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Manning & Napier Advisors’ Top Five Positions

January 30, 2014 | About:
Monica Wolfe

Monica Wolfe

121 followers

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 fourth quarter portfolio which highlighted 25 new stock buys. As of the close of the fourth quarter the fund holds on to 333 stocks valued at $22.126 billion. The following five companies represent Manning & Napier’s top five portfolio holdings.

Hess Corp (HES)

Manning & Napier’s largest holding is in Hess Corp where the fund holds on to 11,085,660 shares of the company’s stock. This position makes up for 4.2% of the fund’s total portfolio and 3.23% of the company’s shares outstanding.

During the fourth quarter Manning & Napier cut their position in Hess -9.55% by selling a total of 1,170,019 shares. They sold these shares in the fourth quarter price range of $78.02 to $84.06, with an estimated average quarterly price of $81.22. Since then the price per share has decreased approximately -5.7%.

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.

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

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Hess has a market cap of $25.86 billion. Its shares are currently trading at around $76.60 with a P/E ratio of 7.70, a P/S ratio of 0.70 and a P/B ratio of 1.10. The company had an annual average earnings growth of 8.80% over the past ten years.

Schlumberger NV (SLB)

Manning & Napier Advisors’ second largest position is in Schlumberger where they maintain 9,187,561 shares. Their position in Schlumberger represents 3.7% of their total portfolio and 0.69% of the company’s shares outstanding.

During the fourth quarter the fund made a reduction of -28.31% by selling 3,628,379 shares of the company’s stock. They sold these shares in the fourth quarter price range of $85.54 to $94.46, with an estimated quarterly price of $90.29. Since then the price per share is down a slight -1.9%.

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 $116.68 billion. Its shares are currently trading at around $88.60 with a P/E ratio of 18.30, a P/S ratio of 2.50 and a P/B ratio of 3.10. The company had an annual average earnings growth of 15.10% over the past ten years.

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

EMC Corporation (EMC)

The fund’s third largest holding is in Hess Corp where they hold 31,034,816 shares as of the close of the fourth quarter. Their position represents 3.5% of their total portfolio and 1.49% of the company’s shares outstanding.

Manning & Napier increased their holdings over the fourth quarter. In doing so they purchased a total of 995,073 shares of the company’s stock in the fourth quarter price range of $23.15 to $25.72. Since then the price per share is trading up about 1.3%.

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 Peter Lynch Chart suggests that the company is currently overvalued:

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EMC Corporation has a market cap of $50.54 billion. Its shares are currently trading at around $24.56 with a P/E ratio of 19.90, a P/S ratio of 2.40 and a P/B ratio of 2.40. The company had an annual average earnings growth of 17.40% 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 26,503,764 shares. This holding makes up for 2.7% of their total portfolio and 5.23% of the company’s shares outstanding.

During the fourth quarter Manning & Napier made a very light increase of 0.71% to their holdings in the company. The fund added a total of 187,910 shares in the price range of $18.47 to $22.57, with an estimated average quarterly price of $20.28 per share. Since then the price per share has increased about 37.6%.

Manning & Napier’s holding history as of the close of the fourth 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 Peter Lynch Chart suggests that the company is currently overvalued:

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Juniper Networks has a market cap of $14.09 billion. Its shares are currently trading at around $27.90 with a P/E ratio of 37.40, a P/S ratio of 3.10 and a P/B ratio of 1.90.

Unilever PLC (UL)

Manning & Napier’s fifth largest holding is in Unilever. The guru holds on to 14,660,475 shares of Unilever, representing 2.7% of their total holdings and 0.48% of the company’s shares outstanding.

Over the past quarter, Manning & Napier increased their position 30.7% by purchasing 3,443,315 shares. They purchased these shares in the fourth quarter price range of $37.67 to $51.20, with an estimated average quarterly price of $39.78. Since then the price per share has dropped approximately -1.6%.

Manning & Napier’s historical holding history:

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Unilever PLC is a supplier of fast moving consumer goods. Its four principal areas of operations are: Personal Care, Home Care, Foods and Refreshment.

Unilever’s historical revenue and earnings growth:

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The analysis on Unilever reports that the company’s price is near a 10-year high, it has issued £1.1 billion of debt over the past year and its inventory has been building up recently, meaning that the company might be having difficulty selling its product.

The Peter Lynch Chart suggests that Unilever is currently overvalued:

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Unilever PLC has a market cap of $118.45. Its shares are currently trading at around $39.16 with a P/E ratio of 19.30, a P/S ratio of 1.60 and a P/B ratio of 5.90. The dividend yield of Unilever stocks is currently at 3.50%. The company had an annual average earnings growth of 2.40% over the past ten years.

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

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