Name
As of 05/03/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
2.4%
1 yr return
12.5%
3 Yr Avg Return
4.4%
5 Yr Avg Return
6.0%
Net Assets
$756 M
Holdings in Top 10
19.8%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.70%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 128.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 05/03/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
MNHAX - Profile
Distributions
- YTD Total Return 2.4%
- 3 Yr Annualized Total Return 4.4%
- 5 Yr Annualized Total Return 6.0%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 5.28%
- Dividend Yield 8.3%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameHigh Yield Bond Series
-
Fund Family NameManning & Napier
-
Inception DateAug 01, 2012
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerR. Keith Harwood
Fund Description
The Series seeks to provide a high level of long-term total return, which is a combination of income and capital appreciation. The Series will invest, under normal circumstances, at least 80% of its assets in bonds that are rated below investment grade (junk bonds) and other financial instruments, principally derivative instruments and exchange-traded funds (ETFs), with economic characteristics similar to non-investment grade securities. These bonds may include U.S. dollar denominated fixed income securities issued by U.S. and foreign corporations and governments, including those in emerging markets. The Series may also invest in securities of other investment companies, such as open-end or closed-end management investment companies. The Series may invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate investments.
The Series may purchase shares of ETFs, including to establish a diversified position in a particular market sector or to manage cash flows. The Advisor believes that purchasing ETFs may allow it to manage the Series’ portfolio more efficiently than would otherwise be possible.
The Series may buy and sell futures contracts based on investment grade and/or high-yield credit securities primarily for cash management purposes.
Bond Selection Process — The Advisor attempts to identify securities that offer yields and credit spreads sufficient for the risks assumed. In analyzing the relative attractiveness of sectors and/or individual securities, the Advisor considers:
•The relevant economic conditions and sector trends.
•The interest rate sensitivities of the particular sectors and securities.
•The yield differentials across sectors, credit qualities, and maturities.
•“Bottom-up” factors such as an issuer’s financial status, market position, and managerial expertise.
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 fixed income securities when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in shorter-term fixed income securities 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%.
The Series may engage in active and frequent trading of portfolio securities. If it does, its portfolio turnover rate and transaction costs will rise, which may lower fund performance and may increase the likelihood of capital gain distributions.
Credit Quality — The Series will invest primarily in non-investment grade securities, those rated below BBB- by S&P or Baa3 by Moody’s, or determined to be of equivalent quality by the Advisor. The Series may also invest, to a limited extent, in investment grade securities when the Advisor considers their “credit spreads” (i.e., the difference between the bonds’ yields to maturity and those of U.S. Treasury bonds with similar maturities) to be attractive. The Series may invest in securities with any rating, including those that have defaulted, are not rated, or have had their rating withdrawn.
The Advisor will consider selling a security for one or more of the following reasons:
•it no longer meets the security selection criteria under which it was purchased;
•it has poor relative value (the spread has tightened such that the security is no longer considered attractively priced); or
•a more attractive investment opportunity is identified.
There are no prescribed limits on the sector allocation of the Series’ investments and, from time to time, the Series may focus its investments in one or more sectors.
MNHAX - Performance
