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Trending ETFs

Unconstrained Bond Series

mutual fund
EXCPX
Payout Change
Pending
Price as of:
$9.93 -0.01 -0.1%
primary theme
Bond Sector Diversified
EXCPX (Mutual Fund)

Unconstrained Bond Series

Payout Change
Pending
Price as of:
$9.93 -0.01 -0.1%
primary theme
Bond Sector Diversified
EXCPX (Mutual Fund)

Unconstrained Bond Series

Payout Change
Pending
Price as of:
$9.93 -0.01 -0.1%
primary theme
Bond Sector Diversified

Name

As of 12/10/2024

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

$9.93

$826 M

3.79%

$0.38

0.72%

Vitals

YTD Return

4.6%

1 yr return

6.4%

3 Yr Avg Return

1.2%

5 Yr Avg Return

2.8%

Net Assets

$826 M

Holdings in Top 10

29.4%

52 WEEK LOW AND HIGH

$9.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.72%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 69.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/10/2024

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

$9.93

$826 M

3.79%

$0.38

0.72%

EXCPX - Profile

Distributions

  • YTD Total Return 4.6%
  • 3 Yr Annualized Total Return 1.2%
  • 5 Yr Annualized Total Return 2.8%
  • Capital Gain Distribution Frequency None
  • Net Income Ratio 2.71%
DIVIDENDS
  • Dividend Yield 3.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Unconstrained Bond Series
  • Fund Family Name
    Manning & Napier
  • Inception Date
    Oct 25, 2005
  • Shares Outstanding
    N/A
  • Share Class
    S
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    R. Keith Harwood

Fund Description

The Series will invest, under normal circumstances, at least 80% of its assets in bonds and other financial instruments, principally derivative instruments and exchange-traded funds (ETFs), with economic characteristics similar to bonds. For purposes of this policy, bonds may include fixed income securities issued by U.S. corporations, foreign corporations (e.g., yankee bonds), the U.S. Government or its agencies or instrumentalities, foreign governments or their agencies or instrumentalities (e.g., the Korean Development Bank) and supranational entities (e.g., the World Bank); inflation protected securities; mortgage-backed and asset-backed securities; and mortgage dollar rolls, which are transactions in which the Series sells a mortgage-backed security and simultaneously contracts to purchase similar securities on a specified future date at a predetermined price. The mortgage and

asset-backed securities in which the Series principally invests are issued by U.S. Government agencies (such as GNMA, FNMA, and FHLMC) and private issuers and entitle the holders to a pro rata share of the cash flows generated by the instruments underlying the security (principally residential and commercial mortgages, credit card receivables and car loans).

The Series may invest up to 50% of its assets in below investment grade securities (also referred to as “high yield bonds” or “junk bonds”) and may invest up to 50% of its assets in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets. The Series may invest portions of its assets in bank loans, which are, generally, non-investment grade floating rate investments, and preferred stock.

The Series may buy and sell futures contracts based on investment grade and/or high yield credit securities to seek to hedge risk, enhance returns and/or manage cash flows. The Series may invest in interest rate futures (and options thereon) and interest rate swaps to manage its interest rate exposure, and may invest in credit default swaps and total return swaps to manage its exposure to certain instruments or markets. The Series may, but is not required to, invest in forward foreign currency contracts to hedge currency risks associated with the purchase of individual securities denominated in a foreign currency.

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 employs an absolute return investment approach.This means that it seeks to achieve a positive total return across a variety of market environments, with lower correlations to the broad fixed income market over the long-term. Accordingly, the Series invests across the fixed income universe, and it is not constrained by any particular fixed income asset classes or benchmarks.

Bond Selection Process — When investing in fixed income securities, the Advisor attempts to identify sectors, as well as individual securities within those sectors, that offer yields and credit spreads sufficient to compensate the Series for the risks specific to a given sector or security. A credit spread is the difference between the yield of a U.S. Treasury security and the yield of another fixed income security with a similar maturity. When investing in mortgage- and asset-backed securities, the Advisor also considers the prepayment speeds of the securities. Prepayment speed is the estimated rate at which borrowers will pay off the underlying loans ahead of schedule.

