATHON PETROLEUM CORP US MPC 51,162 $1,814,204.52
58933Y105 MERCK & CO INC US MRK 105,543 $8,999,651.61
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 85,000 $4,965,700.00
64110D104 NETAPP INC US NTAP 22,921 $1,086,226.19
655844108 NORFOLK SOUTHN CORP US NSC 13,462 $2,861,078.86
670346105 NUCOR CORP US NUE 32,512 $1,477,995.52
68389X105 ORACLE CORP US ORCL 94,775 $5,423,025.50
693475105 PNC FINANCIAL SERVICES GROUP US PNC 20,928 $2,327,193.60
693506107 PPG INDUSTRIES INC US PPG 15,461 $1,861,504.40
701094104 PARKER HANNIFIN CORP US PH 8,556 $1,762,621.56
717081103 PFIZER INC US PFE 242,491 $9,163,734.89
747525103 QUALCOMM INC US QCOM 39,837 $4,744,586.70
74834L100 QUEST DIAGNOSTICS INC US DGX 11,464 $1,275,255.36
75513E101 RAYTHEON TECHNOLOGIES CORP US RTX 77,761 $4,743,421.00
7591EP100 REGIONS FINANCIAL CORP. US RF 92,505 $1,069,357.80
773903109 ROCKWELL AUTOMATION INC US ROK 9,606 $2,214,471.18
83088M102 SKYWORKS SOLUTIONS INC US SWKS 11,282 $1,634,197.70
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 13,462 $1,617,863.16
854502101 STANLEY WORKS/THE US SWK 10,285 $1,658,970.50
871829107 SYSCO CORP US SYY 31,650 $1,903,431.00
882508104 TEXAS INSTRUMENTS INC US TXN 46,751 $6,645,654.65
88579Y101 3M CO US MMM 32,739 $5,337,111.78
89417E109 TRAVELLERS COS INC US TRV 19,254 $2,234,234.16
89832Q109 TRUIST FINANCIAL CORP US TFC 85,086 $3,302,187.66
902494103 TYSON FOODS INC -CL A US TSN 28,060 $1,762,168.00
902973304 U.S. BANCORP US USB 100,752 $3,667,372.80
907818108 UNION PAC CORP US UNP 36,196 $6,965,558.24
918204108 VF CORP US VFC 31,470 $2,069,152.50
91913Y100 VALERO ENERGY US VLO 29,751 $1,564,605.09
931142103 WAL MART STORES US WMT 95,586 $13,272,116.10
94106L109 WASTE MANAGEMENT INC US WM 29,926 $3,411,564.00
949746101 WELLS FARGO COMPANY US WFC 207,537 $5,012,018.55
983919101 XILINX INC US XLNX 16,737 $1,743,325.92
G1151C101 ACCENTURE PLC - CL A IE ACN 21,128 $5,069,241.04
G29183103 EATON CORP PLC US ETN 31,890 $3,255,969.00
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 70,033 $2,852,444.09
G5494J103 LINDE PLC GB LIN 21,052 $5,257,526.48
G5960L103 MEDTRONIC INC IE MDT 58,172 $6,251,744.84
G8994E103 TRANE TECHNOLOGIES IE TT 13,685 $1,620,167.15
H1467J104 CHUBB LTD CH CB 26,220 $3,277,500.00
H2906T109 GARMIN LTD CH GRMN 13,705 $1,419,975.05
N53745100 LYONDELLBASELL INDU-CL A US LYB 27,410 $1,794,806.80

Investments will change over time.

Distributions

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

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

$7.15

Daily $ Change

$0.01

Daily % Change

0.14%

as of 09/24/2020

Ticker

MDVZX

CUSIP

56382R274

Inception Date

03/01/2019

Investment Minimum

$1,000,000.00

*May be waived for certain qualified retirement plans that are not discretionary investment clients 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 08/31/2020

YTD

-7.52%

1 Year

3.40%

3 Year

7.64%

5 Year

10.32%

10 Year

11.44%

Inception
(11/07/2008)

11.17%

Inception performance is based on the Disciplined Value Series Class I inception of 11/07/2008. For periods through 03/01/2019 (the inception date of the Class Z shares), performance for the Class Z shares is based on the historical performance of the Class I shares. Because the Class Z shares invest in the same portfolio of securities as the Class I shares, performance will be different only to the extent that the Class I shares have a higher expense ratio. 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 0.47%
Net 0.45%*

*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses, where applicable. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors. Class Z shares do not make payments to financial intermediaries.

