Fund Evaluator:
Manning & Napier Credit S (MCDSX)
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Fund Details
Manning & Napier Credit S Overview
Manning & Napier Credit S (MCDSX) is an actively managed Taxable Bond Intermediate Core Bond fund. Manning & Napier launched the fund in 2024.
The investment seeks to provide long-term total return. The fund will invest, under normal circumstances, at least 80% of its assets in credit-related instruments and other financial instruments, principally derivative instruments and exchange-traded funds (ETFs), with economic characteristics similar to credit-related instruments. It may buy and sell futures contracts based on investment grade credit securities and fixed income indices primarily for cash management purposes.
About Manning & Napier Credit S (MCDSX)
There are 2 members of the management team with an average tenure of 6.30 years: R. Keith Harwood (2020), Marc Bushallow (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Interm Credit TR USD index with a weighting of 100%. Manning & Napier Credit S has 161 securities in its portfolio. The top 10 holdings constitute 17.2% 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 Credit S is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Manning & Napier Credit S has 9.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 97.7% (88.3% domestic bond, 9.4% foreign bond and 0.0% convertible bond). Manning & Napier Credit S has 2.3% of the portfolio in cash.
Assets Under Management
The fund has $1 million in total assets, which is below the $3 billion average for the Intermediate Core Bond 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.
MCDSX 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 Credit S expense ratio is above average compared to funds in the Intermediate Core Bond category. Manning & Napier Credit S has an expense ratio of 0.67%, which is 18% 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 Credit S has a portfolio turnover rate of 43%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 151% for the Intermediate Core Bond category.
Recently, in the month of July 2026, Manning & Napier Credit S returned -0.6%, which earned it a grade of A, as the Intermediate Core Bond category had an average return of -1.3%. 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 Credit S has a trailing yield of 4.44%, which is above the 4.04% category average. The fund normally distributes its income monthly 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 Credit S Grades
Year to date, the fund has returned 0.5%, 1.2 percentage points better than the category, which translates into a grade of A. The fund has returned 3.6% over the past year (grade of A), 5.2% over the past three years (grade of A) and 1.0% per year over the past five years (grade of A).
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MCDSX 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 |
|
| MCDSX Return (NAV) | -0.6% | -0.1% | 3.6% | 5.2% | 1.0% | na |
| MCDSX Grade | A | A | A | A | A | na |
| +/- Category | 0.7% | 0.8% | 1.1% | 1.5% | 1.5% | na |
| Intermediate Core Bond Avg | -1.3% | -0.8% | 2.5% | 3.7% | -0.5% | 1.4% |
| MCDSX Tax Cost Ratio | na | na | 1.8% | na | na | na |
MCDSX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MCDSX Return (NAV) | 0.5% | 7.0% | 4.1% | 7.0% | -11.4% | -0.2% | na | na | na | na | na |
| MCDSX Grade | A | D | A | A | A | A | na | na | na | na | na |
| +/- Category | 1.2% | -0.0% | 2.5% | 1.4% | 1.8% | 1.2% | na | na | na | na | na |
| Intermediate Core Bond Avg | -0.7% | 7.0% | 1.6% | 5.6% | -13.2% | -1.5% | 8.1% | 8.5% | -0.4% | 3.6% | 2.8% |
| Risk Measures | |
| Standard Deviation: | 4.4% |
| Total Risk Index: | 0.36 - Low |
| Category Risk Index: | 0.79 - Low |
| Category Risk Grade: | A (4% Rank) |
| Beta: | 0.77 |
| R-Squared: | 98% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.4% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $298 Mil |
| Fund Total Assets: | $ 1 Mil |
| Share Class Type: | S |
| Portfolio Turnover: | 43% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 6.3 years | |||
| Average Tenure: 6.3 years | |||
| Managers (Year): Harwood R. Keith (2020), Bushallow Marc (2020) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 161 |
| % in Top 10 Holdings: | 17.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 9.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 88.3% |
| Foreign Bond: | 9.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.3% |
Purchase Information
| Fund Family: | Manning & Napier |
| Phone Number: | 800-466-3863 |
| Website: | www.manning-napier.com |
| Status: | Open |
| Inception Date: | September 23, 2024 |
| 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 (%): | 0.67% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.57% |
| Share Class: | Manning & Napier Credit W |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
