On its website, Rochester, New York-based Manning & Napier speaks of its “independent, opportunistic style” that helps its clients meet their financial objectives. In its 45-year existence, Manning & Napier contends that “to survive and grow in a difficult economic time, we had to add real value for our clients.”
Manning & Napier’s portfolio certainly has grown in that time. Currently, it contains stakes in 369 companies worth more than $21 billion. It has a quarter-to-quarter turnover rate of 7%, but its top 10 holdings haven’t changed much. In fact, Manning & Napier traded in each of the top 10 stakes (by value) in its portfolio in the first quarter.
None of those stakes are new to Manning & Napier’s portfolio. Three of those stakes increased; the rest were reduced.
Additions
Manning & Napier’s third-most valuable stake ($587.6 million) is in Houston-based Schlumberger NV (SLB, Financial), the world's largest oilfield services company. Manning & Napier bought 436,467 shares in the first quarter for an average price of $83.25 per share. The transaction had a 0.17% impact on Manning & Napier’s portfolio.
Schlumberger has a market cap of $116.85 billion and an enterprise value of $122.99 billion. It has a P/E of 24.9, a Price/Book of 3.0 and a Price/Sales of 2.5.
The eighth-most valuable stake ($463.4 million) in Manning & Napier’s portfolio is in Hess Corp (HES, Financial), a New York-based company that seeks, produces, ships and processes crude oil and natural gas. Manning & Napier acquired 640,488 shares for an average price of $71.32 per share. The purchase had a 0.21% impact on the portfolio.
Hess has a market cap of $20.99 billion and an enterprise value of $24.65 billion. It has a P/E of 9.8 and a Price/Sales of 2.0.
The ninth-most valuable stake ($455.6 million) in the portfolio is in Viacom Inc (VIAB, Financial), a Manhattan-based mass media company. Manning & Napier bought 483,472 shares for an average price of $69.04 per share. The acquisition had a 0.16% impact on Manning & Napier’s portfolio.
Viacom has a market cap of $26.35 billion and an enterprise value of $39.56 billion. It has a P/E of 16.0, a Price/Book of 11.4 and a Price/Sales of 2.0.
Reductions
The most valuable stake in Manning & Napier’s portfolio (worth $625.9 million) is Cerner Corp (CERN, Financial), a Kansas City-based health care information technology provider. Manning & Napier sold 392,558 shares of Cerner for an average price of $69.23. The sale had an impact on Manning & Napier’s portfolio of -0.11%.
Cerner has a market cap of $24.41 billion and an enterprise value of $23.05 billion. It has a P/E of 47.2, a Price/Book of 6.8 and a Price/Sales of 7.3.
The second-most valuable stake (worth $613.1 million) in Manning & Napier’s portfolio is Monsanto Co (MON, Financial), a St. Louis-based agrochemical and agricultural biotechnology company. Manning & Napier sold 28,381 shares for an average price of $118.85 per share. The sale had an impact on Manning & Napier’s portfolio of -0.02%.
Monsanto has a market cap of $57.53 billion and an enterprise value of $63.05 billion. It has a P/E of 25.6, a Price/Book of 7.7 and a Price/Sales of 4.2.
AMC Networks Inc (AMCX, Financial) is the fourth-most valuable stake (worth $541.3 million). Manning & Napier sold 311,940 shares of AMC, an entertainment company that owns several cable channels, for an average price of $69.08 per share. The sale had an impact of -0.09% on Manning & Napier’s portfolio.
AMC has a market cap of $5.46 billion and an enterprise value of $7.85 billion. It has a P/E of 17.7 and a Price/Sales of 2.4.
Manning & Napier sold 31,223 shares of its fifth-most valuable stake (worth $518.5 million), EMC Corp (EMC, Financial), a Massachusetts-based company offers data storage, information security, virtualization, analytics, cloud computing and other products and services to help businesses manage and evaluate data, for an average price of $27.55 per share.
EMC has a market cap of $51.97 million and an enterprise value of $54.08 billion. It has a P/E of 21.4, a Price/Book of 2.6 and a Price/Sales of 2.2.
Manning & Napier’s sixth-most valuable (worth $493.6 million) stake is in General Electric Co (GE, Financial), a Connecticut-based conglomerate. Manning & Napier sold 23,146 shares for an average price of $24.84 per share.
General Electric has a market cap of $275.68 billion and an enterprise value of $417.72 billion. It has a Price/Book of 2.5 and a Price/Sales of 1.9.
The seventh-most valuable stake in Manning & Napier’s portfolio is Lululemon Athletica Inc (LULU, Financial), a Vancouver-based athletic apparel company. Manning & Napier sold 702,923 shares for an average price of $64.09 per share. The transaction had a -0.18% impact on Manning & Napier’s portfolio.
Lululemon has a market cap of $8.68 billion and an enterprise value of $8.02 billion. It has a P/E of 39.3, a Price/Book of 8/0 and a Price/Sales of 5.3.
Manning & Napier’s 10th-most valuable stake (worth $438.9 million) is in Electronic Arts Inc (EA, Financial), a California-based video game developer. Manning & Napier sold 595,821 shares for an average price of $53.91 per share. The sale had a -0.13% impact on Manning & Napier’s portfolio.
Electronic Arts has a market cap of $19.19 billion and an enterprise value of $16.84 billion. It has a P/E of 24.3, a Price/Book of 6.8 and a Price/Sales of 4.5.
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