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Multi-Assets: Opportunities await as global rates take new turns

17 January 2023

Luke Browne, Head of Asset Allocation, Asia, Multi-Asset Solutions Team

In the past decade, investors have enjoyed loose monetary policies and near-zero interest rates globally which have driven equity multiple expansion, tighter credit spreads and overall positive returns across asset classes. Luke Browne, Head of Asset Allocation, Asia, Multi-Asset Solutions Team, sees the current environment consisting of a macro regime beleaguered with elevated inflation and higher interest rates. Meanwhile, given the importance of peak terminal rates, all eyes are on when global central banks will end their monetary-policy tightening cycle. Against a backdrop of slowing global growth, elevated inflation and recessionary concerns, we think investors should remain thoughtful in taking exposures and generating income returns amid heightened volatility, implement effective diversification and seek specific outcomes, potentially through a multi-asset approach.

Macro is back on centre stage

Investors of the past decade have enjoyed relatively easy liquidity conditions from loose monetary and fiscal policies globally and from near-zero interest rates. During this time, macro dynamics played a lesser role in shaping investor portfolios. However, we expect the next decade will be different, with less defined trends and more focus on managing portfolio return drivers through time. Today, investors are seeing elevated inflation globally, with markets experiencing varying interest-rate hike profiles.

The current conditions have put macro back on centre stage when considering portfolio positioning and construction. Macro conditions are influencing heightened market volatility amid the tightening policies of central bank policies. The U.S. Federal Reserve, for instance, has arguably been ahead of other developed market central banks with relatively steep interest rate hikes since March 2022. Meanwhile, slowing industrial activity suggests that growth at most developed and emerging market (EM) economies could slip further in the next one or two quarters. In Asia, China remains challenged by slowing growth, though recently announced policy shifts around COVID control and supporting consumption and property developer liquidity have been encouraging.

As inflation persists, the overriding question facing investors over the coming months is when the global tightening cycle will end. We believe there will come a point when inflation eases sufficiently that policymakers will be able to prioritize supporting slowing economic growth. The European Central Bank, for example, has signaled that it is looking beyond current inflation data to a more holistic view of growth. Inflation remains the dominant factor considered by the Bank of Canada in its decision-making process including the past effect of rate hikes and current real activity. Weaker demand on goods would likely help to quell cost-push inflation before the end of the second quarter of 2023 allowing the Fed to pause on tightening early this year and potentially ease policy in the second half of the year.

A potential upside risk to global inflation that we are monitoring is increased demand for goods and services, basic materials, and metals from China’s reopening rebound.

The extent to which a stagflationary environment lingers is key to the Fed’s rate hike profile, terminal rates, and global growth prospects. These macro considerations could cause yet more challenging market conditions into 2023.

Navigating market uncertainty can be difficult. We highlight key macro anchors that investors can look for in the coming months:

  • developed-market central banks are expected to begin easing before the end of 2023
  • broad inflation will likely ease while sections of the economy that supply key services may remain elevated
  • absent major productivity growth, yields are unlikely to break out of their secular downtrend and to resume a long-term, low-yield paradigm
  • deglobalisation trends may drive the localization of supply chains, higher inflation and geopolitical risks
  • a greater focus on ESG (environmental, social and governance) factors and their intersection with fiscal and geopolitical policies. A good example is energy transition. How will nations bridge the gap between fossil fuels versus renewables and its implications on oil prices or ESG investments? Global food shortages and climate change will also likely impact real assets and agricultural commodities in the long run.

What to watch in the coming months?

While the next few months may be challenging, there are several market events that could offer opportunities:

1.      A rollover of U.S. dollar strength

We expect movements in foreign exchange to be an important driver of returns in 2023. The U.S. dollar has been on a decade-long uptrend since 2008 and has gained further by 16% to 25% in 2022.1 (Chart 1) The key question for many investors is — will dollar strength persist, or should we expect a reversal in the near future? In our view, respite from the strong U.S. dollar may arrive once we’ve witnessed a peak in inflation expectations, in U.S. Treasury yields, and when the Fed signals a pause to tighten further. Sustained U.S dollar depreciation may potentially trigger allocation to non-U.S. equities. March’s FOMC meeting would be a key event to watch.

Chart 1: US dollar strength gathered pace in the past 18 months

Source: U.S. Federal Reserve, Macrobond, Manulife Investment Management, as of December 9, 2022. DXY refers to the U.S. Dollar Index. It is not possible to invest directly in an index.

The risks to our views, however, would be if the Fed’s dovish pivot comes later than expected in which U.S dollar strength could persist well into 2023. Other factors that could extend the dollar’s strength include sustained U.S. economic outperformance, limited narrowing in the U.S yield advantage, flight to safety and/or EM central banks replenishing their foreign exchange (FX) reserve buffers.

2.      Is now the time to return to EM markets?

Emerging markets faced several headwinds in 2022: supply chain disruptions, weaker demand for goods and services, U.S. dollar strength, geopolitical uncertainty and slowing Chinese growth — all these factors have contributed to a 27% decline in EM equities in the first nine months of 2022.2  EM remains interesting for spread and potential foreign exchange opportunities but risks around a global recession mean EM allocations are continuing to be trimmed and potentially further assessed in 2023. Whilst select EM markets are featured as positions within our tactical portfolios of late, we remain cautious with a slight U.S. bias to equities and debt for the near term, given our views towards the dollar and recessionary concerns having more of an impact on the asset class.