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, mortgage- and asset-backed security types, and maturities.

“Bottom-up” factors such as issuer-specific credit metrics for corporate bonds and scenario analysis, collateral-level analysis, and issuer/servicer analysis for mortgage- and asset-backed securities.

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 positive duration fixed income securities when it expects yields to fall in order to realize gains for the Series. Likewise, the Advisor may invest in negative duration 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 positive or negative durations generally will be less affected by changes in yields than the prices of fixed income securities with longer positive or negative durations. For example, a positive 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%. Conversely, a negative 10 year duration means the fixed income security will increase in value by 10% if yields rise 1% and decrease in value by 10% if yields fall 1%.

Credit Quality — The Series may invest in investment grade 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) and may invest up to 50% of its assets in below investment grade securities, 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 may invest in securities with any rating, including those that have defaulted, are not rated, or have had their rating withdrawn.

Securities issued by governments and supranational entities may be sold to adjust the Series’ duration and/or yield curve positioning.

Other securities may be sold for one or more of the following reasons:

they no longer meet the selection criteria under which they were purchased;

their relative value has declined (the spread has tightened such that they are no longer considered attractively priced);

a more attractive investment opportunity is identified.

Securities may also be sold based on the Advisor’s macroeconomic assessment of countries and currencies.

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.

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EXCPX - Performance

Return Ranking - Trailing

Period EXCPX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.6% -11.1% 18.9% 83.44%
1 Yr 6.4% -9.2% 20.8% 84.98%
3 Yr 1.2%* -16.9% 16.8% 60.63%
5 Yr 2.8%* -14.7% 13.4% 42.32%
10 Yr 2.5%* -7.0% 7.1% 61.58%

* Annualized

Return Ranking - Calendar

Period EXCPX Return Category Return Low Category Return High Rank in Category (%)
2023 2.1% -12.0% 8.9% 63.68%
2022 -9.0% -31.8% 18.4% 25.83%
2021 -2.9% -16.2% 25.7% 73.28%
2020 4.7% -31.1% 18.7% 18.54%
2019 2.6% -6.1% 15.3% 74.37%

Total Return Ranking - Trailing

Period EXCPX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.6% -11.1% 18.9% 83.44%
1 Yr 6.4% -9.2% 20.8% 84.98%
3 Yr 1.2%* -16.9% 16.8% 60.63%
5 Yr 2.8%* -14.7% 13.4% 42.32%
10 Yr 2.5%* -7.0% 7.1% 61.58%

* Annualized

Total Return Ranking - Calendar

Period EXCPX Return Category Return Low Category Return High Rank in Category (%)
2023 6.0% -6.9% 22.2% 80.06%
2022 -6.7% -31.8% 21.1% 34.23%
2021 2.6% -13.5% 49.9% 42.95%
2020 7.5% -28.6% 24.1% 28.88%
2019 5.0% -4.8% 19.1% 84.01%

NAV & Total Return History


EXCPX - Holdings

Concentration Analysis

EXCPX Category Low Category High EXCPX % Rank
Net Assets 826 M 2.63 M 143 B 45.86%
Number of Holdings 207 4 9638 72.54%
Net Assets in Top 10 250 M -204 M 89.4 B 44.77%
Weighting of Top 10 29.45% 5.8% 265.8% 45.13%

Top 10 Holdings

  1. United States Treasury Note/Bond 5.96%
  2. United States Treasury Note/Bond 5.93%
  3. United States Treasury Note/Bond 3.02%
  4. VanEck J. P. Morgan EM Local Currency Bond ETF 2.85%
  5. United States Treasury Note/Bond 2.53%
  6. United States Treasury Note/Bond 2.44%
  7. United States Treasury Note/Bond 2.03%
  8. United States Treasury Inflation Indexed Bonds 1.56%
  9. United States Treasury Inflation Indexed Bonds 1.56%
  10. United States Treasury Inflation Indexed Bonds 1.56%

