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Flexible positioning provides opportunity to maintain relatively stable income in a rate-cut cycle

John Addeo, Global Chief Investment Officer, Fixed Income Strategies (Public Markets)

20 December 2023

2023 saw the most aggressive tightening cycle in advanced economies for decades. However, our view is that the US Federal Reserve Board (Fed) has most likely reached peak rates, and therefore we expect the Fed to start cutting rates in the second half of 2024. That said, an income-oriented solution such as the Manulife Global Fund – Global Multi-Asset Diversified Income Fund (the Fund) is targeted to deliver a relatively stable income outcome, via the flexible adjustment of diversified traditional (fixed income) and non-traditional (option writing) income sources. 

We have a high conviction that income-oriented strategies can serve well in an environment that has to contend with the uncertainties driven by the broader structural themes of deglobalization, decarbonization and changing demographics. We believe income-oriented strategies offer portfolio resilience and a defensive bias to a client’s overall allocation, and therefore we foresee that income investing will remain attractive into 2024.

 

Let’s get started with a recap of what we’ve seen so far this year:

  • Global equities and fixed income have performed strongly year-to-date (to 30 November 2023), despite continued concerns of recessionary conditions, uncertainty around interest rates and the Fed rate hike profile, negative sentiment and weakness in the Chinese economy, geopolitical tensions which show few signs of abating, and the ever-present specter of high, sticky inflation. All of these are headwinds, and yet markets have continued to grind higher. There was a falter in the third quarter, which saw generally negative returns across the board with significant volatility in bond markets and yields spiking, but markets returned to optimism and again rallied into year-end.
  • Broad equities were positive with the US being a notable outperformer (see chart 1)—its head start earlier this year thanks to mega-cap tech names has kept it in the lead (see chart 2). Meanwhile China equities have continued to underperform amid negative sentiment and outflows from the market.
  • Overall fixed Income was also positive with high yield continuing to be the relative outperformer, with a lower duration and less sensitivity to rates, which helped to maintain reasonable spreads. Recessionary risks are still pushed out, keeping default risks contained.
  • Commodities have held up year to date, although more recently have faced near-term pressures.

The Fund returned 8.53% year-to-date 20231. Portfolio de-risking marked much of the year given concerns around a recessionary outcome and elevated default rates that could impact the riskier segments of the High Yield allocations. The team cut exposure to the more speculative grade credits, including CCC-rated bonds and emerging-market (EM) issuance. In turn, the team increased the portfolio’s positions in developed market investment grade (IG) bonds, navigated markets through asset allocation decision making across equity sectors and opportunistically implemented call-writing on high yield (HY) indices, in addition to the more persistent income generation from the call and put writing on equity indices.

Chart 1: 2023 year-to-date major asset classes performance (%)2

Chart 2: 2023 year-to-date global equity sectors performance (%)2

More importantly given the primary objective of the portfolio is to deliver an attractive income outcome, the Fund has delivered an average payout yield of 7.6% since inception for the AA (USD) MDIST (G) share class3.

On a year-to-date basis2, drivers of performance have largely been from equities, particularly the more growth oriented names in consumer discretionary and tech Sectors which have led the market rally, as further rate rises, and potential subsequent rate cuts, became re-priced into markets next year.

Detractors to the portfolio on a year-to-date basis have been some regional US bank issues, a Healthcare equity name and a US chemical manufacturing company.

Recent data releases around a moderation of inflation expectations, soft ISMs (Institute for Supply Management indices) as well as a softer US labour market support our view that the Fed is likely at (or very near) peak rates. We see the Fed having largely contained the inflation cycle and are now pivoting to contain the business cycle. Looking ahead into 2024, we maintain our base case that the US economy should weaken in the coming months. The expected deteriorating economic conditions could push the Fed into cutting rates in the second half of 2024 in order to manage the business cycle. In saying that, US rates remain elevated compared to previous years and can sit at elevated levels should the US economy remain robust or fare better. Given our belief that the downturn has been postponed rather than cancelled, we continue to forecast that recessionary conditions will envelop much of the globe. We also expected continued near-term market volatility.

Fixed Income

The Fund was incepted in 2019, during a low-rate environment and had an initial payout of approximately 7.5%4. When the Fed started its rate hike cycle around 2022, the Fund’s distribution yield was able to capture those higher rates and therefore the annualised dividend yield increased gradually to 8.3–9% into 20235 , alongside a cumulative Fed rate increase of +525 basis points.

If US rates decline in 2024, we believe the Fund can still produce yields like those seen historically, with 80% of the Fund’s income coming from fixed income securities and option writing. The Fund has over 700 names and taps into a diverse breadth of traditional and non-traditional income sources. Within the fixed income segment of the Fund, the team are able, where appropriate, to shift their focus across the quality spectrum, across different market environments, from higher quality investment grade securities (including investment grade bonds and select sectors within preferred securities) for defensive positioning, to high yield opportunities across developed and emerging markets during periods when there is an increased appetite for risk. Income remains the primary objective and therefore the team are looking for fixed income securities issued from corporates that have transparent cashflows in order to sustain their coupon payments.

