Investment Objective

To capture investment opportunities in equity markets outside of the United States. 

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

90% to 100% non-U.S. equities chosen from a broad range of markets, including developed and emerging markets.

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 global investment universe outside the United States 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 Non-U.S. Equity 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 Core Non-U.S. Equity Composite is a weighted average of discretionary separately managed, proprietary mutual fund, and collective investment trust accounts with a Core Non-U.S. 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. The investment objective of accounts in this composite is primarily long-term capital growth through selected non-U.S. equity securities. This composite includes separately managed accounts that may have a portion of their assets invested in proprietary asset class mutual funds which may be declined or may not be permitted through the selection of some custodial programs. 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. Results shown include the receipt of a one-time payment in the Fund and CIT accounts included within the Composite. The payments, which were unrelated to current Fund/CIT portfolio investments, were received during the third quarter 2020 and accounted for approximately 2.2% of the Composite’s year to date performance in 2020. The portion of the Composite’s average annual return attributable to the proceeds will vary by time frame. 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.