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How can multi-asset investing help today's income seekers? 

16 November 2022

Emilie Paquet, FSA, Head of Strategic Initiatives and Innovation, Multi-Asset Solutions Team

Jeffrey Kan, CFA, Senior Portfolio Manager, Multi-Asset Solutions Team Asia

Paul Kalogirou, Managing Director, Client Portfolio Manager, Multi-Asset Solutions Team, Asia

 

 

 

 

Key takeaways:

  • Multi-asset classes can provide diversified income sources
  • Having an agile investment approach matters during volatile times
  • Accumulate savings with future income needs in mind
  • Generate and protect income streams with multi-asset investing
  • Consider non-traditional assets or natural-yielding tools

Where to find income in today’s tumultuous investment world? This is one challenge often faced by investors of this generation. In Asia, major cities have seen home prices rise by 19% on average in the last five years. Meanwhile, the average wage growth in Asia has fallen short, rising only 3% on average over the same period.1 Higher inflation outpacing income growth is just one of the many challenges that investors in the region are facing. The easy days of predictability are over. In recent years, there has been no shortage of surprises including stock market volatility and interest rate rises. How can regular investors find stable and sustainable income to meet their long-term objectives, particularly in today’s inflationary and unpredictable investment environment?

What’s more, how can investors use their income (from active employment or savings) to cover future expenses and will it last beyond retirement? Finally, where can individuals find diversified sources of higher income? We discuss how investors in challenging and uncertain times can achieve relatively more reliable and potentially higher income throughout their lifetime.

 

Positioning for income in a changing investment world

There has been no shortage of market crises in the last decade. In fact, the twist and turns in economic cycles have provided a valuable lesson for income-seeking investors: do not limit yourself to one asset class or rely on capital gains to harvest income — multi-asset investing can create diversification benefits and potentially higher income in a volatile market.

Historically, traditional assets dominated in the past decades and provided sources of income by paying out from capital gains. Asian and US equities, for instance, gained 66% and 43% respectively from 2002 to 2008 as income-seeking investors enjoyed the income stream profited from an economic boom.2 US Treasuries (10-yield rose to average 4%) also provided another stable source of income during the same period. However, the tides have reversed since 2018 and non-traditional assets are beginning to make headways. For example, commodities have risen by 33% in the last four years, whereas global REITs have risen by 4% in the last two years.3

Who will be the winners and losers of income in the next decade? And how can income-seeking investors opportunistically position a portfolio going forward without taking on unwanted risk? Where can they find stable sources of income from natural yields (the cashflow generated from investments)? Let us illustrate how to position income-focused portfolios in today’s world.

Part A: How today’s investors can position for higher income

Step 1: Take an agile investment approach

A flexible investment approach that can timely shift between asset allocations during market volatility can help stabilize a portfolio’s income stream. We compared Investment Grade yields vs the MSCI USA High Dividend Yield index4, and found both asset classes provided comparable income (yields) from 2012 to 2018. (Chart 1)

The difference between the two asset classes has widened in recent years. From 2019 to 2021, dividend-paying equities have been paying more income than investment grade bonds, while also offering the opportunity for earnings growth. However, since 2022 investment grade yields have moved significantly higher than their dividend-paying equities and are generally considered lower risk. This highlights why, as the investing environment changes, a more agile investment approach might benefit from the flexibility of shifting between two asset classes.

Chart 1: Yield (%) comparison between US investment grade bonds and dividend-paying equities

Source: Bloomberg as of 30 September 2022. The Bloomberg US Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market and USD denominated securities publicly issued by US and non-US industrial, utility and financial issuers. The MSCI USA High Dividend Yield measures securities with dividend yield of at least 30% higher than the respective parent MSCI equity index and a non-negative 5Y Dividends per share (DPS) growth rate.

Step 2: Save (accumulate) well, you’ll need to withdraw income later

In this scenario, we show why it’s critical to determine the frequency and magnitude of future income needs early on. Let’s take Mike (40 years old, average income earner) for example. He is in his accumulation (asset growth) phase. He is employed and receives active income from working, but he also saves for forthcoming family expenses and retirement with a longer-term horizon. During this phase, Mike begins contributing to his regular savings plan at Year 1, focusing on growing and accumulating his assets. He expects a 4% average return on his savings capital for the next 25 years.

