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David Goodloe
David Goodloe
Articles (769) 

Manning & Napier Has Diverse Third Quarter

Since its founding in 1970, Manning & Napier Advisors has been providing added value for its clients by way of managing individual assets, corporate benefit plans, union pension and annuity funds, endowments, foundations, profit-sharing plans and 401(k) plans.

“We’re majority employee-owned,” the firm declares on its website, “which means we’re able to give you the kind of service and commitment that only comes from people who have a direct stake in your success.” In 2012, Manning & Napier provided a return of 13.42% and more than doubled that rate of return the following year.

In the third quarter of 2014, Manning & Napier bought and sold stock in nearly 150 companies to promote its own success. In the past, it has shown an interest in energy and technology stocks, and the firm's third-quarter transactions featured many of those, but there were others as well.

Manning & Napier invested in stock in 21 companies that are new to the firm’s portfolio – Weatherford International PLC (WFT), Ansys Inc (NASDAQ:ANSS), Owens-Corning Inc (NYSE:OC), Tronox Ltd (NYSE:TROX), SLM Corp (SLM), Ixia (NASDAQ:XXIA), Wesco Aircraft Holdings Inc (NYSE:WAIR), Swift Transportation Co (NYSE:SWFT), Duke Realty Corp (NYSE:DRE), Rouse Properties Inc (NYSE:RSE), Washington Prime Group Inc (NYSE:WPG), Excel Trust Inc (EXL), Pennsylvania Real Estate Investment Trust (PEI), Equity One Inc (EQY), Washington REIT (WRE), JPMorgan Chase & Co (JPM), Progressive Corp (PGR), CatchMark Timber Trust Inc (CTT), Broadridge Financial Solutions (BR), Saul Centers Inc (BFS) and Vanguard Small-Cap ETF (VB).

Manning & Napier bought 322,230 shares of Weatherford International, an Irish oil and natural gas company, for an average price of $22.51 per share. The transaction had a 1.3% impact on the firm’s portfolio.

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The firm’s investment in Ansys, a Pennsylvania-based engineering simulation software company, was 1,152,370 shares, purchased for an average price of $78.42 per share. That deal had a 0.36% impact on Manning & Napier’s portfolio.

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Manning & Napier also increased its stakes in 59 companies, among them Twenty-First Century Fox Inc (FOXA), Monsanto Co (MON), General Electric Co (GE), Popular Inc (BPOP), TripAdvisor Inc (TRIP), Gannett Co Inc (GCI), Viacom Inc (VIAB), World Wrestling Entertainment Inc (WWE), MasterCard Inc (MA), Visa Inc (V), Priceline Group Inc (PCLN), The Hershey Co (HSY), Colgate-Palmolive Co (CL) and Canon Inc (CAJ).

The firm acquired 7,289,653 shares of Twenty-First Century Fox, a mass media company based in New York City, for an average price of $34.58 per share. The acquisition had a 1.05% impact on Manning & Napier’s portfolio.

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The firm also purchased 1,614,502 shares of Monsanto, a biotechnology company based in St. Louis, for an average price of $116.96 per share. The transaction had a 0.75% impact on the firm’s portfolio.

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Manning & Napier also added to its stake in General Electric, an electronics company based in Connecticut. Manning & Napier bought 7,154,249 shares of GE for an average price of $26 per share. That purchase also had a 0.75% impact on the firm’s portfolio.

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Divestitures and reductions

The firm sold its stakes in 22 companies – Veritiv Corp (VRTV), Dollar General Corp (DG), Hercules Technology Growth Capital Inc (HTGC), Triangle Capital Corporation (TCAP), TCP Capital Corp (TCPC), CH Robinson Worldwide Inc (CHRW), Yandex NV (YNDX), Grupo Televisa SAB (TV), Legg Mason Inc (LM), Cooper Companies (COO), Annie's Inc (BNNY), KeyCorp (KEY), Royal Caribbean Cruises Ltd (RCL), Sigma-Aldrich Corp (SIAL), Glimcher Realty Trust (GRT), Lexington Realty Trust (LXP), Spirit Realty Capital Inc (SRC), Belmond Ltd (BEL), AmReit Inc (AMRE), LGI Homes Inc (LGIH), MeadWestvaco Corp (MWV) and Total SA (TOT).

Manning & Napier sold 5,262,752 shares of CH Robinson Worldwide, a Minnesota-based logistics company, for an average price of $66.6 per share. The transaction had a -1.3% impact on the firm’s portfolio.

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Manning & Napier sold portions of its holdings in 43 companies, including Time Warner Inc (TWX), Apple Inc (AAPL), Hess Corp (HES), Johnson & Johnson (JNJ), Alcoa Inc (AA), Equifax Inc (EFX), LinkedIn Corp (LNKD), McGraw Hill Financial Inc (MHFI), Energizer Holdings Inc (ENR) and 3M Co (MMM).

The firm sold 5,887,922 shares of Time Warner, a New York-based mass media company, for an average price of $77.51 per share. The sale had a -1.59% impact on Manning & Napier’s portfolio.

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Manning & Napier sold 3,920,268 shares of Apple, a California-based consumer electronics company, for an average price of $98.16 per share. The transaction had a -1.46% impact on the firm’s portfolio.

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About the author:

David Goodloe
I'm a journalist by training. I grew up in Arkansas and earned my B.A. at the University of Arkansas. I earned my master's degree at the University of North Texas. My background includes stints at newspapers in Arkansas and Texas and teaching news writing and news editing to students at the University of Oklahoma and Richland College here in Dallas. I'm a writer/editor at GuruFocus.

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