Manulife Investment Management
The latest research and outlooks in the ProAllocate library
- Private Markets
Understanding Asset-Based Finance
Manulife | Comvest's Jason Gelberd and Tim Kim argue asset-based finance is a broad, heterogeneous category whose risk-return profile hinges on capital-structure position, collateral type and manager structuring discipline. They contend recent fraud cases reflect upper-market cash-management and double-pledging weaknesses rather than systemic ABF risk.
- Private Markets
Q&A with PERE Credit: Relative value opportunities can reward disciplined lenders
Manulife Investment Management's Jessica Lee argues real estate credit has become a relative-value business, with rate uncertainty creating pricing dislocations that reward disciplined, selective lenders over those simply chasing yield. She positions real estate debt as a diversifying complement to corporate credit and broader portfolios due to its distinct risk drivers.
- Fixed Income
India bonds: from specialist exposure to strategic allocation
Manulife argues that India's onshore bond market, backed by strong growth, index inclusion and market reforms, is shifting from a niche allocation to a mainstream fixed income holding. It contends active management and local credit expertise are essential to capture diversification benefits and navigate currency and liquidity risks.
- Private Markets
Q&A with PERE: An attractive vintage for core and core-plus investing
Manulife's Marc Feliciano and Maggie Coleman argue elevated rates and prolonged liquidity constraints have created an unusually attractive vintage for core and core-plus real estate, rewarding selective asset picking over market beta. They highlight opportunities in broken capital stacks, micro-location analysis and alternative sectors across US, Canadian and Asian markets.
- Fixed Income
European credit—an income investor's best-kept secret?
European credit has outperformed U.S. credit across loans, high-yield and investment-grade bonds over multiple periods, with lower volatility, reflecting stronger creditor protections and legal frameworks. The authors argue for flexible, geographically agnostic multi-asset credit strategies rather than a fixed regional bias.
- Fixed Income
The ABC of MAC: how multi-asset credit strategies can offer dynamic performance across the economic cycle
Manulife | CQS argues that multi-asset credit (MAC) strategies offer a dynamic, income-focused solution across the economic cycle by flexibly rotating between credit sectors, geographies, and asset classes. Using an 'ABC' framework—accessing income, best geography/asset/sector, and capital preservation—disciplined managers can capture higher yields and exploit dislocations while limiting defaults.
- Portfolio Construction
Asset allocation views: positioning in an uneven environment
Manulife's Q3 2026 multi-asset outlook stays modestly overweight equities amid resilient growth and strong earnings, favoring US small/mid-caps, Japan and commodities. It stresses diversification and selectivity given demanding valuations, hawkish central banks, persistent inflation, and geopolitical fragmentation.
- Private Markets
Opportunistic credit in an evolving market: a portfolio complement
Opportunistic credit is presented as a flexible complement to private-credit and private-equity allocations, capturing complexity-driven, event-driven opportunities across the capital structure. It offers equity-like returns with downside protection, contractual income, and lower correlation to market beta.
- Private Markets
Opportunistic credit in an evolving market: our approach
The piece argues that in opportunistic credit—complexity-oriented investing with selective equity participation—manager selection is the primary driver of returns, hinging on differentiated sourcing, disciplined structuring, platform capabilities, and a proven track record across cycles.