Important Notes:

Manulife Global Fund – Diversified Real Asset Fund (the “Fund”) invests primarily in a diversified portfolio of securities issued by companies operating within or generating a significant portion of their revenues from the sourcing, development, processing and/or management of real assets, which may involve active asset allocation strategy, real assets, concentration, equity market, small-cap/mid-cap, investment in REITs, sovereign debt, emerging markets, volatility and liquidity, valuation, political and regulatory, currency, credit downgrade, interest rate, credit and rating of investment risks. Certain investors may also be subject to the risk relating to RMB hedged share class.
The relevant distributing class of the Fund does not guarantee distribution of dividends, the frequency of distribution, and the amount/rate of dividends. Dividends may be paid out of income, realized capital gains and/or out of capital of the Fund in respect of Inc share class(es). Dividends may be paid out of realized capital gains, capital and/or gross income while charging all or part of their fees and expenses to capital (i.e. payment of fees and expenses out of capital) in respect of MDIST (G) and R MDIST (G) share class(es). Dividends paid out of capital of the Fund amount to a return or withdrawal of part of the amount of an investor’s original investment or from any capital gains attributable to that original investment, and may result in an immediate decrease in the net asset value per share in respect of such class(es) of the Fund.
The Fund intends to use financial derivative instruments (“FDIs”) for investment, efficient portfolio management and/or hedging purposes. The use of FDIs exposes the Fund to additional risks, including leverage risk, management risk, market risk, credit risk and liquidity risk.
Investment involves risk. The Fund may expose its investors to capital loss. Investors should not base on this material alone to make investment decisions and should read the offering document for details, including the risk factors, charges and features of the Fund and its share classes.

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The case for liquid real assets in a shifting inflation regime

28 October 2025

Christopher Walsh, CFA Senior Portfolio Manager, Multi-Asset Solutions

Paul Kalogirou, Head of Client Portfolio Management, Asia & Global Multi-Asset Solutions

For over a decade, global investors operated under the assumption that inflation would remain subdued, anchored below 2%¹ - a belief reinforced by central bank credibility and structural disinflationary forces like globalisation and technological deflation. However, the post-pandemic world has ushered in a new regime of structurally higher inflation risks, with evolving policy responses that make liquid real assets increasingly attractive.

Key takeaways:

Inflation risks are structurally higher post-pandemic, driven by fiscal expansion, monetary easing, and a closed US output gap.
Rising tariffs, reshoring, and geopolitical fragmentation are reversing disinflationary trends, tightening global supply chains.
Long-term capital investment in AI infrastructure and rising defense budgets are fueling demand for energy, metals, and utilities.
Infrastructure, energy, and metals & mining (including rare & critical minerals) are benefitting from secular demand and supply constraints, while REITs show selective regional and sectoral opportunities.
Real assets offer differentiated returns and income potential, with periodic low correlation to traditional equities and bonds.

Monetary policy easing

Across major economies, especially outside the US, monetary policy is easing even as fiscal expansion accelerates. In the US, the Federal Reserve is expected to pivot toward monetary stimulus despite the absence of a clear economic shock. This double-barreled stimulus – monetary and fiscal – arrives at a time when inflation has already bottomed at levels above the Fed’s 2% target². As of this writing, core Consumer Price Index (CPI) stands at 3.1%³, and the risk is that inflation could reaccelerate once stimulus fully takes hold.

This risk is compounded by the fact that the US output gap is closed. The economy is operating above potential, meaning there is little slack to absorb additional demand. In such an environment, any incremental stimulus – especially fiscal – has a higher probability of translating into price pressures rather than real growth. This dynamic increases the likelihood of an inflation shock, increasing the attractiveness of inflation-sensitive assets.

Tariffs, global supply chain and geopolitical risks

Structural forces are also shifting. Deglobalisation is reversing decades of supply chain optimisation. Rising trade barriers, reshoring initiatives, and geopolitical fragmentation are reducing efficiency, increasing redundancy, and raising unit labor costs. These changes are inherently inflationary and diminish the deflationary impulse once provided by globalisation.

China, long a source of global disinflation, is undergoing a strategic pivot. Its anti-involution campaign aims to reduce excess production capacity, consolidate industries, and restore pricing power. This shift will likely reduce China's role as a supplier of ultra-low-cost goods. Meanwhile, other countries are pushing back on Chinese exports in recent days: the US is considering new tariffs, Mexico has followed suit, and the European Union is investigating dumping practices and considering trade restrictions⁴. These developments suggest a global tightening of supply, supporting higher prices.

