Fund Evaluator:

Manning & Napier High Yield Bond S Overview

Manning & Napier High Yield Bond S (MNHYX) is an actively managed Taxable Bond High Yield Bond fund. Manning & Napier launched the fund in 2009.

The investment seeks to provide a high level of long-term total return. The fund normally invests at least 80% of its assets in bonds that are rated below investment grade and other financial instruments, principally derivative instruments and exchange-traded funds (ETFs), with economic characteristics similar to non-investment grade securities. These bonds may include U.S. dollar denominated fixed income securities issued by U.S. and foreign corporations and governments, including those in emerging markets. It may invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate investments.

About Manning & Napier High Yield Bond S (MNHYX)

There are 3 members of the management team with an average tenure of 13.07 years: R. Keith Harwood (2009), Marc Bushallow (2009), Scott Friedman (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 US Cash Pay HY TR USD index with a weighting of 100%. Manning & Napier High Yield Bond S has 105 securities in its portfolio. The top 10 holdings constitute 19.8% 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 High Yield Bond S is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Manning & Napier High Yield Bond S has 18.1% 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 96.5% (78.4% domestic bond, 18.1% foreign bond and 0.0% convertible bond). Manning & Napier High Yield Bond S has 3.5% of the portfolio in cash.

Assets Under Management

The fund has $170 million in total assets, which is below the $545 million average for the High Yield 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.

MNHYX 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 High Yield Bond S expense ratio is high compared to funds in the High Yield Bond category. Manning & Napier High Yield Bond S has an expense ratio of 0.88%, 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 High Yield Bond S has a portfolio turnover rate of 92%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 72% for the High Yield Bond category.

Recently, in the month of July 2026, Manning & Napier High Yield Bond S returned -0.0%, which earned it a grade of A, as the High Yield Bond category had an average return of -0.3%. 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 High Yield Bond S has a trailing yield of 6.63%, which is above the 6.28% category average. The fund normally distributes its income monthly.

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 High Yield Bond S Grades

Year to date, the fund has returned 2.8%, 1.2 percentage points better than the category, which translates into a grade of A. The fund has returned 6.3% over the past year (grade of A), 8.6% over the past three years (grade of A) and 5.3% per year over the past five years (grade of A) and 6.3% per year over the past 10 years (grade of A).

Additional Fund Information

Manning & Napier High Yield Bond S is closed to new investors. Manning & Napier High Yield Bond S is part of the Other share class. The minimum initial purchase is $2,000 if purchased directly from Manning & Napier.

The fund has a maximum front-end load of 0.00% and maximum deferred sales charge of 0.00%.

Redemption fees are paid to the fund for selling your shares or switching funds and often are reduced or eliminated over time. Manning & Napier High Yield Bond S has a maximum redemption charge of 0.00%.

Manning & Napier High Yield Bond S has a 12b-1 fee of 0.25%. This fee is paid out of assets to cover the costs of marketing and selling fund shares as well as to cover the costs of providing shareholder services. The 12b-1 fee is reflected in the expense ratio.

The fund meets the classification of being considered a True No-Load fund.

Manning & Napier High Yield Bond S Risk

A basic investment concept is that risk should be rewarded. Standard deviation measures the degree of variation in return experienced relative to the average return for a fund. It notes the recent volatility of the fund but does not explain the elements impacting the volatility. For example, portfolio concentration or exposure to foreign investments can impact the volatility and should be examined to gain an understanding of the fund.

The total risk index relates the volatility of the fund to the volatility of all funds. It can help you understand the volatility of a fund across all categories. Ratios above 1.00 indicate higher risk than average. Manning & Napier High Yield Bond S has a low total risk index of 0.36 because of its standard deviation of 4.5%.

The category risk index relates the volatility of a fund to the average volatility for funds in the same investment category. Manning & Napier High Yield Bond S has high category risk of 1.10, giving it a category risk grade of F. Letter grades of A, B, C, D and F are based upon these relative rankings.