I have Valgavoth Terror Eater on my side of the field. Opponent has Paranormal Analyst (return cards sent to GY from manifest dread). Opponent casts Manifest Dread (1G Sorcery). Sends one card into the GY. Valgovoth's replacement effect activates (Any card sent to GY is sent to Exile under him instead). After resolves, Paranormal Analyst triggers and returns the card from Valgavoth's exile back to his hand.

Expected: Cards discarded by manifest dread abilities should stay exiled under Valgavoth, Terror Exile.