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Trending ETFs

Name

As of 03/25/2024

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

Real Estate Series

MNREX | Fund

$13.47

$243 M

2.06%

$0.28

1.14%

Vitals

YTD Return

-5.2%

1 yr return

3.1%

3 Yr Avg Return

-3.0%

5 Yr Avg Return

0.2%

Net Assets

$243 M

Holdings in Top 10

57.6%

52 WEEK LOW AND HIGH

$13.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.14%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 26.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/25/2024

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

Real Estate Series

MNREX | Fund

$13.47

$243 M

2.06%

$0.28

1.14%

MNREX - Profile

Distributions

  • YTD Total Return -5.2%
  • 3 Yr Annualized Total Return -3.0%
  • 5 Yr Annualized Total Return 0.2%
  • Capital Gain Distribution Frequency None
  • Net Income Ratio 0.66%
DIVIDENDS
  • Dividend Yield 2.1%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Real Estate Series
  • Fund Family Name
    Manning & Napier
  • Inception Date
    Nov 11, 2009
  • Shares Outstanding
    N/A
  • Share Class
    S
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Joseph Rydzynski

Fund Description

The Series will invest, under normal circumstances, at least 80% of its assets in securities of companies that are principally engaged in the real estate industry. These companies include those directly engaged in the real estate industry as well as in industries serving and/or related to the real estate industry. A company will be considered eligible for investment if, as determined by the Advisor, (i) at least 50% of its assets, revenues or net income is derived from the ownership, leasing, construction, servicing, management, development, financing or sale of residential, commercial or industrial real estate or (ii) it has at least 50% of the value of its assets invested in residential, commercial or industrial real estate. Examples of companies in which the Series may invest include those in the following areas: real estate investment trusts (REITs), real estate operating companies (REOCs), real estate developers and brokers, real estate service providers, building suppliers, and mortgage lenders.

The Series may invest in common stocks, convertible securities and other equity securities, principally ETFs (defined below), as well as derivative instruments, principally options (as described below). It may invest in securities issued as part of, or a short period after, a company’s initial public offering (IPO).

The Series may invest in common stocks of foreign companies, including companies located in emerging market countries. The Series may also invest in American Depository Receipts (ADRs) and other U.S. dollar denominated securities of foreign issuers. The Series may invest in securities of small-, large-, or mid-size companies.

The Series may also invest in debt securities. The Series’ investment in debt securities is subject to a limit of 20% of the Series’ assets (measured at the time of purchase). The Series will typically invest in investment grade debt securities, those securities rated BBB- or above by S&P or Baa3 or above by Moody’s (or determined to be of equivalent quality by the Advisor); however, the Series may invest up to 5% of its assets (measured at the time of purchase) in below investment grade debt securities (junk bonds), those rated below BBB- by S&P and those rated below Baa3 by Moody’s (or determined to be of equivalent quality by the Advisor). The Series’ investments in debt securities are not subject to any restrictions on maturity or duration.

The Series may purchase shares of exchange-traded funds (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 Advisor uses a “bottom-up” strategy, focusing on individual security selection. The Advisor analyzes factors such as the management, financial condition, and market position of individual companies to select companies in the real estate industry that it believes will make attractive long-term investments. The Advisor looks for one or more of the following characteristics:

Strong strategic profiles (e.g., strong market position, benefits from technology, market share gains in a mature market and high barriers to entry).

Companies well-positioned to benefit from an anticipated upturn in an industry sub-sector due to sharply reduced competition and improving demand.

Companies trading at very low valuations relative to fundamental or break-up value.

The Advisor will consider selling a security if:

it no longer fits the Series’ investment strategies or valuation discipline;

it has reached the Advisor’s target sell price; or

a more attractive investment opportunity is identified.

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MNREX - Performance

Return Ranking - Trailing

Period MNREX Return Category Return Low Category Return High Rank in Category (%)
YTD -5.2% -12.1% 5.9% 82.75%
1 Yr 3.1% -14.5% 29.9% 93.33%
3 Yr -3.0%* -11.0% 10.6% 93.17%
5 Yr 0.2%* -11.3% 15.8% 89.08%
10 Yr 4.9%* -1.4% 15.0% 72.00%

* Annualized

Return Ranking - Calendar

Period MNREX Return Category Return Low Category Return High Rank in Category (%)
2023 8.1% -17.6% 24.6% 55.29%
2022 -36.4% -51.3% 2.7% 79.13%
2021 38.5% -7.7% 52.3% 15.66%
2020 -8.5% -42.2% 35.0% 48.94%
2019 24.6% -0.6% 43.1% 20.80%

Total Return Ranking - Trailing

Period MNREX Return Category Return Low Category Return High Rank in Category (%)
YTD -5.2% -12.1% 5.9% 82.75%
1 Yr 3.1% -14.5% 29.9% 93.33%
3 Yr -3.0%* -11.0% 10.6% 93.17%
5 Yr 0.2%* -11.3% 15.8% 89.08%
10 Yr 4.9%* -1.4% 15.0% 72.00%

