Manning & Napier Group, LLC's Top Q3 2026 Move: Applied Materials Inc at a -2. ... GuruFocus News Fri, November 13, 2026 at 12:02 PM EST 5 min read AMAT -4.45% MSFT +0.27% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Manning & Napier Group, LLC has submitted its 13F filing for the third quarter of 2026, offering value investors a window into the firm's latest positioning. Manning & Napier (NYSE: MN) is a diversified investment management firm founded in 1970 that delivers a broad range of investment solutions through separately managed accounts, mutual funds, and collective investment trust funds, complemented by a variety of consultative services. The firm serves high-net-worth individuals and institutions, including 401(k) plans, pension plans, Taft-Hartley plans, endowments, and foundations.
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For more than 50 years, Manning & Napier has applied the same proprietary, bottom-up driven investment process to build diversified portfolios of individual securities. Equity analysts first screen the global investment universe using both bottom-up (company-specific) and top-down (macro) research to narrow the field to a workable list of potential candidates. Companies are then evaluated through fundamental analysis and sorted into three selection strategies Strategic Profile, Hurdle Rate, and Bankable Deal. If a company fits a strategy, strict pricing disciplines establish buy and sell targets based on fair market value.
A distinctive feature of the process is its peer review structure: every analyst in the recommending analyst's sector group holds a financial stake in the stock, not just the recommending analyst. Formally recommended securities are presented to the Global Core Team, which decides whether to accept the recommendation, place it on the "firedrill" list, or reject it. Each holding is continuously monitored against the firm's strategy fit and valuation criteria, and overall portfolio risk exposures are regularly evaluated by the team a rigorous framework that helps explain the decisive position changes detailed below.
Manning & Napier Group, LLC added a total of 166 stocks, among them:
The most significant addition was Cal-Maine Foods Inc (NASDAQ:CALM), with 1,105,241 shares, accounting for 0.95% of the portfolio and a total value of $70.25 million.
The second largest addition to the portfolio was Itau Unibanco Holding SA (NYSE:ITUB), consisting of 976,347 shares, representing approximately 0.09% of the portfolio, with a total value of $6.96 million.
The third largest addition was Honeywell International Inc (NASDAQ:HON), with 26,242 shares, accounting for 0.08% of the portfolio and a total value of $5.83 million.
Manning & Napier Group, LLC also increased stakes in a total of 432 stocks, among them:
The most notable increase was Uber Technologies Inc (NYSE:UBER), with an additional 1,417,461 shares, bringing the total to 1,417,560 shares. This adjustment represents a significant 1,431,778.79% increase in share count, a 1.26% impact on the current portfolio, and a total value of $93.19 million.
The second largest increase was Apple Inc (NASDAQ:AAPL), with an additional 253,647 shares, bringing the total to 323,384. This adjustment represents a significant 363.72% increase in share count, with a total value of $112.83 million.
Manning & Napier Group, LLC completely exited 63 holdings in the third quarter of 2026, as detailed below:
West Fraser Timber Co. Ltd (TSX:WFG): Manning & Napier Group, LLC sold all 184,803 shares, resulting in a -0.16% impact on the portfolio.
Perdoceo Education Corp (NASDAQ:PRDO): Manning & Napier Group, LLC liquidated all 207,935 shares, causing a -0.09% impact on the portfolio.
Manning & Napier Group, LLC also reduced positions in 242 stocks. The most significant changes include:
Reduced Applied Materials Inc (NASDAQ:AMAT) by 244,338 shares, resulting in a -95.14% decrease in shares and a -2.26% impact on the portfolio. The stock traded at an average price of $507.76 during the quarter and has returned -32.95% over the past 3 months and 39.81% year-to-date.
Reduced Lam Research Corp (NASDAQ:LRCX) by 345,583 shares, resulting in a -95.38% reduction in shares and a -1.92% impact on the portfolio. The stock traded at an average price of $312.25 during the quarter and has returned -34.25% over the past 3 months and 29.70% year-to-date.
At the third quarter of 2026, Manning & Napier Group, LLC's portfolio included 968 stocks. The top holdings were 5.68% in Microsoft Corp (NASDAQ:MSFT), 4.83% in NVIDIA Corp (NASDAQ:NVDA), 3.72% in Vanguard Intermediate-Term Government Bond ETF (NASDAQ:VGIT), 3.35% in Mastercard Inc (NYSE:MA), and 3.09% in Amazon.com Inc (NASDAQ:AMZN). The presence of a government bond ETF among the top five positions reflects the firm's blended asset approach, which pairs equity portfolios with fixed income exposure for many client mandates.
The holdings are mainly concentrated in 10 of all the 11 industries: Technology, Financial Services, Healthcare, Industrials, Communication Services, Consumer Cyclical, Real Estate, Consumer Defensive, Energy, and Basic Materials.
The most striking takeaway from this quarter's filing is the near-total liquidation of two semiconductor equipment leaders. Applied Materials and Lam Research were both cut by more than 95%, together accounting for a meaningful drag on the portfolio's reported impact. Notably, both stocks have fallen sharply over the past three months (-32.95% and -34.25%, respectively) while remaining positive year-to-date, suggesting the firm's strict valuation disciplines may have prompted profit-taking after strong earlier gains rather than a reaction to the recent pullback alone.
On the buy side, the large new stake in Cal-Maine Foods a consumer defensive name alongside the substantial build in Uber and Apple, points to a rotation toward cash-generative businesses with clearer near-term fundamentals. For value investors tracking Manning & Napier's moves, the filing illustrates how a disciplined, peer-reviewed process can produce decisive, high-conviction shifts rather than incremental tinkering. GuruFocus members can monitor the firm's portfolio updates and 13F filings to follow future changes as they are disclosed.
