Fund Evaluator:

Manning & Napier Pro-Blend Max Term S Overview

Manning & Napier Pro-Blend Max Term S (EXHAX) is an actively managed Allocation Aggressive Allocation fund. Manning & Napier launched the fund in 1995.

The investment seeks to provide long-term growth of capital. The fund invests primarily in common stocks and in long-term fixed income securities. It may invest in U.S. and foreign stocks, including those in emerging markets, American Depository Receipts (ADRs), and derivatives instruments. The fund may invest in stocks of small-, large-, or mid-size companies. It invests primarily in U.S. Treasury securities, and U.S. and foreign mortgage-backed and asset-backed securities and corporate bonds. The fund invests primarily in fixed income securities with maturities of 7 to 20 years, but may invest in securities of any maturity.

About Manning & Napier Pro-Blend Max Term S (EXHAX)

There are 6 members of the management team with an average tenure of 3.61 years: Jay Welles (2023), Marc Bushallow (2015), Jacob Boak (2025), Elizabeth Mallette (2023), John Mitchell (2024), James Slentz (2025). Management tenure is more important for actively managed funds than passive index funds.

The fund has 4 primary benchmarks: MSCI USA IMI NR USD index with a weighting of 100%, MSCI USA IMI NR USD index with a weighting of 65%, Bloomberg US Agg Bond TR USD index with a weighting of 15% and MSCI ACWI Ex USA NR USD index with a weighting of 20%. Manning & Napier Pro-Blend Max Term S has 136 securities in its portfolio. The top 10 holdings constitute 37.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Manning & Napier Pro-Blend Max Term S is part of the Allocation global asset class and is within the Allocation fund group. Manning & Napier Pro-Blend Max Term S has 23.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 64.2%. There is 22.4% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 9.3% (8.3% domestic bond, 1.0% foreign bond and 0.0% convertible bond). Manning & Napier Pro-Blend Max Term S has 4.1% of the portfolio in cash.

Assets Under Management

The fund has $197 million in total assets, which is below the $549 million average for the Aggressive Allocation 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.

EXHAX 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 Pro-Blend Max Term S expense ratio is high compared to funds in the Aggressive Allocation category. Manning & Napier Pro-Blend Max Term S has an expense ratio of 1.10%, which is 4% lower than its category average, making the fund expense ratio grade a C. 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 Pro-Blend Max Term S has a portfolio turnover rate of 86%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 47% for the Aggressive Allocation category.

Recently, in the month of June 2026, Manning & Napier Pro-Blend Max Term S returned 0.5%, which earned it a grade of B, as the Aggressive Allocation category had an average return of 0.5%. 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 Pro-Blend Max Term S has a trailing yield of 0.63%, which is below the 0.95% category average. The fund normally distributes its income semi-annually and its capital gains semi-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 Pro-Blend Max Term S Grades

Year to date, the fund has returned 3.1%, 6.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 9.2% over the past year (grade of F), 11.2% over the past three years (grade of F) and 5.1% per year over the past five years (grade of F) and 10.2% per year over the past 10 years (grade of D).

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