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 invests primarily in the common stock of small- to mid-capitalization companies traded outside the U.S. Investments made are either included in the MSCI ACWI ex USA Small Cap Index or have equity capitalizations within the range of $5 billion or smaller at the time of purchase. 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

$22.20

Daily $ Change

-$0.03

Daily % Change

-0.14%

as of 05/17/2018

Ticker

RAIRX

CUSIP

56382R662

Inception Date

08/21/2017

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
XBRL-3/20/18

Annualized Performance

As of 04/30/2018

YTD

1.94%

1 Year

26.61%

3 Year

11.37%

5 Year

12.38%

10 Year

---

Inception
(03/28/2012)

15.32%

Market Cycle

---

For periods prior to 08/21/2017, performance for Class R6 is based on the historical performance of the Institutional Shares of the Rainier International Discovery Fund (Predecessor Fund), which was managed by Rainier Investment Management, LLC and reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series Class I on 08/21/2017. Performance for the Class R6 shares will differ to the extent that the Predecessor Fund’s Institutional Shares had a higher expense ratio. Performance data quoted represents past performance and does not guarantee future results. 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 1.17%
Net 1.00%*

*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 04/30/2018

TELEPERFORMANCE 3.07%
ROYAL UNIBREW 2.94%
PIGEON CORP 2.87%
TECHTRONIC INDUSTRIES CO LTD 2.74%
CHR HANSEN HOLDING A/S 2.59%
OC OERLIKON CORP AG-REG 2.53%
ORPEA SA 2.43%
DECHRA PHARMACEUTICALS PLC 2.32%
FINECOBANK SPA 2.26%
AMBU A/S-B 2.19%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 04/30/2018

Consumer Discretionary 9.87%
Consumer Staples 11.09%
Energy 3.37%
Financials 10.59%
Health Care 17.51%
Industrials 29.05%
Information Technology 12.88%
Materials 5.64%

Country Allocation

As of 04/30/2018

Japan 18.12%
Denmark 10.91%
United Kingdom 8.90%
Switzerland 8.59%
France 6.85%
Italy 5.84%
Germany 5.71%
India 3.66%
Netherlands 3.02%
Brazil 2.88%
Malaysia 2.78%
Hong Kong 2.74%
Thailand 2.60%
Indonesia 2.52%
China 2.42%
Israel 2.34%
Ireland 2.22%
Canada 2.14%
Belgium 1.44%
Luxembourg 1.44%
Poland 1.23%
Australia 1.05%
Philippines 0.44%
Austria 0.16%

