Investment Objective

To provide investors with long-term capital appreciation by investing primarily in the common stock of small- to mid-capitalization companies located outside the U.S.

Investment Strategy

The Series is primarily invested in the common stock of small- and mid-capitalization companies traded outside the U.S. Rainier typically selects investments that fall within the market capitalization range of the MSCI ACWI ex USA Small Cap Index at the time of purchase. The Team will invest in any type of company whether it is in the index or not, as long as it is within the market cap range and fits the investment objectives. To control risk, extreme overweighting or underweighting of the Series relative to the Index is normally avoided.

Investment decisions are based on fundamental analysis, which emphasizes bottom-up stock selection of companies that exhibit strong growth, clear key earnings drivers and attractive valuations. The investment team evaluates companies across all sectors and regions using this growth and valuation criteria.

May be Appropriate for Investors

  • Seeking a long-term (15 years or more) investment and who are willing to accept the risk of investing in foreign equity securities
  • Seeking to diversify a portfolio by adding a foreign equity component

Daily Price

$19.57

Daily $ Change

$0.02

Daily % Change

0.10%

as of 10/19/2018

Ticker

RISAX

CUSIP

56382R670

Inception Date

03/28/2012

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
XBRL-3/20/18

Performance

As of 09/30/2018

YTD

0.47%

1 Year

6.73%

3 Year

11.14%

5 Year

10.26%

10 Year

---

Inception
(03/28/2012)

13.76%

Market Cycle

---

For periods prior to 08/21/2017, performance for Class K is based on the historical performance of the Class A Shares of the Rainier International Discovery Fund (Predecessor Fund) Class A Shares, which was managed by Rainier Investment Management, LLC and reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series Class K on 08/21/2017. Performance prior to 11/30/2012 is based on the historical performance of the Predecessor Fund’s Institutional Shares and adjusted for the Predecessor Fund’s Class A Shares expenses. If the sales charges were reflected or if performance had been adjusted to reflect the Class K Shares’ expenses, the performance would have been different depending on total expenses incurred by the Predecessor Fund. 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 1.57%
Net 1.40%*

*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (02/28/2019) without the approval of the Fund’s Board of Directors.

Top Ten Investments

As of 09/30/2018

ROYAL UNIBREW 3.75%
PIGEON CORP 3.67%
TELEPERFORMANCE 3.60%
TECHTRONIC INDUSTRIES CO LTD 3.33%
CHR HANSEN HOLDING A/S 3.03%
FINECOBANK SPA 2.87%
ORPEA SA 2.48%
ROCKWOOL INTL A/S- B SHS 2.34%
ARIAKE JAPAN CO LTD 2.16%
ABCAM PLC 2.15%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 09/30/2018

Consumer Discretionary 11.31%
Consumer Staples 11.35%
Energy 1.12%
Financials 12.08%
Health Care 19.63%
Industrials 25.73%
Information Technology 12.18%
Materials 3.03%
Communication Services 3.57%

Country Allocation

As of 09/30/2018

Japan 18.72%
Denmark 13.46%
Germany 10.15%
France 9.01%
Switzerland 8.95%
United Kingdom 8.67%
Italy 6.30%
Canada 3.87%
Hong Kong 3.33%
Ireland 2.51%
China 2.44%
Indonesia 2.08%
Australia 1.81%
Thailand 1.38%
Malaysia 1.16%
Belgium 1.10%
South Korea 1.02%
India 0.98%
Luxembourg 0.82%
Poland 0.68%
Netherlands 0.63%
Philippines 0.48%
Brazil 0.45%

