23
Morningstar FundInvestor
March 2
013
Morningstar Analyst Rating
02-22-13
Œ
Morningstar Pillars
Process
Performance
People
Parent
Price
¶
Positive
Positive
Positive
Positive
Neutral
Morningstar Analyst Rating
Morningstar evaluates mutual funds based on five key pillars, which
its analysts believe lead to funds that are more likely to outperform
over the long term on a risk-adjusted basis.
Analyst Rating Spectrum
Œ „ ´ˇ ¨
Pillar Spectrum
Positive
§
Negative
¶
Neutral
NAV
16.55
15.91
14.63
15.51
13.91
11.30
15.44
16.26
15.05
15.00
13.68
11.59
Total Return %
4.02
13.19
-1.41
12.89
24.33
-25.31
6.94
17.13
7.58
13.12
19.72
-9.99
+/-M* MdTgRk
0.76
.
-2.00
0.56
2.56
-3.12
-1.69
4.18
0.54
1.64
-2.76
-3.30
+/-Mstr Md Ag Rk
-0.43
.
0.52
-2.03
-3.22
5.34
-2.00
1.14
-1.27
-0.95
-9.42
2.31
Income Return %
0.00
0.98
1.23
1.32
1.19
1.55
1.28
1.50
0.90
0.82
0.90
1.42
Capital Return %
4.02
12.21
-2.64
11.57
23.14
-26.86
5.66
15.63
6.68
12.30
18.82
-11.41
Total Rtn % Rank Cat
28
26
65
32
47
25
36
4
12
6
50
32
Income $
0.00
0.14
0.19
0.18
0.13
0.24
0.21
0.23
0.14
0.11
0.10
0.19
Capital Gains $
0.00
0.50
0.46
0.00
0.00
0.00
1.72
1.15
0.95
0.36
0.09
0.00
Expense Ratio %
.
1.07
1.08
1.07
1.10
1.10
1.11
1.14
1.17
1.17
1.17
1.19
Income Ratio %
.
1.20
1.49
1.52
1.48
1.50
1.37
1.42
0.89
0.90
0.90
1.61
Turnover Rate %
.
58
65
62
62
76
82
82
71
50
67
.
Net Assets $mil
776
812
696
720
562
415
588
510
377
302
225
162
Performance
02-28-13
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
2008
2009
2010
2011
2012
-5.44 -3.66
-2.21 -16.16 -25.31
-5.49 13.72 12.05 3.25 24.33
3.24 -5.76
9.20 6.26 12.89
3.87 0.78 -11.44 6.35 -1.41
7.79 -1.99
5.65 1.41 13.19
Trailing
Total
+/- M* +/- Mstr
%Rank Growth of
Return% MdTgRk Md Ag Rk
Cat
$10,000
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
5.62 1.15
-0.61
17 10,562
7.88 1.19
-1.18
15 10,788
10.21 2.34
0.76
19 11,021
9.33 -0.18
-1.42
43 13,068
5.16 0.08
0.44
25 12,860
8.40 -0.09
-1.12
10 22,402
6.76
. .
9 26,676
Tax Analysis
Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
8.52
35
0.74
58
4.47
15
0.65
34
7.31
9
1.01
59
Potential Capital Gain Exposure: 12% of assets
Rating and Risk
Time Load-Adj
Morningstar
Morningstar
Morningstar
Period Return % Rtn vs Cat
Risk vs Cat
Risk-Adj Rating
1 Yr
10.21
3 Yr
9.33
Avg
+Avg
5 Yr
5.16
+Avg
Avg
10 Yr
8.40
+Avg
+Avg
Incept
8.74
Other Measures
Standard Index
Best Fit Index
M* MdTgRk
Mstr Md Ag Rk
Alpha
-1.1
0.5
Beta
1.11
0.82
R-Squared
97
97
Standard Deviation
11.10
Mean
9.33
Sharpe Ratio
0.85
Morningstar’s Take
by Katie Rushkewicz Reichart, CFA 02-22-13
Manning & Napier Pro-Blend Extended Term has kept
up the pace.
This fund uses a flexible approach to asset
allocation, staying with a range of 40%-70% equities.
A team of senior managers, who average 17 years at
the firm, makes asset-allocation shifts based on the
firm’s macroeconomic outlook and the investment
opportunities its equity and fixed-income analysts find.
As of January 2013, the fund’s 57% equity stake
was right around the moderate-allocation category
norm and just slightly below the fund’s 10-year
average. The managers think valuations for the broad
equity market aren’t overly appealing given that the
economy is in a recovery, so they’ve stayed in the
middle range of the fund’s possible equity allocation
rather than go higher.
That said, the managers are cautious about certain
parts of the fixed-income market. Given low yields, the
fund has scaled back its exposure to Treasuries in
recent years. They comprised just 8% of the fund’s
fixed-income stake as of December, well below the
Barclays U.S. Aggregate Bond Index’s 36%. Despite
the managers’ concerns about reinvestment risk,
they’ve maintained some exposure to Treasuries to
balance the fund’s stake in high-yield bonds, which
comprised 13% of fixed-income assets.