April Fund Holdings

As of 04/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0241854 ELEMENTIS PLC GB ELM LN 1,175,435 $4,578,455.01
0405207 HALMA PLC GB HLMA LN 211,705 $3,552,224.07
0766937 ST JAMES'S PLACE PLC GB STJ LN 175,035 $2,726,586.83
0946580 WEIR GROUP PLC/THE GB WEIR LN 125,715 $3,678,674.94
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 234,965 $8,825,450.96
2188283 CANADIAN WESTERN BANK CA CWB CN 159,778 $4,239,757.36
262006208 DREYFUS GVT CSH MANAGEMENT US 32,840,136.62 $32,840,136.62
316827104 51JOB INC - ADR CN JOBS 44,710 $3,690,363.40
4491235 KINGSPAN GROUP IE 75,985 $3,440,975.62
4612757 OC OERLIKON CORP AG-REG CH OERL SW 596,315 $9,627,053.78
4713490 ROCKWOOL INTL A/S- B SHS DK ROCKB DC 20,660 $6,228,716.89
5633962 NEMETSCHEK SE DE NEM GR 47,935 $5,744,375.58
5843329 SARTORIUS AG-VORZUG DE SRT3 GR 22,920 $3,520,526.86
5922961 CARL ZEISS MEDITEC AG - BR DE AFX GR 102,655 $6,981,783.38
5999330 TELEPERFORMANCE FR TEP FP 72,520 $11,654,119.62
6049632 ARIAKE JAPAN CO LTD JP 2815 JP 74,600 $6,399,042.72
6108179 HARMONIC DRIVE SYSTEMS INC JP 6324 JP 108,200 $5,152,343.41
6188193 MALAYSIA AIRPORTS HLDGS BHD MY MAHB MK 2,462,500 $5,641,554.55
6250025 DAIFUKU CO LTD JP 6383 JP 91,400 $4,886,041.00
6321954 TRAVELSKY TECHNOLOGY LTD-H CN 696 HK 1,886,000 $5,509,059.91
6352750 EN-JAPAN INC JP 4849 JP 107,100 $5,006,718.61
6353418 FRUTAROM IL FRUT IT 73,615 $7,037,045.41
6565031 TAKEUCHI MFG CO LTD JP 6432 JP 223,300 $5,099,978.22
6595179 MISUMI GROUP INC JP 9962 JP 147,300 $4,064,951.13
6644974 NISSEI ASB MACHINE CO LTD JP 6284 JP 87,900 $5,437,778.48
6680718 SERIA CO LTD JP 2782 JP 169,300 $8,296,452.08
6688080 PIGEON CORP JP 7956 JP 233,000 $10,921,658.41
7123104 VONTOBEL HOLDING AG-REG CH VONN SW 46,675 $3,078,099.92
7147892 TEMENOS GROUP AG-REG CH TEMN SW 9,785 $1,231,226.65
7155884 BACHEM HOLDING AG-REG B CH BANB SW 30,625 $3,927,182.81
7271166 WESSANEN NL WES NA 324,340 $6,543,811.05
7339451 ORPEA SA FR ORP FP 72,030 $9,230,351.06
7370063 MELEXIS NV BE MELE BB 57,400 $5,462,105.37
7391763 SIEGRIED HOLDING AG-REG CH SFZN SW 8,960 $3,113,428.46
B00KT68 PETRONET LNG LTD IN PLNG IN 1,164,665 $3,946,911.89
B0166D1 BUMRUNGRAD HOSPITAL PUB CO TH BH TB 370,300 $2,223,226.14
B0166J7 BUMRUNGRAD HOSPITAL PCL NVDR TH BH-R TB 110,400 $662,828.77
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,775,000 $10,398,290.43
B0704T9 RAIFFEISEN BANK INTERNATIONAL AG AT RBI AV 17,471 $589,751.45
B08K3S0 LOCALIZA RENT A CAR BR RENT3 BZ 786,070 $6,237,938.46
B18ZRK2 LOGITECH INTERNATIONAL - REG CH LOGN SW 154,870 $5,721,389.13
B1DN466 NIHON M&A CENTER INC JP 2127 JP 195,200 $5,697,227.00
B1JTY91 XING SE DE O1BC GR 17,577 $5,448,333.37
B1KL2D6 MY EG SERVICES BHD MY MYEG MK 7,424,400 $4,923,046.12
B234WN9 DIASORIN SPA IT DIA IM 58,540 $5,515,967.68
B291KM9 EDELWEISS FINANCIAL SERVICES IN EDEL IN 980,130 $4,176,291.96
B3CY709 PERSOL HOLDINGS CO LTD JP 2181 JP 331,200 $7,872,681.50
B3KFW10 TISCO FINANCIAL GROUP-NVDR TH TISCO-R TB 1,214,800 $3,407,659.85
B3L0Q89 TISCO FINANCIAL GROUP PCL TH TISCO TB 1,282,900 $3,598,688.52
B3R1D52 CORPORATE TRAVEL MANAGEMENT AU CTD AU 215,078 $4,004,447.50
B4X4D29 FLEURY SA BR FLRY3 BZ 305,600 $2,277,693.54
B548673 BANK TABUNGAN NEGARA PERSERO ID BBTN IJ 20,250,003 $4,512,866.69
B573M11 CHR HANSEN HOLDING A/S DK CHR DC 108,475 $9,833,150.71
B607XS1 VERMILION ENERGY INC CA VET CN 115,626 $3,908,383.04
B677469 ABCAM PLC GB ABC LN 404,955 $6,788,902.74
B7FQV64 RAIA DROGASIL S.A. BR RADL3 BZ 123,800 $2,428,504.22
B7JW351 ACE HARDWARE INDONESIA ID ACES IJ 54,284,452 $5,072,401.62
B7T1QT3 VAKRANGEE LTD IN VKI IN 316,102 $471,619.25
B98CG57 INDIABULLS HOUSING FINANCE LTD IN IHFL IN 134,385 $2,618,872.33
BBCR9N1 SIMCORP A/S DK SIM DC 81,360 $5,898,550.88
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 199,775 $5,000,081.91
BD0YVN2 DINO POLSKA SA PL DNP PW 173,454 $4,665,400.22
BD9G333 AMBU A/S-B DK AMBUB DC 358,265 $8,308,597.32
BF0LBX7 BIOMERIEUX FR BIM FP 65,205 $5,154,654.66
BFT7KB7 FEDERAL BANK LTD IN FB IN 1,841,970 $2,700,114.79
BGLP232 MONCLER SPA IT MONC IM 179,570 $8,093,550.10
BMM1PP4 STABILUS SA LU STM GR 60,715 $5,457,964.77
BNGN9Z1 FINECOBANK SPA IT FBK IM 720,825 $8,583,411.99
BVFNZH2 ROTORK PLC GB ROR LN 816,425 $3,681,955.70
BX8ZX20 ROYAL UNIBREW DK RBREW DC 168,820 $11,177,595.65
BYXYHM7 WILCON DEPOT INC PH WLCON PM 8,004,132 $1,660,855.50
BYZWMR9 VAT GROUP AG CH VACN SW 40,380 $5,955,302.13
M3760D101 ELBIT SYSTEMS LTD IL ESLT 16,155 $1,867,841.10
N22717107 CORE LABORATORIES N.V. NL CLB 40,435 $4,951,265.75