More recently, EM equities staged a remarkable rally in November (+14.8%) recovering almost all the ground lost over the previous two months.3 The rebound could be attributed to a combination of lower U.S. bond yields (10-year Treasury yields declined 44 bps to 3.61%), a weaker U.S. dollar, as well as China’s re-opening after easing its COVID restrictions.

Investors may be questioning to what extent can U.S. equities continue to lead global equity markets or does China's reopening catalyze interest in the broader EM complex and non-US equities. It’s worth noting that past market drawdowns have left EM valuations at significant discounts to fundamentals and a structurally weaker U.S. dollar could provide a modest tailwind to the region. While it may be too early to determine if the recent rebound in EM is sustainable, the asset class’s growth and dividend profiles are still attractive over our five-year forecast period (Chart 2).

Chart 2: Equities, fixed income & alternatives - Expected total return (%)4

Source: Multi-asset solutions team, Manulife Investment Management, as of October 2022. Note: Forecasts are based on annualized returns (%) over a five-year horizon. REITs refer to real estate investment trusts.

3.      Value vs growth stocks? Which style will outperform?

Value investments, from utilities to consumer staples and healthcare, have outperformed last year as dented investor sentiment and heightened volatility — coupled of course with tighter financial conditions — take a toll on growth stocks.5 But can value stocks continue to outperform, particularly with the inflationary landscape shifting and an end to monetary-policy tightening somewhere on the horizon? Fears of a recession have halved valuations of growth stocks in the last two years.5 Will 2023 be the year where duration-sensitive growth stocks stage a comeback? Priced at these distressed levels, the market seems to assume muted to zero revenue and earnings potential for these companies (including tech) but there could be more pain to come. Ultimately, time will tell if investors believe valuations truly reflect the fundamentals.

The two H’s: How high and how long can rates rise?

In a nutshell, it all comes down to the two H's for the Federal Reserve: how high and for how long will interest rates rise? Although Fed officials at the December meeting, raised the projected terminal federal funds rate to between 5.00% and 5.25% by the end of 20236, we are carefully considering how quickly interest rates peak, and for how long they hold — these two “H’s” will heavily impact our asset class positioning across and within markets.

In the meantime, we believe investors should stay nimble and access appropriate diversification across asset classes, geographies and/or factor styles. A more agile investment approach might benefit from the flexibility to shift between asset classes when markets rotate and interest rates change.

Our dynamic asset allocation views

(Based on Foresight November 2022 and Q1 2023 Asset Allocation View by the Multi-Asset Solutions Team)

On equities, we take a “barbell approach” with select countries and sectors. We are relatively more positive towards U.S. dollar assets, Southeast Asian equities within Asia ex-Japan, and select sectors within US equities (including energy and utilities). Despite headwinds to growth, the prospect that policy tightening could end may prompt a rally in U.S. equities. U.S. stock valuations are also fairly priced relative to historical levels and could provide an attractive tactical entry point.

We think value-orientated styles would work well in a slowing economy, such as those with defensive properties like consumer staples and utilities and would be less constructive on duration-sensitive assets (i.e., technology) which are often hurt by an aggressive rate-hiking cycle. High-quality equities, those stocks that offer the prospect of capital appreciation in addition to dividends, can potentially offer relative protection if earnings come under pressure.

We also consider income-oriented securities — both high-quality investment-grade fixed income and dividend equities — that offer defensive attributes to help weather an environment of slowing growth and high inflation. Furthermore, we remain constructive on real assets which can offer a degree of inflation-sensitivity amid the current macro backdrop. These include assets such as metals or mining, energy, infrastructure, global REITs and real estate assets.

In Asia, there are economies that have been thriving relative to others. India’s stock markets, for example, reached all-time highs in 2022. With early signs of inflation broadly easing, growth in the Asia-Pacific region has held up relatively well and may allow for a shallower and shorter tightening cycle. There are also opportunities in Japanese equities, supported by any reversal of the yen’s breathtaking depreciation and continued monetary and fiscal support.

We see tactical opportunities in Chinese debt and in China and Hong Kong equities, given recent easing of COVID restrictions and measures to prop up its property sector. Although recent market moves have been quite extended, we believe that sentiment will continue to drive these markets higher in the short run. Chinese debt has been trending to deeply distressed positions; however, the latest supportive measures allow Chinese property developers a 6-to-12-month window to recalibrate their financials and have encouraged a recovery across Chinese credits while markets move from being very bearish to somewhat less bearish currently. On a longer-term perspective, we need to see an improvement in economic activity, a sustained recovery in property sales and a revival of consumer confidence before we can be confidently overweight allocations into China and Hong Kong.

On fixed income, we believe U.S. investment-grade credit is becoming increasingly attractive in terms of yield and capital appreciation, and it can be used by investors to add duration to their portfolios as rates are expected to peak or fall in a late cycle.