Positioned to mitigate high yield refinancing risks

While adding high yields can provide a higher income to the Fund, credit quality and risk management are equally important. Over the past 12 months, markets have expected a recession, during which the lower-rated issuances had a higher chance of default. If the recessionary picture recedes, we could assume increasing high yield and EM debt exposures – the latter where we see good spread opportunities and where valuations look attractive.

In the US high yield market, refinancing risks are uppermost in investors' minds. Nearly USD100 billion of debt matures over the next two years, representing almost 10% of the high yield universe (see chart 3).

Mindful of this, the team have aimed at mitigating refinancing risks by gradually shifting away from speculative grade credits towards the BB rated and investment grade buckets. The fixed income component of the Fund holds less than 2% of its assets in US high yield credit maturing over the next two years6. While interest rates remain elevated, the team prefer strong balance sheets with no near-term maturities when lending to highly leveraged issuers.

If the outlook for the dollar becomes more pessimistic following the expectations of a rate cut, the Fund could look at establishing positions in local-currency debt (which were not overly explored in 2023) and add emerging markets foreign exchange exposure.

Chart 3: Percentage of US high yield benchmark maturing within 2 years7

Options

Flexible option writing implementation

Option writing implementation has been persistent throughout the year and has been a solid contributor to income generation through option premium capture, by adjusting the percentage of equities with a call-writing structure, altering strike rates, and increasing the frequency of implementation, to take advantage of variations in implied volatility.

Option writing is persistent each month on global and regional equity indices and ETFs. Call over-writing has historically been implemented on equities. However, where appropriate, the team have also implemented call writing on high yield indices where there is a tactical view on spreads.

An important point to note about the key features of the Fund is not only the diversified nature of the portfolio, but also the in-built flexibility of the portfolio to shift across fixed income and equities, across geographies, foreign exchange, emerging markets (EM) versus developed markets (DM), take opportunities in Europe, Asia and or Japan, when permitted, as well as vary option writing implementation. In regards the latter point, where there is high conviction of equity market upside the Fund could remove call writing in order for the equities in the portfolio to participate in market upside. Likewise if there is a view of elevated valuations and limited near term upside, the team have the flexibility to write more calls in order to sell away potential upside for income today.

Declining rates do not necessarily lead to lower option premiums

Mathematically, higher interest rates lead to higher call premiums; the higher forward more than offsets the increased discount factor. However, this effect is small for the shorter tenors the Fund deploys and would nonetheless be drowned out by the market impact of the interest-rate regime.

Some economic regimes, such as falling rates, are associated with declining implied volumes and lower premiums, especially if the rate drops due to softer inflation, etc. In other scenarios, a fall in rates is due to a market selloff, which increases premiums.

Chart 4: Correlation between the daily change in one-month “At the Money” implied S&P volatility and the daily change in the US 5-year government yield8

Equity

Focus on quality equities and sector rotation

In the current environment, the team have added equity exposure to capture growth and have held overweights in IT and Consumer Discretionary albeit less overweight currently than the Fund was a few months ago. If the rate landscape pivots, the team could look to rotate into higher allocations in the relatively higher-beta sectors to reflect a change in bottom-up fundamentals and/or the macro and market backdrop. Also, the team could add some growth-oriented names as rates decline. The team however do not foresee significantly higher overall equity allocations, as this would sacrifice allocations to fixed income and, therefore, sacrifice yield.

Recent positioning across the equity component of the Fund has been to add more to Healthcare names given some attractive fundamentals and stock specifics, as well as reducing the underweight to Industrials. The team have an overweight towards IT, Financials, Healthcare, Consumer Discretionary and Energy whilst underweight in Industrials, Communication Services, Consumer Staples and Utilities equities.

In terms of geographical allocation, the Fund’s equities have long focused on developed markets (with a US bias), with little emerging market or Asia exposure, even though the portfolio has the capability to do so.

Should we anticipate performance of non-USD assets starting to improve, a switch into Asia, China, broad EM or Europe is possible if better growth, valuation opportunities or catalysts emerge.

Conclusion: Tactical Asset Allocation shifts expected within the key drivers of the Fund

In the prevailing uncertain environment, expectations for 2024 will remain just as important to ensure a flexible allocation in order to navigate the extent to which deglobalization continues to influence fragmented behaviours and the impact it has on supply chains and inflationary pressures. No matter how the market or rates evolve, the principal objective of the Fund – maintaining a high and relatively stable income profile – is expected to remain consistent. While we anticipate name/sector shifts across asset classes to be driven by bottom-up fundamentals, the Fund’s overall asset allocation is expected to be dominated by Fixed Income exposures to drive yield generation, whilst obtaining exposure to equities for earnings growth and where appropriate generating yield through option premium capture.