Asset Allocation

Weighting Return Low Return High EXCPX % Rank
Bonds
72.37% 0.00% 199.60% 75.82%
Other
22.85% -75.22% 147.15% 8.42%
Stocks
2.85% -6.18% 99.68% 27.46%
Cash
1.94% -94.66% 99.97% 67.08%
Convertible Bonds
0.42% 0.00% 33.50% 66.03%
Preferred Stocks
0.00% 0.00% 21.58% 77.38%

Stock Sector Breakdown

Weighting Return Low Return High EXCPX % Rank
Utilities
0.00% 0.00% 100.00% 28.10%
Technology
0.00% 0.00% 28.30% 18.27%
Real Estate
0.00% 0.00% 100.00% 37.47%
Industrials
0.00% 0.00% 100.00% 12.41%
Healthcare
0.00% 0.00% 18.60% 4.22%
Financial Services
0.00% 0.00% 100.00% 33.26%
Energy
0.00% 0.00% 100.00% 57.38%
Communication Services
0.00% 0.00% 100.00% 41.69%
Consumer Defense
0.00% 0.00% 99.97% 8.90%
Consumer Cyclical
0.00% 0.00% 89.95% 18.97%
Basic Materials
0.00% 0.00% 100.00% 13.82%

Stock Geographic Breakdown

Weighting Return Low Return High EXCPX % Rank
US
2.85% -6.18% 99.68% 26.99%
Non US
0.00% -0.30% 17.73% 67.55%

Bond Sector Breakdown

Weighting Return Low Return High EXCPX % Rank
Securitized
43.19% 0.00% 99.65% 19.48%
Corporate
36.50% 0.00% 96.66% 49.60%
Government
4.66% 0.00% 99.43% 68.12%
Cash & Equivalents
0.86% 0.00% 94.89% 78.09%
Municipal
0.39% 0.00% 54.26% 24.15%
Derivative
0.13% -75.22% 147.15% 35.52%

Bond Geographic Breakdown

Weighting Return Low Return High EXCPX % Rank
US
68.68% 0.00% 199.60% 65.52%
Non US
3.69% 0.00% 74.14% 43.21%

EXCPX - Expenses

Operational Fees

EXCPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.72% 0.03% 34.13% 81.34%
Management Fee 0.30% 0.00% 2.29% 2.94%
12b-1 Fee 0.25% 0.00% 1.00% 40.87%
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

EXCPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 1.50% N/A

Trading Fees

EXCPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 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.

EXCPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 69.00% 0.00% 632.00% 41.13%

EXCPX - Distributions

Dividend Yield Analysis

EXCPX Category Low Category High EXCPX % Rank
Dividend Yield 3.79% 0.00% 23.30% 87.33%

Dividend Distribution Analysis

EXCPX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly SemiAnnual Monthly Quarterly

Net Income Ratio Analysis

EXCPX Category Low Category High EXCPX % Rank
Net Income Ratio 2.71% -1.55% 11.51% 58.16%

Capital Gain Distribution Analysis

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

Distributions History

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EXCPX - Fund Manager Analysis

Managers

R. Keith Harwood


Start Date

Tenure

Tenure Rank

Apr 21, 2005

17.12

17.1%

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

Dec 31, 2008

13.42

13.4%

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.

Brad Cronister


Start Date

Tenure

Tenure Rank

Mar 01, 2021

1.25

1.3%

Brad Cronister is a Senior Analyst for the Fixed Income Group at Manning & Napier. His primary responsibility is analyzing global fixed income markets, both developed and developing. In this respect, he is focused on global rates and foreign exchange markets, contributing to the firm's global and nontraditional strategies. He also works closely with the firm's Global Strategies Group on global macroeconomic analysis from which he provides top-down perspective for the firm's fixed income strategies. After spending time as an intern, Brad was formally hired in 2011. He started in the firm's Operations Group as a Reconciler and within about a year relocated to the Fixed Income Group. Brad earned his BS in Financial Management from Quinnipiac University. He is also a CFA charterholder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.71 3.19