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Manning & Napier's Third Quarter Top Five Stocks

Monica Wolfe

Monica Wolfe

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Manning & Napier is an investment fund that provides investment solutions through various means such as managed accounts, mutual funds and collective investment trust funds. The fund was founded in 1970 and as of June 30, 2013, the fund managed $46.3 billion in client assets.

Manning & Napier recently released their third quarter portfolio which highlighted 33 new stock buys. As of the close of the third quarter the fund holds on to 330 stocks valued at $21.265 billion. The following five companies represent Manning & Napier’s top five portfolio holdings.

Schlumberger NV (SLB)

Manning & Napier Advisors’ largest position is in Schlumberger where they maintain 12,815,940 shares. Their position in Schlumberger represents 5.3% of their total portfolio and 0.97% of the company’s shares outstanding.

During the third quarter the fund made a slight reduction of -0.78% by selling 100,315 shares of the company’s stock. They sold these shares in the third quarter price range of $72.22 to $88.95, with an estimated quarterly price of $82.16. Since then the price per share is up about 13%.

Manning & Napier’s historical holding history:

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Schlumberger NV is a supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide.

Schlumberger’s historical revenue and net income:

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The analysis on Schlumberger reports that the company’s dividend yield is at a 2-year low, the company has issued $5.2 billion of debt over the past three years and they’ve shown predictable revenue and earnings growth.

The Peter Lynch Chart suggests that the company is currently overvalued:

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Schlumberger NV has a market cap of $122.84 billion. Its shares are currently trading at around $92.84 with a P/E ratio of 20.10, a P/S ratio of 2.80 and a P/B ratio of 3.30. The company had an annual average earnings growth of 15.80% over the past ten years.

GuruFocus rated Schlumberger the business predictability rank of 2-star.

Hess Corp (HES)

Manning & Napier’s second largest holding is in Hess Corp where the fund holds on to 12,255,679 shares of the company’s stock. This position makes up for 4.5% of the fund’s total portfolio and 3.57% of the company’s shares outstanding.

During the third quarter Manning & Napier cut their position in Hess -1.34% by selling a total of 166,450 shares. They sold these shares in the third quarter price range of $66.60 to $79.64, with an estimated average quarterly price of $74.50. Since then the price per share has increased approximately 10%.

Manning & Napier’s historical holding history:

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Hess and its subsidiaries is a global integrated energy company that operates in two segments: Exploration and Production (E&P) and Marketing and Refining (M&R). The E&P segment explores for, develops, produces, purchases and sells crude oil and natural gas. The M&R segment purchases, markets and trades refined petroleum products, natural gases and electricity.

Hess’ historical revenue and net income:

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The analysis on Hess reports that the price is near a 5-year high, it has issued $1.1 billion of debt over the past three years and the company is in a healthy situation according to its Piotroski F-Score.

Top guru shareholders of Hess:

· Paul Singer: 16,650,000 shares, representing 4.85% of the company’s shares outstanding and 21.3% of his total portfolio.

· Manning & Napier: 12,255,679 shares, representing 3.57% of the company’s shares outstanding and 4.5% of their total assets managed.

· John Paulson: 4,648,600 shares, representing 1.35% of the company’s shares outstanding and 2.2% of his total portfolio.

The Peter Lynch Chart suggests that the company is currently undervalued:

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Hess has a market cap of $28.13 billion. Its shares are currently trading at around $81.92 with a P/E ratio of 7.80, a P/S ratio of 0.70 and a P/B ratio of 1.20. The company had an annual average earnings growth of 7.50% over the past ten years.

EMC Corporation (EMC)

The fund’s third largest holding is in Hess Corp where they hold 30,039,743 shares as of the close of the third quarter. Their position represents 3.6% of their total portfolio and 1.44% of the company’s shares outstanding.

Manning & Napier reduced their position by -1.44% over the third quarter. In doing so they sold a total of 440,059 shares of the company’s stock in the third quarter price range of $23.62 to $27.04. Since then the price per share is down about -7.4%.

The fund’s historical holding history:

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EMC and its subsidiaries develop, deliver and support the Information Technology industry's a range of information infrastructure and virtual infrastructure technologies and solutions.

EMC’s historical revenue and net income:

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The analysis on EMC reports that the company’s revenue has slowed down over the past year, they have issued $3.7 billion of debt over the past three years and its operating margin is expanding.

