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Trending ETFs

Name

As of 01/20/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.58

$108 M

4.50%

$0.43

0.79%

Vitals

YTD Return

-0.6%

1 yr return

-5.4%

3 Yr Avg Return

-3.4%

5 Yr Avg Return

-1.6%

Net Assets

$108 M

Holdings in Top 10

43.9%

52 WEEK LOW AND HIGH

$9.6
$9.37
$10.12

Expenses

OPERATING FEES

Expense Ratio 0.79%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 31.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 01/20/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.58

$108 M

4.50%

$0.43

0.79%

EXNTX - Profile

Distributions

  • YTD Total Return -0.6%
  • 3 Yr Annualized Total Return -3.4%
  • 5 Yr Annualized Total Return -1.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.99%
DIVIDENDS
  • Dividend Yield 4.5%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Manning & Napier New York Tax Exempt Series Fund
  • Fund Family Name
    Manning & Napier
  • Inception Date
    Jan 17, 1994
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Elizaveta Akselrod

Fund Description

The Series invests primarily in municipal bonds and other securities the income from which is exempt from federal income tax and New York State personal income tax. The Series will, under normal circumstances, invest at least 80% of its assets in securities the income from which is exempt from federal and New York income tax, including the alternative minimum tax (AMT). The main issuers of these securities are state and local agencies in New York. In selecting investments for the Series, the Advisor attempts to balance the Series’ goals of high income and capital preservation. With this approach, the Advisor attempts to build a portfolio that it believes provides the opportunity to earn current income; however, the Advisor will only purchase investment grade securities, or those securities determined by the Advisor to be of equivalent quality, and will maintain other selection criteria in an attempt to avoid permanent capital loss.

Bond Selection Process — The Advisor emphasizes those bond market sectors and selects for the Series those securities that it believes offer yields sufficient to compensate the investor for the risks specific to the security or sector. In analyzing the relative attractiveness of sectors and individual securities, the Advisor considers:

The interest rate sensitivity of each security.

The narrowing or widening of interest rate spreads between sectors, securities of different credit quality or securities of different maturities.

Maturity and Portfolio Duration — The Series is not subject to any maturity or duration restrictions but will vary its average dollar weighted portfolio maturity and duration depending on the Advisor’s outlook for yields. For example, the Advisor may invest in longer-term bonds when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in shorter-term bonds when it expects yields to rise. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in yields. The prices of fixed income securities with shorter durations generally will be less affected by changes in yields than the prices of fixed income securities with longer durations. For example, a 10 year duration means the fixed income security will decrease in value by 10% if yields rise 1% and increase in value by 10% if yields fall 1%.

Credit Quality — The Series’ investments will be limited to investment grade securities, those rated BBB- or above by S&P or Baa3 or above by Moody’s, or determined by the Advisor to be of equivalent quality. If a security purchased by the Series is downgraded below investment grade after purchase, the Advisor will review the security to determine if it remains an appropriate investment.

The Series may invest in taxable investments, including obligations of the U.S. Government, its agencies or instrumentalities. The Series may also invest in money market instruments or hold its assets in cash. These investments may cause the Series to make a taxable distribution to shareholders.

The Advisor will consider selling a security for one or more of the following reasons:

to adjust the Series’ duration and/or yield curve positioning;

there is a deterioration in the credit quality of the issuer;

the security’s relative value has declined (the spread has tightened such that the security is no longer considered attractively priced); or

a more attractive investment opportunity is identified.

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EXNTX - Performance

Return Ranking - Trailing

Period EXNTX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.6% -86.8% 7.5% 80.07%
1 Yr -5.4% -21.5% 15.7% 47.30%
3 Yr -3.4%* -10.1% 52.3% 73.56%
5 Yr -1.6%* -5.1% 29.7% 84.49%
10 Yr -1.2%* -3.2% 13.5% 69.04%

* Annualized

Return Ranking - Calendar

Period EXNTX Return Category Return Low Category Return High Rank in Category (%)
2023 -6.4% -91.1% 101.7% 29.37%
2022 -2.5% -79.2% 102.5% 94.59%
2021 1.1% -66.1% 60.0% 7.13%
2020 0.4% -57.4% 7.6% 85.84%
2019 -0.2% -35.9% 3.2% 15.35%

Total Return Ranking - Trailing

Period EXNTX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.6% -86.8% 7.5% 80.04%
1 Yr -5.4% -21.5% 15.4% 47.95%
3 Yr -3.4%* -10.1% 52.3% 74.29%
5 Yr -1.3%* -5.1% 29.7% 75.98%
10 Yr -0.5%* -3.2% 13.6% 29.31%

* Annualized

Total Return Ranking - Calendar

Period EXNTX Return Category Return Low Category Return High Rank in Category (%)
2023 -6.4% -91.1% 101.7% 29.17%
2022 -2.5% -79.2% 102.5% 94.60%
2021 1.1% -66.1% 60.0% 7.18%
2020 0.4% -57.4% 7.6% 85.85%
2019 0.1% -35.9% 3.2% 7.75%