We have also seen exposures to alternatives, real assets, and natural resources, that can provide an inflation-hedge and diversification properties in portfolios. For example, prices of oil and agricultural commodities will likely stay well-supported over the medium to long-term due to geopolitics and supply bottlenecks. Publicly listed infrastructure is also becoming an attractive income alternative.

Our strategic asset allocation views

(Based on Foresight November 2022 and Q1 2023 Asset Allocation View by the Multi-Asset Solutions Team)

Recent market corrections have narrowed the disparity between the income profiles of EM and developed market (DM) debt. In other words, the EM debt’s relative return profile is slightly lower for the time being. However, we remain structurally overweight in EM debt. The U.S. dollar can continue to serve as a safe-haven asset amid monetary policy uncertainty, but we believe there’s scope for U.S. dollar to weaken once policy tightening comes to an end. Within fixed income, emerging market bonds can offer higher carry and a selection of both U.S. dollar-denominated or local currency debt.

What’s more, we observed that income-oriented portfolios can benefit from exposures to alternatives/real assets and natural yields (the cash generated from invested income sources). We think REITs (Real Estate Investment Trusts) can generate stable and higher-yielding income over the long term, while offering traditionally less volatility than equities and an element of inflation protection.

Capture opportunities with agility, diversification, and outcomes in mind

The past has shown us that the investing environment is constantly changing and increasingly complex. Rates rise and fall, and economic cycles fluctuate. Each sector of the economy or asset class can perform differently from another at any given time in a market cycle (Chart 3). This is the reason why having an agile investment approach is so important during times of uncertainty — the flexibility to shift across and within asset classes during market fluctuations.

Chart 3: Asset allocation during the stages of the economic cycle

For illustrative purposes only

Investment freedom allows investment managers to find opportunities that fit an intended outcome, position within the capital structure, those that offer natural-yielding income or better risk-return profiles, or even those that are less sensitive to the rise and fall of interest rates. Indeed, the sources of income can be spread across a wide spectrum of assets, depending one’s desired levels of risk and yield preferences. (Chart 4)

Chart 4: Income investing can provide a wide spectrum of yield and risk profiles

For illustrative purposes only. The chart depicts general long-term directional and ranking relationships among asset classes on the dimensions of yield and risks. The relative positioning among these asset classes will vary over time. Source: Bloomberg and Manulife Investment Management, data as of 30 November 2022.

Diversification has often been used to introduce portfolio resilience — especially in times like these. In recent years, however, diversification has moved beyond traditional investments and can include factor, premia, relative value, alternatives and/or real assets.

A look at the past decade of returns indicates that no single asset market can always outperform. The top performing asset class can be different at various points in time. (Chart 5) However, unpredictability can afford opportunities though investors should be thoughtful of when and where to allocate in their investment approach. For example, an allocation to the energy sector over the last five years would average to less than 2% total return; however, the same exposure to energy has returned over 46% in 2022. Hence, diversification — or perhaps better to frame as the opportunity set — requires a deeper understanding of both the individual asset class and cross-asset behaviors over time.

Chart 5: Asset class returns vary, understanding where to allocate is key

Source: Morningstar. As of 30 December 2022. EM equity, Asia Pac ex Japan and European equity are measured by MSCI indices; US equity is measured by S&P 500 Index; Global REIT is measured by FTSE EPRA Nareit Global REITs Index; High Yield Bond & preferreds are measured by ICE BofAML indices; US Agg Bond, EM US Dollar Bond, EM Local Bond and Money Market are measured by BBgBarc Index. Energy, Infrastructure and Mining are measured by MSCI World Energy Net TR, S&P Global Infrastructure Index TR, and S&P/TSX Global Mining TR. Past performance is not indicative of future. It is not possible to invest directly in an index.

 

In conclusion, the current macro regime is considerably different from the previous decade with greater inflation and higher interest rates. Furthermore, it is unclear when central banks will stop monetary tightening — this will ultimately impact asset class returns. Uncertainty, however, can afford opportunities, allowing a thoughtful approach of when and where to allocate risk budgets. Each asset class has its distinct risk-return profile and behaviour during different economic cycles. A multi-asset approach that focuses on a specific outcome with diversified sources of returns and opportunity set, may hold the key to helping investors generate and protect income streams during these less-than-certain times.

 

Download full PDF

 

 

1 Bloomberg, as of 2 December 2022.

2 Morningstar, as of 30 September 2022. EM equity is measured by MSCI indices.

3 MSCI, MSCI Emerging Markets Index (USD) factsheet, 30 November 2022.

4 Model inputs are factors in Manulife Investment Management research and are not meant as predictions for any particular asset class, mutual fund, or investment vehicle. To initiate the investment process, the multi-asset solutions team formulates five-year, forward-looking risk and return expectations, developed through a variety of quantitative modeling techniques and complemented with qualitative and fundamental insight; assumptions are then adjusted for economic cycles and growth trend rates. The charts shown here may contain projections or other forward-looking statements regarding future events, targets, management discipline, or other expectations, and are only as current as of the date indicated. There is no assurance that such events will occur, and if they were to occur, the result may be significantly different from that shown here.