Benefitting from structural trends

Thematic trends are also inflationary. The AI buildout is driving massive capital investment in data centers, straining electricity grids and increasing demand for semiconductors, metals, and energy. Simultaneously, defense spending is rising as geopolitical tensions mount. These trends are not cyclical – they represent long-term shifts in fiscal priorities and industrial demand, both of which are inflationary.

Despite these pressures, markets have only partially priced in a higher inflation regime. The yield curve has steepened, but not dramatically. This suggests that while investors are adjusting to the reality of structurally higher inflation, we believe valuations for inflation-sensitive assets remain compelling. This creates a compelling entry point for strategies that benefit from inflation surprises.

We see specific real asset classes benefiting from structural shifts in inflation and demand:

Infrastructure is evolving beyond roads and bridges. The asset class stands to benefit from rising demand for AI and digital infrastructure, supported by the continued electrification and energy transition efforts globally. Electric and Gas utilities have been strong this year, driven by record-high electric consumption from data processing growth, factory reshoring, and decarbonisation initiatives.

Energy: OPEC’s effort to stabilise oil prices may support demand growth and benefit the refining sector. We expect natural gas to remain a bright spot over the next year, with Canadian and US Liquefied Natural Gas (LNG) projects ramping up supply needs. Near term prices could remain elevated as it appears that production will lag demand for natural gas. Furthermore, countries in Europe and Asia are looking to diversify away from Russian gas and reduce coal use, likely locking in long term LNG contracts with North American suppliers. AI-driven power demand remains a wild card, potentially further increasing North American gas consumption.

Metals & Mining are supported by multiple tailwinds. Gold remains resilient, backed by global central bank purchases and strong Chinese demand. Geopolitical risks and uncertainty enhance its diversification appeal, whilst metal miners operating leverage boosts profitability. Copper faces tighter supply due to mine disruptions in the Democratic Republic of Congo (DRC) and Panama and falling inventories point to global deficits. A strong secular demand from electrification and higher capex expectations from grid upgrades adds to a positive outlook.

Uranium continues to benefit from the clean energy push, especially China’s nuclear expansion. Meanwhile, silver and platinum are showing signs of catching up to gold, supported by supply deficits and improving fundamentals.

Rare Earths, Critical Metals & Minerals (Cobalt, Antimony, Tantalum, Scandium) continue to be of strategic importance for their use in defense technologies, electronics, aerospace components and permanent magnets.

Real Estate Investment Trusts (REITs): Despite some signs of stabilisation, we see persistent macroeconomic and sector-specific headwinds. While falling interest rates may offer some relief, the lagged impact of prior rate hikes, elevated financing costs, and uncertainty around tariffs and trade policy continue to cloud the outlook—particularly in the US office and retail segments. Additionally, US office REITs remain under pressure from structural shifts in workplace demand, with utilisation improving but not yet translating into new leasing activity.

However, we do see attractive valuations in Hong Kong and Singapore as well as seeing M&A activity picking up in UK industrial REITs. Healthcare related REITs offer selective opportunities within senior housing as ageing populations drive demand. Lastly data center/ AI infrastructure build-out continues to support occupancy.

Real assets tend to outperform in high inflation environments

Inflation expectations are likely to remain elevated as tariffs percolate through higher consumer prices. We believe increased political pressure on the Fed could modestly dampen inflation expectations over a 2-year horizon. The shift back to low growth aligns with our view of below-trend economic performance in the near term. With the Fed now expected to cut rates several times in 2025 and 2026, financial conditions could ease more decisively, potentially triggering a trend reversal. This reinforces the odds of easy-stagflation or easy-reflation regimes ahead. In such environments, real assets have historically outperformed broader markets, making them a compelling allocation for investors (see Chart 1).

