Fund Evaluator:
Manning & Napier Unconstrained Bond I (MNCPX)
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Fund Details
Manning & Napier Unconstrained Bond I Overview
Manning & Napier Unconstrained Bond I (MNCPX) is an actively managed Taxable Bond Nontraditional Bond fund. Manning & Napier launched the fund in 2013.
The investment seeks to provide long-term total return, and its secondary objective is to provide preservation of capital. The fund will invest, under normal circumstances, at least 80% of its assets in bonds and other financial instruments, principally derivative instruments and exchange-traded funds (ETFs), with economic characteristics similar to bonds. It may invest up to 50% of its assets in below investment grade securities (also referred to as "high yield bonds" or "junk bonds") and may invest up to 50% of its assets in non-U.S. dollar denominated securities, including securities issued by companies located in emerging markets.
About Manning & Napier Unconstrained Bond I (MNCPX)
There are 3 members of the management team with an average tenure of 14.85 years: R. Keith Harwood (2005), Marc Bushallow (2008), Brad Cronister (2021). 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 ICE BofA 0-3 M US Trsy Bill TR USD index with a weighting of 100%. Manning & Napier Unconstrained Bond I has 214 securities in its portfolio. The top 10 holdings constitute 28.7% 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 Unconstrained Bond I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Manning & Napier Unconstrained Bond I has 8.3% 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 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 95.5% (87.2% domestic bond, 8.3% foreign bond and 0.0% convertible bond). Manning & Napier Unconstrained Bond I has 4.5% of the portfolio in cash.
Assets Under Management
The fund has $251 million in total assets, which is below the $667 million average for the Nontraditional 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.
MNCPX 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 Unconstrained Bond I expense ratio is average compared to funds in the Nontraditional Bond category. Manning & Napier Unconstrained Bond I has an expense ratio of 0.49%, which is 66% lower than its category average, making the fund expense ratio grade a A. 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 Unconstrained Bond I has a portfolio turnover rate of 53%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 306% for the Nontraditional Bond category.
Recently, in the month of August 2026, Manning & Napier Unconstrained Bond I returned 0.5%, which earned it a grade of C, as the Nontraditional Bond 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 Unconstrained Bond I has a trailing yield of 4.85%, which is below the 4.93% 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 Unconstrained Bond I Grades
Year to date, the fund has returned 1.3%, 0.5 percentage points worse than the category, which translates into a grade of D. The fund has returned 3.0% over the past year (grade of D), 5.1% over the past three years (grade of D) and 2.2% per year over the past five years (grade of D) and 3.1% per year over the past 10 years (grade of C).
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MNCPX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MNCPX Return (NAV) | 0.5% | 0.1% | 3.0% | 5.1% | 2.2% | 3.1% |
| MNCPX Grade | C | D | D | D | D | C |
| +/- Category | -0.1% | -0.4% | -0.9% | -0.8% | -0.3% | -0.0% |
| Nontraditional Bond Avg | 0.5% | 0.5% | 3.9% | 5.8% | 2.5% | 3.1% |
| MNCPX Tax Cost Ratio | na | na | 1.9% | 2.0% | 2.1% | 1.7% |
MNCPX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MNCPX Return (NAV) | 1.3% | 6.3% | 4.4% | 6.2% | -6.4% | 2.8% | 7.7% | 5.4% | 0.4% | 3.5% | 4.3% |
| MNCPX Grade | D | C | D | D | C | B | B | D | C | C | D |
| +/- Category | -0.5% | -0.5% | -1.0% | -0.4% | -0.4% | 1.5% | 2.3% | -1.2% | 1.2% | -0.5% | -2.2% |
| Nontraditional Bond Avg | 1.8% | 6.8% | 5.4% | 6.5% | -6.0% | 1.3% | 5.4% | 6.5% | -0.8% | 4.1% | 6.4% |
| Risk Measures | |
| Standard Deviation: | 2.6% |
| Total Risk Index: | 0.21 - Low |
| Category Risk Index: | 0.73 - Below Average |
| Category Risk Grade: | B (30% Rank) |
| Beta: | 0.42 |
| R-Squared: | 84% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $751 Mil |
| Fund Total Assets: | $ 252 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 53% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 21.4 years | |||
| Average Tenure: 14.9 years | |||
| Managers (Year): Harwood R. Keith (2005), Bushallow Marc (2008), Cronister Brad (2021) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 214 |
| % in Top 10 Holdings: | 28.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 8.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.1% |
| Domestic Bond: | 87.2% |
| Foreign Bond: | 8.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.5% |
Purchase Information
| Fund Family: | Manning & Napier |
| Phone Number: | 800-466-3863 |
| Website: | www.manning-napier.com |
| Status: | Open |
| Inception Date: | August 1, 2013 |
| Min. Initial Purchase: | $1,000,000 |
| 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: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.49% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 1.42% |
| Share Class: | Manning & Napier Unconstrained Bond S |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