5 MSCI, MSCI index factsheets, as of 30 November 2022. Value and growth stocks are measured by MSCI World indices.

6 Manulife Investment Management, The Fed reiterates its hawkish bias, 15 December 2022.

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The contents on this website is not and should not be construed as being an offer to sell or a solicitation of an offer to buy any security or investment product that may be referred to, discussed on, or accessible through this website. Nor does this website constitute an offering or recommendation by Manulife of any security, investment product, investment management service, or advisory service. Manulife does not provide and should not be construed as providing investment advice, tax advice, or legal advice through this website, and you agree that this website will not be used by you for such purposes. You acknowledge that any requests that may be made by you for information on any security, investment product or service are unsolicited, and the provision of any information through this website shall not constitute or be considered investment advice, or an offer to sell, or a solicitation of an offer to buy any security, investment product or service.


Any forecasts or opinions set out on this website are Manulife's own as at the date of the relevant document and may change without notice and should not be regarded as a guarantee or indication of future or likely performance of the subject matter in question. Whilst Manulife believes that the information provided on this website is correct at the date of production, no warranty or representation is given to this effect and Manulife expressly disclaims liability for errors or omissions in such information. No reliance may be placed for any purpose on the information and opinions provided on this website or the accuracy or completeness thereof and no responsibility can be accepted by Manulife to anyone for any action taken on the basis of such information or opinions.


An offer of units in any fund referenced in this website may only be made in or accompanied by a prospectus and/or relevant offering document(s) in respect of such offer. The information and materials set out in this website is not to be taken as a substitute for the prospectus and/or offering document(s) of the relevant fund, as applicable, and you are advised to read the relevant documents (which are available and may be obtained from Manulife Singapore or any of its authorised distributors]) before applying for units in any fund.


Investments in any fund are not deposits in, guaranteed or insured by Manulife. The value of units in any fund and the income accruing to the units, if any, may fall or rise. Past performance is not necessarily indicative of future performance. You should be aware that investment in any fund involves financial risk and you may not get back the principal amount invested. Depending on your currency of reference, factors including but not limited to currency fluctuations may adversely affect the value of your investments and the income accruing there from.
 

On this website:

  1. The short name and full name of the following funds are as follows: Asia Pacific Investment Grade Bond Fund = Manulife Asia Pacific Investment Grade Bond Fund; Global Asset Allocation – Growth Fund = Manulife Global Asset Allocation – Growth Fund; SGD Income Fund = Manulife SGD Income Fund; Singapore Bond Fund = Manulife Singapore Bond Fund; Singapore Equity Fund = Manulife Singapore Equity Fund.
  2. The following are sub-funds of Manulife Global Fund:
    Asia Dynamic Income Fund, Asia Pacific REIT Fund, Asia Total Return Fund, Asian High Yield Fund, Asian Short Duration Bond Fund, Asian Small Cap Equity Fund, China Total Return Bond Fund, China Value Fund, Dragon Growth Fund, Global Climate Action Fund, Global Equity Fund, Global Multi-Asset Diversified Income Fund, Global REIT Fund, Healthcare Fund, India Equity Fund, Preferred Securities Income Fund, Sustainable Asia Bond Fund, Sustainable Asia Equity Fund, U.S. Bond Fund, U.S. Equity Fund, U.S. Special Opportunities Fund.
  3. The following are sub-funds of Manulife Funds:
    Asia Pacific Investment Grade Bond Fund, Global Asset Allocation – Growth Fund, SGD Income Fund, Singapore Bond Fund, Singapore Equity Fund.

 

Use of Email

The security of electronic mail sent through the Internet is not guaranteed. Do not send sensitive or confidential information to us via electronic mail. Delivery, and timely delivery, of electronic mail is also not guaranteed. Manulife therefore recommends that you do not send time-sensitive or action-oriented messages to us via electronic mail. Manulife may not, and is not obliged to, process your requests, orders, or instructions until Manulife can confirm your instructions or obtain appropriate written documentation where it deems necessary.


Manulife shall not be under any obligation whatsoever, express or implied, to reply to unsolicited correspondence, communications or email or to acknowledge receipt of the same.

 

Privacy and Data Protection

Your privacy is very important to Manulife. To the extent any information you provide or which we obtain from this website constitutes personal data, we have set procedures for the use of that information.


You agree that all information and/or particulars sent or submitted by you through the website is non-confidential and non-proprietary unless otherwise expressly indicated by you. You acknowledge that Manulife, its directors, officers, employees, contractors and agents shall not be subject to any confidentiality obligations in respect of any such information and/or particulars and you agree that Manulife, its directors, officers, employees, contractors and agents may, and you hereby authorise each of them to, use and to disclose such information to any person (including without limitation any third party service provider) in connection with Manulife's internal business purposes.


Without prejudice to the generality of the foregoing, you consent to the processing by Manulife of the personal data submitted by you through the website and/or created in the course of the business relationship with Manulife, and to the transmission of such personal data to other companies within the Manulife (by the internet or otherwise) for purposes connected with marketing and customer administration. If you do not wish your information to be used in this way, you should advise Manulife in writing.


