Viewpoints

The dividends of policy divergence

Christopher M. Chapman, CFA

Christopher M. Chapman, CFA,  Senior Portfolio Manager, Head of Global Multi-Sector Fixed Income

The global interest-rate easing cycle is under way. We explore what that means for investors taking a global view on fixed-income opportunities while putting credit and currency risk in perspective.

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  • As reinvestment risk emerges, how should investors navigate market uncertainty?

    Jeffrey N. Given, CFA

    Jeffrey N. Given, CFA,  Senior Portfolio Manager, Co-Head of U.S. Core and Core-Plus Fixed Income Manulife Investment Management

    Howard C. Greene, CFA

    Howard C. Greene, CFA,  Senior Portfolio Manager, Co-Head of U.S. Core and Core-Plus Fixed Income Manulife Investment Management

    Connor Minnaar, CFA

    Connor Minnaar, CFA,  Portfolio Manager, Core and Core-Plus Fixed Income, Manulife Investment Management Manulife Investment Management

    Pranay Sonalkar, CFA

    Pranay Sonalkar, CFA,  Associate Portfolio Manager, U.S. Core and Core Plus Fixed Income Manulife Investment Management

    The Fed’s policy shift has brought reinvestment risk to the forefront. Discover how active management can potentially help investors who are ready to take cash off the sidelines.
  • Rising inequality: a global sustainability challenge that needs our attention

    Brian J. Kernohan

    Brian J. Kernohan,  Chief Sustainability Officer Manulife Investment Management

    Iraz Soyalp, Ph.D.

    Iraz Soyalp, Ph.D.,  Director, Social Impact, Private Markets Manulife Investment Management

    The systemic risks of rising inequality include limits to productivity and innovation, constrained economic growth, and entrenched political instability. We explore the drivers of these risks and what can be done to mitigate them.
  • The Fed’s rate decision: not so surprising, but what’s the path forward?

    Alex Grassino

    Alex Grassino,  Head of Global Macro Strategy, Multi-Asset Solutions Manulife Investment Management

    The Fed kicked off its easing cycle with a bang. But while the size of the rate cut wasn’t officially factored into many Fed forecasters’ base case scenarios, it wasn’t a “surprise” decision either. The real question is what comes next.
  • Valuing nature is an economic imperative

    Brian J. Kernohan

    Brian J. Kernohan,  Chief Sustainability Officer Manulife Investment Management

    Valuing nature and the wealth of natural systems can play a greater role in how we approach investing. We outline why this matters for the economy and our world.
  • Diversified private real assets: real diversification with the potential for sustainable outcomes

    Eric Menzer, CFA, CAIA, AIF

    Eric Menzer, CFA, CAIA, AIF ,  Head of Advisory Solutions, Multi-Asset Solutions Team Manulife Investment Management

    Kelly Shea, CFA, CAIA

    Kelly Shea, CFA, CAIA,  Senior Investment Analyst, Multi-Asset Solutions Team Manulife Investment Management

    Vishal Mansukhani, CFA

    Vishal Mansukhani, CFA,  Global Multi-Asset Client Portfolio Manager, Multi-Asset Solutions Team Manulife Investment Management

    An allocation to private real assets can provide a diversification benefit, help hedge against inflation, and put a portfolio on the path toward sustainability objectives.
  • Relative value and the case for real estate credit

    Jessica Lee

    Jessica Lee,  CIO, Real Estate Credit Manulife Investment Management

    Victor Calanog, Ph.D.

    Victor Calanog, Ph.D.,  Global Co-Head of Research and Strategy Manulife Investment Management

    Since the Great Financial Crisis, the share of private credit funds, mortgage real estate investment trusts, and nontraditional sources has risen fourfold, from about 2.5% in 2009 to 10.0% today. This trend is likely to continue even as monetary policy shifts from rate hikes to rate cuts, given the relatively stable risk-adjusted returns offered by real estate credit in comparison to corporate credit and real estate equity.
  • Asian Credit: Three themes should propel returns in 2H 2024

    Murray Collis

    Murray Collis,  CIO, Asia (ex-Japan) Fixed Income Manulife Investment Management

    Chris Lam

    Chris Lam,  Managing Director and Portfolio Manager, Asia Fixed Income Manulife Investment Management

    Billy Wu, CFA, CESGA

    Billy Wu, CFA, CESGA,  Portfolio Manager, Asia Fixed Income Manulife Investment Management

    We identify three themes that can support Asian credit through the second half of the year, presenting attractive opportunities for investors.
  • Why “normal-for-longer” interest rate could boost US regional banks returns

    Ryan P. Lentell, CFA

    Ryan P. Lentell, CFA,  Portfolio Manager, Capital Appreciation Manulife Investment Management

    Susan A. Curry

    Susan A. Curry,  Senior Portfolio Manager, Capital Appreciation Manulife Investment Management

    With Fed Chairman Jerome Powell recently indicating that rate cuts will begin in September, the market has reacted favourably towards US banks. We explain why historically a “normal-for-longer” interest rate environment has been a good time to invest in US banks.
  • Rate volatility will persist: commercial real estate will continue to reset through 2024

    Jessica Lee

    Jessica Lee,  CIO, Real Estate Credit Manulife Investment Management

    Victor Calanog, Ph.D.

    Victor Calanog, Ph.D.,  Global Co-Head of Research and Strategy Manulife Investment Management

    With central banks worldwide pivoting toward lowering interest rates, it's likely that volatility will persist for various benchmark rates. U.S. 10-year Treasury yields (US10Y) have reflected this volatility over the last 18 months, spiking to above 5% in late October 2023 and gyrating throughout 2024. Given the US10Y’s role as a key risk-free benchmark for commercial real estate (CRE) investments, CRE price volatility will likely continue through 2024.
  • The Japan equity outlook after the market sell-off

    Edward Ritchie, ASIP

    Edward Ritchie, ASIP,  Senior Managing Director, Japan Equities Manulife Investment Management

    We explain the causes of the sell-off and our outlook for both the equity market and rate paths for the Bank of Japan.

Latest asset allocation views

July 2024

Manulife Investment Management’s Multi-Asset Solutions Team looks at the global themes shaping its latest 5-year and long-term asset class return forecasts.

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