GOAL SM Collective Investment Trust Funds: Another Life Cycle Innovation
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1 GOAL SM Collective Investment Trust Funds: Another Life Cycle Innovation Manning & Napier - Driving Outcomes for More than Four Decades With over 40 years of experience managing life cycle strategies, Manning & Napier is focused on helping employees meet their retirement needs while managing plan sponsors fi duciary concerns. Proprietary research-driven investment process employed since 1970 One objectives-based philosophy Two team managed investment approaches: top-down/bottom-up and top-down only Long-term track record of value-added results with proven asset allocation and risk management ability Currently managing $17.7 billion in life cycle assets 1 >> $3.1 billion in target date products >> $14.6 billion in lifestyle products Active Risk Management - Our Critical Difference Our asset allocation strategies are built to keep participants retirement goals on track through bull and bear markets. We go beyond simply creating diversifi ed portfolios and proactively adjust our life cycle funds asset allocation as market risks change. A focus on maximizing outcomes while minimizing risk helps participants meet their retirement goals Ongoing management provides participants with the confidence to stay the course during market downturns Consistency in approach provides exactly what participants expect from a life cycle manager ETF Target Date CIT Funds - Balancing Fee Sensitivity and Active Risk Management The GOAL SM Collective Investment Trust (CIT) Funds investment approach combines a focus on active asset allocation adjustments with low-cost exchange-traded funds (ETFs) to build life cycle portfolios that drive participant outcomes while suiting different plan needs. Suite of ten target date CIT Funds Provide prudent diversification by investing in approximately ETFs Asset allocation driven by disciplined, top-down process to identify potential areas of opportunity and risk Transparency of portfolio ETF exposure and adjustments Active adjustments to portfolio s asset allocation as the market and economic environment change Competitive low cost fee structure to fit various plan needs Qualified Default Investment Alternative (QDIA) option 1 Includes Manning & Napier separately managed accounts, proprietary mutual funds, and affi liate collective investment trust funds as of 09/30/2012. Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust funds. The Collectives are available only for use within certain qualifi ed employee benefi t plans. 1 of 5
2 Driving Outcomes with Active Asset Allocation and Risk Management Manning & Napier s Focus Dynamic, forward-looking asset allocation helps drive outcomes Flexibility to adjust equity exposure as market risks change Ability to manage against capital risk, infl ation risk, and longevity risk Investment strategies designed to maximize upside potential and help minimize substantial market losses A Management Approach Built with Your Success in Mind For life cycle investors, consistency in performance, including capital preservation in valuation-driven bear markets, may be more important than always earning market-like returns. For Participants For Plan Sponsors Prudent asset allocation without the guesswork Ongoing professional management avoids participants abandoning their savings program in diffi cult markets A focus on risk management to help participants meet retirement goals Consistency in approach can reduce volatility and increase employee satisfaction A consultative partnership to offer professional asset allocation solutions A team of investment professionals assume responsibility for investment decisions A qualifying QDIA that helps satisfy fiduciary responsibilities Satisfaction of fostering employee retirement readiness and appreciation of benefi ts 2 of 5
3 Glide Range Snapshot Equity Bands Provide Flexibility to Actively Manage Risk at Each Phase Range of Stock Exposure Roll Down Begins Equity Exposure at Target Date 20% - 60% Landing Point Equity Exposure at Landing Point 15% - 45% Contribution Assumptions Withdrawal Assumptions 30 years prior to target date Five years after target date Combined employee and employer match contributions of 6% - 12% throughout the accumulation phases. Within the fi rst fi ve years after the target date, the investor will stop making contributions and begin taking annual withdrawals of roughly 5% - 8%. From fi ve years on, withdrawals may represent more than 8% of the remaining account balance due to inflation and the gradual reduction of the investor s retirement plan assets. The above assumptions were used in determining broad asset allocation ranges. However, the specific asset allocation at any particular point along the glide range is primarily driven by prevailing economic and market conditions. Manning & Napier s target date offerings include affi liate collective investment trust (CIT) funds (Manning & Napier Retirement Target CIT Funds and Manning & Napier GOAL SM CIT Funds). Because target date funds invest in both stocks and bonds, the value of your investment will fl uctuate in response to stock market movements and changes in interest rates. Investing in target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk, as the underlying investments change over time. Additionally, some target date funds invest in other funds and therefore, may have additional risks associated with the underlying funds. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals). 3 of 5
4 Top-Down Asset Allocation Process ETFs Consistency is Key Manning & Napier s top-down asset allocation process is based on the consistent application of a multi-step approach. 1. Search the Global Asset Class Universe Our initial universe consists of all asset classes; we do not arbitrarily limit the options. Global Asset Class Universe 2. Develop a Macroeconomic Overview The Quantitative Strategies Group (QSG) uses input from other Overview Groups - the Global Strategies Group, Fixed Income Group, and Themes and Overviews Group - to survey the current market environment and identify areas of opportunity and risk. 3. Set Asset Allocation The QSG evaluates a variety of indicators covering economics, valuations, sentiment, and liquidity to identify periods of high or low risk. Tactical stock/bond allocation as well as asset class, sector, region, or country weightings are established based on assumed risk regimes. Economic Macroeconomic Overview Target Asset Allocation Valuation Sentiment and Liquidity 4. Select ETFs Once the desired asset class mix is determined, a diversifi ed portfolio of approximately Exchange-Traded Funds (ETFs) are selected to achieve the target asset allocation. Specifi c ETFs are evaluated for inclusion in the portfolio based on desired market exposure, structure, and fees. Fits Desired Market Exposure ETF Selection ETF Structure Fees 5. Obtain SRG Approval Trading directives are executed only after review and approval by the majority of QSG analysts, as well as a member of the Senior Research Group (SRG). SRG Oversight 6. Monitor QSG continually reviews the portfolio relative to changing macroeconomic conditions and indicator readings within the context of the Overview Groups outlook. Additionally, QSG conducts an ongoing review for process improvement and quality control. Monitor 4 of 5
5 Our QDIA Pledge Selecting a Qualified Default Investment Alternative (QDIA) is one of the most important decisions a plan fi duciary can make. We know fi duciary risk is real, and plan fi duciaries need more from a QDIA than meeting minimum requirements. Plan fiduciaries need confi dence that the plan s QDIA is the right investment choice for their plan and participants. We actively manage assets exclusively for the benefit of plan participants Risk defi ned as factors that would prevent a participant from meeting investment goals Coordinated diversifi cation through active investment selection Seek absolute returns over full market cycles We prudently shift asset allocation in accordance with our disciplined process Over 40 years of active asset allocation experience and performance track records Continual oversight by the Senior Research Group, whose members average approximately 17 years tenure with the firm Voluntarily subject our fundamental investment process to audit examination* We provide Ongoing Monitoring Reports Quarterly overviews communicating market overviews and our resulting active risk management strategies Quarterly disclosure of underlying holdings Our funds expense ratios are commensurate with the value the funds provide Competitively priced funds to meet plan needs Published collective investment trust fund net expense ratios *The examination is based on information for Manning & Napier separately managed account clients meeting minimum account requirements established by Manning & Napier. Minimum requirements are available in Manning & Napier s Form ADV Part 2A. This examination does not cover the Manning & Napier Collective Investment Trust Funds. Approved CIT-WEB003.3f (11/12) 5 of 5
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