Fund Evaluator:
Manning & Napier Callodine Equity Inc S (CEISX)
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Best Performing in Mid-Cap Value Over the Last Year
| 41.4% | Fidelity Value Strategies (FSLSX) |
| 39.3% | Fidelity Advisor Mid Cap Value Z (FIDFX) |
| 39.2% | Fidelity Mid Cap Value (FSMVX) |
| 38.8% | Harbor Mid Cap Value Instl (HAMVX) |
| 38.3% | Harbor Mid Cap Value Investor (HIMVX) |
Fund Details
Manning & Napier Callodine Equity Inc S Overview
Manning & Napier Callodine Equity Inc S (CEISX) is an actively managed U.S. Equity Mid-Cap Value fund. Manning & Napier launched the fund in 2023.
The investment seeks to provide strong risk-adjusted total returns, consisting of current income and capital appreciation, and preservation of capital, with low market correlation. The fund will, under normal circumstances, invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities and equity-related instruments. The fund is non-diversified.
About Manning & Napier Callodine Equity Inc S (CEISX)
There are 1 members of the management team with an average tenure of 2.77 years: James Morrow (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and S&P 500 High Dividend TR USD index with a weighting of 100%. Manning & Napier Callodine Equity Inc S has 35 securities in its portfolio. The top 10 holdings constitute 58.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Manning & Napier Callodine Equity Inc S is part of the Equity global asset class and is within the U.S. Equity fund group. Manning & Napier Callodine Equity Inc S has 5.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 93.1%. There is 5.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Manning & Napier Callodine Equity Inc S has 1.1% of the portfolio in cash.
Assets Under Management
The fund has $1 million in total assets, which is below the $642 million average for the Mid-Cap Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CEISX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Manning & Napier Callodine Equity Inc S expense ratio is high compared to funds in the Mid-Cap Value category. Manning & Napier Callodine Equity Inc S has an expense ratio of 1.20%, which is 16% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Manning & Napier Callodine Equity Inc S has a portfolio turnover rate of 70%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Value category.
Recently, in the month of July 2026, Manning & Napier Callodine Equity Inc S returned 5.8%, which earned it a grade of A, as the Mid-Cap Value category had an average return of 1.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Manning & Napier Callodine Equity Inc S has a trailing yield of 1.46%, which is above the 0.87% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Manning & Napier Callodine Equity Inc S Grades
Year to date, the fund has returned 16.5%, 0.9 percentage points better than the category, which translates into a grade of B. The fund has returned 23.0% over the past year (grade of C).
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CEISX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CEISX Return (NAV) | 5.8% | 6.0% | 23.0% | na | na | na |
| CEISX Grade | A | C | C | na | na | na |
| +/- Category | 4.1% | 0.0% | -0.1% | na | na | na |
| Mid-Cap Value Avg | 1.7% | 6.0% | 23.1% | 13.4% | 9.4% | 10.1% |
| CEISX Tax Cost Ratio | na | na | 2.9% | na | na | na |
CEISX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CEISX Return (NAV) | 16.5% | 5.6% | 23.7% | na | na | na | na | na | na | na | na |
| CEISX Grade | B | D | A | na | na | na | na | na | na | na | na |
| +/- Category | 0.9% | -4.2% | 12.0% | na | na | na | na | na | na | na | na |
| Mid-Cap Value Avg | 15.5% | 9.9% | 11.8% | 13.9% | -8.2% | 27.5% | 3.8% | 26.3% | -13.4% | 14.1% | 17.4% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.5% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $249 Mil |
| Fund Total Assets: | $ 2 Mil |
| Share Class Type: | S |
| Portfolio Turnover: | 70% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 2.8 years | |||
| Average Tenure: 2.8 years | |||
| Managers (Year): Morrow James (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 35 |
| % in Top 10 Holdings: | 58.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 5.9% |
Portfolio Allocation |
|
| Domestic Stock: | 93.1% |
| Foreign Stock: | 5.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.1% |
Purchase Information
| Fund Family: | Manning & Napier |
| Phone Number: | 800-466-3863 |
| Website: | www.manning-napier.com |
| Status: | Open |
| Inception Date: | October 23, 2023 |
| Min. Initial Purchase: | $2,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.20% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.03% |
| Share Class: | Manning & Napier Callodine Equity Inc Z |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
