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." 

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