Important Notes:
17 September 2026
Paul Kalogirou, Head of Client Portfolio Management, Asia & Global Multi-Asset Solutions
Luke Browne, Global Head of Multi-Asset Solutions, Senior Portfolio Manager, Head of Multi-Asset Solutions, Asia


Artificial intelligence (AI) continues to create potential investment opportunities, but we believe not every AI-related company will become a long-term winner. Rather than maximising exposure to the theme, the Manulife Global Fund - Global Multi-Asset Diversified Income Fund ("GMADI" or the "Fund") takes a selective and valuation-aware approach. In this investment note, we discuss the three characteristics we look for when identifying long-term winners and how these principles are reflected in the Fund's equity sleeve which currently maintains a constructive view on sectors such as communication services, healthcare, consumer staples and energy. This positioning reflects our bottom-up conviction in individual businesses whose long-term fundamentals, cash flow characteristics and valuations are viewed favourably by the investment team1.
1 Source: Manulife Investment Management, as of 31 July 2026. Holdings, sector weightings, market capitalisation and portfolio characteristics are subject to change at any time and are for illustrative and reference purpose only. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the securities and sectors listed.
Fed hikes rates for first time since 2023 as expected
Today’s Federal Open Market Committee (FOMC) decision and press conference went smoothly—a welcome development, in our judgment, after the mixed signals that emerged from the Fed’s July meeting. The rate decision: A 25 basis-point (bps) hike, bringing the federal funds rate from 3.75% to 4.00%.
Asia High Yield has reached new highs; what’s next?
Asia High Yield (HY) bonds, known for providing an attractive source of income, present a very different opportunity set today compared to the pre-pandemic era. As discussed in our investment note from nearly a year ago, the asset class is no longer dominated by Chinese Mainland property developers. Instead, it has become more diversified, with investment opportunities spanning multiple areas, such as financial institutions, gaming operators, infrastructure providers, and selected frontier markets.
Global Multi Asset Diversified Income Strategy (GMADI) update: A balanced approach to market volatility
Global equity markets have recently experienced sharper movements, particularly in areas linked to artificial intelligence (AI). Earnings announcements from AI hardware, semiconductor and large cloud-computing companies have been key sources of volatility. Concerns about potential interest rate hikes have added to uncertainty. The Global Multi Asset Diversified Income (GMADI) Strategy has not been immune to these market movements. However, its income focus, broad diversification and relatively defensive positioning may help limit the effect of sharp changes in technology and growth-related investments.
Fed hikes rates for first time since 2023 as expected
Today’s Federal Open Market Committee (FOMC) decision and press conference went smoothly—a welcome development, in our judgment, after the mixed signals that emerged from the Fed’s July meeting. The rate decision: A 25 basis-point (bps) hike, bringing the federal funds rate from 3.75% to 4.00%.
Asia High Yield has reached new highs; what’s next?
Asia High Yield (HY) bonds, known for providing an attractive source of income, present a very different opportunity set today compared to the pre-pandemic era. As discussed in our investment note from nearly a year ago, the asset class is no longer dominated by Chinese Mainland property developers. Instead, it has become more diversified, with investment opportunities spanning multiple areas, such as financial institutions, gaming operators, infrastructure providers, and selected frontier markets.
Global Multi Asset Diversified Income Strategy (GMADI) update: A balanced approach to market volatility
Global equity markets have recently experienced sharper movements, particularly in areas linked to artificial intelligence (AI). Earnings announcements from AI hardware, semiconductor and large cloud-computing companies have been key sources of volatility. Concerns about potential interest rate hikes have added to uncertainty. The Global Multi Asset Diversified Income (GMADI) Strategy has not been immune to these market movements. However, its income focus, broad diversification and relatively defensive positioning may help limit the effect of sharp changes in technology and growth-related investments.