Investments will change over time.

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

$22.20

Daily $ Change

-$0.03

Daily % Change

-0.14%

as of 05/17/2018

Ticker

RAIRX

CUSIP

56382R662

Inception Date

08/21/2017

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
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 invests primarily in the common stock of small- to mid-capitalization companies traded outside the U.S. Investments made are either included in the MSCI ACWI ex USA Small Cap Index or have equity capitalizations within the range of $5 billion or smaller at the time of purchase. 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

Annualized Performance

As of 04/30/2018

YTD

1.94%

1 Year

26.61%

3 Year

11.37%

5 Year

12.38%

10 Year

---

Inception
(03/28/2012)

15.32%

Market Cycle

---

For periods prior to 08/21/2017, performance for Class R6 is based on the historical performance of the Institutional Shares of the Rainier International Discovery Fund (Predecessor Fund), which was managed by Rainier Investment Management, LLC and reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series Class I on 08/21/2017. Performance for the Class R6 shares will differ to the extent that the Predecessor Fund’s Institutional Shares had a higher expense ratio. Performance data quoted represents past performance and does not guarantee future results. 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 1.17%
Net 1.00%*

*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 04/30/2018

TELEPERFORMANCE 3.07%
ROYAL UNIBREW 2.94%
PIGEON CORP 2.87%
TECHTRONIC INDUSTRIES CO LTD 2.74%
CHR HANSEN HOLDING A/S 2.59%
OC OERLIKON CORP AG-REG 2.53%
ORPEA SA 2.43%
DECHRA PHARMACEUTICALS PLC 2.32%
FINECOBANK SPA 2.26%
AMBU A/S-B 2.19%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 04/30/2018

Consumer Discretionary
9.87%
Consumer Staples
11.09%
Energy
3.37%
Financials
10.59%
Health Care
17.51%
Industrials
29.05%
Information Technology
12.88%
Materials
5.64%

