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

-3.06%

1 Year

-0.08%

3 Year

9.77%

5 Year

4.74%

10 Year

---

Inception
(01/01/2012)

7.02%

Market Cycle

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Composition

High-quality, high dividend-yielding non-U.S. securities. All non-U.S. securities held must be traded in the U.S. (e.g. ADRs). 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 American Depository Receipts (ADRs) and other U.S.-listed companies in non-U.S. developed or emerging market countries.

The Manning & Napier Disciplined Value – International ADR (formerly known as International Disciplined Value – ADR Only) Composite is a weighted average of discretionary separately managed accounts with an International Disciplined Value – International ADR 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 primarily in non-U.S. equities. The composite consists of diversified portfolios of international mid-to-large capitalization stocks with attractive free cash flow yields, attractive dividend yields, and low probability of experiencing financial distress, that meet Manning and Napier's screening criteria. 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. 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. All non-U.S. securities held must be traded in the U.S. (e.g. ADRs). Focus is on mid-to-large cap companies.

95% - 100% Equities

Performance

As of 09/30/2018

YTD

-3.06%

1 Year

-0.08%

3 Year

9.77%

5 Year

4.74%

10 Year

---

Inception
(01/01/2012)

7.02%

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 American Depository Receipts (ADRs) and other U.S.-listed companies in non-U.S. developed or emerging market countries.

The Manning & Napier Disciplined Value – International ADR (formerly known as International Disciplined Value – ADR Only) Composite is a weighted average of discretionary separately managed accounts with an International Disciplined Value – International ADR 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 primarily in non-U.S. equities. The composite consists of diversified portfolios of international mid-to-large capitalization stocks with attractive free cash flow yields, attractive dividend yields, and low probability of experiencing financial distress, that meet Manning and Napier's screening criteria. 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. 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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