Income investing has become a relatively more attractive theme for the investor community as rates are expected to sit at higher levels over the coming year. We believe a multi-asset income focused approach offers broad diversification, risk mitigation whilst consistently seeking to deliver a high sustainable income profile.

 

1 As of 30 Nov 2023. Class AA (USD) MDist (G) on NAV-to-NAV basis. The class returned 3.10% year-to-date 2023, on offer-to-bid basis. Since inception (25 April 2019), the class returned 2.03% (annualised) on NAV-to-NAV basis and 0.90% (annualised) on offer-to-bid basis. Performance figures are calculated with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. 

2 Source: Bloomberg, FactSet, data as of 30 November, 2023. Performance is in USD and total return. Equities indices represented by MSCI indices. Preferred securities = ICE BofAML U.S. All Cap Securities index; EM Debt = JPM EMBI. Asian Dollar Bond represented by Markit iboxx index. Global high yield bond = Bloomberg Global High Yield total return index unhedge. Global Investment grade bond represented by FTSE indices. Commodities = TR CRB Index. US dollar = US dollar index. Past performance is not indicative of future performance.

3 Source: Manulife Investment Management. Payout yield applies only to AA (USD) MDIST (G) class, as of record date 31 October 2023. Dividend rates and dividends are not guaranteed. Dividends may be paid out of capital. Please note that a positive payout yield does not imply a positive return. Average payout yield for a share class incepted for less than 1 year is calculated as the cumulative payout yield since inception. For share classes incepted for more than 1 year, the average payout yield is calculated based on a simple average of the annual dividend yield since inception. Fund inception date: 25 April 2019.

4 Annualised yield = [(1+distribution per unit/ex dividend NAV)^distribution frequency]–1, the annualised dividend yield is calculated based on the latest relevant dividend distribution with dividend reinvested, and may be higher or lower than the actual annual dividend yield. Dividend is not guaranteed. 

5 Source: Manulife Investment Management, as of 30 Nov 2023. Annualised dividend yield = [(1+dividend amount per unit/ex-dividend NAV)^payment frequency]–1, the annualised dividend yield is calculated based on the latest relevant dividend distribution with dividend reinvested and may be higher or lower than the actual annual dividend yield. Distribution yield applies only to AA (USD) MDIST (G) share class. Dividend rate is not guaranteed. Dividends may be paid out of capital. Please note that a positive distribution yield does not imply a positive return. Past performance is not indicative of future performance. 

6 As of 30 November 2023. Information about the portfolio holdings is historical and is not indication of the future composition. Diversification or asset allocation does not guarantee a profit nor protect against loss in any market.

7 Source: BofA Securities, 1 November 2023. US high yield benchmark refers to ICE BofA US High Yield Index.

8 Source: Bloomberg & Manulife Investment Management, data as of 16 November 2023. 

Important Information

Manulife Global Fund (the “Company”) is an open-ended investment company registered in the Grand Duchy of Luxembourg. The Manulife Global Fund – Global Multi-Asset Diversified Income Fund (“the Fund”) is recognised under the Securities and Futures Act of Singapore for retail distribution. The Company has appointed Manulife Investment Management (Singapore) Pte. Ltd. as its Singapore Representative and agent for service of process in Singapore. 

The information provided herein does not constitute financial advice, an offer or recommendation with respect to the Fund. 

Opinions, forecasts and estimates on the economy, financial markets or economic trends of the markets mentioned herein are not necessarily indicative of the future or likely performance of the Fund. The Fund may use financial derivative instruments for the purposes of investment, efficient portfolio management and/or hedging. Investors should note that the Fund may have a high volatility to its net asset value as a result of its investment policy or portfolio management techniques. 

Investments in the Fund are not deposits in, guaranteed or insured by the Manager and involve risks. Past performance of the manager or sub-manager is not necessarily indicative of its future performance. The value of units in the Fund and any income accruing to them may fall or rise. Past performance of the Fund is not necessarily indicative of future performance. Investors should read the Singapore prospectus, and seek advice from a financial adviser before deciding whether to purchase units in the Fund. A copy of the Singapore prospectus and the product highlights sheet can be obtained from Manulife or its distributors. In the event an investor chooses not to seek advice from a financial adviser, he should consider whether the Fund is suitable for him. 

Distributions are not guaranteed. Investors should refer to the Singapore prospectus for the distribution policy of the Fund. The Directors of the Company shall have the absolute discretion to determine whether a distribution is to be made in respect of the Fund as well as the rate and frequency of distributions to be made. Distributions may be made out of (a) income, or (b) net realized gains, or (c) capital of the Fund, or (d) gross income while charging all or part of the fees and expenses to capital, or (e) any combination of (a), (b), (c) and/or (d). Past distribution yields and payments are not necessarily indicative of future distribution yields and payments. Any payment of distributions by the Fund is expected to result in an immediate decrease in the net asset value per share of the Fund. 

This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. 

Information as at 20 December 2023. 

 

 

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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