The top guru shareholders of EMC:

· Manning & Napier Advisors: 30,039,743 shares, representing 1.44% of the company’s shares outstanding and 3.6% of their total assets managed.

· PRIMECAP Management: 24,929,149 shares, representing 0.2% of the company’s shares outstanding and 0.84% of their total portfolio.

· David Rolfe: 9,303,186 shares, representing 0.45% of the company’s shares outstanding and 6.3% of Rolfe’s total assets managed.

The Peter Lynch Chart suggests that the company is currently overvalued:

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EMC Corporation has a market cap of $49.25 billion. Its shares are currently trading at around $23.67 with a P/E ratio of 19.10, a P/S ratio of 2.30 and a P/B ratio of 2.10. The company had an annual average earnings growth of 19.50% over the past ten years.

GuruFocus rated EMC Corp the business predictability rank of 3-star.

Juniper Networks (JNPR)

Manning & Napier’s fourth largest stock holding is in Juniper Networks where they currently hold on to 26,315,854 shares. This holding makes up for 2.5% of their total portfolio and 5.19% of the company’s shares outstanding.

During the third quarter Manning & Napier made a very light reduction of -1% to their holdings in the company. The fund sold a total of 265,258 shares in the price range of $18.87 to $22.16, with an estimated average quarterly price of $20.61 per share. Since then the price per share has dropped about -7.6%.

Manning & Napier’s holding history as of the close of the third quarter:

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Juniper Networks designs, develops and sells innovative products and services that together provide its customers with high-performance network infrastructure built on simplicity, security, openness and scale.

Juniper Networks’ historical net income and revenue:

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The analysis on Juniper reports that the company’s price is near a 1-year high, the company’s issued $988.8 million of debt in the past three years, and its asset growth is faster than its revenue growth.

The top guru shareholders of Juniper:

· Manning & Napier Advisors: 26,315,854 shares, representing 5.19% of the company’s shares outstanding and 2.5% of their total portfolio.

· Diamond Hill Capital: 5,102,284 shares, representing 1.01% of the company’s shares outstanding and 1.1% of their total portfolio.

· Steven Cohen: 1,947,719 shares, representing 0.38% of the company’s shares outstanding and 0.21% of his total portfolio.

Juniper Networks has a market cap of $9.65 billion. Its shares are currently trading at around $19.04 with a P/E ratio of 32.30, a P/S ratio of 2.20 and a P/B ratio of 1.40.

Ryanair Holdings PLC (RYAAY)

Manning & Napier’s fifth largest holding is in Ryanair Holdings. The guru holds on to 10,137,648 shares of Ryanair, representing 2.4% of their total holdings and 3.56% of the company’s shares outstanding.

Over the past quarter, Manning & Napier increased their position 5.17% by purchasing 498,743 shares. They purchased these shares in the third quarter price range of $44.51 to $54.05, with an estimated average quarterly price of $50.63. Since then the price per share has gone up about 1%.

Manning & Napier’s historical holding history:

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Ryanair provides low fares airline-related services, including scheduled services, and ancillary services including car hire services, and internet and other related services to third parties, across a European route network. The company also provides various ancillary services and engages in other activites connected with its core air passenger service.

Ryanair’s historical revenue and net income:

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The analysis on Ryanair reports that the company has shown predictable revenue and earnings growth, they have issued EUR148.5 million of debt over the past three years and its operating margin is expanding.

The top three guru shareholders of Ryanair:

· Manning & Napier Advisors: 10,137,648 shares, representing 3.56% of the company’s shares outstanding and 2.4% of their total assets managed.

· Sarah Ketterer: 4,420,542 shares, representing 1.55% of the company’s shares outstanding and 24% of her total portfolio.

· Jim Simons: 2,739,100 shares, representing 0.96% of the company’s shares outstanding and 0.34% of his total portfolio.

The Peter Lynch Chart suggests that the company is currently overvalued:

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Ryanair Holdings has a market cap of $14.49 billion. Its shares are currently trading at around $50.90 with a P/E ratio of 16.40, a P/S ratio of 2.20 and a P/B ratio of 2.90. Ryanair had an annual average growth of 11.40% over the past ten years.

GuruFocus rated Ryanair the business predictability rank of 4.5-star.

Check out Manning & Napier’s complete third quarter portfolio here.

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