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MN Manning & Napier

Manning & Napier provides a broad range of investment solutions through separately managed accounts, mutual funds, and collective investment trust funds, as well as a variety of consultative services that complement our investment process. Founded in 1970, Manning & Napier offers equity, fixed income and alternative strategies, as well as a range of blended asset portfolios, including life cycle funds. The Company serves a diversified client base of high-net-worth individuals and institutions, including 401(k) plans, pension plans, Taft-Hartley plans, endowments and foundations. For many of these clients, the relationship goes beyond investment management and includes customized solutions that address key issues and solve client-specific problems. Manning & Napier is headquartered in Fairport, NY.

Company profile

Ticker
MN
Exchange
CEO
Marc Orlans Mayer
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
Manning & Napier Group, LLC • Manning & Napier Advisors, LLC • Manning & Napier Investor Services, Inc. • Exeter Trust Company • Rainier Investment Management, LLC ...
IRS number
452609100

MN stock data

(
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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

13 Aug 21
19 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
22 Sep 21 Christopher Pickett Briley Class A Common Stock, par value $0.01 Sell Dispose S No No 9.06 1,200 10.87K 132,574
11 Jun 21 Marc O Mayer Class A Common Stock, par value $0.01 Payment of exercise Dispose F No No 8.01 160,862 1.29M 1,453,154
11 Jun 21 Marc O Mayer Class A Common Stock, par value $0.01 Option exercise Acquire M No No 2.01 250,000 502.5K 1,614,016
11 Jun 21 Marc O Mayer Employee Stock Option Class A Common Stock, par value $0.01 Option exercise Dispose M No No 2.01 250,000 502.5K 333,332
24 May 21 Marc O Mayer Class A Common Stock, par value $0.01 Payment of exercise Dispose F No No 7.97 96,607 769.96K 1,364,016
24 May 21 Marc O Mayer Class A Common Stock, par value $0.01 Option exercise Acquire M No No 2.01 150,000 301.5K 1,460,623
24 May 21 Marc O Mayer Employee Stock Option Class A Common Stock, par value $0.01 Option exercise Dispose M No No 2.01 150,000 301.5K 583,332
5 May 21 Marc O Mayer Class A Common Stock, par value $0.01 Payment of exercise Dispose F No No 7.43 163,193 1.21M 1,310,623
5 May 21 Marc O Mayer Class A Common Stock, par value $0.01 Option exercise Acquire M No No 2.01 250,000 502.5K 1,473,816
5 May 21 Marc O Mayer Employee Stock Option Class A Common Stock, par value $0.01 Option exercise Dispose M No No 2.01 250,000 502.5K 733,332

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

41.3% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 48 46 +4.3%
Opened positions 7 6 +16.7%
Closed positions 5 3 +66.7%
Increased positions 14 10 +40.0%
Reduced positions 13 19 -31.6%
13F shares
Current Prev Q Change
Total value 59.89M 43.9M +36.4%
Total shares 7.64M 7.15M +6.9%
Total puts 75.5K 22.3K +238.6%
Total calls 161.3K 59.8K +169.7%
Total put/call ratio 0.5 0.4 +25.5%
Largest owners
Shares Value Change
Qci Asset Management 2.12M $16.67M +137.3%
Renaissance Technologies 1.12M $8.78M -5.9%
Vanguard 768.9K $6.05M +34.4%
Bridgeway Capital Management 708.38K $5.58M +2.5%
Olesen Value Fund 707K $5.34M -44.7%
Dimensional Fund Advisors 417.77K $3.29M -0.8%
Mendon Capital Advisors 400K $3.15M 0.0%
GBL Gamco Investors 184.41K $1.45M +3.0%
EAM Investors 179.31K $1.41M 0.0%
BLK Blackrock 141.34K $1.11M -15.7%
Largest transactions
Shares Bought/sold Change
Qci Asset Management 2.12M +1.23M +137.3%
Olesen Value Fund 707K -571.48K -44.7%
Osmium Partners 0 -248.04K EXIT
Vanguard 768.9K +196.8K +34.4%
Renaissance Technologies 1.12M -70.4K -5.9%
Millennium Management 39.17K -69.02K -63.8%
Laurel Wealth Advisors 58.55K +58.55K NEW
California Public Employees Retirement System 0 -53.34K EXIT
London Co Of Virginia 51.91K -52.51K -50.3%
Arrowstreet Capital, Limited Partnership 35.4K +35.4K NEW

