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A Foreign Small/Mid-Growth Fund That's Worth a Look

A Foreign Small/Mid-Growth Fund That's Worth a Look

Andrew Daniels: Manning & Napier Rainier International Discovery has some positive attributes and is on our radar. Henrik Strabo, who serves as this fund's lead manager, has more than three decades of foreign-equity experience. He did a good job earlier in his career as the international CIO at American Century and as a manager of the firm's foreign small/mid-growth fund. Strabo, who is supported by two analysts here, favors strong growers that have superior competitive positions, strong financials, and good corporate governance, as well as attractive valuations. He readily invests in emerging-markets stocks that meet his standards, but also focuses further up the market-cap spectrum than many of his foreign small/mid-growth peers. Strabo has led the mutual fund to superior absolute and risk-adjusted results since its March 2012 inception. Finally, Manning & Napier's 2016 acquisition of a majority share in Rainier has not had an impact on the day-to-day management of the strategy. All told, this fund may be worth a look.

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Andrew Daniels

Associate Director
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Andrew Daniels, CFA, CAIA, is associate director of equity strategies for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He helps oversee Morningstar’s U.S.-based equity strategies team and is responsible for qualitative research on prominent equity strategies, including those offered by Harris Associates and Artisan Partners.

From 2018-21, Daniels was based in Morningstar’s Hong Kong office, conducting qualitative research on global emerging-markets and Asia-Pacific equity strategies, in addition to helping on the delivery of manager research services in the region.

Before joining Morningstar in 2015, Daniels worked in corporate finance for Caterpillar and in portfolio management for Evanston Advisors.

Daniels holds bachelor's degrees in finance, economics, and marketing from the University of Iowa, where he graduated with distinction. He also earned a Master of Business Administration from the University of Chicago Booth School of Business. Daniels holds the Chartered Financial Analyst® designation and the Chartered Alternative Investment Analyst® designation. He is also a Certified Management Accountant.

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