Country Allocation

As of 04/30/2018

Japan
18.12%
Denmark
10.91%
United Kingdom
8.90%
Switzerland
8.59%
France
6.85%
Italy
5.84%
Germany
5.71%
India
3.66%
Netherlands
3.02%
Brazil
2.88%
Malaysia
2.78%
Hong Kong
2.74%
Thailand
2.60%
Indonesia
2.52%
China
2.42%
Israel
2.34%
Ireland
2.22%
Canada
2.14%
Belgium
1.44%
Luxembourg
1.44%
Poland
1.23%
Australia
1.05%
Philippines
0.44%
Austria
0.16%

April Fund Holdings

As of 04/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0241854 ELEMENTIS PLC GB ELM LN 1,175,435 $4,578,455.01
0405207 HALMA PLC GB HLMA LN 211,705 $3,552,224.07
0766937 ST JAMES'S PLACE PLC GB STJ LN 175,035 $2,726,586.83
0946580 WEIR GROUP PLC/THE GB WEIR LN 125,715 $3,678,674.94
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 234,965 $8,825,450.96
2188283 CANADIAN WESTERN BANK CA CWB CN 159,778 $4,239,757.36
262006208 DREYFUS GVT CSH MANAGEMENT US 32,840,136.62 $32,840,136.62
316827104 51JOB INC - ADR CN JOBS 44,710 $3,690,363.40
4491235 KINGSPAN GROUP IE 75,985 $3,440,975.62
4612757 OC OERLIKON CORP AG-REG CH OERL SW 596,315 $9,627,053.78
4713490 ROCKWOOL INTL A/S- B SHS DK ROCKB DC 20,660 $6,228,716.89
5633962 NEMETSCHEK SE DE NEM GR 47,935 $5,744,375.58
5843329 SARTORIUS AG-VORZUG DE SRT3 GR 22,920 $3,520,526.86
5922961 CARL ZEISS MEDITEC AG - BR DE AFX GR 102,655 $6,981,783.38
5999330 TELEPERFORMANCE FR TEP FP 72,520 $11,654,119.62
6049632 ARIAKE JAPAN CO LTD JP 2815 JP 74,600 $6,399,042.72
6108179 HARMONIC DRIVE SYSTEMS INC JP 6324 JP 108,200 $5,152,343.41
6188193 MALAYSIA AIRPORTS HLDGS BHD MY MAHB MK 2,462,500 $5,641,554.55
6250025 DAIFUKU CO LTD JP 6383 JP 91,400 $4,886,041.00
6321954 TRAVELSKY TECHNOLOGY LTD-H CN 696 HK 1,886,000 $5,509,059.91
6352750 EN-JAPAN INC JP 4849 JP 107,100 $5,006,718.61
6353418 FRUTAROM IL FRUT IT 73,615 $7,037,045.41
6565031 TAKEUCHI MFG CO LTD JP 6432 JP 223,300 $5,099,978.22
6595179 MISUMI GROUP INC JP 9962 JP 147,300 $4,064,951.13
6644974 NISSEI ASB MACHINE CO LTD JP 6284 JP 87,900 $5,437,778.48
6680718 SERIA CO LTD JP 2782 JP 169,300 $8,296,452.08
6688080 PIGEON CORP JP 7956 JP 233,000 $10,921,658.41
7123104 VONTOBEL HOLDING AG-REG CH VONN SW 46,675 $3,078,099.92
7147892 TEMENOS GROUP AG-REG CH TEMN SW 9,785 $1,231,226.65
7155884 BACHEM HOLDING AG-REG B CH BANB SW 30,625 $3,927,182.81
7271166 WESSANEN NL WES NA 324,340 $6,543,811.05
7339451 ORPEA SA FR ORP FP 72,030 $9,230,351.06
7370063 MELEXIS NV BE MELE BB 57,400 $5,462,105.37
7391763 SIEGRIED HOLDING AG-REG CH SFZN SW 8,960 $3,113,428.46
B00KT68 PETRONET LNG LTD IN PLNG IN 1,164,665 $3,946,911.89
B0166D1 BUMRUNGRAD HOSPITAL PUB CO TH BH TB 370,300 $2,223,226.14
