In the first decade of the 21st century, Manning & Napier was the only investment manager to beat the S&P500 every year.
More recently, Manning & Napier bought 61 new stakes in the second quarter, the most significant purchase being 1,191,660 shares of Baidu Inc (BIDU, Financial) for an average price of $204.77 per share. The purchase had a 1.03% impact on Manning & Napier’s portfolio.
Baidu, a Beijing-based web services company, has a market cap of $65.61 billion and an enterprise value of $61.25 million. It has a P/E of 31.4, a Price/Book of 7.5 and a Price/Sales of 7.8. Frank Sands (Trades, Portfolio), Dodge & Cox, Steve Mandel (Trades, Portfolio), Andreas Halvorsen (Trades, Portfolio), Lee Ainslie (Trades, Portfolio), Matthews Pacific Tiger Fund (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Jim Simons (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), George Soros (Trades, Portfolio), Robert Karr (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), John Rogers (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Howard Marks (Trades, Portfolio), Matthews China Fund (Trades, Portfolio), Stanley Druckenmiller (Trades, Portfolio), Steven Cohen (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Julian Robertson (Trades, Portfolio), Ron Baron (Trades, Portfolio) and First Eagle Investment (Trades, Portfolio) have shares of Baidu in their portfolios.
Manning & Napier also bought a stake in Shire PLC (SHPG, Financial), a Dublin, Ireland pharmaceutical company, purchasing 786,159 shares for an average price of $247.87 per share. The acquisition had a 0.83% impact on Manning & Napier’s portfolio.
Shire has a market cap of $48.25 billion and an enterprise value of $49.52 billion. It has a P/E of 13.4, a Price/Book of 5.2 and a Price/Sales of 7.7. John Paulson (Trades, Portfolio), Leon Cooperman (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Jim Simons (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Murray Stahl (Trades, Portfolio) and Steven Cohen (Trades, Portfolio) have shares of Shire in their portfolios.
Manning & Napier’s third-most significant second-quarter investment was its purchase of 5,507,298 shares of Tegna Inc (TGNA, Financial), a Virginia-based broadcast and digital media company, for an average price of $28.81 per share. That purchase had a 0.77% impact on Manning & Napier’s portfolio and made Tegna one of Manning & Napier’s top 35 stakes by volume.
Tegna replaced Gannett Co. (GCI, Financial) as the name of its broadcasting and digital media divisions; Gannett was spun off to focus on its publishing interests. Consequently, Tegna owns or operates 46 television stations and is the largest group owner of stations affiliated with National Broadcasting Corp (NBC, Financial) and CBS Corp (CBS, Financial).
Tegna has a market cap of $6.86 billion and an enterprise value of $11.39 billion. It has a P/E of 6.3, a Price/Book of 2.1 and a Price/Sales of 1.2.
Another new purchase in Manning & Napier’s portfolio also earned a spot in its top 35 stakes by volume. Manning & Napier acquired a 7,313,828-share stake in Star Bulk Carriers Corp. (SBLK, Financial), a global shipping company based in Athens, Greece, for an average price of $3.44 per share. The acquisition had a 0.09% impact on Manning & Napier’s portfolio.
Star Bulk Carriers has a market cap of $300.92 million and an enterprise value of $954.5 million. It has a Price/Book of 0.3 and a Price/Sales of 1.4. Howard Marks (Trades, Portfolio) has shares of Star Bulk Carriers in his portfolio.
Also in the second quarter, Manning & Napier obtained a 3,094,493-share stake in Houghton Mifflin Harcourt Company (HMHC, Financial), a Boston-based educational and trade publisher, for an average price of $24.78 per share. The transaction had a 0.34% impact on Manning & Napier’s portfolio.
Houghton Mifflin Harcourt has a market cap of $3.65 billion and an enterprise value of $3.21 billion. It has a Price/Book of 2.3 and a Price/Sales of 2.6. John Paulson (Trades, Portfolio), John Keeley (Trades, Portfolio), Chuck Royce (Trades, Portfolio), Jim Simons (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Scott Black (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Houghton Mifflin Harcourt in their portfolios.
Among the other new stakes in Manning & Napier’s portfolio are Norfolk Southern Corp (NSC, Financial), Spirit Airlines Inc (SAVE, Financial), Advance Auto Parts Inc (AAP, Financial), Diana Shipping, Inc. (DSX) and H&R Block Inc (HRB).
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