Chart 1: Real assets can add value under current macro regimes and environment

real-assets-can-add-value-under-current-macro-regimes-and-environment

Source: For illustrative purposes only. Data since 1999 and as of 30 September 2025 based on historical analysis and Manulife's MAST’s proprietary macro regime model. Average is computed as the sample mean of all total monthly returns associated to a given regime. Average is annualised by multiplying by 12. *Diversified Real Assets Blend includes 40% MSCI World Energy Sector Index, 26% of FTSE NAREIT All Equity REIT Index, 17% of MSCI World Metal & Mining Index, 8.5% of FTSE EPRA/NAREIT Developed ex US Index, and 8.5% of Brookfield Global Infrastructure Index. Past performance does not guarantee future results.

Inflation hedge with income potential

A diversified allocation to liquid real asset – spanning energy, materials including precious/base metals and mining, real estate, infrastructure equities, and short-maturity Treasury Inflation-Protection Securities (TIPS) – may help investors manage inflation risk. These assets tend to benefit from rising input costs, pricing power, and real asset exposure. Many real assets have the potential to generate steady income, such as rent from property, tolls from infrastructure, or utility cashflows, that may provide competitive yields linked to inflation.

Diversified and differentiated returns

Real assets have at times, shown low return correlation with traditional equities and bonds, offering potential diversification benefits (see Chart 2). The distinct return profile can enhance portfolio resilience, especially during periods of elevated inflation and market volatility.

Chart 2: Correlations of real assets versus traditional global equities and bonds (August 2010 – August 2025)

correlations-of-real-assets-versus-traditional-global-equities-and-bonds

Source: Bloomberg, monthly returns (indices) / data (US CPI) from August 2010 to August 2025. Total returns in USD for representative indexes: Energy: MSCI World Energy Sector Index; Metals & Mining: S&P/TSX Global Mining Index; US REITs: S&P US Equity All REIT Index; Non--US REIT: S&P Developed ex-US REIT US dollar Index; Infrastructure: S&P Global Infrastructure Index; TIPS: Bloomberg US Treasury TIPS 1-5 Year Index; Commodities: Bloomberg Commodities Index; Short-Term Credit: Markit iBoxx USD Liquid Investment Grade 0-5 Index; Global Equities: MSCI World Index; Global Bonds: Bloomberg Global Aggregate Bond Index; US CPI: US CPI urban consumer less food and energy year-on-year (non-seasonally adjusted).

Correlation shows the strength and direction of a relationship between two variables. It is expressed numerically by the correlation coefficient, which ranges from -1 to 1. A positive correlation (greater than 0 but less than 1) means the two variables move in the same direction, though not necessarily by the same magnitude. A negative correlation (less than 0 but greater than -1) indicates the variables move in opposite directions, also with varying degrees of change. When two assets have a low positive correlation or a negative correlation, they tend to move independently or in opposite directions. Including assets with these correlation characteristics in a portfolio may offer potential diversification benefits.

Past performance does not guarantee future results. Diversification or asset allocation does not guarantee a profit or protect against the risk of loss in any market.

As inflation risks become more entrenched and policy responses more aggressive, investors will need to rethink traditional portfolio construction. Liquid real assets have the potential to offer an inflation hedge alongside income, across a broad diversified global opportunity set – all of which are especially valuable in today’s uncertain environment. Real assets can provide a bridge between inflation protection and capital appreciation, making them a strategic allocation in today’s evolving landscape.

Extended reading: Manulife Global Fund – Diversified Real Asset Fund

Download full PDF

1 Source: Manulife Investment Management, Bloomberg, Inflation sensitive equities: A new way forward, January 2025;

2 Source: Manulife Investment Management, Bloomberg, September CPI, as of 14 October 2025.

3 Source: Manulife Investment Management, Bloomberg, September CPI, as of 14 October 2025.

4 Source: Manulife Investment Management, Reuters, Trump ratchets up US-China trade war; China ramps up rare earth restrictions, 14 October 2025.