September Fund Holdings

As of 09/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0309644 ELECTROCOMPONENTS PLC GB ECM LN 624,035 $5,841,635.22
0405207 HALMA PLC GB HLMA LN 271,845 $5,119,991.98
0557681 HOWDEN JOINERY GROUP INC GB HWDN LN 997,085 $6,093,860.39
06684L103 BAOZUN INC-SPN ADR CN BZUN 83,645 $4,063,474.10
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 388,670 $11,033,644.33
2188283 CANADIAN WESTERN BANK CA CWB CN 341,755 $9,022,448.42
262006208 DREYFUS GVT CSH MANAGEMENT US 52,710,290.18 $52,710,290.18
316827104 51JOB INC - ADR CN JOBS 95,455 $7,349,080.45
4491235 KINGSPAN GROUP IE 100,040 $4,664,638.39
4612757 OC OERLIKON CORP AG-REG CH OERL SW 653,715 $8,965,767.17
4713490 ROCKWOOL INTL A/S- B SHS DK ROCKB DC 29,170 $12,489,296.11
5633962 NEMETSCHEK SE DE NEM GR 71,855 $10,511,825.29
5843329 SARTORIUS AG-VORZUG DE SRT3 GR 44,875 $7,283,870.71
5922961 CARL ZEISS MEDITEC AG - BR DE AFX GR 130,820 $11,011,912.36
5999330 TELEPERFORMANCE FR TEP FP 101,700 $19,187,788.09
6049632 ARIAKE JAPAN CO LTD JP 2815 JP 115,600 $11,527,442.35
6108179 HARMONIC DRIVE SYSTEMS INC JP 6324 JP 103,000 $3,793,830.31
6188193 MALAYSIA AIRPORTS HLDGS BHD MY MAHB MK 2,870,200 $6,172,473.12
6250025 DAIFUKU CO LTD JP 6383 JP 156,500 $7,975,136.42
6352750 EN-JAPAN INC JP 4849 JP 203,600 $10,214,046.82
6565031 TAKEUCHI MFG CO LTD JP 6432 JP 326,800 $8,815,719.06
6595179 MISUMI GROUP INC JP 9962 JP 209,200 $5,413,201.90
6644974 NISSEI ASB MACHINE CO LTD JP 6284 JP 67,800 $2,840,415.42
6680718 SERIA CO LTD JP 2782 JP 98,100 $3,470,885.41
6688080 PIGEON CORP JP 7956 JP 347,600 $19,579,651.47
7123104 VONTOBEL HOLDING AG-REG CH VONN SW 143,635 $10,142,557.06
7155884 BACHEM HOLDING AG-REG B CH BANB SW 31,585 $4,042,262.07
7271166 WESSANEN NL WES NA 273,185 $3,339,918.09
7339451 ORPEA SA FR ORP FP 102,120 $13,208,289.89
7370063 MELEXIS NV BE MELE BB 75,950 $5,877,309.04
7391763 SIEGFRIED HOLDING AG-REG CH SFZN SW 17,695 $8,230,861.52
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 2,777,500 $17,740,009.07
B019MQ5 ASAHI INTECC CO LTD JP 7747 JP 99,100 $4,326,139.76
B18ZRK2 LOGITECH INTERNATIONAL - REG CH LOGN SW 248,545 $11,107,788.57
B1DN466 NIHON M&A CENTER INC JP 2127 JP 238,900 $7,169,943.67
B1HKRM0 KORIAN FR KORI FP 246,785 $8,985,565.37
B1JTY91 XING SE DE O1BC GR 27,902 $9,540,502.04
B234WN9 DIASORIN SPA IT DIA IM 73,020 $7,681,050.52
B291KM9 EDELWEISS FINANCIAL SERVICES IN EDEL IN 944,530 $2,469,146.57
B39Q399 KOH YOUNG TECHNOLOGY INC KR 55,305 $5,434,523.33
B3CY709 PERSOL HOLDINGS CO LTD JP 2181 JP 414,800 $9,729,290.62
B3KFW10 TISCO FINANCIAL GROUP-NVDR TH TISCO-R TB 1,548,000 $4,008,812.62
B3L0Q89 TISCO FINANCIAL GROUP PCL TH TISCO TB 1,282,900 $3,322,290.51
B3PQXL5 ANICOM HOLDINGS INC JP 8715 JP 150,200 $4,970,533.36
B3R1D52 CORPORATE TRAVEL MANAGEMENT AU CTD AU 436,630 $9,635,837.46
B548673 BANK TABUNGAN NEGARA PERSERO ID BBTN IJ 25,685,800 $4,533,345.90
B573M11 CHR HANSEN HOLDING A/S DK CHR DC 159,100 $16,150,523.91
B607XS1 VERMILION ENERGY INC CA VET CN 181,261 $5,972,568.54
B677469 ABCAM PLC GB ABC LN 613,505 $11,450,941.84
B7FQV64 RAIA DROGASIL S.A. BR RADL3 BZ 133,600 $2,396,731.50
B7JW351 ACE HARDWARE INDONESIA ID ACES IJ 68,050,200 $6,576,001.61
BBCR9N1 SIMCORP A/S DK SIM DC 96,915 $8,389,472.05
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 342,480 $8,704,621.88
BD0YVN2 DINO POLSKA SA PL DNP PW 133,874 $3,616,645.98
BD9G333 AMBU A/S-B DK AMBUB DC 448,515 $10,774,862.52
BF0B2F6 CANADA GOOSE HOLDINGS INC CA GOOS CN 87,485 $5,635,235.55
BF0LBX7 BIOMERIEUX FR BIM FP 79,380 $6,617,380.91
BFFK731 WISE TALENT INFORMATION TECH CN 6100 HK 539,299 $1,594,815.24
BFT7KB7 FEDERAL BANK LTD IN FB IN 2,836,255 $2,766,219.18
BFYDWS1 NETCOMPANY GROUP AS DK NETC DC 109,885 $3,952,020.89
BGLP232 MONCLER SPA IT MONC IM 246,380 $10,612,799.41
BMM1PP4 STABILUS SA LU STM GR 52,745 $4,354,131.01
BNGN9Z1 FINECOBANK SPA IT FBK IM 1,142,505 $15,274,698.50
BVFNZH2 ROTORK PLC GB ROR LN 1,546,825 $6,663,351.61
BX8ZX20 ROYAL UNIBREW DK RBREW DC 242,950 $20,009,738.59
BYR4KP7 GRENKE AG DE GLJ GR 66,040 $7,874,592.76
BYT9340 SCOUT24 AG DE G24 GR 169,390 $7,898,271.66
BYXYHM7 WILCON DEPOT INC PH WLCON PM 13,364,232 $2,547,688.13
BYZWMR9 VAT GROUP AG CH VACN SW 46,630 $5,231,264.52