* Annualized

Total Return Ranking - Calendar

Period MNREX Return Category Return Low Category Return High Rank in Category (%)
2023 10.4% -14.0% 25.0% 78.04%
2022 -35.3% -40.7% 7.8% 96.85%
2021 43.7% 7.8% 54.6% 25.30%
2020 -6.3% -36.6% 44.3% 65.96%
2019 29.1% 3.4% 46.4% 32.74%

NAV & Total Return History


MNREX - Holdings

Concentration Analysis

MNREX Category Low Category High MNREX % Rank
Net Assets 243 M 1.73 M 56.5 B 52.90%
Number of Holdings 33 18 501 75.00%
Net Assets in Top 10 152 M 711 K 26.1 B 49.26%
Weighting of Top 10 57.63% 15.7% 82.2% 32.35%

Top 10 Holdings

  1. Equinix Inc 12.78%
  2. Prologis Inc 12.56%
  3. SBA Communications Corp 5.02%
  4. Sun Communities Inc 4.60%
  5. Public Storage 4.53%
  6. Invitation Homes Inc 3.94%
  7. American Tower Corp 3.81%
  8. Rexford Industrial Realty Inc 3.58%
  9. Americold Realty Trust Inc 3.44%
  10. Cellnex Telecom SA 3.38%

Asset Allocation

Weighting Return Low Return High MNREX % Rank
Stocks
98.85% 0.00% 106.01% 30.15%
Cash
1.15% -42.50% 20.74% 61.40%
Preferred Stocks
0.00% 0.00% 31.13% 20.59%
Other
0.00% -89.96% 112.19% 27.57%
Convertible Bonds
0.00% 0.00% 10.95% 8.86%
Bonds
0.00% -3.17% 148.00% 18.75%

Stock Sector Breakdown

Weighting Return Low Return High MNREX % Rank
Real Estate
91.80% 34.46% 100.00% 88.37%
Communication Services
5.94% 0.00% 11.61% 0.78%
Consumer Cyclical
2.26% 0.00% 45.29% 13.57%
Utilities
0.00% 0.00% 3.55% 3.88%
Technology
0.00% 0.00% 12.02% 25.19%
Industrials
0.00% 0.00% 7.39% 10.08%
Healthcare
0.00% 0.00% 0.53% 5.04%
Financial Services
0.00% 0.00% 37.05% 17.05%
Energy
0.00% 0.00% 33.11% 4.65%
Consumer Defense
0.00% 0.00% 0.93% 2.33%
Basic Materials
0.00% 0.00% 13.69% 8.14%

Stock Geographic Breakdown

Weighting Return Low Return High MNREX % Rank
US
93.42% 0.00% 106.01% 72.43%
Non US
5.44% 0.00% 40.58% 4.41%

MNREX - Expenses

Operational Fees

MNREX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.14% 0.07% 24.62% 55.39%
Management Fee 0.60% 0.00% 1.50% 27.21%
12b-1 Fee 0.25% 0.00% 1.00% 28.24%
Administrative Fee N/A 0.01% 0.45% 8.11%

Sales Fees

MNREX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.00% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

MNREX 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.

MNREX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 26.00% 0.11% 380.00% 28.85%

MNREX - Distributions

Dividend Yield Analysis

MNREX Category Low Category High MNREX % Rank
Dividend Yield 2.06% 0.00% 13.07% 59.19%

Dividend Distribution Analysis

MNREX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Monthly Monthly

Net Income Ratio Analysis

MNREX Category Low Category High MNREX % Rank
Net Income Ratio 0.66% -1.14% 6.05% 73.61%

Capital Gain Distribution Analysis

MNREX Category Low Category High Capital Mode
Capital Gain Distribution Frequency None Annually Annually Annually

Distributions History

View More +

MNREX - Fund Manager Analysis

Managers

Joseph Rydzynski


Start Date

Tenure

Tenure Rank

Dec 31, 2015

6.42

6.4%

Joseph R. Rydzynski, CFA®, Junior Analyst Joined the Manning & Napier Advisors, LLC in 2009. Junior Analyst since 2015. Member of the following Portfolio Management Teams: Real Estate Series (since 2015); and Equity Income Series (since 2015). Previous positions held in last five years: Senior Research Associate, 2013 – 2015; Research Associate, 2011 – 2012; Research Assistant, 2009 – 2010.

Corey Van Lare


Start Date

Tenure

Tenure Rank

May 01, 2018

4.08

4.1%

Corey A. Van Lare, CFA®, Junior Analyst, Equity Income Group Joined Manning & Napier Advisors, LLC in 2011. Junior Analyst since 2017. Previous positions held in the last five years: Senior Research Associate, Equity Income Group, 2015 – 2017; Research Associate, Equity Income Group, 2013 – 2015; Research Assistant, Equity Income Group, 2011 – 2013.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.01 28.42 7.9 2.23