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This website is not intended for use by any individual in any jurisdiction where, due to their nationality, residence, foreign exchange control or other circumstances, the publication or access to this website is restricted or prohibited. It shall be the sole responsibility of the investor to acquaint themselves with, and to comply with, all applicable laws and regulations of any relevant jurisdiction.
Funds offered on this platform may invest in equity, fixed income securities, exchange-traded funds, collective investment schemes and/or other instruments, including derivatives, and each of which has its specific investment objective/ policy with its specific features and different risk profile.
Distribution of dividends, the frequency of distribution and the amount/rate of dividends are not guaranteed. Dividend of certain share/unit classes, at the fund or the investment manager’s discretion, may be paid out of capital or gross income while charging / paying all or part of its fees and expenses out of its capital. This amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment, and may result in an immediate reduction of the net asset value per share/unit of the respective share/unit classes after the distribution date.
Some funds may invest in bonds or debt securities which may be subject to credit, liquidity, counterparty and market risks.
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Some funds may invest in derivative instruments which may involve additional risks. (For example, leverage may cause greater volatility.)
Some funds may make extensive use of derivatives including more complex derivative instruments or strategies to achieve the investment objective, this may give rise to additional exposure in that performance may rise or fall more than it would have done otherwise. In adverse situations, the fund’s use of derivative instruments may become ineffective and the fund may suffer significant losses. The use of derivatives may give rise to leverage, liquidity, counterparty and valuation risks.
Some funds may invest in emerging economies or markets, where special risks, including liquidity, volatility, government policies, taxation, currency, currency repatriation, political and regulatory risks, may be substantially higher than the risks normally associated with more developed economies or markets.
Some funds may invest in securities of small and/or medium sized companies in the relevant markets. This can involve greater risk than is customarily associated with investments in larger and more established companies.
Some funds may invest in a single country/region and/or a particular industry sector which may be concentrated and subject to greater risks than diversified investments in several countries and/or regions and across sectors.
Some funds may invest directly in certain China A shares via the Stock Connect, which may involve risks related to investments via the Stock Connect and Mainland China investment.
Some funds may have significant exposure to Renminbi ("RMB") bonds/equity/assets or emerging markets, which will be subject to debt instrument, credit/counterparty, concentration, liquidity, volatility, currency, tax, economic, foreign exchange/multi-currency conversion, down-grading, regulatory and political risks and these risks could be substantially higher than the risks normally associated with more established markets.
Some funds with significant exposure to RMB bonds/equity/assets may hold a significant portion of assets in deposits if there are not sufficient RMB instruments to invest in. This may adversely affect the funds’ return and performance.
Some funds using Qualified Foreign Institutional Investor (“QFII”) quota to invest directly in debt instruments/shares in Mainland China may be subject to various requirements and restrictions under the laws of Mainland China related to QFII investment and custodial risks.
Some funds are subject to the risks of investing in other funds and the risks relating to asset allocation strategy and/or downside risk management process.
As RMB is not freely convertible, currency conversion is subject to exchange controls and restrictions. There can be no assurance that RMB will not be subject to devaluation. Insufficient amount of RMB for currency conversion or devaluation of RMB could adversely affect the value of investors’ investments in the RMB denominated class(es) of certain funds. The “Dim Sum” bond market is still a relatively small market which is more susceptible to volatility and illiquidity. Due to RMB concentration risk, the value of the funds with substantial RMB exposure may be more volatile than that of a fund having a more diverse portfolio of investments.
Some funds’ performance will be closely tied to the economic, political, regulatory, geopolitical, market, currency or other conditions in the European Economic Area and may be subject to increased liquidity, price, and foreign exchange risk.
Some funds may invest in Russia and some investments in Russian securities may be unlisted securities not dealt on a regulated market. The Russian market presents specific risks in relation to the settlement and safekeeping of securities.
Investment involves risk. Investors may expose to capital loss and should not invest solely based on the information on this website alone and should read the offering documents for details including the associated risk factors, charges and features of the funds and their share/unit classes. Past performance information is not indicative of future performance.

