Fund Evaluator:
Manning & Napier Overseas Series S (MNOSX)
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Best Performing in Foreign Large Growth Over the Last Year
| 27.0% | WCM Focused International Equity Inv (WLIVX) |
| 25.4% | Saturna International Z (SIFZX) |
| 25.1% | Saturna International (SSIFX) |
| 24.2% | American Funds EUPAC F-3 (FEUPX) |
| 23.2% | Fidelity Diversified International (FDIVX) |
Fund Details
Manning & Napier Overseas Series S Overview
Manning & Napier Overseas Series S (MNOSX) is an actively managed International Equity Foreign Large Growth fund. Manning & Napier launched the fund in 2018.
The investment seeks to provide long-term growth. The fund normally invests at least 80% of its assets in securities of issuers from countries outside the United States; typically, the actual percentage will be considerably higher. It may invest in securities denominated in foreign currencies and American Depository Receipts (ADRs) and other U.S. dollar denominated securities of foreign issuers. The fund may invest in small-, large-, or mid-size companies.
About Manning & Napier Overseas Series S (MNOSX)
There are 5 members of the management team with an average tenure of 2.84 years: Jay Welles (2019), 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 1 primary benchmark: MSCI ACWI Ex USA NR USD index with a weighting of 100%. Manning & Napier Overseas Series S has 45 securities in its portfolio. The top 10 holdings constitute 44.5% 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 Overseas Series S is part of the Equity global asset class and is within the International Equity fund group. Manning & Napier Overseas Series S has 93.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 4.4%. There is 93.8% 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 Overseas Series S has 1.9% of the portfolio in cash.
Assets Under Management
The fund has $167 million in total assets, which is below the $1 billion average for the Foreign Large Growth 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.
MNOSX 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 Overseas Series S expense ratio is high compared to funds in the Foreign Large Growth category. Manning & Napier Overseas Series S has an expense ratio of 1.06%, which is 2% 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 Overseas Series S has a portfolio turnover rate of 46%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Foreign Large Growth category.
Recently, in the month of July 2026, Manning & Napier Overseas Series S returned 1.8%, which earned it a grade of A, as the Foreign Large Growth category had an average return of -2.7%. 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 Overseas Series S has a trailing yield of 0.78%, which is below the 0.95% category average. The fund normally distributes its income 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 Overseas Series S Grades
Year to date, the fund has returned 6.2%, 0.4 percentage points worse than the category, which translates into a grade of C. The fund has returned 12.3% over the past year (grade of C), 9.3% over the past three years (grade of D) and 2.3% per year over the past five years (grade of D) and 7.4% per year over the past 10 years (grade of D).
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MNOSX 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 |
|
| MNOSX Return (NAV) | 1.8% | 5.0% | 12.3% | 9.3% | 2.3% | 7.4% |
| MNOSX Grade | A | A | C | D | D | D |
| +/- Category | 4.5% | 2.4% | -0.8% | -1.5% | -0.9% | -0.8% |
| Foreign Large Growth Avg | -2.7% | 2.6% | 13.1% | 10.7% | 3.2% | 8.2% |
| MNOSX Tax Cost Ratio | na | na | 0.3% | 0.4% | 0.4% | na |
MNOSX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MNOSX Return (NAV) | 6.2% | 15.9% | 3.0% | 19.5% | -24.5% | 11.2% | 26.7% | 27.1% | -17.5% | 23.6% | 3.2% |
| MNOSX Grade | C | D | D | B | C | B | B | D | F | F | A |
| +/- Category | -0.4% | -4.1% | -2.3% | 2.9% | 0.7% | 3.1% | 1.2% | -2.1% | -3.9% | -8.5% | 4.9% |
| Foreign Large Growth Avg | 6.5% | 20.0% | 5.3% | 16.7% | -25.2% | 8.1% | 25.5% | 29.3% | -13.6% | 32.1% | -1.6% |
| Risk Measures | |
| Standard Deviation: | 12.5% |
| Total Risk Index: | 1.02 - Average |
| Category Risk Index: | 0.82 - Low |
| Category Risk Grade: | A (3% Rank) |
| Beta: | 0.76 |
| R-Squared: | 70% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.8% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $312 Mil |
| Fund Total Assets: | $ 168 Mil |
| Share Class Type: | S |
| Portfolio Turnover: | 46% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 6.8 years | |||
| Average Tenure: 2.8 years | |||
| Managers (Year): Welles Jay (2019), Mallette Elizabeth (2023), Mitchell John (2024), Slentz James (2025), Boak Jacob (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 45 |
| % in Top 10 Holdings: | 44.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 93.8% |
Portfolio Allocation |
|
| Domestic Stock: | 4.4% |
| Foreign Stock: | 93.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.9% |
Purchase Information
| Fund Family: | Manning & Napier |
| Phone Number: | 800-466-3863 |
| Website: | www.manning-napier.com |
| Status: | Open |
| Inception Date: | September 21, 2018 |
| 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 (%): | 1.06% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.03% |
| Share Class: | Manning & Napier Overseas Series I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