NAV & Total Return History


EXNTX - Holdings

Concentration Analysis

EXNTX Category Low Category High EXNTX % Rank
Net Assets 108 M 2.87 M 73.9 B 83.10%
Number of Holdings 102 1 14000 66.95%
Net Assets in Top 10 47.3 M -317 M 8.64 B 47.88%
Weighting of Top 10 43.93% 2.4% 100.0% 26.31%

Top 10 Holdings

  1. Dreyfus Government Cash Mgmt Instl 22.76%
  2. NEW YORK ST DORM AUTH ST PERS INCOME TAX REV 5% 4.99%
  3. NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV 5% 4.65%
  4. NEW YORK ST URBAN DEV CORP ST SALES TAX REV 4% 4.64%
  5. NEW YORK ST DORM AUTH ST PERS INCOME TAX REV 5% 4.12%
  6. NEW YORK N Y 4% 3.82%
  7. NEW YORK N Y 5% 3.78%
  8. PORT AUTH N Y & N J 5% 3.65%
  9. NEW YORK ST URBAN DEV CORP REV 5% 3.06%
  10. BRIGHTON N Y CENT SCH DIST 2% 3.03%

Asset Allocation

Weighting Return Low Return High EXNTX % Rank
Bonds
82.94% 0.00% 150.86% 98.83%
Cash
17.06% -50.86% 100.00% 0.95%
Stocks
0.00% -0.03% 4.63% 24.62%
Preferred Stocks
0.00% -1.79% 0.04% 21.52%
Other
0.00% -13.03% 30.01% 22.65%
Convertible Bonds
0.00% 0.00% 0.93% 21.61%

Bond Sector Breakdown

Weighting Return Low Return High EXNTX % Rank
Municipal
78.16% 0.00% 100.00% 99.05%
Cash & Equivalents
21.84% 0.00% 100.00% 0.77%
Derivative
0.00% 0.00% 21.68% 21.20%
Securitized
0.00% 0.00% 5.93% 22.33%
Corporate
0.00% 0.00% 9.99% 34.90%
Government
0.00% 0.00% 52.02% 26.63%

Bond Geographic Breakdown

Weighting Return Low Return High EXNTX % Rank
US
82.94% 0.00% 142.23% 96.93%
Non US
0.00% 0.00% 62.14% 76.54%

EXNTX - Expenses

Operational Fees

EXNTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.79% 0.02% 3.60% 27.38%
Management Fee 0.50% 0.00% 1.10% 77.18%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

EXNTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 4.90% N/A
Deferred Load N/A 0.25% 5.50% N/A

Trading Fees

EXNTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

EXNTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 31.00% 0.00% 283.00% 80.49%

EXNTX - Distributions

Dividend Yield Analysis

EXNTX Category Low Category High EXNTX % Rank
Dividend Yield 4.50% 0.00% 35.27% 70.91%

Dividend Distribution Analysis

EXNTX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Monthly Monthly Monthly

Net Income Ratio Analysis

EXNTX Category Low Category High EXNTX % Rank
Net Income Ratio 0.99% -0.53% 24.00% 86.64%

Capital Gain Distribution Analysis

EXNTX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Monthly Monthly Monthly

Distributions History

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EXNTX - Fund Manager Analysis

Managers

Elizaveta Akselrod


Start Date

Tenure

Tenure Rank

Apr 07, 2015

7.15

7.2%

Elizaveta Akselrod is a Senior Analyst for the Fixed Income Group at Manning & Napier. She is the firm’s principal municipal bond specialist, with responsibility for municipal bond credit research. Additionally, Elizaveta oversees the firm’s tax-exempt portfolios and the firms’ separately managed municipal bond accounts. Elizaveta has been with Manning & Napier since 2006. Prior to joining the firm, she worked at Bear Stearns & Co. as a Trading Floor Sales Assistant, supporting traders, salespersons, and analysts as well as booking and reviewing trades. Elizaveta earned her BA in Economics from Binghamton University and an MBA in Finance from Rochester Institute of Technology.

Marc Bushallow


Start Date

Tenure

Tenure Rank

Apr 07, 2015

7.15

7.2%

Marc Bushallow is the Managing Director of Fixed Income at Manning & Napier. Prior to becoming Managing Director, Marc was a Senior Analyst in the Fixed Income Group, concentrating on analysis of below investment-grade corporate bonds. He also spent some time at the firm as an Assistant performing quantitative and macroeconomic research. Today, Marc works on economic overviews and the top-down positioning of the firm's fixed income portfolios. He oversees the firm's high-yield, nontraditional, and core fixed income strategies, and is also a member of the firm's Investment Policy Group. Marc joined Manning & Napier in 1999 and left to pursue a master's degree in 2002, returning to the firm in 2008. Before returning to Manning & Napier, Marc spent four years at Barclays Capital, gaining sell-side experience requiring the evaluation and recommendation of high-yield credit, including both cash and derivative products. He acquired and applied detailed understanding of new issue syndication, trading, bond structure and covenants, etc. During that time, Marc and his team were two-time runners-up in the Institutional Investor All-Europe Fixed-Income Research Team poll for High-Yield Consumer Products. Marc earned his BA in Economics from the State University of New York at Geneseo and his MSc in Economics from the London School of Economics & Political Science. He is also a CFA charterholder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.23 1.58