Investment Objective

To provide competitive returns consistent with the broad equity markets while also providing a level of capital protection during sustained market downturns. The investment minimum for the portfolio is $250,000.

Investment Team

The portfolio is managed by a team of five research professionals whose three key members average 13 years with the firm.

Performance

As of 09/30/2018

YTD

-5.28%

1 Year

-2.87%

3 Year

8.37%

5 Year

3.93%

10 Year

---

Inception
(01/01/2013)

5.33%

Market Cycle

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Composition

High-quality, high dividend-yielding non-U.S. securities. Focus is on mid-to-large cap companies.

95% - 100% Equities

Investment Process

Using a systematic investment process with a focus on mid-to-large capitalization companies, securities are selected annually based on free cash flow generation and earnings power, minimum dividend yield, dividend sustainability, and financial health. Holdings will consist of ordinary shares and American Depository Receipts (ADRs) of companies in non-U.S. developed countries.

The Manning & Napier Disciplined Value - International (formerly known as International Disciplined Value) Composite is a weighted average of discretionary separately managed accounts with a Disciplined Value - International objective. Accounts in this composite must have a market value greater than $250,000 and tenure of at least one month under our management. This composite includes accounts invested in non-U.S. equities. The composite consists of diversified portfolios of mid- to large- capitalization stocks based on attractive free cash flow yields and attractive dividend yields. The proprietary criteria used include screens based on dividend yields, free cash flow yields, bankruptcy risk estimates, and market capitalization. Portfolios are typically rebalanced annually according to these criteria. At such time, we may use our discretion to attempt to minimize commission costs and realized capital gains. Portfolios in this composite may use forward currency contracts to attempt to hedge against the effects of currency rate fluctuations. Such contracts never exceed 50% of the portfolio and are only used when there is a high probability of a significant adverse movement of a currency. Prior to April 2017, accounts with a market value below $400,000 were not included in this composite. 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. Performance for periods greater than one year is annualized.

Investment Objective

To provide competitive returns consistent with the broad equity markets while also providing a level of capital protection during sustained market downturns. The investment minimum for the portfolio is $250,000.

Investment Team

The portfolio is managed by a team of five research professionals whose three key members average 13 years with the firm.

Composition

High-quality, high dividend-yielding non-U.S. securities. Focus is on mid-to-large cap companies.

95% - 100% Equities

Performance

As of 09/30/2018

YTD

-5.28%

1 Year

-2.87%

3 Year

8.37%

5 Year

3.93%

10 Year

---

Inception
(01/01/2013)

5.33%

Market Cycle

---

Investment Process

Using a systematic investment process with a focus on mid-to-large capitalization companies, securities are selected annually based on free cash flow generation and earnings power, minimum dividend yield, dividend sustainability, and financial health. Holdings will consist of ordinary shares and American Depository Receipts (ADRs) of companies in non-U.S. developed countries.

The Manning & Napier Disciplined Value - International (formerly known as International Disciplined Value) Composite is a weighted average of discretionary separately managed accounts with a Disciplined Value - International objective. Accounts in this composite must have a market value greater than $250,000 and tenure of at least one month under our management. This composite includes accounts invested in non-U.S. equities. The composite consists of diversified portfolios of mid- to large- capitalization stocks based on attractive free cash flow yields and attractive dividend yields. The proprietary criteria used include screens based on dividend yields, free cash flow yields, bankruptcy risk estimates, and market capitalization. Portfolios are typically rebalanced annually according to these criteria. At such time, we may use our discretion to attempt to minimize commission costs and realized capital gains. Portfolios in this composite may use forward currency contracts to attempt to hedge against the effects of currency rate fluctuations. Such contracts never exceed 50% of the portfolio and are only used when there is a high probability of a significant adverse movement of a currency. Prior to April 2017, accounts with a market value below $400,000 were not included in this composite. 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. Performance for periods greater than one year is annualized.


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