Investment Objective

Long-term capital appreciation by investing primarily in common stock of small- to mid-capitalization companies located outside the U.S.

Investment Team

The Portfolio Manager for the strategy is Henrik Strabo. Henrik has more than 35 years of investment experience and is supported by a team of dedicated international small cap equity analysts and traders. Henrik has managed the strategy since inception.

Composition

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

90% - 100% Equities

Investment Process

The strategy invests primarily in the common stock of small- and mid-capitalization companies traded outside the U.S. Rainier typically selects investments that fall within the market capitalization range of the MSCI ACWI ex USA Small Cap Index at the time of purchase. The Team will invest in any type of company whether it is in the index or not, as long as it is within the market cap range and fits the investment objectives.

Investment decisions are based on fundamental analysis, which emphasizes bottom-up stock selection of companies that exhibit strong growth, clear key earnings drivers and attractive valuations. The investment team evaluates companies across all sectors and regions using this growth and valuation criteria. To control risk, extreme overweighting or underweighting of the strategy relative to the Index is normally avoided.

The Manning & Napier Rainier International Small Cap Equity Composite is a weighted average of discretionary separately managed, proprietary mutual fund, and collective investment trust fund accounts with an International Small Cap Equity objective. Accounts in this composite must have a 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 foreign developed and emerging market companies that are small- to mid-sized at the time of purchase. The strategy is permitted to invest in derivatives such as futures, options, forward contracts, and participatory notes. The use of derivatives has been limited to participatory notes. The strategy will generally not invest more than 25% of its net assets in participatory notes at the time of purchase. 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. 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.