Investment objective & strategy
As of March 2, 2026 · prospectusObjective. To provide competitive returns consistent with the broad equity market while also providing a level of capital protection during market downturns.
Strategy. The Series will, under normal circumstances, invest at least 80% of its assets in dividend-paying common stocks. The Series principally invests in the common stocks of mid- to large- capitalization companies. The Advisor constructs a portfolio consisting primarily of U.S. companies trading on U.S. stock exchanges that it believes will provide competitive returns consistent with the broad equity market while also providing a level of capital protection during sustained market downturns. In selecting securities for the Series, the Advisor uses a systematic process to identify stocks of companies that it believes are undervalued in the market, based on factors such as free cash flow generation and earnings power, and that meet other investment criteria relating to minimum dividend yield, dividend … The Series will, under normal circumstances, invest at least 80% of its assets in dividend-paying common stocks. The Series principally invests in the common stocks of mid- to large- capitalization companies. The Advisor constructs a portfolio consisting primarily of U.S. companies trading on U.S. stock exchanges that it believes will provide competitive returns consistent with the broad equity market while also providing a level of capital protection during sustained market downturns. In selecting securities for the Series, the Advisor uses a systematic process to identify stocks of companies that it believes are undervalued in the market, based on factors such as free cash flow generation and earnings power, and that meet other investment criteria relating to minimum dividend yield, dividend sustainability, and financial health. The Series investment strategy may involve allocating large portions of the Series portfolio to industry sectors which meet the Advisors investment criteria. Although stocks may be added to or removed from the Series portfolio at any time during the year, the Advisor expects that modifications to the Series portfolio will take place during the Advisors quarterly portfolio review and rebalancing process.
Top holdings
As of April 30, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| MERCK & CO | — | $5.23M | 3.58% |
| UNITEDHEALTH GRP | — | $5.03M | 3.44% |
| CITIGROUP INC | — | $4.90M | 3.35% |
| QUALCOMM INC | — | $4.67M | 3.19% |
| EXXON MOBIL CORP | — | $4.47M | 3.06% |
| GILEAD SCIENCES INC | — | $3.77M | 2.58% |
| CONOCOPHILLIPS | — | $3.71M | 2.54% |
| WELLS FARGO & CO | — | $3.67M | 2.51% |
| BRISTOL-MYERS SQUIBB CO | — | $3.19M | 2.18% |
| PROGRESSIVE CORP OHIO | — | $2.92M | 2.00% |
Portfolio moves
Jan 30, 2026 → Apr 30, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| GMO U.S. Value ETF · GMOV | 41% | 0.50% |
| Fidelity SAI U.S. Value Index Fund · FSWCX | 41% | 0.11% |
| GMO U.S. Opportunistic Value Fund · PPADX, GUSOX, PPAJX, UUOAX, PPAEX | 41% | 0.39% |
Advisers
| Firm | Role |
|---|---|
| Manning & Napier Advisors, LLC | Adviser |
Footnotes
- Expense ratio as of March 2, 2026, from the fund's prospectus.
- Net assets and holdings count as of April 30, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
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