Return Ranking - Trailing
Period | MNHAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.4% | -7.4% | 5.1% | 35.55% |
1 Yr | 12.5% | -7.6% | 17.7% | 10.90% |
3 Yr | 4.4%* | -16.8% | 20.1% | 2.14% |
5 Yr | 6.0%* | -12.2% | 36.7% | 2.97% |
10 Yr | 5.4%* | -5.1% | 19.4% | 4.20% |
* Annualized
Return Ranking - Calendar
Period | MNHAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 3.9% | -4.7% | 14.3% | 80.09% |
2022 | -13.9% | -33.4% | 3.6% | 27.27% |
2021 | 0.2% | -8.4% | 8.2% | 41.86% |
2020 | -0.1% | -13.2% | 302.7% | 50.68% |
2019 | 5.2% | -4.4% | 13.3% | 80.32% |
Total Return Ranking - Trailing
Period | MNHAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.4% | -7.4% | 5.1% | 35.55% |
1 Yr | 12.5% | -7.6% | 17.7% | 10.90% |
3 Yr | 4.4%* | -16.8% | 20.1% | 2.14% |
5 Yr | 6.0%* | -12.2% | 36.7% | 2.97% |
10 Yr | 5.4%* | -5.1% | 19.4% | 4.20% |
* Annualized
Total Return Ranking - Calendar
Period | MNHAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 13.5% | -4.7% | 17.8% | 15.64% |
2022 | -7.4% | -33.4% | 47.8% | 15.15% |
2021 | 10.3% | -8.4% | 12.4% | 3.65% |
2020 | 6.6% | -9.6% | 325.6% | 26.54% |
2019 | 14.2% | 0.9% | 19.4% | 42.00% |
NAV & Total Return History
MNHAX - Holdings
Concentration Analysis
MNHAX | Category Low | Category High | MNHAX % Rank | |
---|---|---|---|---|
Net Assets | 756 M | 1.45 M | 23.6 B | 42.97% |
Number of Holdings | 82 | 2 | 2736 | 95.24% |
Net Assets in Top 10 | 105 M | -492 M | 4.55 B | 44.60% |
Weighting of Top 10 | 19.77% | 4.2% | 146.9% | 22.06% |
Top 10 Holdings
- Venture Global LNG Inc 2.42%
- Tutor Perini Corp 2.29%
- DREYFUS GOVERN CASH MGMT-I 2.10%
- Brooge Petroleum and Gas Investment Co FZE 2.08%
- Navient Corp 1.97%
- Global Infrastructure Solutions Inc 1.90%
- Summit Midstream Holdings LLC / Summit Midstream Finance Corp 1.87%
- iShares Broad USD High Yield Corporate Bond ETF 1.73%
- IHS Holding Ltd 1.71%
- ATP Tower Holdings LLC / Andean Tower Partners Colombia SAS / Andean Telecom Par 1.70%
Asset Allocation
Weighting | Return Low | Return High | MNHAX % Rank | |
---|---|---|---|---|
Bonds | 94.04% | -3.13% | 154.38% | 59.40% |
Cash | 3.51% | -52.00% | 48.07% | 52.06% |
Convertible Bonds | 2.73% | 0.00% | 17.89% | 12.70% |
Stocks | 1.73% | 0.00% | 99.54% | 27.17% |
Other | 0.72% | -63.70% | 102.57% | 17.14% |
Preferred Stocks | 0.00% | 0.00% | 7.88% | 79.84% |
Stock Sector Breakdown
Weighting | Return Low | Return High | MNHAX % Rank | |
---|---|---|---|---|
Utilities | 0.00% | 0.00% | 100.00% | 71.15% |
Technology | 0.00% | 0.00% | 33.17% | 71.79% |
Real Estate | 0.00% | 0.00% | 86.71% | 69.02% |
Industrials | 0.00% | 0.00% | 93.12% | 73.93% |
Healthcare | 0.00% | 0.00% | 22.17% | 71.15% |
Financial Services | 0.00% | 0.00% | 100.00% | 75.00% |
Energy | 0.00% | 0.00% | 100.00% | 9.40% |
Communication Services | 0.00% | 0.00% | 99.99% | 81.20% |
Consumer Defense | 0.00% | 0.00% | 100.00% | 71.37% |
Consumer Cyclical | 0.00% | 0.00% | 100.00% | 75.85% |
Basic Materials | 0.00% | 0.00% | 100.00% | 75.85% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | MNHAX % Rank | |
---|---|---|---|---|
US | 1.73% | 0.00% | 99.54% | 27.30% |
Non US | 0.00% | -0.01% | 0.83% | 70.95% |
Bond Sector Breakdown
Weighting | Return Low | Return High | MNHAX % Rank | |
---|---|---|---|---|
Corporate | 88.80% | 0.00% | 100.00% | 82.86% |
Securitized | 3.13% | 0.00% | 97.24% | 15.24% |
Cash & Equivalents | 2.10% | 0.00% | 48.07% | 60.32% |
Derivative | 0.00% | -15.04% | 42.26% | 66.03% |
Municipal | 0.00% | 0.00% | 1.17% | 68.25% |
Government | 0.00% | 0.00% | 99.07% | 77.30% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | MNHAX % Rank | |
---|---|---|---|---|
US | 94.04% | -3.13% | 129.21% | 47.14% |
Non US | 0.00% | 0.00% | 98.19% | 79.37% |
MNHAX - Expenses
Operational Fees
MNHAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.70% | 0.02% | 38.33% | 76.55% |
Management Fee | 0.40% | 0.00% | 1.84% | 14.40% |
12b-1 Fee | N/A | 0.00% | 1.00% | 17.09% |
Administrative Fee | N/A | 0.00% | 0.50% | N/A |
Sales Fees
MNHAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.25% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
MNHAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | 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.
MNHAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 128.00% | 1.00% | 255.00% | 95.67% |
MNHAX - Distributions
Dividend Yield Analysis
MNHAX | Category Low | Category High | MNHAX % Rank | |
---|---|---|---|---|
Dividend Yield | 8.31% | 0.00% | 11.67% | 47.79% |
Dividend Distribution Analysis
MNHAX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
MNHAX | Category Low | Category High | MNHAX % Rank | |
---|---|---|---|---|
Net Income Ratio | 5.28% | -2.39% | 14.30% | 11.95% |
Capital Gain Distribution Analysis
MNHAX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Apr 12, 2024 | $0.054 | OrdinaryDividend |
Mar 14, 2024 | $0.047 | OrdinaryDividend |
Feb 14, 2024 | $0.046 | OrdinaryDividend |
Jan 12, 2024 | $0.014 | OrdinaryDividend |
Dec 13, 2023 | $0.122 | OrdinaryDividend |
Nov 10, 2023 | $0.052 | OrdinaryDividend |
Oct 12, 2023 | $0.052 | OrdinaryDividend |
Sep 13, 2023 | $0.048 | OrdinaryDividend |
Jun 13, 2023 | $0.050 | OrdinaryDividend |
Sep 14, 2022 | $0.120 | OrdinaryDividend |
Jun 15, 2022 | $0.117 | OrdinaryDividend |
Mar 16, 2022 | $0.072 | OrdinaryDividend |
Sep 14, 2021 | $0.123 | OrdinaryDividend |
Jun 15, 2021 | $0.120 | OrdinaryDividend |
Mar 16, 2021 | $0.081 | OrdinaryDividend |
Dec 16, 2020 | $0.218 | OrdinaryDividend |
Sep 16, 2020 | $0.142 | OrdinaryDividend |
Jun 16, 2020 | $0.115 | OrdinaryDividend |
Mar 17, 2020 | $0.065 | OrdinaryDividend |
Dec 17, 2019 | $0.260 | OrdinaryDividend |
Sep 17, 2019 | $0.219 | OrdinaryDividend |
Jun 18, 2019 | $0.137 | OrdinaryDividend |
Mar 18, 2019 | $0.096 | OrdinaryDividend |
Dec 18, 2018 | $0.206 | OrdinaryDividend |
Sep 18, 2018 | $0.113 | OrdinaryDividend |
Jun 18, 2018 | $0.123 | OrdinaryDividend |
Mar 16, 2018 | $0.081 | OrdinaryDividend |
Dec 18, 2017 | $0.189 | OrdinaryDividend |
Sep 18, 2017 | $0.138 | OrdinaryDividend |
Jun 16, 2017 | $0.129 | OrdinaryDividend |
Mar 16, 2017 | $0.090 | OrdinaryDividend |
Dec 16, 2016 | $0.271 | OrdinaryDividend |
Sep 16, 2016 | $0.182 | OrdinaryDividend |
Jun 16, 2016 | $0.127 | OrdinaryDividend |
Mar 16, 2016 | $0.082 | OrdinaryDividend |
Dec 16, 2015 | $0.195 | OrdinaryDividend |
Sep 16, 2015 | $0.146 | OrdinaryDividend |
Jun 16, 2015 | $0.119 | OrdinaryDividend |
Mar 17, 2015 | $0.083 | OrdinaryDividend |
Jun 17, 2014 | $0.116 | OrdinaryDividend |
Mar 18, 2014 | $0.076 | OrdinaryDividend |
Jun 18, 2013 | $0.126 | OrdinaryDividend |
Mar 15, 2013 | $0.092 | OrdinaryDividend |
MNHAX - Fund Manager Analysis
Managers
R. Keith Harwood
Start Date
Tenure
Tenure Rank
Sep 14, 2009
12.72
12.7%
Keith Harwood is the Director of Credit Research for the Fixed Income Group at Manning & Napier and is focused on corporate and structured credit research. Keith has over two decades of experience as a credit analyst applying the firm’s strategies. He oversees the firm’s corporate fixed income holdings as well as the firm’s high-yield, global, nontraditional, and core fixed income strategies. He has been with Manning & Napier since 1997 and spent a year in our Operations Group before joining the Fixed Income Group. Keith earned his BA in Economics with a minor in Finance from St. John Fisher College.
Marc Bushallow
Start Date
Tenure
Tenure Rank
Sep 14, 2009
12.72
12.7%
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.
Scott Friedman
Start Date
Tenure
Tenure Rank
Mar 01, 2021
1.25
1.3%
Scott Friedman is a Senior Analyst for the Fixed Income Group at Manning & Napier. He is focused on corporate credit research within the high-yield market, contributing to the firm's high-yield, global, nontraditional, and core fixed income strategies. Scott has been with Manning & Napier since 2008. He started in the firm's Account Management/Trading Department where he maintained portfolio allocations and served as a full-time fixed income trader. Prior to joining Manning & Napier, Scott served as a Senior Account Administrator for Jennison Associates. In this capacity, he was responsible for maintaining and reconciling assets, resolving trade discrepancies, and trading commercial paper and foreign currencies. Scott earned his BA in Business Management and an MBA in Management from St. John Fisher College. He is also a CFA charterholder.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.13 | 37.79 | 7.21 | 8.17 |