Investment Firm Portfolio Moves
Manning & Napier Trims Holdings, Other Funds Boost Stakes in Key Stocks
Key Points
In CBRE Group, while Manning & Napier Advisors LLC trimmed its stake by 8.1% to 740,194 shares, Swedbank AB expanded its position by 119.6% to 2,571,280 shares (about $348.3 million), illustrating a split in institutional activity for the stock in the same quarter.
For First American Financial, Northwestern Mutual Wealth Management Co. markedly boosted its stake in the insurance company in the fourth quarter, increasing to 5,786,263 shares (worth roughly $355.5 million) after a large purchase, while Manning & Napier trimmed its position by 7.1% in Q1 to 953,168 shares.
Valero Energy Corp. saw notable external activity: Woodline Partners LP increased its stake by 40.7% to 26,747 shares in Q1, and Gamco Investors Inc. ET AL acquired a new stake in Valero in the following quarter, signaling ongoing interest from multiple funds beyond Manning & Napier’s move.
Vanguard Mortgage-Backed Securities ETF (VMBS) also saw broader activity: Glen Eagle Advisors LLC boosted its VMBS stake by 1,609.7% to 530 shares, while several others opened new positions in the ETF, including Imprint Wealth LLC, DecisionPoint Financial LLC, Ascentis Independent Advisors, and Kingdom Financial Group.
Moody’s Corporation drew attention from large institutions: Norges Bank acquired a new Moody’s stake in the fourth quarter worth about $1.1 billion, helping push institutional ownership to around 92.11%, while Manning & Napier’s stake in Moody’s dropped 49.0% to 121,671 shares (worth about $53.1 million) in Q1.
Manning & Napier Advisors LLC cut its stakes in several major holdings during the first quarter of 2025, with its biggest move being a 49.0% reduction in Moody's Corporation to 121,671 shares, worth about $53.1 million, according to Watchlist News. The firm also trimmed positions in CBRE Group, First American Financial, Valero Energy, and Vanguard Mortgage-Backed Securities ETF, signaling a broad pullback across its portfolio.
The moves point to a risk-management posture by the Rochester, New York-based advisor. While Manning & Napier was selling, other large institutions were buying many of the same stocks in the same period.
Moody's and CBRE See the Deepest Cuts
Manning & Napier's sharpest reduction came in Moody's Corporation, where it slashed its stake nearly in half — down 49.0% to 121,671 shares valued at $53.1 million, per Watchlist News. That move stands out because Moody's attracted massive buying from other institutions. Norway's Norges Bank opened a new Moody's position worth about $1.1 billion in the fourth quarter, helping push total institutional ownership to roughly 92.11%.
Manning & Napier also cut its CBRE Group stake by 8.1%, landing at 740,194 shares worth about $100.3 million. CBRE remains its 22nd largest holding and about 1.4% of its total portfolio. On the other side of that trade, Sweden's Swedbank AB expanded its CBRE position by 119.6% in the same quarter, reaching 2,571,280 shares worth roughly $348.3 million.
First American and Valero Positions Also Scaled Back
The firm reduced its First American Financial stake by 7.1% to 953,168 shares, valued at about $57.5 million, according to Watchlist News. That contrasts with a major move by Northwestern Mutual Wealth Management, which boosted its First American stake to 5,786,263 shares — worth roughly $355.5 million — after a large purchase in the prior quarter.
Manning & Napier also trimmed Valero Energy by 5.4% to 32,497 shares, worth around $8.1 million. Valero still drew outside interest during the quarter. Woodline Partners LP raised its Valero stake by 40.7% to 26,747 shares in Q1, and Gamco Investors Inc. opened a brand new Valero position in the following quarter.
Mortgage-Backed ETF Stake Trimmed as Smaller Funds Buy In
Manning & Napier cut its position in the Vanguard Mortgage-Backed Securities ETF by 3.9% to 708,755 shares, valued at about $33.3 million, per Watchlist News. The firm also separately reduced its iShares MBS ETF stake by 12.8%, bringing that holding to 195,078 shares.
Even as Manning & Napier pulled back, smaller advisors moved in. Glen Eagle Advisors LLC grew its VMBS stake by 1,609.7% to 530 shares. New buyers also included Imprint Wealth LLC, DecisionPoint Financial LLC, Ascentis Independent Advisors, and Kingdom Financial Group, all of which opened fresh positions in the ETF.
A Pattern of Selective Trimming Across the Portfolio
Taken together, the Q1 filings show Manning & Napier consistently reducing — not exiting — large positions. None of the stakes were sold off entirely. The cuts ranged from 3.9% in the mortgage ETF to 49.0% in Moody's. That suggests the firm is locking in gains or managing risk rather than abandoning its core holdings, according to Watchlist News.
In most cases, other institutions moved in the opposite direction during the same period. That split in activity shows these stocks still have strong institutional demand, even as Manning & Napier steps back.
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