A catalyst manufacturing process includes heat treating an intermediate catalyst composition that includes catalyst nanoparticles having catalyst atoms in a non-zero oxidation state bonded to a dispersing/anchoring agent. The catalyst nanoparticles are formed using a dispersing agent having at least one functional group selected from the group of a hydroxyl, a carboxyl, a carbonyl, an amide, an amine, a thiol, a sulfonic acid, sulfonyl halide, an acyl halide, an organometallic complex, and combinations of these. The dispersing agent can be used to form single- or multicomponent supported nanocatalysts. The dispersing agent also acts as an anchoring agent to firmly bond the nanocatalyst to a support. Performing the heat treating process in an inert or oxidative environment to maintain the catalyst atoms in a non-zero oxidation helps maintains a stronger bonding interaction between the dispersing agent and the catalyst atoms. This, in turn, increases the dispersion and/or distribution of catalyst components throughout the supported catalyst.