If you have any questions on our data protection policies and practices, please write to us at our corporate address:

The Data Protection Officer
Manulife Investment Management (Singapore) Pte. Ltd.
8 Cross Street
#16-01 Manulife Tower
Singapore 048424

 

Disclaimers

Manulife does not warrant this website for any particular purpose. It is provided "as is" and on an "as available" basis. Manulife disclaims, to the fullest extent of the law, any warranty of any kind, whether statutory, express or implied, as to any information, materials, content or matter provided at or through this website or otherwise relating to this website, including without limitation the implied warranties of merchantability, fitness for a particular purpose, non-infringement of third party rights, or freedom from computer virus or other malicious destruction or corrupting code, agent, program or macros. Use of this website is at your own risk.


Manulife and its directors, officers, or employees will not be liable or have any responsibility of any kind for any loss or damage that you incur arising from or in connection with:

  1. any delay, termination, failure, defect, or interruption in the transmission of this website; 
  2. any inaccuracy, error, unavailability, or incompleteness in the transmission of this website; 
  3. any termination or interruption of your access to this website; 
  4. your reliance on or use of this website; 
  5. any e-mail requests, orders, or instructions you send, or the interception by third parties of any requests, orders, or instructions you send via e-mail; 
  6. any act or omission of Manulife in making this website available to you; or 
  7. any other cause relating to your access to or use of this website, whether or not the circumstances giving rise to such cause may have been within the control of Manulife or within the control of any other party providing software or services support for this website.


Manulife does not warrant that this website, or the functions contained in this website, will be uninterrupted or error-free, that defects will be corrected, or that this website, or the servers that make it available, are free from viruses or other harmful components. You assume the entire cost of any necessary servicing, repairing, or correcting of your property or operations as a result of using this website. You accept at your own risk that the Internet or other online communications medium may not perform as intended as a result of human, mechanical, or other error, despite the efforts of Manulife, you, or any third party. 

In no event will Manulife or its directors, officers, or employees be liable to you for any direct, indirect, special, consequential, or incidental damages related in any way to your use of this website, even if: (a) such damages are reasonably foreseeable; or (b) Manulife or any other party has been advised of the possibility of such damages.

 

Records

You acknowledge and agree that Manulife Singapore's records and any records of communications, transactions, instructions or operations relating to the operation of the website and any record of any communications, transactions, instructions or operations maintained by Manulife Singapore or by any relevant person authorised by Manulife Singapore relating to or connected with the website shall be binding on you for all purposes whatsoever and shall be conclusive evidence of such communications, transactions, instructions or operations. You agree that such records are admissible in evidence and that you shall not challenge or dispute the admissibility, reliability, accuracy or the authenticity of the contents of such records merely on the basis that such records were in electronic form or were produced by or are the output of a computer system, and hereby waive any of your rights (if any) to so object.

 

Governing Law

These Terms shall be subject to, governed by, and construed in accordance with the laws of Singapore, and you hereby submit to the non-exclusive jurisdiction of the Singapore Courts.

 

Disclaimer (Singapore Investors)

 

Please read carefully these Terms and Conditions of Use (these "Terms") relating to access and use of this website. By clicking "accept" at the bottom of this page, you confirm that you agree to the Terms and Global Terms, and are an investor domiciled in Singapore. By clicking "accept" below, you also confirm that you consent to the setting of cookies on this machine to remember site preferences and track user activity. If you do not agree to be bound by or comply with the Terms or the Global Terms, or do not consent to the use of cookies, please do not access or use this website.
 

This website is operated by Manulife Investment Management (Singapore) Pte. Ltd. ("Manulife Singapore"), which is an entity regulated by Monetary Authority of Singapore. Manulife Singapore is a member of the Investment Management Association of Singapore (IMAS), and a fund management company included under the Central Provident Fund Investment Scheme (CPFIS).
 

Manulife Singapore reserves the right, in its sole discretion, to change, modify, add to, or remove portions of these Terms at any time. We suggest that you check these Terms periodically for changes. Any changes, modifications, or additions to, or deletions from these Terms shall be notified to you by, and effective upon, posting on this website. You agree that such notification of changes shall be sufficient notice for the purpose of this clause. If you use this website after we post changes to the Terms, you are deemed to have accepted the Terms as changed. If you do not agree to be bound by the changes, you shall immediately cease all access and/or use of this website. Manulife Singapore expressly reserves the right to monitor any use of this website.


You agree:- (i) to comply with all the notices, guidelines, rules and instructions pertaining to the use of the website as issued by Manulife Singapore from time to time and/or made available at this website, including all specific terms and conditions governing use of specific aspects of the website set out in any additional terms and conditions; (ii) to abide by all applicable laws and regulations in your use of the website; (iii) not to impersonate any person or entity or to falsely state or otherwise misrepresent your affiliation with any person or entity; (iv) not to upload or distribute in any way files that contain viruses, corrupted files or any other similar software, programs, macros or files that may impair or damage the operation of another's computer or handset; and (v) not to post, promote or transmit through the website any unlawful, harassing, libellous, harmful, vulgar, obscene or otherwise objectionable material of any kind or nature.


The information provided on this website is intended solely for use by Singapore residents and is not intended for distribution to, or use by, any person or entity in the United States, or any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject Manulife Singapore (including its affiliates) (collectively hereafter "Manulife") or any of Manulife's products or services to any registration requirement within such jurisdiction or country. Nothing on this website shall be considered as a solicitation to buy or an offer to sell a security or service to any person. Manulife Singapore does not claim that any products or services referenced in this site are available in any particular jurisdiction or appropriate for any particular investor. If you choose to access this website from a location outside Singapore, you do so on your own initiative, and you are responsible for compliance with any applicable local laws. By proceeding you are representing and warranting that you are either resident in Singapore or the applicable laws and regulations of your jurisdiction allow you to access the information on this website.


