MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, February 16, 2012 Cunningham is "Not Altogether Surprised" by Manning's Performance Woes Manning & Napier [profile] had a tough first publicly traded quarter, yet it still beat analysts' expectations. Yesterday the Fairport, New York-based mutual fund firm revealed in its fourth quarter 2011 earnings report that it brought in $0.27 per share in economic net income in Q4 2011, down 74 percent year-over-year but ahead of analysts' expectations by $0.02. The Rochester Business Journal reported twice on Manning's earnings. Manning CEO Patrick Cunningham told analysts on a conference call that he was "not pleased" by some Manning products' performance, but he was "not altogether surprised, either." "The short-term underperformance is really not unexpected, given our investment discipline," Cunningham reportedly said on the call. "For the most part, we did not own the relatively slower-growing but high-dividend paying stocks that were among the biggest winners in 2011. To buy high-dividend payout companies that are slow- or no-growing won't help our clients meet their clients meet their long-term obligations on a sustained basis." Printed from: MFWire.com/story.asp?s=39250 Copyright 2012, InvestmentWires, Inc. All Rights Reserved |