Investments will change over time.

Distributions

  • Rainier International Discovery Series Class K Distribution History
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2018 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. Small- and medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Funds whose investments are concentrated in foreign and emerging market countries may be subject to fluctuating currency values, different accounting standards, and economic and political instability. The value of the Series may be affected by changes in exchange rates between foreign currencies and the U.S. dollar. Investments in emerging markets may be more volatile than investments in more developed markets. Additionally, the Series is subject to portfolio turnover risk as it may buy and sell investments frequently, which may result in higher expenses and an increase in realized capital gains and potential tax implications for shareholders.

Daily Price

$19.57

Daily $ Change

$0.02

Daily % Change

0.10%

as of 10/19/2018

Ticker

RISAX

CUSIP

56382R670

Inception Date

03/28/2012

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
XBRL-3/20/18

Investment Objective

To provide investors with long-term capital appreciation by investing primarily in the common stock of small- to mid-capitalization companies located outside the U.S.

Investment Strategy

The Series is primarily invested in the common stock of small- and mid-capitalization companies traded outside the U.S. Rainier typically selects investments that fall within the market capitalization range of the MSCI ACWI ex USA Small Cap Index at the time of purchase. The Team will invest in any type of company whether it is in the index or not, as long as it is within the market cap range and fits the investment objectives. To control risk, extreme overweighting or underweighting of the Series relative to the Index is normally avoided.

Investment decisions are based on fundamental analysis, which emphasizes bottom-up stock selection of companies that exhibit strong growth, clear key earnings drivers and attractive valuations. The investment team evaluates companies across all sectors and regions using this growth and valuation criteria.

May be Appropriate for Investors

  • Seeking a long-term (15 years or more) investment and who are willing to accept the risk of investing in foreign equity securities
  • Seeking to diversify a portfolio by adding a foreign equity component

Performance

As of 09/30/2018

YTD

0.47%

1 Year

6.73%

3 Year

11.14%

5 Year

10.26%

10 Year

---

Inception
(03/28/2012)

13.76%

Market Cycle

---

For periods prior to 08/21/2017, performance for Class K is based on the historical performance of the Class A Shares of the Rainier International Discovery Fund (Predecessor Fund) Class A Shares, which was managed by Rainier Investment Management, LLC and reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series Class K on 08/21/2017. Performance prior to 11/30/2012 is based on the historical performance of the Predecessor Fund’s Institutional Shares and adjusted for the Predecessor Fund’s Class A Shares expenses. If the sales charges were reflected or if performance had been adjusted to reflect the Class K Shares’ expenses, the performance would have been different depending on total expenses incurred by the Predecessor Fund. 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 1.57%
Net 1.40%*

*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (02/28/2019) without the approval of the Fund’s Board of Directors.