Financial report summary

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Risks
  • Our revenues are dependent on the market value and composition of our AUM, which are subject to significant fluctuations and have been impacted by the novel coronavirus (COVID-19) pandemic and its effect on the U.S. and global economy.
  • We derive substantially all of our revenues from contracts and relationships that may be terminated upon short or no notice.
  • to our strategic review of our business.
  • The loss of key investment and sales professionals, members of our senior management team, or difficulty integrating new executives, could have an adverse effect on our business.
  • We may be required to reduce the fees we charge, or our fees may decline due to changes in our AUM composition, which could have an adverse effect on our profit margins and results of operations.
  • Our AUM may be concentrated in certain strategies or in certain geographic areas.
  • Our business is primarily focused in certain targeted geographic regions making us vulnerable to risks associated with having geographically concentrated operations.
  • Several of our portfolios involve investing principally in the securities of non-U.S. companies, which involve foreign currency exchange risk, and tax, political, social and economic uncertainties and risks.
  • Support provided to new products may reduce fee income, increase expenses and expose us to potential loss on invested capital.
  • A portion of our separate account business, mutual funds, and collective investment trusts are distributed through intermediaries, platforms, and consultants. Changes in key distribution relationships could reduce our revenues and adversely affect our profitability.
  • Our efforts to establish new portfolios or new products or services may be unsuccessful and could negatively impact our results of operations and our reputation.
  • Our failure to comply with investment guidelines set by our clients and limitations imposed by applicable law, could result in damage awards against us and a loss of our AUM, either of which could adversely affect our reputation, results of operations or financial condition.
  • A change of control of our company could result, and in the past has resulted, in termination of our investment advisory agreements.
  • New Hampshire banking laws applicable to our trust company include change in control restrictions.
  • Operational risks may disrupt our business, result in losses or limit our growth.
  • A failure to effectively maintain, enhance and modernize our information technology systems, and effectively develop and deploy new technologies, could adversely affect our business.
  • Failure to implement effective information and cyber security policies, procedures and capabilities, or cybersecurity breaches of software applications and other technologies on which we rely, could disrupt operations and cause financial losses that could result in a decrease in earnings and reputational harm.
  • We depend on third-party service providers for services that are important to our business, and an interruption or cessation of such services by any such service providers could have an adverse effect on our business.
  • Employee misconduct could expose us to significant legal liability and reputational harm.
  • Failure to properly address conflicts of interest could harm our reputation, business and results of operations.
  • If our techniques for managing risk are ineffective, we may be exposed to material unanticipated losses.
  • The cost of insuring our business is substantial and may increase.
  • The regulatory environment in which we and our clients operate is subject to continual change, and regulatory developments designed to increase oversight could adversely affect our business.
  • The investment management industry is intensely competitive.
  • Our industry is increasingly becoming subject to rapid changes in technology that may alter historical methods of doing business.
  • The investment management industry faces substantial litigation risks, which could adversely affect our business, financial condition or results of operations or cause significant reputational harm to us.
  • We may not be able to resume paying dividends on our Class A common stock, and our ability to pay regular dividends to our stockholders or repurchase stock is subject to the discretion of our board of directors and may be limited by our structure and applicable provisions of Delaware law.
  • We depend on distributions from Manning & Napier Group to fund share repurchases and to pay taxes and expenses, including payments under the tax receivable agreement, but Manning & Napier Group’s ability to make such distributions will be subject to various limitations and restrictions.
  • We are required to pay holders of units of Manning & Napier Group for certain tax benefits we may claim as a result of the tax basis step up we realize in connection with the future purchases or exchanges of those units for shares of our Class A common stock, and the amounts we may pay could be significant.
  • In certain cases, payments under the tax receivable agreement to holders of Manning & Napier Group units may be accelerated and/or significantly exceed the actual benefits we realize in respect of the tax attributes subject to the tax receivable agreement.
  • If we were deemed an investment company under the 1940 Act as a result of our ownership of Manning & Napier Group, applicable restrictions could make it impractical for us to continue our business as contemplated and could have an adverse effect on our business.
  • The market price and trading volume of our Class A common stock may be volatile, which could result in rapid and substantial losses for our stockholders.
  • Our Class A common stockholders may experience dilution in the future as a result of future acquisitions, additional capital raising, exchanges pursuant to the Exchange Agreement and/or equity grants under our equity compensation plans
  • If we fail to comply with our public company financial reporting and other regulatory obligations, including the Continued Listing Criteria of the New York Stock Exchange, our business and stock price could be adversely affected.
  • Our corporate documents, stockholder rights plan and Delaware law contain provisions that could discourage, delay or prevent a change in control of the Company that our stockholders might consider to be in their best interests.
  • A proxy contest for the election of directors at our annual meeting or proposals arising out of stockholder initiatives could cause us to incur substantial costs and negatively affect our business.
  • Any issuance of preferred stock could make it difficult for another company to acquire us or could otherwise adversely affect holders of our Class A common stock, which could depress the price of our Class A common stock.
  • Catastrophic and unpredictable events, like the COVID-19 pandemic, could have an adverse effect on our business.
  • We are subject to extensive regulation.
  • If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.
Management Discussion
  • Below is a discussion of our consolidated results of operations for the three and six months ended June 30, 2021 and 2020.
  • One of the most significant factors influencing net flows and AUM is the investment performance of our various strategies. As an active manager, it is typical for our investment strategies to exhibit portfolio positioning that is notably divergent from benchmarks and common market indices. We believe this is a strength of our investment approach, although it can cause substantial performance deviations, both positive and negative, versus common benchmarks. In general, our investment processes have a preference for risk management, focusing heavily on fundamentals and valuations. Historically, we have tended to provide a degree of downside protection in adverse markets, while having participated somewhat less than fully in bull markets. Broadly speaking, we expect our investment approach to reduce volatility and create a smoother performance pattern over time, and we believe these characteristics are desirable and an attractive differentiator in our industry. As a result, the overall performance of our suite of investment strategies often differs from many others in the industry, potentially causing the results of our operations to, at times, also diverge.
  • •fixed costs, including changes to base compensation, vendor-related costs and investment spending on new products.
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