Investment Strategies

Manulife Asset Management’s fixed income teams follow a disciplined philosophy and process that utilize multiple potential sources of alpha underpinned by a fundamental, research-driven investment approach. We have a broad offering across traditional and non-traditional market sectors, and a collaborative organizational culture to effectively leverage insights, knowledge, skills and capabilities across our global offices.

Global / International / Emerging Markets

Strategic Fixed Income (Global Multi-Sector)

Investment Philosophy

We believe strong, consistent returns can be generated by investing primarily in a portfolio of global government and corporate bonds, including emerging markets and high yield securities. Currency management is employed to further diversify the portfolio, mitigate risk and add value. By expanding the investment universe to include multiple sectors and currencies, we believe we increase our potential to add value while reducing risk.

 

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Fact Sheet
(PDF 0.49MB)

STYLE
Global Multi-Sector

INCEPTION
October 1986

BENCHMARK
Global and Domestic Fixed Income Indices

Global Fixed Income

Investment Philosophy

We believe strong, consistent returns can be generated by investing primarily in a portfolio of global government, corporate and securitized debt. The investment team actively manages country and sector allocation, issue selection and yield curve positioning. Currency management is employed to further diversify the portfolio, mitigate risk and add value.

 

PDF Downloads:
Factsheet
(PDF 0.49MB)

STYLE
Active Global Fixed Income

INCEPTION
July 2009

BENCHMARK
Citigroup World Government Bond Index

Global Investment Grade Fixed Income

Investment Philosophy

We believe strong, consistent returns can be generated by investing primarily in a portfolio of investment grade global government, corporate and securitized debt. The investment team actively manages country and sector allocation, issue selection and yield curve positioning. Currency management is employed to further diversify the portfolio, mitigate risk and add value.

 

PDF Downloads:
Factsheet
(PDF 0.48MB)

STYLE
Active Global Fixed Income

INCEPTION
September 2007

BENCHMARK
Citigroup World Government Bond Index

International Fixed Income

Investment Philosophy

We believe strong, consistent returns can be generated by investing primarily in a portfolio of global government, corporate and securitized debt. The investment team actively manages country and sector allocation, issue selection and yield curve positioning. Currency management is employed to further diversify the portfolio, mitigate risk and add value.

 

PDF Downloads:
Factsheet
(PDF 0.45MB)

STYLE
Active International

INCEPTION
July 2000

BENCHMARK
JP Morgan Non-US Gov’t Bond

Emerging Market Debt

Investment Philosophy

The team believes long-term outperformance may be achieved through investment discipline; utilizing a value and event-driven approach based on in-depth fundamental country and security analysis within a risk-controlled investment approach.

PDF Downloads:
Factsheet
(PDF 0.45MB)

STYLE
Diversified Emerging Markets

INCEPTION
March 2007

BENCHMARK
JP Morgan EMBI Global Index

Asia Total Return Bond

Investment Philosophy

We believe that consistently attractive risk-adjusted returns can be generated in Asian Fixed Income markets by seeking to exploit interest rate, credit and currency opportunities within a risk-controlled investment approach. We also believe that leveraging on our extensive on-the-ground proprietary research provides us with an informational advantage over our peers.

STYLE
Pan-Asia Multi-Sector

INCEPTION
September 2009

BENCHMARK
Asia Local and Dollar Blended Bond Index

US

Absolute Return Mortgage

Investment Philosophy

As an active manager, we like markets that are large, complex and segmented. We believe risk premiums on securitized assets may be particularly compelling due to information barriers and limited competition. As a value investor, we look for securities trading below their intrinsic value due to market dislocations, supply-demand imbalances, public policy effects, mortgage underwriting and loan modification practices. Our value add is primarily driven by income and secondarily by trading gains.

PDF Downloads:
Factsheet
(PDF 0.57MB)

INCEPTION
November 2010

EXPECTED VOLATILITY
< 10%

DURATION
0.0+/-3.0 years

Total Return Bond (Securitized Assets)

Investment Philosophy

As an active manager, we like markets that are large, complex and segmented. We believe excess returns on securitized assets are possible due to information barriers and limited competition. As a value investor, we seek securities trading below their intrinsic value as a result of market dislocations, supply-demand imbalances, public policy effects, mortgage underwriting practices and issue-specific anomalies.

PDF Downloads:
Factsheet
(PDF 0.58MB)

INCEPTION
February 2011

CREDIT PROFILE
Moderate

DURATION RANGE
0-5 years

US Core Fixed Income

Investment Philosophy

We believe strong relative performance can be generated through active management of sector allocation, issue selection and yield curve positioning. Our disciplined investment process seeks to add value by following a relative value approach to sector allocation and issue selection; engaging in intensive fundamental credit research designed to find hidden value across the fixed income universe; and identifying points on the yield curve with the greatest return potential.

PDF Downloads:
Factsheet
(PDF 0.48MB)

STYLE
Core

INCEPTION
January 1996

BENCHMARK
Barclays Capital US Aggregate Bond

US Core Plus Fixed Income

Investment Philosophy

We believe strong relative performance can be generated through active management of sector allocation, issue selection and yield curve positioning. Our disciplined investment process seeks to add value by following a relative value approach to sector allocation and issue selection; engaging in intensive fundamental credit research designed to find hidden value across the fixed income universe; and identifying points on the yield curve with the greatest return potential.

PDF Downloads:
Factsheet
(PDF 0.47MB)

STYLE
Core Plus

INCEPTION
January 1985

BENCHMARK
Barclays Capital US Aggregate Bond

Core High Yield

Investment Philosophy

The Core High Yield Fixed Income team believes that there are “pockets of value” in the fixed income market. Through a fundamental research-driven process concentrated on security selection we seek to invest in undervalued companies with sustainable business models. Another outcome of our research allows us to identify the most attractive part of the capital structure, from bank loans, through senior and subordinated debt, to convertible securities.

PDF Downloads:
Factsheet
(PDF 0.47MB)

STYLE
Credit

INCEPTION
June 2009

BENCHMARK
US High Yield Master II Constrained Index

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