U.S. Large Cap Core Equity

Investment Objective

To maximize returns over the long term through consistent participation in domestic equity securities with a focus on stocks with a market capitalization of $3 billion or more at the time of purchase. The investment minimum for the portfolio is $500,000.

Investment Team

The portfolio is managed by a team of three research professionals who average 18 years with the firm. Known as the U.S. Equity Core Team, these portfolio managers are responsible for scoring bottom-up stock recommendations based on strategy fit and valuation measures as well as incorporating the firm’s market and economic overviews into oversight of total portfolio positioning.

Annualized Performance

As of 03/31/2018

YTD

---

1 Year

17.89%

3 Year

---

5 Year

11.98%

10 Year

8.85%

Inception
(10/01/2002)

10.56%

Market Cycle

---

Composition

Primarily common stocks of large cap, U.S. issuers.

90% - 100% Equities

Investment Process

For more than 45 years, the same proprietary bottom-up driven investment process has been used to build diversified portfolios of individual securities. Manning & Napier’s equity analysts first search the global investment universe using both bottom-up (company-specific) and top-down (macro) research to reduce the initial universe to a workable list of potential portfolio candidates. Next, companies are screened using bottom-up analysis to generate a formal list of portfolio candidates based on three selection strategies - Strategic Profile, Hurdle Rate, and Bankable Deal. If a company is a strategy fit, strict pricing disciplines are used to establish buy and sell targets based on fair market value. After that, the security is submitted to a peer review process where a minimum of two analysts have a financial stake in each stock that is recommended for the portfolio. Once the two analysts decide to formally recommend the security, it is presented to the U.S. Equity Core Team, which determines whether to accept the security recommendation, put it on the “firedrill” list, or reject it. The portfolio is continuously monitored for events that may require portfolio adjustments.

The Manning & Napier U.S. Large Cap Core Equity Composite is a weighted average of discretionary separately managed accounts with a U.S. Large Cap Core Equity objective. Accounts in this composite must have a market value greater than $500,000 and tenure of at least one month under our management. This composite includes accounts invested in U.S. equity securities generally with market capitalizations of $3 billion or more, and not invested in proprietary mutual funds. The investment objective of accounts in this composite is long-term capital growth through U.S. equity participation. Net-of-fee returns are calculated based off of the effective fees of the accounts in the composite. They are after brokerage commissions, reinvested income, and advisory fees, but if applicable, before custodian costs and the fees of the investor’s Personal Financial Advisor. Also, accounts subject to solicitation fees may incur as much as 0.15% in additional expenses. Fees will vary with size and circumstances and these fee differentials would impact returns accordingly. Past performance does not guarantee future results. All returns were earned in USD and are stated here in USD. All data are subject to revision.

Investment Objective

To maximize returns over the long term through consistent participation in domestic equity securities with a focus on stocks with a market capitalization of $3 billion or more at the time of purchase. The investment minimum for the portfolio is $500,000.

Investment Team

The portfolio is managed by a team of three research professionals who average 18 years with the firm. Known as the U.S. Equity Core Team, these portfolio managers are responsible for scoring bottom-up stock recommendations based on strategy fit and valuation measures as well as incorporating the firm’s market and economic overviews into oversight of total portfolio positioning.

Composition

Primarily common stocks of large cap, U.S. issuers.

90% - 100% Equities

Annualized Performance

As of 03/31/2018

YTD

---

1 Year

17.89%

3 Year

---

5 Year

11.98%

10 Year

8.85%

Inception
(10/01/2002)

10.56%

Market Cycle

---

Investment Process

For more than 45 years, the same proprietary bottom-up driven investment process has been used to build diversified portfolios of individual securities. Manning & Napier’s equity analysts first search the global investment universe using both bottom-up (company-specific) and top-down (macro) research to reduce the initial universe to a workable list of potential portfolio candidates. Next, companies are screened using bottom-up analysis to generate a formal list of portfolio candidates based on three selection strategies - Strategic Profile, Hurdle Rate, and Bankable Deal. If a company is a strategy fit, strict pricing disciplines are used to establish buy and sell targets based on fair market value. After that, the security is submitted to a peer review process where a minimum of two analysts have a financial stake in each stock that is recommended for the portfolio. Once the two analysts decide to formally recommend the security, it is presented to the U.S. Equity Core Team, which determines whether to accept the security recommendation, put it on the “firedrill” list, or reject it. The portfolio is continuously monitored for events that may require portfolio adjustments.

The Manning & Napier U.S. Large Cap Core Equity Composite is a weighted average of discretionary separately managed accounts with a U.S. Large Cap Core Equity objective. Accounts in this composite must have a market value greater than $500,000 and tenure of at least one month under our management. This composite includes accounts invested in U.S. equity securities generally with market capitalizations of $3 billion or more, and not invested in proprietary mutual funds. The investment objective of accounts in this composite is long-term capital growth through U.S. equity participation. Net-of-fee returns are calculated based off of the effective fees of the accounts in the composite. They are after brokerage commissions, reinvested income, and advisory fees, but if applicable, before custodian costs and the fees of the investor’s Personal Financial Advisor. Also, accounts subject to solicitation fees may incur as much as 0.15% in additional expenses. Fees will vary with size and circumstances and these fee differentials would impact returns accordingly. Past performance does not guarantee future results. All returns were earned in USD and are stated here in USD. All data are subject to revision.


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