Investment Objective

To maximize total return over a long-term time period (i.e., 10+ years) and preserve capital. 

Investment Team

The portfolio is managed by a team of tenured research professionals who are responsible for the active selection of securities within the strategy.

Composition

• U.S. Treasuries
• U.S. Agencies
• Mortgage-Backed Securities
• Corporate Debt - Investment-Grade
• Money Market Funds

Maturity

• Maximum maturity of 30 years for each investment

0% - 0% Equities

Investment Process

Manning & Napier manages fixed income portfolios using an active approach that is based on the consistent application of a multi-step process where top-down guidelines and bottom-up analysis are used to build a portfolio of individual securities. First, an economic overview is established through top-down analysis of global economic data, monetary policy, and capital market conditions. Then, the portfolio’s duration target is set based on longer-term interest rates and pricing. Yield curve positioning is based on the current yield curve shape as well as the economic and monetary policy outlook. Next, the attractiveness of, and value within, each sector is evaluated to establish sector weightings. Once sector allocations are determined, individual securities are handpicked to fill the targeted sector sleeve using bottom-up, issue-specific analysis; securities that fit the selection criteria and have good relative value are purchased. The economic overview, top-down positioning, and individual securities are continuously reviewed. Additional purchases or sales are evaluated based current conditions, specific security selection criteria, and relative value.

The Manning & Napier Aggregate Fixed Income Composite is a weighted average of discretionary separately managed accounts with an Aggregate Fixed Income objective. Accounts in this composite must have a market value greater than $500,000 and tenure of at least one month under our management. The investment objective of accounts in this composite is to maximize long-term returns and preserve capital through the use of fixed income securities of any duration. As of 01/1/2024, the composite was redefined to exclude accounts that may invest greater than 5% in high yield securities. As of 06/01/2019, the Aggregate Fixed Income Composite was redefined to exclude amortized cost portfolios. Therefore, as of that date, the composite only includes accounts that are total return oriented. Prior to 01/01/2003, accounts were included in the Composite as of the start of the next calendar quarter after a full year under management. In the event an existing account greater than 500,000 currently under management for over one year changed to the Composite objective, it was included in the quarter of management under this objective. Prior to 01/01/2001, the Aggregate Fixed Income Composite was based on the total return of the discretionary fixed income and cash positions of all separately managed accounts under our discretion for at least one year. Net-of-fee returns shown reflect the deduction of a model advisory fee applied to the Gross-of-fee returns on a monthly basis. The model advisory fee is determined by applying the strategy’s tiered fee schedule to every account included in the composite, and is inclusive of management fees, advisory fees, and custody fees for Manning & Napier’s affiliated trust company, Exeter Trust Company. Actual account level fees will vary with size and circumstances and these fee differentials would impact returns accordingly. Returns shown do not reflect the deduction of fees paid to an investor’s personal financial advisor, solicitations fees, or third-party custodian costs, as applicable. 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. Performance for periods greater than one year is annualized.