Manulife Global Fund

Manulife Global Fund is an umbrella fund comprising a number of sub-funds investing in equity and/or fixed income securities, each of which has a different investment objective and risk profile and may involve equity market, geographical concentration, sovereign debt, liquidity, volatility, credit downgrade, interest rate, counterparty risks. Certain investors may also be subject to the risk relating to RMB hedged share class.
The relevant distributing class of the sub-funds does not guarantee distribution of dividends, the frequency of distribution and the amount/rate of dividends. Dividends may be paid out of income, realized capital gains and/or out of capital of certain sub-funds in respect of Inc share class(es). Dividends may be paid out of realized capital gains, capital and/or gross income while charging all or part of their fees and expenses to capital (i.e. payment of fees and expenses out of capital) in respect of MDIST (G), R MDIST (G) and F MDIST (G) share class(es). Dividends paid out of capital of these sub-funds amounts to a return or withdrawal of part of the amount of an investor’s original investment or from any capital gains attributable to that original investment and may result in an immediate decrease in the net asset value per share in respect of such class(es) of the sub-funds. Fixed yield share classes pay out a pre-determined annualized fixed percentage of their NAV, which can be adjusted by the Directors with at least one month’s prior notice, do not entirely reflect the actual or expected income or performance of the Fund. These distributions may exceed the actual income, leading to capital erosion, especially during negative returns or losses, and may reduce future capital growth. A positive distribution yield does not guarantee a positive return, and the absolute distributions vary with the NAV, resulting in fluctuating monthly payouts for investors.
Certain sub-funds invest in emerging economies or markets, where special risks, including liquidity, volatility, government policies, taxation, currency, currency repatriation, political and regulatory risks, may be substantially higher than the risks normally associated with more developed economies or markets.
Certain sub-funds invest in securities of small and medium sized companies in the relevant markets. This can involve greater risk than is customarily associated with investments in larger and more established companies.
Certain sub-funds concentrate their investments in a single country and/or a particular industry sector are subject to greater risks than diversified investments in several countries and/or regions and across sectors.
Certain sub-funds may invest directly in certain China A shares via Stock Connect, which may involve in risk related to Investments via Stock Connect and Mainland China investment.
Investment involves risk. The sub-funds may expose their investors to capital loss. Investors should not invest solely based on this material and should read the offering document for details including the risk factors, charges and features of the sub-funds and their share classes.
Each sub-fund intends to use financial derivative instruments (“FDIs”) for investment, efficient portfolio management and/or hedging purposes. The use of FDIs exposes the Fund to additional risks, including counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk.
Given RMB is currently not a freely convertible currency, payment of redemptions and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB. As offshore RMB (CNH) will be used for the valuation of RMB denominated Class(es), CNH rate may be at a premium or discount to the exchange rate for onshore RMB (CNY) and there may be significant bid and offer spreads and thus the value of the RMB denominated Class(es) will be subject to fluctuation. Any devaluation of RMB could adversely affect the value of investors’ investments in the RMB denominated Class(es) of certain sub-funds.

Manulife Advanced Fund SPC

Manulife Advanced Fund SPC is an umbrella fund comprising a number of sub-funds investing primarily in equity and bond securities, each of which has a different investment objective and risk level.
The sub-funds do not guarantee distribution of dividends, the frequency of distribution, and the amount/rate of dividends. A sub-fund may at its discretion pay dividend out of capital or gross income while charging / paying all or part of its fees and expenses out of its capital. This amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment, and may result in an immediate reduction of the net asset value per share of the respective share classes after the distribution date.
Certain sub-funds with significant exposure to Renminbi (“RMB”) bonds/equity/assets or emerging markets, may involve debt instrument, credit/counterparty, concentration, liquidity, volatility, currency, tax, economic, foreign exchange/multi-currency conversion, down-grading, regulatory and political risks and these risks could be substantially higher than the risks normally associated with the world's more established markets.
A bond sub-fund may hold a significant portion of assets in deposits if there are not sufficient RMB instruments for it to invest in. This may adversely affect its return and performance.
Certain sub-funds using invest directly in debt instruments/shares via QFII regime, the Bond Connect and/or the Foreign Access Regime are subject to various requirements and restrictions under the laws of Mainland China related to investment in QFII and/or China Interbank Bond Market and custodial risks.
RMB is not freely convertible and is subject to exchange controls and restrictions.
Certain sub-funds may have significant concentrated exposures to particular industry sectors and geography's, which subjects investors to concentration and equity market risk.
Certain sub-funds may invest in equities of small- and mid-capitalization companies, which can expose investors to liquidity and volatility risks, and is subject to greater risk than is customarily associated with investments in larger capitalization companies.
Investment involves risk. The sub-funds may expose to a high risk of capital loss. Investors should not invest solely based on this material and should read the offering document for details including the risk factors, charges and features of the sub-funds.