Manulife Singapore may from time to time without giving any reason or prior notice, upgrade, modify, alter, suspend, discontinue the provision of or remove, whether in whole or in part, this website and shall not be liable if any such upgrade, modification, suspension or alteration to the website prevents you from accessing the website or any part or feature thereof. The information and/or any other material contained in the website may be modified, deleted or replaced from time to time and at any time in the absolute discretion of Manulife Singapore. Any changes, modifications, or additions to, or deletions from these Terms or Global Terms shall be effective upon posting on this website. If you access this website, including the country-specific sections, after changes are posted to the Terms or Global Terms, you further acknowledge the Terms or Global Terms as changed and agree to be bound by them.


You will indemnify Manulife and their officers, directors, employees and agents in respect of any third party claim for any injury, loss, damage or expense occasioned by or arising directly or indirectly from your use of this website or any information or content therein, and/or the use or supply of information to a third party provided in breach of any of your obligations under these Terms.

 

Limitation of Liability on System and Transmission over the Internet

Manulife, or any of their respective directors, officers, employees or agents shall not liable for any event of Force Majeure, any virus or other harmful component affecting the website or any server that operates it, any interception of data or communications in connection with the public nature of the internet, any problems or technical malfunction of any telephone network or lines, computer online systems, servers or providers, computer equipment, software failure of any email or entry to be received on account of technical problems or traffic congestion on the Internet, telephone lines or at any website, or any combination thereof, including any loss of opportunities or profit arising from any time delay, system disruption or interruption, transmission blackout, delayed transmission or any incorrect data transmission, or any injury or damage to the computer or other electronic devices or property of any person accessing their website or any other person related to or resulting from accessing the websites or downloading any materials from the website of Manulife Singapore or any third party.


Manulife, or any of their respective directors, officers, employees or agents shall not be liable for any and all losses, injury (including special, indirect and consequential losses), damages, rights, claims and actions of any kind resulting from accessing or downloading any materials from the website of Manulife Singapore or any third party, including without limitation, personal injuries, death and property damage.


Except as specifically set forth herein or where the law requires a different standard, we shall not be responsible for any loss, damage or injury or for any direct, indirect, special, incidental, exemplary, or consequential damages, including lost profits, arising from or related to the system, equipment, browser and/or the installation or maintenance thereof, access to or use of the website, failure of electronic or mechanical equipment, the internet, the system, or communication lines, telephone or other interconnect problems, bugs, errors, configuration problems or incompatibility of computer hardware, software, the internet, or the system, failure or unavailability of internet access, problems with internet service providers, problems or delays with intermediate computer or communications networks or facilities, problems with data transmission facilities or any other problems you experience due to causes beyond our control.

 

Intellectual Property

All copyrights, trademarks, logos, service marks, trade names, or other intellectual property displayed on, or used in conjunction with, this website are proprietary to Manulife, unless otherwise indicated. All intellectual property and proprietary rights in the content, including but not limited to text, software, code, scripts, webpages, music, sound, photographs, video, graphics, graphical user interface, forms, diagrams or other material contained in the website belong to Manulife or the applicable third party service provider unless otherwise indicated. Manulife reserves all rights with respect to intellectual property ownership of all material on this website, and will enforce such rights to the full extent permissible by law. The material accessible on or through this website is made available for personal browsing and printing purposes only. You may access material displayed on this website for your non-commercial use only provided that you also retain all copyright and other proprietary notices contained on the materials. Users of this website may not otherwise:

  1. copy, reproduce, modify, sell, republish, post, transmit, or distribute in any way material from this website without the express, written permission of Manulife; 
  2. use, copy, modify, or display any Manulife name, logo, text, or graphic image without Manulife's express, written permission;
  3. display any of the pages, text, images, or other content of this website using "framing" technology without Manulife's express written permission; 
  4. use or reproduce the pages, text, images, or other content from this website for any purpose other than browsing or printing for personal, non-commercial use only; 
  5. take any action to create an impression of affiliation, sponsorship, or endorsement between any user and/or website and Manulife; or 
  6. insert a hyperlink to this website (or any part thereof) on any other website or webpage or "mirror" any material contained on this website on any other server or establish and/or maintain, on any website or webpage, any in-links, frame-links and/or any other type of hyperlinks to this website or any part thereof.


The website may contain content posted, emailed or otherwise submitted by you and/or, in the case of the website, by other users of the website (“User Content”). Manulife Singapore has the right to access and examine any User Content and may in its absolute discretion move, remove or disable access to User Content or cause the same to be done. You grant Manulife Singapore a perpetual, irrevocable, royalty free licence to use, reproduce, modify, adapt, publish, translate, incorporate in other works, distribute and display any information posted, emailed or otherwise submitted by you, in whole or in part.

