Manning & Napier Target 2040 Series Class I
MTTIX
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ROIC.AI
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- Manning & Napier Target 2040 Series Class I (MTTIX) is a target date collective investment trust (CIT) fund that seeks capital growth and risk management for investors planning to retire around 2040. The fund achieves its objective through a dynamic asset allocation strategy, currently maintaining a growth-oriented portfolio with 55%-83% exposure to equities diversified across domestic and foreign markets, alongside fixed income securities; over time, it gradually shifts to a more conservative mix, reducing equity exposure to 20%-60% during the target year and 13%-47% five years beyond. It invests primarily in underlying Manning & Napier Pro-Mix Maximum Term CIT Fund and Pro-Mix Extended Term CIT Fund, with an expense ratio of 0.69% (gross, including acquired fund fees), CUSIP 302027586, and inception tied to May 31, 2007 (historical performance from predecessor funds dating to 2000). Manning & Napier Fund, Inc., issuer of the MTTIX series, operates within the broader Manning & Napier ecosystem, an independent investment manager founded in 1970 and headquartered in Fairport (Rochester area), New York, offering equity, fixed income, multi-asset, and retirement target strategies via mutual funds, separately managed accounts, and CITs for high-net-worth individuals, institutions, 401(k) plans, pensions, endowments, and third-party advisors. The firm, with decades of experience in life cycle investing, serves a diversified U.S.-focused client base, emphasizing active management to capture market upside while mitigating downside risk through a team-based analyst approach; Manning & Napier Advisors, LLC provides sub-advisory services to trustee Exeter Trust Company for the CIT funds. In a pivotal strategic change, Manning & Napier, Inc. went private in 2022 following its acquisition by Callodine Group, LLC, a Boston-based asset manager, in partnership with East Asset Management, positioning the firm for enhanced growth, capital stability, and expanded capabilities while retaining its management team, investment philosophy, and Fairport operations. Recent activity includes significant portfolio adjustments reported in 2025 13F filings, such as new positions in stocks like CMG ($127.9 million), DHR ($72 million), and WDAY ($123.7 million), alongside mid-year market outlooks and ongoing performance updates showing YTD returns of 7.64% and 10-year annualized returns of 9.30% as of September 30, 2025. No major new product launches, funding rounds, or further acquisitions have been announced in 2024-2025, with focus remaining on core retirement solutions amid sustained market engagement.