Top Ten Investments

As of 08/31/2020

WAL MART STORES 3.97%
HOME DEPOT INC 3.84%
JOHNSON & JOHNSON 3.64%
JP MORGAN CHASE & CO 3.21%
PFIZER INC 2.74%
MERCK & CO INC 2.69%
INTEL CORP 2.40%
BANK OF AMERICA CORP 2.37%
CISCO SYSTEMS INC 2.37%
ABBVIE INC 2.22%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 08/31/2020

Communication Services
1.98%
Consumer Discretionary
5.99%
Consumer Staples
14.20%
Energy
2.39%
Financials
14.96%
Health Care
18.33%
Industrials
22.13%
Information Technology
16.64%
Materials
3.38%

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.

August Fund Holdings

As of 08/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00287Y109 ABBVIE INC US ABBV 77,631 $7,434,720.87
020002101 ALLSTATE CORPORATION US ALL 21,816 $2,028,888.00
032654105 ANALOG DEVICES INC US ADI 20,488 $2,394,637.44
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 48,496 $2,170,680.96
053015103 AUTOMATIC DATA PROCESSING US ADP 19,585 $2,724,077.65
05722G100 BAKER HUGHES CO US BKR 80,732 $1,152,852.96
060505104 BANK OF AMERICA CORP US BAC 308,419 $7,938,705.06
086516101 BEST BUY INC US BBY 21,241 $2,355,839.31
110122108 BRISTOL MYERS SQUIBB CO US BMY 107,249 $6,670,887.80
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 15,244 $1,498,485.20
149123101 CATERPILLAR INC US CAT 33,153 $4,718,003.43
172062101 CINCINNATI FINANCIAL CORP US CINF 12,141 $964,116.81
17275R102 CISCO SYSTEMS INC US CSCO 187,969 $7,936,051.18
172967424 CITIGROUP INC US C 97,639 $4,991,305.68
194162103 COLGATE-PALMOLIVE CO US CL 53,492 $4,239,775.92
20030N101 COMCAST CORP-CL A US CMCSA 147,986 $6,631,252.66
205887102 CONAGRA BRAND INC. US CAG 50,524 $1,938,100.64
20825C104 CONOCOPHILLIPS US COP 51,857 $1,964,861.73
21036P108 CONSTELLATION BRANDS INC-A US STZ 10,805 $1,993,306.40
231021106 CUMMINS INC US CMI 13,379 $2,772,797.75
260003108 DOVER CORP US DOV 10,915 $1,198,903.60
262006208 DREYFUS GVT CSH MANAGEMENT US 1,353,331.64 $1,353,331.64
26875P101 EOG RESOURCES INC US EOG 32,991 $1,495,811.94
291011104 EMERSON ELEC CO US EMR 49,669 $3,450,505.43
311900104 FASTENAL CO US FAST 54,079 $2,642,299.94
316773100 FIFTH THIRD BANCORP US FITB 57,770 $1,193,528.20
369550108 GENERAL DYNAMICS CORP US GD 19,478 $2,909,039.30
370334104 GENERAL MLS INC US GIS 49,653 $3,175,309.35
372460105 GENUINE PARTS CO US GPC 14,184 $1,339,536.96
375558103 GILEAD SCIENCES INC US GILD 67,333 $4,494,477.75
384802104 WW GRAINGER INC US GWW 4,097 $1,497,166.71
416515104 HARTFORD FINL SVCS US HIG 31,829 $1,287,483.05
427866108 HERSHEY CO/THE US HSY 17,036 $2,532,231.04
437076102 HOME DEPOT INC US HD 45,104 $12,856,444.16
438516106 HONEYWELL INTERNATIONAL INC US HON 38,131 $6,312,587.05
440452100 HORMEL FOODS CORP US HRL 33,282 $1,696,716.36
452308109 ILLINOIS TOOL WKS INC US ITW 21,848 $4,316,072.40
458140100 INTEL CORP US INTC 157,438 $8,021,466.10
459200101 INTERNATIONAL BUSINESS MACH CORP US IBM 47,356 $5,839,468.36
