SUBJECT/RECOMMENDATION:
Title
Approve the termination of fixed income money manager Manning and Napier and authorize the appropriate officials to execute same.
Body
SUMMARY:
SUMMARY:
Manning & Napier was hired as a large cap value money manager for the plan in December 2012. As of December 31, 2024, the market value of the plan’s investment in Manning & Napier’s large cap value product totaled $10.1 million, or 0.75% of the Plan’s total investment portfolio.
Manning & Napier’s performance has declined in recent years, as detailed below. Over the past few years the committee has reduced the investment in Manning & Napier from in excess of $50 million to the current level of $10.1 million. The Pension Investment Committee unanimously recommended termination at their February 28, 2025, quarterly committee meeting.
Performance versus benchmark index:
Calendar 2024 Last 3 years Last 5 years
Net of fees return 11.45% 5.70% 7.62%
Benchmark index 14.37% 5.63% 8.68%
Large Value percentile rank 75th 60th 81st