Mike has two funds to choose from: Fund A (a multi-asset fund with an income focus)5 and Fund B (generic multi-asset fund)6. Both funds can invest in a diverse mix of equities, fixed income and equity-related securities. The main difference is that Fund A has an income-oriented goal of generating high, stable income throughout the investment period, whereas Fund B is a generic fund with no such goal. If Mike does not make any withdrawals from this capital pool, both funds (A and B) will provide a 4% annualized return over the 25-year period. (Chart 2)

Chart 2: An income-focused fund (A) can provide a more stable path of returns than a generic fund (B)

Portfolio Value ($ thousands)

  • Fund A and B annualized return over the 25-year period: 4%
  • Volatility (standard deviation of returns): Fund A is 2% and Fund B is 11%

The above asset allocation is for illustrative purpose only and does not represent the actual investment.

However, the path of return with Fund A (income-oriented fund) will be less volatile during market ups and downs. If Mike does withdraw (to satisfy his income needs) during the accumulation phase, his capital pool might fluctuate more (and might suffer a capital loss in the end) during the ups and downs if generic Fund B is held instead of income Fund A. For example, Mike begins with $100,000 in his portfolio at Year 0. At Year 2, there is a market downturn and the value of Mike’s portfolio either rises to $104,038 with income Fund A or declines to $84,550 with generic Fund B. Similarly, at Year 23, Mike is two years shy of retirement, his portfolio value is either $245,230 with income fund A or $199,850 with generic fund B, depending on which fund he chose at the beginning.

Beware of early capital depletion and the sequence of returns

In this scenario, even though Fund B (generic) enjoyed some periods of market upturns (Years 5, 10, 15, 20 and 25), too many negative returns early on, coupled with constant withdrawal amounts will simply deplete Mike’s accumulated capital pool. In fact, Mike would not have enough capital to withdraw during market downturns (Years 2, 7, 12, 17 and 22), when he is most likely to need income. We believe investors should diversify into multi-asset income investments to avoid a negative sequence of returns, which could seriously impede the individual’s ability to realize stable income while making his or her capital last until the end.

Part B. Natural yields and other tools in multi-asset income investing

In the last decade and beyond, traditional sources of income have run its course and investors need to find and diversify into alternative and natural-yielding sources of income.

We believe the portfolio construction process begins with a specific objective: a high level of consistent, stable income, without jeopardizing the volatility of the overall strategy, and minimizing investor exposure to outsize risk. For sustainable long-term income, a multi-asset portfolio can be customized to achieve higher natural yields (the cash generated from invested income sources) that are closer to or even equal to a portfolio’s overall payout target, whilst minimising the reliance on capital appreciation of the underlying growth assets within the portfolio.

A portfolio with reasonably high natural yield in relation to its overall payout, can help an investor in generating a decent income from the underlying investments (rather than selling your investments to fund your spending). This could be dividends from equities, or the coupons paid on bonds. Natural yields can be an attractive investment tool, particularly during the decumulation phase whilst in retirement for example (when increased withdrawals are required). If the underlying natural yield of a portfolio is sustainable, that helps investors meet their monetary goals, there is less incentive to sell those assets. Relying on natural-yielding income, rather than a reliance on the asset appreciating in value — which may be challenged in a negative market environment, gives your capital a longer-term investment horizon to grow, and possibly ride through any downturns; thus, maximizing the chance of the capital lasting longer.

Moreover, a multi-asset portfolio can give investors access to a wider range of income-generating assets, as well as greater depth and diversification within asset classes.

Here are the diverse sources of income that could be found in a multi-asset portfolio:

1) Higher-yielding fixed income and equities (investment grade, high yield, and emerging market bonds and global equities)

  • High-yield bonds are generally less sensitive to interest-rate rises, hence can be more cushioned against a significant rise in rates. Higher yields can also be captured in rising rate environments.
  • Emerging market bonds offer higher carry and a selection of USD denominated or local currency debt.

2) Non-traditional/alternative income (preferred securities, REITS, option-writing)

  • Preferred securities can provide income and relatively lower credit risk, with traditionally less volatility than equities.
  • Real Estate Investment Trusts (“REITs”) can provide income, with traditionally less volatility than equities whilst also providing an element of inflation protection.
  • Options writing can provide the potential to enhance yield by selling options (covered call/puts)7 and collecting the premium as an income source. The premiums collected not only enhance the income profile but could also provide a downside buffer to equity market drawdowns (see Chart 3). This could lower downside risk and volatility of the strategy versus owning cash equities. Option writing could also take advantage of rising volatility.

Chart 3: Options writing can potentially provide income and limit maximum drawdowns (index returns from July 1986 to May 2019)

Source: Bloomberg, CBOE, S&P. Data from July 1986 to May 2019. Sharpe ratio measures the risk-adjusted return of index by calculating the average investment return, minus the risk-free rate, divided by the standard deviation. Maximum drawdown measures the largest decline in the value of the index from peak to trough. It is not possible to invest directly into an index. No investment strategy or risk management technique or guarantee returns or eliminate risk in any market environment. It is not possible to invest in indices.

