Separately Managed Accounts
Strategic Income Tax-Exempt
Investment Objective
To generate long-term growth of capital through market appreciation and income generation, by investing in a diversified portfolio of taxable fixed income securities and dividend-paying equity securities within a generally moderate risk profile that seeks to reduce volatility relative to the overall stock market.
Investment Team
The portfolio is managed by a team of tenured research professionals who are responsible for portfolio construction and allocation.
Performance
As of 03/31/2024
YTD
3.25%
1 Year
7.31%
3 Year
2.15%
5 Year
4.47%
10 Year
4.8%
Inception
10/01/2013
5.1%
Composition
The portfolio will include a mix of stocks and bonds, with a focus on income generating securities.
35% - 65% Equities
Investment Process
The Strategic Income strategy combines both qualitative and quantitative investment processes, with top-down active asset allocation. Using a variety of economic, valuation, and sentiment indicators, Manning & Napier first makes a strategic asset allocation decision based on the current market and economic environment. Following this, input from various groups within our Research department is used to determine the appropriate allocation across our equity and fixed income-oriented strategies. Holdings are diversified among securities with a concentration on income. Stock exposure is focused on real estate securities (such as real estate investment trusts), dividend-paying companies, and emerging market equities. Stock exposure can range from 35% - 65%. Bond exposure can range from 35% - 65%, and focuses on various fixed income sectors, including investment-grade as well as below investment-grade bonds. This process results in a globally diversified, multi-asset class portfolio with an emphasis on income generation.
The Manning & Napier Strategic Income – Tax Exempt Composite is a weighted average of discretionary separately managed and/or mutual fund accounts with a Strategic Income – Tax Exempt objective. Accounts in this composite must have a market value greater than $500,000 and tenure of at least one month under our management. Strategic Income – Tax Exempt is a blended investment objective that invests in equities, primarily in the U.S. with some non-U.S., securities of companies that are principally engaged in the U.S. real estate industry, and predominantly taxable fixed income securities, primarily investment grade with some below investment grade. The primary investment objective of accounts in this composite is to manage against capital risk by reducing year-to-year volatility. The secondary objectives are to generate income and the pursuit of capital growth, when valuations in the stock market are favorable. Equity exposure for accounts in this composite typically ranges from 35% to 65% with situational adjustments within this range at our discretion. This composite includes separately managed accounts that may have a portion, or all, of their assets invested in proprietary asset class mutual funds. Net-of-fee returns are based off of actual fees. They are after brokerage commissions, reinvested income, advisory fees, and if applicable, the fees of the Investor’s Personal Financial Advisor, but before custodian costs. 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 generate long-term growth of capital through market appreciation and income generation, by investing in a diversified portfolio of taxable fixed income securities and dividend-paying equity securities within a generally moderate risk profile that seeks to reduce volatility relative to the overall stock market.
Investment Team
The portfolio is managed by a team of tenured research professionals who are responsible for portfolio construction and allocation.
Composition
The portfolio will include a mix of stocks and bonds, with a focus on income generating securities.
35% - 65% Equities
Performance
As of 03/31/2024
YTD
3.25%
1 Year
7.31%
3 Year
2.15%
5 Year
4.47%
10 Year
4.8%
Inception
10/01/2013
5.1%
Investment Process
The Strategic Income strategy combines both qualitative and quantitative investment processes, with top-down active asset allocation. Using a variety of economic, valuation, and sentiment indicators, Manning & Napier first makes a strategic asset allocation decision based on the current market and economic environment. Following this, input from various groups within our Research department is used to determine the appropriate allocation across our equity and fixed income-oriented strategies. Holdings are diversified among securities with a concentration on income. Stock exposure is focused on real estate securities (such as real estate investment trusts), dividend-paying companies, and emerging market equities. Stock exposure can range from 35% - 65%. Bond exposure can range from 35% - 65%, and focuses on various fixed income sectors, including investment-grade as well as below investment-grade bonds. This process results in a globally diversified, multi-asset class portfolio with an emphasis on income generation.
The Manning & Napier Strategic Income – Tax Exempt Composite is a weighted average of discretionary separately managed and/or mutual fund accounts with a Strategic Income – Tax Exempt objective. Accounts in this composite must have a market value greater than $500,000 and tenure of at least one month under our management. Strategic Income – Tax Exempt is a blended investment objective that invests in equities, primarily in the U.S. with some non-U.S., securities of companies that are principally engaged in the U.S. real estate industry, and predominantly taxable fixed income securities, primarily investment grade with some below investment grade. The primary investment objective of accounts in this composite is to manage against capital risk by reducing year-to-year volatility. The secondary objectives are to generate income and the pursuit of capital growth, when valuations in the stock market are favorable. Equity exposure for accounts in this composite typically ranges from 35% to 65% with situational adjustments within this range at our discretion. This composite includes separately managed accounts that may have a portion, or all, of their assets invested in proprietary asset class mutual funds. Net-of-fee returns are based off of actual fees. They are after brokerage commissions, reinvested income, advisory fees, and if applicable, the fees of the Investor’s Personal Financial Advisor, but before custodian costs. 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.