Separately Managed Accounts
U.S. Core Equity
Investment Objective
To maximize returns over the long term through consistent participation in U.S. equities and other equity instruments.
Investment Team
The portfolio is managed by a team of tenured research professionals who are responsible for evaluating 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.
Performance
As of 09/30/2024
YTD
15.2%
1 Year
31.54%
3 Year
7.82%
5 Year
14.29%
10 Year
11.84%
Inception
07/01/2000
9.14%
Composition
Primarily common stocks of U.S. issuers.
90% - 100% Equities
Investment Process
For more than 50 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 domestic 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 evaluated using fundamental 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. Within this process, the company is subjected to peer review within the recommending analyst's sector group. As part of this peer review, every analyst in the sector group has a financial stake in the stock - not just the recommending analyst. When the security is formally recommended, it is presented to the Global Core Team, which determines whether to accept the security recommendation, put it on the “firedrill” list, or reject it. Each holding is continuously monitored based on our strategy fit and valuation criteria, and the portfolio's overall risk exposures are regularly evaluated by the team.
The Manning & Napier U.S. Core Equity Composite is a weighted average of discretionary separately managed and proprietary mutual fund accounts with a U.S. 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 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 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. Prior to 01/01/2009, proprietary mutual fund accounts with a U.S. Core Equity objective were excluded from the composite. 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 maximize returns over the long term through consistent participation in U.S. equities and other equity instruments.
Investment Team
The portfolio is managed by a team of tenured research professionals who are responsible for evaluating 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 U.S. issuers.
90% - 100% Equities
Performance
As of 09/30/2024
YTD
15.2%
1 Year
31.54%
3 Year
7.82%
5 Year
14.29%
10 Year
11.84%
Inception
07/01/2000
9.14%
Investment Process
For more than 50 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 domestic 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 evaluated using fundamental 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. Within this process, the company is subjected to peer review within the recommending analyst's sector group. As part of this peer review, every analyst in the sector group has a financial stake in the stock - not just the recommending analyst. When the security is formally recommended, it is presented to the Global Core Team, which determines whether to accept the security recommendation, put it on the “firedrill” list, or reject it. Each holding is continuously monitored based on our strategy fit and valuation criteria, and the portfolio's overall risk exposures are regularly evaluated by the team.
The Manning & Napier U.S. Core Equity Composite is a weighted average of discretionary separately managed and proprietary mutual fund accounts with a U.S. 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 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 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. Prior to 01/01/2009, proprietary mutual fund accounts with a U.S. Core Equity objective were excluded from the composite. 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.