On the equity side, the managers have upped the
fund’s energy exposure, which weighed on results in
2012. However, the managers think the tight
supply/demand picture for oil makes many firms
attractive and added to beaten-up names in 2012
when valuations sank. The fund’s foray into energy is
not unprecedented: the sector was a major driver of
returns in the mid-2000s. The managers significantly
reduced their energy stake in 2007, a smart move that
helped limit losses during the 2007-09 market
meltdown.
While some of the managers’ moves may take time
to play out, the fund’s long-term record speaks for
itself: its trailing 10- and 15-year returns through
mid-February beat more than 90% of peers. Fees could
be lower, but it’s a solid choice overall.
Address:
Manning & Napier Fund, Inc
Fairport, NY 14450
800-466-3863
Web Address:
Inception:
10-12-93
Advisor:
Manning & Napier Advisors, LLC
Subadvisor:
None
NTF Plans:
Fidelity Retail-NTF, Schwab OneSource
Minimum Purchase:
$2000
Add: $0 IRA: $0
Min Auto Inv Plan:
$2000
Add: $25
Sales Fees:
No-load
Management Fee:
0.75%
Actual Fees:
Mgt:0.75% Dist:
.
Expense Projections:
3Yr:$347
5Yr:$601 10Yr:$1329
Income Distribution:
Semi-Annually
Data through February 28, 2013
Manning & Napier Pro-Blend Extnd Term S
Ticker
Status Yield Total Assets
Mstar Category
MNBAX Open
0.8% $1,409 mil
Moderate Allocation
69% 64% 66% 66% 59% 57% 64% 59% 57%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 02-13
Historical Profile
Return
Risk
Rating
Above Avg
Above Avg
Above Avg
Investment Style
Equity
Stock %
Manager Change
Partial Manager Change
Growth of $10,000
Investment Values of
Fund
Investment Values of
M* MdTgRk
Performance Quartile
(within Category)
History
10.0
12.5
15.0
17.5
Portfolio Analysis
01-31-13
Total Stocks:351
P/E
YTD % Net
Share change since 12-31-12
Sectors
Ratio Return % Assets
Hess Corp
Energy
8.9 29.98 3.27
Juniper Networks, Inc.
Technology 56.2 2.34 1.89
EMC Corporation
Technology 20.6 -8.22 1.89
Virgin Media Inc
Comm Svs
2.6 27.86 1.57
Electronic Arts, Inc.
Technology 26.7 25.34 1.33
Novo Nordisk A/S
Hlth care
25.5 7.07 1.31
Monsanto Company
Basic Mat
22.8 7.76 1.28
Walt Disney Co
Cnsmr Cyc
16.1 12.07 1.22
Google, Inc. Class A
Technology 21.9 16.13 1.18
Date of
Amount
Value % Net
Total Fixed-Income:281
Maturity
$000
$000 Assets
FHLMC 3.75%
03-27-19 37,000 42,321 3.00
FNMA 0.875%
08-28-17 34,000 33,905 2.40
FHLMC 2.375%
01-13-22 28,614 29,406 2.08
US Treasury Note 2.625% 04-30-18 13,000 14,128 1.00
Citigroup 8.5%
05-22-19
4,863 6,485 0.46
FNMA 6%
10-01-38
5,737 6,278 0.44
FHLMC 5.5%
08-01-38
5,504 5,951 0.42
Toronto Dominion Bank 144
07-29-15
5,370 5,584 0.40
Barclays Bk Plc 144a 144A
09-21-15
5,370 5,583 0.40
Equity Style
Fixed-Income Style
Style: Growth
Size: Large-Cap
Duration: Moderate
Quality:
Medium
Avg Eff Duration
4.4 Yrs
Avg Eff Maturity
.
Avg Credit Quality
BBB
Avg Wtd Coupon
4.59%
figure provided by fund as of 01-31-13
1
1
Value Measures
Rel Category
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
16.10
2.01
1.34
8.49
1.33
1.20
1.09
1.17
1.28
0.56
Growth Measures
% Rel Category
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
12.16
4.91
-14.89
-22.31
4.71
1.14
2.77
NMF
NMF
0.47
Market Cap %
Giant 25.8
Large 39.6
Mid 27.4
Small
5.9
Micro
1.3
Avg $mil:
19,866
Composition - Net
(% of Stock)
Cash
2.7
Stocks 59.3
Bonds 36.9
Other
1.1
Foreign 28.6
Sector
Weightings
% of
Stocks
Rel M*
MdTgRk High
3 Year
Low
Cyclical 34.73 0.91
BasicMat 5.66 0.89 7 4
CnsmrCyc15.35 1.42 15 7
FinanSvs 8.83 0.52 18 9
Real Est 4.89 1.21 5 2
Sensitive 47.55 1.22
CommSrvs 6.84 1.66 8 2
Energy 13.16 1.39 13 6
Industrl
8.61 0.65 14 7
Technlgy 18.94 1.56 24 18
Defensive17.71 0.77
CnsmrDef 6.83 0.76 16 7
Hlthcare 10.74 1.10 11 7
Utilities 0.14 0.03 0 0
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2013Morningstar, Inc.All rights reserved.The informationherein is not represented orwarranted to be accurate, correct, complete or
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