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 second quarter portfolio which highlighted 52 new stock buys. As of the close of the first quarter the fund holds on to 361 stocks valued at $25.485 billion. The following five companies represent Manning & Napier’s top five portfolio holdings as of the close of the second quarter.
Schlumberger NV (SLB)
Manning & Napier Advisors’ largest position is in Schlumberger where they maintain 8,204,061 shares. Their position in Schlumberger represents 3.8% of their total portfolio and 0.62% of the company’s shares outstanding.
During the second quarter the fund made a reduction of -7.64% by selling 678,367 shares of the company’s stock. They sold these shares in the second quarter price range of $97.10 to $117.85, with an estimated quarterly price of $102.81. Since then the price per share is up approximately 9.8%.
Manning & Napier’s historical holding history:
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:
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:
Schlumberger NV has a market cap of $146.54billion. Its shares are currently trading at around $112.53 with a P/E ratio of 20.90, a P/S ratio of 3.20 and a P/B ratio of 3.70. The company had an annual average earnings growth of 12.10% over the past ten years.
GuruFocus rated Schlumberger the business predictability rank of 3-star.
Hess Corp (HES)
Manning & Napier’s second largest holding is in Hess Corp where the fund holds on to 9,196,546 shares of the company’s stock. This position makes up for 3.6% of the fund’s total portfolio and 2.68% of the company’s shares outstanding.
During the second quarter Manning & Napier cut their position in Hess -3.49% by selling a total of 332,857 shares. They sold these shares in the second quarter price range of $83.42 to $99.61, with an estimated average quarterly price of $90.09. Since then the price per share has increased approximately 9.7%.
Manning & Napier’s historical holding history:
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:
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:
Hess has a market cap of $31.07 billion. Its shares are currently trading at around $98.69 with a P/E ratio of 8.10, a P/S ratio of 1.50 and a P/B ratio of 1.30. The company had an annual average earnings growth of 5.00% over the past ten years.
EMC Corp (EMC)
The fund’s third largest holding is in EMC Corp where they hold 25,125,494 shares as of the close of the second quarter. Their position represents 2.6% of their total portfolio and 1.21% of the company’s shares outstanding.
Manning & Napier increased their holdings over the second quarter. In doing so they bought a total of 536,287 shares of the company’s stock in the second quarter price range of $25.21 to $27.90. Since then the price per share is trading up about 2.1%.
The fund’s historical holding history:
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:
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:
EMC Corporation has a market cap of $53.95 billion. Its shares are currently trading at around $26.98 with a P/E ratio of 21.20, a P/S ratio of 2.40 and a P/B ratio of 2.40. The company had an annual average earnings growth of 14.50% over the past ten years.
GuruFocus rated EMC Corp the business predictability rank of 4-star.
Cerner Corp (CERN)
Manning & Napier’s fourth largest holding is in Cerner. The guru holds on to 11,792,338 shares of Cerner, representing 2.4% of their total holdings and 3.44% of the company’s shares outstanding.
Over the past quarter, Manning & Napier increased their position 68.95% by purchasing 4,812,597 shares. They purchased these shares in the second quarter price range of $49.43 to $56.37, with an estimated average quarterly price of $52.60. Since then the price per share has increased approximately 1.3%.
Manning & Napier’s historical holding history:
Cerner is a supplier of health care information technology solutions, services, devices and hardware. Its solutions optimize processes and help eliminate errors, variance and waste for health care organizations and for the field of health care as a whole.
Cerner’s historical revenue and net income:
The analysis on Cerner reports that the company has a high Piotroski F-Score, it maintains enough cash to cover all of its debt and it has shown consistent revenue and earnings growth. The analysis also notes that the company’s P/B ratio and price are trading at near 1-year lows.
Alcoa Inc (AA)
Manning & Napier’s fifth largest holding is in Alcoa. The guru holds on to 35,108,178 shares of Alcoa, representing 2.1% of their total holdings and 3.28% of the company’s shares outstanding.
Over the past quarter, Manning & Napier decreased their position -12.11% by selling 4,837,075 shares. They sold these shares in the second quarter price range of $12.47 to $14.94, with an estimated average quarterly price of $13.63. Since then the price per share has increased approximately 20.7%.
Manning & Napier’s historical holding history:
Alcoa is engaged in the production and management of primary aluminum, fabricated aluminum, and alumina combined, through its active and growing participation in all major aspects of the industry: technology, mining, refining, smelting, fabricating, and recycling.
Alcoa’s historical revenue and net income:
The analysis on Alcoa reports that the company’s revenue per share has been in decline over the past year, its dividend yield is near a 3-year low and its price is close to a 3-year high.
Alcoa has a market cap of $17.46 billion. Its shares are currently trading at around $16.49 with a P/S ratio of 0.80 and a P/B ratio of 1.50.
Check out Manning & Napier’s complete second quarter portfolio here.
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