Manulife Hong Kong Series

Manulife Hong Kong Series (“the Series”) is an open-ended unit trust comprising a number of funds primarily investing in equities, debt securities, exchange-traded funds and/or collective investment schemes, each of which has a different investment objective and risk level.
The funds do not guarantee distribution of dividends, the frequency of distribution, and the amount/rate of dividends. Dividends may be paid out of capital and/or out of gross income of certain funds in respect of Inc classes, while charging/paying all or part of certain funds’ fees and expenses to/out of capital of certain funds. This represents a return or a withdrawal of part of an investor's original investment amount or capital gain attributable to that amount. Distributions will result in an immediate decrease in the net asset value of the relevant units. Class AA (RMB) Inc Hedged Unit of certain funds is subject to higher distribution risks than other non-hedged unit classes.
Certain funds may involve equity market, emerging markets, Dim Sum bond market, concentration, volatility, liquidity, credit, credit ratings, below investment grade and unrated securities, credit rating downgrading, interest rates, valuation, sovereign debt, unlisted debt securities, political and regulatory, currency, foreign exchange, derivative and structured product, hedging, and distribution risks. Certain investors may also be subject to the risk relating to RMB hedged share class..
Certain funds are subject to the risks of investing in other funds and the risks relating to asset allocation strategy and/or downside risk management process.
Certain fund is subject to the risks relating to investment in exchange traded funds, Strategic and Tactical Asset Rebalancing Strategy (“STARS”), small- and mid-capped companies, convertible bonds and the risks associated with securitised debt instruments and investments in loss-absorption features. Certain fund is a feeder fund that invests all or substantially all of its assets in another collective investment scheme (the “master fund”) and is therefore subject to the risks of investing in the master fund.
Certain fund will not have direct investments other than cash, cash equivalents and financial derivative instruments (such as futures, options and forwards).
Investment involves risk. The funds may expose its investors to capital loss. Investors should not make investment decisions based on this material alone but should read the offering document for details, including the risk factors, charges and features of the Fund and its unit classes.

General Risk Disclosure

This website is not intended for use by any individual in any jurisdiction where, due to their nationality, residence, foreign exchange control or other circumstances, the publication or access to this website is restricted or prohibited. It shall be the sole responsibility of the investor to acquaint themselves with, and to comply with, all applicable laws and regulations of any relevant jurisdiction.
Funds offered on this platform may invest in equity, fixed income securities, exchange-traded funds, collective investment schemes and/or other instruments, including derivatives, and each of which has its specific investment objective/ policy with its specific features and different risk profile.
Distribution of dividends, the frequency of distribution and the amount/rate of dividends are not guaranteed. Dividend of certain share/unit classes, at the fund or the investment manager’s discretion, may be paid out of capital or gross income while charging / paying all or part of its fees and expenses out of its capital. This amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment, and may result in an immediate reduction of the net asset value per share/unit of the respective share/unit classes after the distribution date.
Some funds may invest in bonds or debt securities which may be subject to credit, liquidity, counterparty and market risks.
Some funds may invest in non-investment grade bonds and unrated securities which may be subject to greater credit and liquidity risks, and may be more volatile than higher rated securities. Some funds may invest in investment grade debt securities, which may be subject to ratings downgrades by the rating agencies that may affect the net asset value of the fund.
Some funds may invest in derivative instruments which may involve additional risks. (For example, leverage may cause greater volatility.)
Some funds may make extensive use of derivatives including more complex derivative instruments or strategies to achieve the investment objective, this may give rise to additional exposure in that performance may rise or fall more than it would have done otherwise. In adverse situations, the fund’s use of derivative instruments may become ineffective and the fund may suffer significant losses. The use of derivatives may give rise to leverage, liquidity, counterparty and valuation risks.
Some funds may invest in emerging economies or markets, where special risks, including liquidity, volatility, government policies, taxation, currency, currency repatriation, political and regulatory risks, may be substantially higher than the risks normally associated with more developed economies or markets.
Some funds may invest in securities of small and/or medium sized companies in the relevant markets. This can involve greater risk than is customarily associated with investments in larger and more established companies.
Some funds may invest in a single country/region and/or a particular industry sector which may be concentrated and subject to greater risks than diversified investments in several countries and/or regions and across sectors.
Some funds may invest directly in certain China A shares via the Stock Connect, which may involve risks related to investments via the Stock Connect and Mainland China investment.
Some funds may have significant exposure to Renminbi ("RMB") bonds/equity/assets or emerging markets, which will be subject to debt instrument, credit/counterparty, concentration, liquidity, volatility, currency, tax, economic, foreign exchange/multi-currency conversion, down-grading, regulatory and political risks and these risks could be substantially higher than the risks normally associated with more established markets.
Some funds with significant exposure to RMB bonds/equity/assets may hold a significant portion of assets in deposits if there are not sufficient RMB instruments to invest in. This may adversely affect the funds’ return and performance.
Some funds using Qualified Foreign Institutional Investor (“QFII”) quota to invest directly in debt instruments/shares in Mainland China may be subject to various requirements and restrictions under the laws of Mainland China related to QFII investment and custodial risks.
Some funds are subject to the risks of investing in other funds and the risks relating to asset allocation strategy and/or downside risk management process.
As RMB is not freely convertible, currency conversion is subject to exchange controls and restrictions. There can be no assurance that RMB will not be subject to devaluation. Insufficient amount of RMB for currency conversion or devaluation of RMB could adversely affect the value of investors’ investments in the RMB denominated class(es) of certain funds. The “Dim Sum” bond market is still a relatively small market which is more susceptible to volatility and illiquidity. Due to RMB concentration risk, the value of the funds with substantial RMB exposure may be more volatile than that of a fund having a more diverse portfolio of investments.
Some funds’ performance will be closely tied to the economic, political, regulatory, geopolitical, market, currency or other conditions in the European Economic Area and may be subject to increased liquidity, price, and foreign exchange risk.
Some funds may invest in Russia and some investments in Russian securities may be unlisted securities not dealt on a regulated market. The Russian market presents specific risks in relation to the settlement and safekeeping of securities.
Investment involves risk. Investors may expose to capital loss and should not invest solely based on the information on this website alone and should read the offering documents for details including the associated risk factors, charges and features of the funds and their share/unit classes. Past performance information is not indicative of future performance.