459506101 INTERNATIONAL FLVRS & FRAGRANCES US IFF 7,353 $910,227.87
46625H100 JP MORGAN CHASE & CO US JPM 107,369 $10,757,300.11
478160104 JOHNSON & JOHNSON US JNJ 79,378 $12,177,378.98
482480100 KLA-TENCOR CORPORATION US KLAC 11,804 $2,421,472.56
494368103 KIMBERLY CLARK CORP US KMB 24,514 $3,867,328.64
501044101 KROGER CO US KR 66,280 $2,364,870.40
532457108 ELI LILLY & CO US LLY 32,733 $4,857,249.87
539830109 LOCKHEED MARTIN CORP US LMT 15,567 $6,075,177.42
56585A102 MARATHON PETROLEUM CORP US MPC 51,162 $1,814,204.52
58933Y105 MERCK & CO INC US MRK 105,543 $8,999,651.61
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 85,000 $4,965,700.00
64110D104 NETAPP INC US NTAP 22,921 $1,086,226.19
655844108 NORFOLK SOUTHN CORP US NSC 13,462 $2,861,078.86
670346105 NUCOR CORP US NUE 32,512 $1,477,995.52
68389X105 ORACLE CORP US ORCL 94,775 $5,423,025.50
693475105 PNC FINANCIAL SERVICES GROUP US PNC 20,928 $2,327,193.60
693506107 PPG INDUSTRIES INC US PPG 15,461 $1,861,504.40
701094104 PARKER HANNIFIN CORP US PH 8,556 $1,762,621.56
717081103 PFIZER INC US PFE 242,491 $9,163,734.89
747525103 QUALCOMM INC US QCOM 39,837 $4,744,586.70
74834L100 QUEST DIAGNOSTICS INC US DGX 11,464 $1,275,255.36
75513E101 RAYTHEON TECHNOLOGIES CORP US RTX 77,761 $4,743,421.00
7591EP100 REGIONS FINANCIAL CORP. US RF 92,505 $1,069,357.80
773903109 ROCKWELL AUTOMATION INC US ROK 9,606 $2,214,471.18
83088M102 SKYWORKS SOLUTIONS INC US SWKS 11,282 $1,634,197.70
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 13,462 $1,617,863.16
854502101 STANLEY WORKS/THE US SWK 10,285 $1,658,970.50
871829107 SYSCO CORP US SYY 31,650 $1,903,431.00
882508104 TEXAS INSTRUMENTS INC US TXN 46,751 $6,645,654.65
88579Y101 3M CO US MMM 32,739 $5,337,111.78
89417E109 TRAVELLERS COS INC US TRV 19,254 $2,234,234.16
89832Q109 TRUIST FINANCIAL CORP US TFC 85,086 $3,302,187.66
902494103 TYSON FOODS INC -CL A US TSN 28,060 $1,762,168.00
902973304 U.S. BANCORP US USB 100,752 $3,667,372.80
907818108 UNION PAC CORP US UNP 36,196 $6,965,558.24
918204108 VF CORP US VFC 31,470 $2,069,152.50
91913Y100 VALERO ENERGY US VLO 29,751 $1,564,605.09
931142103 WAL MART STORES US WMT 95,586 $13,272,116.10
94106L109 WASTE MANAGEMENT INC US WM 29,926 $3,411,564.00
949746101 WELLS FARGO COMPANY US WFC 207,537 $5,012,018.55
983919101 XILINX INC US XLNX 16,737 $1,743,325.92
G1151C101 ACCENTURE PLC - CL A IE ACN 21,128 $5,069,241.04
G29183103 EATON CORP PLC US ETN 31,890 $3,255,969.00
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 70,033 $2,852,444.09
G5494J103 LINDE PLC GB LIN 21,052 $5,257,526.48
G5960L103 MEDTRONIC INC IE MDT 58,172 $6,251,744.84
G8994E103 TRANE TECHNOLOGIES IE TT 13,685 $1,620,167.15
H1467J104 CHUBB LTD CH CB 26,220 $3,277,500.00
H2906T109 GARMIN LTD CH GRMN 13,705 $1,419,975.05
N53745100 LYONDELLBASELL INDU-CL A US LYB 27,410 $1,794,806.80

Investments will change over time.

Distributions

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