MNRIX — Real Estate Series
Data updated: 2024-11-22
MNRIX — Real Estate Series. United States Real Estate · $249.21M AUM · 0.85% expense ratio · 24.3% 1-yr return. Holdings, fees, performance and SEC filings.
MNRIX Fund Overview
MNRIX — Real Estate Series is a US mutual fund managed by Manning & Napier Fund, Inc., categorised as United States Real Estate. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Manning & Napier Fund, Inc.
- Category: United States Real Estate
- Assets under management: $249.21M
- 1-year return: 24.3%
- Ticker: MNRIX
- SEC CIK: 0000751173
- SEC series ID: S000025218
- Share class ID: C000116787
MNRIX Investment Objective and Strategy
Real Estate Series describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Manning & Napier Fund, Inc..
Investment objective
The Series’ investment objective is to provide high current income and long-term capital appreciation by investing principally in companies in the real estate industry.
Principal investment strategy
The Series will invest, under normal circumstances, at least 80% of its net assets in securities of companies that are principally engaged in the real estate industry. These companies include those directly engaged in the real estate industry as well as in industries serving and/or related to the real estate industry. A company will be considered eligible for investment if, as determined by the Advisor, (i) at least 50% of its assets, revenues or net income is derived from the ownership, leasing, construction, management, development, financing or sale of residential, commercial or industrial real estate or (ii) it has at least 50% of the value of its assets invested in residential, commercial or industrial real estate. Examples of companies in which the Series may invest include those in the following areas: real estate investment trusts (REITs), real estate operating companies (REOCs), real estate developers and brokers, building suppliers, and mortgage lenders.
The Series may invest in common stocks, convertible securities and other equity securities, principally ETFs (defined below), as well as derivative instruments, principally options (as described below). It may invest in securities issued as part of, or a short period after, a companys initial public offering (IPO). The Series may invest in common stocks of foreign companies, including companies located in emerging market countries. The Series may also invest in American Depository Receipts (ADRs) and other U.S. dollar denominated securities of foreign issuers. The Series may invest in securities of small-, large-, or mid-size companies. The Series may also invest in debt securities. The Series investment in debt securities is subject to a limit of 20% of the Series assets (measured at the time of purchase).
The Series will typically invest in investment grade debt securities, those securities rated BBB- or above by S&P or Baa3 or above by Moodys (or determined to be of equivalent quality by the Advisor); however, the Series may invest up to 5% of its assets (measured at the time of purchase) in below investment grade debt securities (junk bonds), those rated below BBB- by S&P and those rated below Baa3 by Moodys (or determined to be of equivalent quality by the Advisor). The Series investments in debt securities are not subject to any restrictions on maturity or duration. When the Advisor wishes to sell a security at a specified price, it may seek to generate additional gains for the Series by writing (selling) options on the underlying security. The Series may purchase shares of exchange-traded funds (ETFs), including to establish a diversified position in a particular market sector or to manage cash flows.
The Advisor believes that purchasing ETFs may allow it to manage the Series portfolio more efficiently than would otherwise be possible. The Advisor uses a bottom-up strategy, focusing on individual security selection. The Advisor analyzes factors such as the management, financial condition, and market position of individual companies to select companies in the real estate industry that it believes will make attractive long-term investments. The Advisor looks for one or more of the following characteristics: Strong strategic profiles (e.g., strong market position, benefits from technology, market share gains in a mature market and high barriers to entry). Companies well-positioned to benefit from an anticipated upturn in an industry sub-sector due to sharply reduced competition and improving demand.
Companies trading at very low valuations relative to fundamental or break-up value. The Advisor will consider selling a security if: it no longer fits the Series' investment strategies or valuation discipline; it has reached the Advisor's target sell price; or a more attractive investment opportunity is identified.
MNRIX Holdings
Top 10 holdings of Real Estate Series by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Equinix Inc | 12.83% |
| Prologis Inc | 10.55% |
| Public Storage | 5.21% |
| SBA Communications Corp | 5.03% |
| Welltower Inc | 5.02% |
| Sun Communities Inc | 4.41% |
| AvalonBay Communities Inc | 4.13% |
| Invitation Homes Inc | 4.11% |
| American Tower Corp | 3.76% |
| Extra Space Storage Inc | 3.68% |
MNRIX Portfolio Allocation
Asset-class allocation of Real Estate Series by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 98.0% |
| Cash & Equivalents | 1.3% |
MNRIX Performance
Total returns for MNRIX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 24.3% |
| 3 years (annualised) | 1.3% |
| 5 years (annualised) | 3.8% |
MNRIX Risk Information
Risk metrics for MNRIX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 20.2%
MNRIX Costs and Fees
MNRIX costs about $85 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.85%
- Gross expense ratio: 0.85%
- Portfolio turnover: 38%
- Brokerage commissions: 6.11 bps of average net assets (SEC N-CEN)
MNRIX Cashflows
Over the 12 months to 2024-09, Real Estate Series had net outflows of $5.50M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-09 | −$13.67M |
| 2024-08 | −$6.68M |
| 2024-07 | −$4.74M |
| 2024-06 | −$3.45M |
| 2024-05 | −$2.82M |
| 2024-04 | −$1.33M |
MNRIX Debt Constituents
No individual debt constituents are reported in Real Estate Series's latest SEC N-PORT filing.
MNRIX Prospectus and SEC Filings
Official Real Estate Series filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-02-28
- Prospectus (485BPOS) — filed 2023-02-27
- Prospectus (485BPOS) — filed 2022-02-25
- Portfolio holdings (N-PORT) — filed 2024-11-22
- Portfolio holdings (N-PORT) — filed 2024-08-20
- Portfolio holdings (N-PORT) — filed 2024-05-24
- Annual census (N-CEN) — filed 2024-03-11
- Annual census (N-CEN) — filed 2023-03-10
Related Funds
Other United States Real Estate funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.