Separately Managed Accounts
Disciplined Value – Unrestricted
Investment Objective
To provide competitive returns consistent with the broad equity markets while also providing a level of capital protection during sustained market downturns.
Investment Team
The portfolio is managed by the Quantitative Strategies Group, a team of tenured research professionals who oversee and implement the strategy’s systematic investment process.
Performance
As of 09/30/2024
YTD
11.22%
1 Year
19.04%
3 Year
7.65%
5 Year
8.62%
10 Year
8.7%
Inception
11/01/2003
9.95%
Composition
High-quality, high dividend-yielding 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 predominantly consist of U.S. securities; however, non-U.S. developed and emerging market securities may be held via American Depositary Receipts (ADR).
The Manning & Napier Disciplined Value - Unrestricted (formerly known as Disciplined Value) Composite is a weighted average of discretionary separately managed accounts, and may include proprietary mutual fund accounts with a Disciplined Value - Unrestricted 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 the U.S. with some 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. At such time, we may use our discretion to attempt to minimize commission costs and realized capital gains. Prior to 01/01/2009, proprietary mutual fund accounts with a Disciplined Value - Unrestricted objective were excluded from the composite. Prior to April 2017, accounts with a market value below $1 million were not included in this composite. 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 provide competitive returns consistent with the broad equity markets while also providing a level of capital protection during sustained market downturns.
Investment Team
The portfolio is managed by the Quantitative Strategies Group, a team of tenured research professionals who oversee and implement the strategy’s systematic investment process.
Composition
High-quality, high dividend-yielding securities. Focus is on mid-to-large cap companies.
95% - 100% Equities
Performance
As of 09/30/2024
YTD
11.22%
1 Year
19.04%
3 Year
7.65%
5 Year
8.62%
10 Year
8.7%
Inception
11/01/2003
9.95%
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 predominantly consist of U.S. securities; however, non-U.S. developed and emerging market securities may be held via American Depositary Receipts (ADR).
The Manning & Napier Disciplined Value - Unrestricted (formerly known as Disciplined Value) Composite is a weighted average of discretionary separately managed accounts, and may include proprietary mutual fund accounts with a Disciplined Value - Unrestricted 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 the U.S. with some 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. At such time, we may use our discretion to attempt to minimize commission costs and realized capital gains. Prior to 01/01/2009, proprietary mutual fund accounts with a Disciplined Value - Unrestricted objective were excluded from the composite. Prior to April 2017, accounts with a market value below $1 million were not included in this composite. 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.