Manulife Global Fund

Manulife Global Fund is an umbrella fund comprising a number of sub-funds investing in equity and/or fixed income securities, each of which has a different investment objective and risk profile and may involve equity market, geographical concentration, sovereign debt, liquidity, volatility, credit downgrade, interest rate, counterparty risks. Certain investors may also be subject to the risk relating to RMB hedged share class.
The relevant distributing class of the sub-funds does not guarantee distribution of dividends, the frequency of distribution and the amount/rate of dividends. Dividends may be paid out of income, realized capital gains and/or out of capital of certain sub-funds in respect of Inc share class(es). Dividends may be paid out of realized capital gains, capital and/or gross income while charging all or part of their fees and expenses to capital (i.e. payment of fees and expenses out of capital) in respect of MDIST (G), R MDIST (G) and F MDIST (G) share class(es). Dividends paid out of capital of these sub-funds amounts to a return or withdrawal of part of the amount of an investor’s original investment or from any capital gains attributable to that original investment and may result in an immediate decrease in the net asset value per share in respect of such class(es) of the sub-funds. Fixed yield share classes pay out a pre-determined annualized fixed percentage of their NAV, which can be adjusted by the Directors with at least one month’s prior notice, do not entirely reflect the actual or expected income or performance of the Fund. These distributions may exceed the actual income, leading to capital erosion, especially during negative returns or losses, and may reduce future capital growth. A positive distribution yield does not guarantee a positive return, and the absolute distributions vary with the NAV, resulting in fluctuating monthly payouts for investors.
Certain sub-funds invest in emerging economies or markets, where special risks, including liquidity, volatility, government policies, taxation, currency, currency repatriation, political and regulatory risks, may be substantially higher than the risks normally associated with more developed economies or markets.
Certain sub-funds invest in securities of small and medium sized companies in the relevant markets. This can involve greater risk than is customarily associated with investments in larger and more established companies.
Certain sub-funds concentrate their investments in a single country and/or a particular industry sector are subject to greater risks than diversified investments in several countries and/or regions and across sectors.
Certain sub-funds may invest directly in certain China A shares via Stock Connect, which may involve in risk related to Investments via Stock Connect and Mainland China investment.
Investment involves risk. The sub-funds may expose their investors to capital loss. Investors should not invest solely based on this material and should read the offering document for details including the risk factors, charges and features of the sub-funds and their share classes.
Each sub-fund intends to use financial derivative instruments (“FDIs”) for investment, efficient portfolio management and/or hedging purposes. The use of FDIs exposes the Fund to additional risks, including counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk.
Given RMB is currently not a freely convertible currency, payment of redemptions and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB. As offshore RMB (CNH) will be used for the valuation of RMB denominated Class(es), CNH rate may be at a premium or discount to the exchange rate for onshore RMB (CNY) and there may be significant bid and offer spreads and thus the value of the RMB denominated Class(es) will be subject to fluctuation. Any devaluation of RMB could adversely affect the value of investors’ investments in the RMB denominated Class(es) of certain sub-funds.