 

Computer Equipment, Browser Access and Internet Services

You are responsible for obtaining, installing, maintaining and operating all software, hardware or other equipment (collectively, “System”) necessary for you to access and use and access this website. This responsibility includes, without limitation, your utilising up to date web-browsers and the best commercially available encryption, antivirus, anti-spyware, and internet security software. You are additionally responsible for obtaining Internet services via the Internet service provider of your choice, for any and all fees imposed by such Internet service provider and any associated communications service provider charges. You acknowledge that there are certain security, corruption, transmission error, and access availability risks associated with using open networks such as the Internet and you hereby expressly assume such risks, including, but not limited to those we may disclose in our materials. You acknowledge that you are responsible for the data security of the Systems used to access this website, and for the transmission and receipt of information using such Systems. You acknowledge that you have requested access to the website for your convenience, have made your own independent assessment of the adequacy of the Internet and Systems and that you are satisfied with that assessment. Manulife Singapore is not responsible for any errors or problems that arise from the malfunction or failure of the Internet or your Systems nor are we responsible for notifying you of any upgrades, fixes, or enhancements to, or for providing technical or other support for your Systems. Although we may provide a link to a third party site where you may download software, we make no endorsement of any specific software, hardware or Internet Service Provider and your use of any such software, hardware or service may also be subject to the license or other agreements of that provider, in addition to these Terms of Use.

 

Hyperlinks

We do not recommend or endorse and accept no responsibility for the content of any website not operated by Manulife Singapore which you may visit by following a link from this website. You acknowledge and agree that Manulife Singapore is not responsible for the availability of such third-party sites or resources, and do not endorse, approve, investigate or verify, and are not responsible or liable for any content, advertising, products, or other materials on or available from such sites or resources. You further agree that Manulife Singapore shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, products or services available on such external sites or resources. These links are provided as a convenience and solely for informational purposes. Manulife Singapore is not making any recommendation to invest in, purchase, or sell any securities or other products or services issued by the companies with the linked sites, nor has Manulife Singapore sought to verify or confirm the information contained in the linked sites. Accordingly, Manulife Singapore disclaims any responsibility for the linked sites.


No other website, without the prior written permission of Manulife Singapore, is authorized to link to any part of this website.

 

Investments

The contents on this website are for information only and without consideration given to the specific investment objective, financial situation and particular needs of any particular person and Manulife does not make any representation that the securities, investment products or services referred to, discussed on, or accessible through, this website are suitable for any particular investor. You should consider whether the security, investment product or service in question is suitable for you and may wish to seek professional advice before making a commitment to invest in any such security, investment product or to engage such service.
 

The contents on this website is not and should not be construed as being an offer to sell or a solicitation of an offer to buy any security or investment product that may be referred to, discussed on, or accessible through this website. Nor does this website constitute an offering or recommendation by Manulife of any security, investment product, investment management service, or advisory service. Manulife does not provide and should not be construed as providing investment advice, tax advice, or legal advice through this website, and you agree that this website will not be used by you for such purposes. You acknowledge that any requests that may be made by you for information on any security, investment product or service are unsolicited, and the provision of any information through this website shall not constitute or be considered investment advice, or an offer to sell, or a solicitation of an offer to buy any security, investment product or service.


Any forecasts or opinions set out on this website are Manulife's own as at the date of the relevant document and may change without notice and should not be regarded as a guarantee or indication of future or likely performance of the subject matter in question. Whilst Manulife believes that the information provided on this website is correct at the date of production, no warranty or representation is given to this effect and Manulife expressly disclaims liability for errors or omissions in such information. No reliance may be placed for any purpose on the information and opinions provided on this website or the accuracy or completeness thereof and no responsibility can be accepted by Manulife to anyone for any action taken on the basis of such information or opinions.


An offer of units in any fund referenced in this website may only be made in or accompanied by a prospectus and/or relevant offering document(s) in respect of such offer. The information and materials set out in this website is not to be taken as a substitute for the prospectus and/or offering document(s) of the relevant fund, as applicable, and you are advised to read the relevant documents (which are available and may be obtained from Manulife Singapore or any of its authorised distributors]) before applying for units in any fund.


Investments in any fund are not deposits in, guaranteed or insured by Manulife. The value of units in any fund and the income accruing to the units, if any, may fall or rise. Past performance is not necessarily indicative of future performance. You should be aware that investment in any fund involves financial risk and you may not get back the principal amount invested. Depending on your currency of reference, factors including but not limited to currency fluctuations may adversely affect the value of your investments and the income accruing there from.
 

On this website:

  1. The short name and full name of the following funds are as follows: Asia Pacific Investment Grade Bond Fund = Manulife Asia Pacific Investment Grade Bond Fund; Global Asset Allocation – Growth Fund = Manulife Global Asset Allocation – Growth Fund; SGD Income Fund = Manulife SGD Income Fund; Singapore Bond Fund = Manulife Singapore Bond Fund; Singapore Equity Fund = Manulife Singapore Equity Fund.
  2. The following are sub-funds of Manulife Global Fund:
    Asia Dynamic Income Fund, Asia Pacific REIT Fund, Asia Total Return Fund, Asian High Yield Fund, Asian Short Duration Bond Fund, Asian Small Cap Equity Fund, China Total Return Bond Fund, China Value Fund, Dragon Growth Fund, Global Climate Action Fund, Global Equity Fund, Global Multi-Asset Diversified Income Fund, Global REIT Fund, Healthcare Fund, India Equity Fund, Preferred Securities Income Fund, Sustainable Asia Bond Fund, Sustainable Asia Equity Fund, U.S. Bond Fund, U.S. Equity Fund, U.S. Special Opportunities Fund.
  3. The following are sub-funds of Manulife Funds:
    Asia Pacific Investment Grade Bond Fund, Global Asset Allocation – Growth Fund, SGD Income Fund, Singapore Bond Fund, Singapore Equity Fund.

