Fund Evaluator:

Manning & Napier Rainier Intl Discv Z Overview

Manning & Napier Rainier Intl Discv Z (RAIRX) is an actively managed International Equity Foreign Small/Mid Growth fund. Manning & Napier launched the fund in 2017.

The investment seeks long-term capital appreciation. The fund will invest primarily in equity securities of foreign developed and emerging market companies that are small- to mid- sized at the time of purchase. Rainier selects stocks of companies the advisor believes will increase in value over time and makes investment decisions based primarily on an analysis of individual companies, rather than on broad economic forecasts. The fund will generally not invest more than 25% of its net assets in participatory notes at the time of purchase.

About Manning & Napier Rainier Intl Discv Z (RAIRX)

There are 1 members of the management team with an average tenure of 14.35 years: Henrik Strabo (2012). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: MSCI ACWI Ex USA NR USD index with a weighting of 100% and MSCI ACWI Ex USA Small NR USD index with a weighting of 100%. Manning & Napier Rainier Intl Discv Z has 111 securities in its portfolio. The top 10 holdings constitute 23.2% 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 Rainier Intl Discv Z is part of the Equity global asset class and is within the International Equity fund group. Manning & Napier Rainier Intl Discv Z has 97.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 97.0% 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 Rainier Intl Discv Z has 3.1% of the portfolio in cash.

Assets Under Management

The fund has $110 million in total assets, which is below the $319 million average for the Foreign Small/Mid 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.

RAIRX 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 Rainier Intl Discv Z expense ratio is high compared to funds in the Foreign Small/Mid Growth category. Manning & Napier Rainier Intl Discv Z has an expense ratio of 1.01%, which is 18% lower than its category average, making the fund expense ratio grade a B. 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 Rainier Intl Discv Z has a portfolio turnover rate of 64%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 65% for the Foreign Small/Mid Growth category.

Recently, in the month of July 2026, Manning & Napier Rainier Intl Discv Z returned -1.6%, which earned it a grade of D, as the Foreign Small/Mid Growth category had an average return of -1.5%. 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 Rainier Intl Discv Z has a trailing yield of 2.36%, which is above the 1.43% 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 Rainier Intl Discv Z Grades

Year to date, the fund has returned 6.6%, 0.1 percentage points worse than the category, which translates into a grade of C. The fund has returned 10.4% over the past year (grade of C), 11.1% over the past three years (grade of B) and 0.4% per year over the past five years (grade of C) and 8.3% per year over the past 10 years (grade of A).

For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.

Otherwise, for more information about Manning & Napier Rainier Intl Discv Z, including its riskiness, submit your email to unlock the rest of the article.