Top Ten Investments

As of 09/30/2018

ROYAL UNIBREW 3.75%
PIGEON CORP 3.67%
TELEPERFORMANCE 3.60%
TECHTRONIC INDUSTRIES CO LTD 3.33%
CHR HANSEN HOLDING A/S 3.03%
FINECOBANK SPA 2.87%
ORPEA SA 2.48%
ROCKWOOL INTL A/S- B SHS 2.34%
ARIAKE JAPAN CO LTD 2.16%
ABCAM PLC 2.15%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 09/30/2018

Consumer Discretionary
11.31%
Consumer Staples
11.35%
Energy
1.12%
Financials
12.08%
Health Care
19.63%
Industrials
25.73%
Information Technology
12.18%
Materials
3.03%
Communication Services
3.57%

Country Allocation

As of 09/30/2018

Japan
18.72%
Denmark
13.46%
Germany
10.15%
France
9.01%
Switzerland
8.95%
United Kingdom
8.67%
Italy
6.30%
Canada
3.87%
Hong Kong
3.33%
Ireland
2.51%
China
2.44%
Indonesia
2.08%
Australia
1.81%
Thailand
1.38%
Malaysia
1.16%
Belgium
1.10%
South Korea
1.02%
India
0.98%
Luxembourg
0.82%
Poland
0.68%
Netherlands
0.63%
Philippines
0.48%
Brazil
0.45%