 

Use of Email

The security of electronic mail sent through the Internet is not guaranteed. Do not send sensitive or confidential information to us via electronic mail. Delivery, and timely delivery, of electronic mail is also not guaranteed. Manulife therefore recommends that you do not send time-sensitive or action-oriented messages to us via electronic mail. Manulife may not, and is not obliged to, process your requests, orders, or instructions until Manulife can confirm your instructions or obtain appropriate written documentation where it deems necessary.


Manulife shall not be under any obligation whatsoever, express or implied, to reply to unsolicited correspondence, communications or email or to acknowledge receipt of the same.

 

Privacy and Data Protection

Your privacy is very important to Manulife. To the extent any information you provide or which we obtain from this website constitutes personal data, we have set procedures for the use of that information.


You agree that all information and/or particulars sent or submitted by you through the website is non-confidential and non-proprietary unless otherwise expressly indicated by you. You acknowledge that Manulife, its directors, officers, employees, contractors and agents shall not be subject to any confidentiality obligations in respect of any such information and/or particulars and you agree that Manulife, its directors, officers, employees, contractors and agents may, and you hereby authorise each of them to, use and to disclose such information to any person (including without limitation any third party service provider) in connection with Manulife's internal business purposes.


Without prejudice to the generality of the foregoing, you consent to the processing by Manulife of the personal data submitted by you through the website and/or created in the course of the business relationship with Manulife, and to the transmission of such personal data to other companies within the Manulife (by the internet or otherwise) for purposes connected with marketing and customer administration. If you do not wish your information to be used in this way, you should advise Manulife in writing.


If you have any questions on our data protection policies and practices, please write to us at our corporate address:

The Data Protection Officer
Manulife Investment Management (Singapore) Pte. Ltd.
8 Cross Street
#16-01 Manulife Tower
Singapore 048424

 

Disclaimers

Manulife does not warrant this website for any particular purpose. It is provided "as is" and on an "as available" basis. Manulife disclaims, to the fullest extent of the law, any warranty of any kind, whether statutory, express or implied, as to any information, materials, content or matter provided at or through this website or otherwise relating to this website, including without limitation the implied warranties of merchantability, fitness for a particular purpose, non-infringement of third party rights, or freedom from computer virus or other malicious destruction or corrupting code, agent, program or macros. Use of this website is at your own risk.


Manulife and its directors, officers, or employees will not be liable or have any responsibility of any kind for any loss or damage that you incur arising from or in connection with:

  1. any delay, termination, failure, defect, or interruption in the transmission of this website; 
  2. any inaccuracy, error, unavailability, or incompleteness in the transmission of this website; 
  3. any termination or interruption of your access to this website; 
  4. your reliance on or use of this website; 
  5. any e-mail requests, orders, or instructions you send, or the interception by third parties of any requests, orders, or instructions you send via e-mail; 
  6. any act or omission of Manulife in making this website available to you; or 
  7. any other cause relating to your access to or use of this website, whether or not the circumstances giving rise to such cause may have been within the control of Manulife or within the control of any other party providing software or services support for this website.


Manulife does not warrant that this website, or the functions contained in this website, will be uninterrupted or error-free, that defects will be corrected, or that this website, or the servers that make it available, are free from viruses or other harmful components. You assume the entire cost of any necessary servicing, repairing, or correcting of your property or operations as a result of using this website. You accept at your own risk that the Internet or other online communications medium may not perform as intended as a result of human, mechanical, or other error, despite the efforts of Manulife, you, or any third party. 

In no event will Manulife or its directors, officers, or employees be liable to you for any direct, indirect, special, consequential, or incidental damages related in any way to your use of this website, even if: (a) such damages are reasonably foreseeable; or (b) Manulife or any other party has been advised of the possibility of such damages.

 

Records

You acknowledge and agree that Manulife Singapore's records and any records of communications, transactions, instructions or operations relating to the operation of the website and any record of any communications, transactions, instructions or operations maintained by Manulife Singapore or by any relevant person authorised by Manulife Singapore relating to or connected with the website shall be binding on you for all purposes whatsoever and shall be conclusive evidence of such communications, transactions, instructions or operations. You agree that such records are admissible in evidence and that you shall not challenge or dispute the admissibility, reliability, accuracy or the authenticity of the contents of such records merely on the basis that such records were in electronic form or were produced by or are the output of a computer system, and hereby waive any of your rights (if any) to so object.

 

Governing Law

These Terms shall be subject to, governed by, and construed in accordance with the laws of Singapore, and you hereby submit to the non-exclusive jurisdiction of the Singapore Courts.

 

Confirm