Manulife Advanced Fund SPC

Manulife Advanced Fund SPC is an umbrella fund comprising a number of sub-funds investing primarily in equity and bond securities, each of which has a different investment objective and risk level.
The sub-funds do not guarantee distribution of dividends, the frequency of distribution, and the amount/rate of dividends. A sub-fund may at its discretion pay dividend out of capital or gross income while charging / paying all or part of its fees and expenses out of its capital. This amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment, and may result in an immediate reduction of the net asset value per share of the respective share classes after the distribution date.
Certain sub-funds with significant exposure to Renminbi (“RMB”) bonds/equity/assets or emerging markets, may involve debt instrument, credit/counterparty, concentration, liquidity, volatility, currency, tax, economic, foreign exchange/multi-currency conversion, down-grading, regulatory and political risks and these risks could be substantially higher than the risks normally associated with the world's more established markets.
A bond sub-fund may hold a significant portion of assets in deposits if there are not sufficient RMB instruments for it to invest in. This may adversely affect its return and performance.
Certain sub-funds using invest directly in debt instruments/shares via QFII regime, the Bond Connect and/or the Foreign Access Regime are subject to various requirements and restrictions under the laws of Mainland China related to investment in QFII and/or China Interbank Bond Market and custodial risks.
RMB is not freely convertible and is subject to exchange controls and restrictions.
Certain sub-funds may have significant concentrated exposures to particular industry sectors and geography's, which subjects investors to concentration and equity market risk.
Certain sub-funds may invest in equities of small- and mid-capitalization companies, which can expose investors to liquidity and volatility risks, and is subject to greater risk than is customarily associated with investments in larger capitalization companies.
Investment involves risk. The sub-funds may expose to a high risk of capital loss. Investors should not invest solely based on this material and should read the offering document for details including the risk factors, charges and features of the sub-funds.

Manulife Hong Kong Series

Manulife Hong Kong Series (“the Series”) is an open-ended unit trust comprising a number of funds primarily investing in equities, debt securities, exchange-traded funds and/or collective investment schemes, each of which has a different investment objective and risk level.
The funds do not guarantee distribution of dividends, the frequency of distribution, and the amount/rate of dividends. Dividends may be paid out of capital and/or out of gross income of certain funds in respect of Inc classes, while charging/paying all or part of certain funds’ fees and expenses to/out of capital of certain funds. This represents a return or a withdrawal of part of an investor's original investment amount or capital gain attributable to that amount. Distributions will result in an immediate decrease in the net asset value of the relevant units. Class AA (RMB) Inc Hedged Unit of certain funds is subject to higher distribution risks than other non-hedged unit classes.
Certain funds may involve equity market, emerging markets, Dim Sum bond market, concentration, volatility, liquidity, credit, credit ratings, below investment grade and unrated securities, credit rating downgrading, interest rates, valuation, sovereign debt, unlisted debt securities, political and regulatory, currency, foreign exchange, derivative and structured product, hedging, and distribution risks. Certain investors may also be subject to the risk relating to RMB hedged share class..
Certain funds are subject to the risks of investing in other funds and the risks relating to asset allocation strategy and/or downside risk management process.
Certain fund is subject to the risks relating to investment in exchange traded funds, Strategic and Tactical Asset Rebalancing Strategy (“STARS”), small- and mid-capped companies, convertible bonds and the risks associated with securitised debt instruments and investments in loss-absorption features. Certain fund is a feeder fund that invests all or substantially all of its assets in another collective investment scheme (the “master fund”) and is therefore subject to the risks of investing in the master fund.
Certain fund will not have direct investments other than cash, cash equivalents and financial derivative instruments (such as futures, options and forwards).
Investment involves risk. The funds may expose its investors to capital loss. Investors should not make investment decisions based on this material alone but should read the offering document for details, including the risk factors, charges and features of the Fund and its unit classes.