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Manning & Napier quickly established the strategies and disciplines to survive the tough investment environment of the 1970s. In that decade, the stock market failed to beat either inflation or T-Bills. For a newly-formed investment firm to not only survive but grow in that environment, it had to add value rather than just ride a wave of market performance. Manning & Napier's ability to find opportunity in this kind of challenging environment has proven to be just as valuable in the 21st Century as it did in the 1970s. In addition to its distinctive stock selection approach, Manning & Napier has grown around two key principles: 1) portfolios should be managed to client objectives and 2) a team approach is essential to sustained success. The team approach is evident in Manning & Napier's investment process, which relies on structure rather than stars, and in the management of the firm, where an Executive Group of five senior employee-owners function collectively as the Office of the Chief Executive. The members of this Executive Group have an average tenure with Manning & Napier of over 15 years. Today, Manning & Napier manages investments for a broad cross-section of clients, including Taft-Hartley and Corporate benefit plans, individuals, endowments and foundations, and municipalities. Whatever type of portfolio, Manning & Napier's focus on meeting client needs is evident in the fact that more than half the firm's assets under management are portfolio gains earned by Manning & Napier.