B0166J7 BUMRUNGRAD HOSPITAL PCL NVDR TH BH-R TB 110,400 $662,828.77
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,775,000 $10,398,290.43
B0704T9 RAIFFEISEN BANK INTERNATIONAL AG AT RBI AV 17,471 $589,751.45
B08K3S0 LOCALIZA RENT A CAR BR RENT3 BZ 786,070 $6,237,938.46
B18ZRK2 LOGITECH INTERNATIONAL - REG CH LOGN SW 154,870 $5,721,389.13
B1DN466 NIHON M&A CENTER INC JP 2127 JP 195,200 $5,697,227.00
B1JTY91 XING SE DE O1BC GR 17,577 $5,448,333.37
B1KL2D6 MY EG SERVICES BHD MY MYEG MK 7,424,400 $4,923,046.12
B234WN9 DIASORIN SPA IT DIA IM 58,540 $5,515,967.68
B291KM9 EDELWEISS FINANCIAL SERVICES IN EDEL IN 980,130 $4,176,291.96
B3CY709 PERSOL HOLDINGS CO LTD JP 2181 JP 331,200 $7,872,681.50
B3KFW10 TISCO FINANCIAL GROUP-NVDR TH TISCO-R TB 1,214,800 $3,407,659.85
B3L0Q89 TISCO FINANCIAL GROUP PCL TH TISCO TB 1,282,900 $3,598,688.52
B3R1D52 CORPORATE TRAVEL MANAGEMENT AU CTD AU 215,078 $4,004,447.50
B4X4D29 FLEURY SA BR FLRY3 BZ 305,600 $2,277,693.54
B548673 BANK TABUNGAN NEGARA PERSERO ID BBTN IJ 20,250,003 $4,512,866.69
B573M11 CHR HANSEN HOLDING A/S DK CHR DC 108,475 $9,833,150.71
B607XS1 VERMILION ENERGY INC CA VET CN 115,626 $3,908,383.04
B677469 ABCAM PLC GB ABC LN 404,955 $6,788,902.74
B7FQV64 RAIA DROGASIL S.A. BR RADL3 BZ 123,800 $2,428,504.22
B7JW351 ACE HARDWARE INDONESIA ID ACES IJ 54,284,452 $5,072,401.62
B7T1QT3 VAKRANGEE LTD IN VKI IN 316,102 $471,619.25
B98CG57 INDIABULLS HOUSING FINANCE LTD IN IHFL IN 134,385 $2,618,872.33
BBCR9N1 SIMCORP A/S DK SIM DC 81,360 $5,898,550.88
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 199,775 $5,000,081.91
BD0YVN2 DINO POLSKA SA PL DNP PW 173,454 $4,665,400.22
BD9G333 AMBU A/S-B DK AMBUB DC 358,265 $8,308,597.32
BF0LBX7 BIOMERIEUX FR BIM FP 65,205 $5,154,654.66
BFT7KB7 FEDERAL BANK LTD IN FB IN 1,841,970 $2,700,114.79
BGLP232 MONCLER SPA IT MONC IM 179,570 $8,093,550.10
BMM1PP4 STABILUS SA LU STM GR 60,715 $5,457,964.77
BNGN9Z1 FINECOBANK SPA IT FBK IM 720,825 $8,583,411.99
BVFNZH2 ROTORK PLC GB ROR LN 816,425 $3,681,955.70
BX8ZX20 ROYAL UNIBREW DK RBREW DC 168,820 $11,177,595.65
BYXYHM7 WILCON DEPOT INC PH WLCON PM 8,004,132 $1,660,855.50
BYZWMR9 VAT GROUP AG CH VACN SW 40,380 $5,955,302.13
M3760D101 ELBIT SYSTEMS LTD IL ESLT 16,155 $1,867,841.10
N22717107 CORE LABORATORIES N.V. NL CLB 40,435 $4,951,265.75

Investments will change over time.

Distributions

  • Rainier International Discovery Series Class R6 Distribution History
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2017 Distributions
  • Second Quarter 2017 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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