September Fund Holdings

As of 09/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0309644 ELECTROCOMPONENTS PLC GB ECM LN 624,035 $5,841,635.22
0405207 HALMA PLC GB HLMA LN 271,845 $5,119,991.98
0557681 HOWDEN JOINERY GROUP INC GB HWDN LN 997,085 $6,093,860.39
06684L103 BAOZUN INC-SPN ADR CN BZUN 83,645 $4,063,474.10
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 388,670 $11,033,644.33
2188283 CANADIAN WESTERN BANK CA CWB CN 341,755 $9,022,448.42
262006208 DREYFUS GVT CSH MANAGEMENT US 52,710,290.18 $52,710,290.18
316827104 51JOB INC - ADR CN JOBS 95,455 $7,349,080.45
4491235 KINGSPAN GROUP IE 100,040 $4,664,638.39
4612757 OC OERLIKON CORP AG-REG CH OERL SW 653,715 $8,965,767.17
4713490 ROCKWOOL INTL A/S- B SHS DK ROCKB DC 29,170 $12,489,296.11
5633962 NEMETSCHEK SE DE NEM GR 71,855 $10,511,825.29
5843329 SARTORIUS AG-VORZUG DE SRT3 GR 44,875 $7,283,870.71
5922961 CARL ZEISS MEDITEC AG - BR DE AFX GR 130,820 $11,011,912.36
5999330 TELEPERFORMANCE FR TEP FP 101,700 $19,187,788.09
6049632 ARIAKE JAPAN CO LTD JP 2815 JP 115,600 $11,527,442.35
6108179 HARMONIC DRIVE SYSTEMS INC JP 6324 JP 103,000 $3,793,830.31
6188193 MALAYSIA AIRPORTS HLDGS BHD MY MAHB MK 2,870,200 $6,172,473.12
6250025 DAIFUKU CO LTD JP 6383 JP 156,500 $7,975,136.42
6352750 EN-JAPAN INC JP 4849 JP 203,600 $10,214,046.82
6565031 TAKEUCHI MFG CO LTD JP 6432 JP 326,800 $8,815,719.06
6595179 MISUMI GROUP INC JP 9962 JP 209,200 $5,413,201.90
6644974 NISSEI ASB MACHINE CO LTD JP 6284 JP 67,800 $2,840,415.42
6680718 SERIA CO LTD JP 2782 JP 98,100 $3,470,885.41
6688080 PIGEON CORP JP 7956 JP 347,600 $19,579,651.47
7123104 VONTOBEL HOLDING AG-REG CH VONN SW 143,635 $10,142,557.06
7155884 BACHEM HOLDING AG-REG B CH BANB SW 31,585 $4,042,262.07
7271166 WESSANEN NL WES NA 273,185 $3,339,918.09
7339451 ORPEA SA FR ORP FP 102,120 $13,208,289.89
7370063 MELEXIS NV BE MELE BB 75,950 $5,877,309.04
7391763 SIEGFRIED HOLDING AG-REG CH SFZN SW 17,695 $8,230,861.52
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 2,777,500 $17,740,009.07
B019MQ5 ASAHI INTECC CO LTD JP 7747 JP 99,100 $4,326,139.76
B18ZRK2 LOGITECH INTERNATIONAL - REG CH LOGN SW 248,545 $11,107,788.57
B1DN466 NIHON M&A CENTER INC JP 2127 JP 238,900 $7,169,943.67
B1HKRM0 KORIAN FR KORI FP 246,785 $8,985,565.37
B1JTY91 XING SE DE O1BC GR 27,902 $9,540,502.04
B234WN9 DIASORIN SPA IT DIA IM 73,020 $7,681,050.52
B291KM9 EDELWEISS FINANCIAL SERVICES IN EDEL IN 944,530 $2,469,146.57
B39Q399 KOH YOUNG TECHNOLOGY INC KR 55,305 $5,434,523.33
B3CY709 PERSOL HOLDINGS CO LTD JP 2181 JP 414,800 $9,729,290.62
B3KFW10 TISCO FINANCIAL GROUP-NVDR TH TISCO-R TB 1,548,000 $4,008,812.62
B3L0Q89 TISCO FINANCIAL GROUP PCL TH TISCO TB 1,282,900 $3,322,290.51
B3PQXL5 ANICOM HOLDINGS INC JP 8715 JP 150,200 $4,970,533.36
B3R1D52 CORPORATE TRAVEL MANAGEMENT AU CTD AU 436,630 $9,635,837.46
B548673 BANK TABUNGAN NEGARA PERSERO ID BBTN IJ 25,685,800 $4,533,345.90
B573M11 CHR HANSEN HOLDING A/S DK CHR DC 159,100 $16,150,523.91
B607XS1 VERMILION ENERGY INC CA VET CN 181,261 $5,972,568.54
B677469 ABCAM PLC GB ABC LN 613,505 $11,450,941.84
B7FQV64 RAIA DROGASIL S.A. BR RADL3 BZ 133,600 $2,396,731.50
B7JW351 ACE HARDWARE INDONESIA ID ACES IJ 68,050,200 $6,576,001.61
BBCR9N1 SIMCORP A/S DK SIM DC 96,915 $8,389,472.05
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 342,480 $8,704,621.88
BD0YVN2 DINO POLSKA SA PL DNP PW 133,874 $3,616,645.98
BD9G333 AMBU A/S-B DK AMBUB DC 448,515 $10,774,862.52
BF0B2F6 CANADA GOOSE HOLDINGS INC CA GOOS CN 87,485 $5,635,235.55
BF0LBX7 BIOMERIEUX FR BIM FP 79,380 $6,617,380.91
BFFK731 WISE TALENT INFORMATION TECH CN 6100 HK 539,299 $1,594,815.24
BFT7KB7 FEDERAL BANK LTD IN FB IN 2,836,255 $2,766,219.18
BFYDWS1 NETCOMPANY GROUP AS DK NETC DC 109,885 $3,952,020.89
BGLP232 MONCLER SPA IT MONC IM 246,380 $10,612,799.41
BMM1PP4 STABILUS SA LU STM GR 52,745 $4,354,131.01
BNGN9Z1 FINECOBANK SPA IT FBK IM 1,142,505 $15,274,698.50
BVFNZH2 ROTORK PLC GB ROR LN 1,546,825 $6,663,351.61
BX8ZX20 ROYAL UNIBREW DK RBREW DC 242,950 $20,009,738.59
BYR4KP7 GRENKE AG DE GLJ GR 66,040 $7,874,592.76
BYT9340 SCOUT24 AG DE G24 GR 169,390 $7,898,271.66
BYXYHM7 WILCON DEPOT INC PH WLCON PM 13,364,232 $2,547,688.13
BYZWMR9 VAT GROUP AG CH VACN SW 46,630 $5,231,264.52

Investments will change over time.

Distributions

  • Rainier International Discovery Series Class K Distribution History
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2018 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. Small- and medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Funds whose investments are concentrated in foreign and emerging market countries may be subject to fluctuating currency values, different accounting standards, and economic and political instability. The value of the Series may be affected by changes in exchange rates between foreign currencies and the U.S. dollar. Investments in emerging markets may be more volatile than investments in more developed markets. Additionally, the Series is subject to portfolio turnover risk as it may buy and sell investments frequently, which may result in higher expenses and an increase in realized capital gains and potential tax implications for shareholders.


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