 

Therefore, in a highly volatile and uncertain environment, multi-asset investing provides investors with a flexibility to access income tools that could provide downside protection – which would not only better preserve capital for investors in a particular year, but also help investors avoid a negative sequence of returns. This would greatly help an individual’s ability to realize stable income while making their capital last longer. Furthermore, an investor could re-invest cashflows achieved from income generated by a multi-asset income portfolio. In the next section, we’ll highlight the challenges that income seekers could face in the next cycle, and our outlook towards asset classes that provide the highest potential for income investors.

Part C: Tomorrow’s income challenges and our approach today

Global risk markets are likely to face a few headwinds, in the short term at least: inflation is likely to remain elevated for some time, a hawkish Fed profile, rising rates and a stagflationary macro backdrop (elevated inflation, slowing growth). Despite these exogenous shocks, growth in the Asia-Pacific region is still holding up relatively well, having benefited from the reopening of global supply chains and favourable demographics and consumption trends. More than half of the region’s economies saw their annual inflation ease in the third quarter.8 Should this trend continue, it could support a shallow and shorter tightening cycle in Asia relative to other regions.

Under a challenging period for risk markets, we believe multi-asset investing with the agility to shift allocations across asset classes and geographies can still help to generate income within a market downturn.

As we approach the final innings of the economic slowdown, we see opportunities in select government bonds, as well as high-quality equities (stocks that offer the prospect of capital appreciation in addition to dividends). (Chart 4) These are stable businesses with solid balance sheets and companies which show ongoing earnings resilience, potentially offering relative protection if earnings come under pressure. Select commodity-related economies could also benefit from tight supply dynamics. Where appropriate, multi-asset income-oriented portfolios could use option-writing strategies to harvest option premiums, which can enhance portfolio yields.

Chart 4: Asset allocation during the stages of the economic cycle

 

 

Interest rate hikes are expected to gradually peak near the end of an economic slowdown, while rates tend to decline during a recession as loan demand slows and monetary policy eases. We believe the outlook for these asset classes are well-positioned for the current market cycle:

  • Short-term government bonds typically are less sensitive to rate changes than long-term bonds but yield higher interest rates than money market funds.
  • Defensive sectors are those parts of the economy that have historically held up well during economic downturns. Consumer staples, healthcare and utilities have been regarded as defensive sectors and have outperformed the broad market thus far this year.9
  • In a recession, defensive assets could also include long-term government bonds. Investment grade bonds could constitute as higher quality assets.
  • High quality equities are companies that can provide stable earnings, cash flows and dividend payments with the ability to weather weakening economic conditions. These include “dividend growers” which are companies that have consistently increased dividends. We focus on a company’s dividend growth rate being able to outpace the inflation rate over the long run. This may reduce the risk of investing in “yield traps” —those companies with high dividend yields due to large stock price declines. Research finds that dividend growers have outperformed as much as 6% during market sell-off periods and as much as 4% in a rising rate environment. (Chart 5).

Chart 5: Dividend growers have outperformed during market sell-offs and rising rates

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Source: Bloomberg as of 30 September 2022. The S&P U.S. Dividend Growers Index is designed to measure the performance of U.S. companies that have followed a policy of consistently increasing dividends every year for at least 10 consecutive years. The index excludes the top 25% highest-yielding eligible companies from the index. It is not possible to invest in indices.

Should a portfolio also deploy dynamic asset allocation drivers, a portfolio’s income can be harvested and managed from diversified sources. The reason why multi-asset income investing is so important for income seekers is because each sector of the economy or asset class can perform differently from another at any given time in a market cycle. We can also find compelling investment opportunities down in the capital structure that offer a better natural-yielding income and return profile, focus on risk-adjusted returns and find opportunities that are less sensitive to rising interest rates, while moving between different income segments during fluctuating economic cycles.

Opportunities await with multi-asset income investing

In this decade, there is an increasing and urgent demand for sophisticated “outcome based” investment solutions for investors. These solutions, which essentially have their core investment process customized to a specific outcome, are becoming more advanced in their design and construction. Investment managers with a more agile approach to asset allocation can fine-tune these solutions more precisely to investor needs. Specifically, the demand for multi-asset income investing is rapidly gaining traction, thanks to an aging population and its insatiable demand for income. Research shows that by 2050, the elderly population in Asia will account for 63% of the world’s aged population10. Asia must develop its own retirement income solutions to cater for its diverse demographics. The same study indicates Asian middle-income workers are saving for retirement but need focused solutions that provide stable income streams as persistent inflation erodes their self-made earnings. Market volatility from an uncertain geopolitical environment, as well as regulatory requirements/tax considerations and compliance of ESG (environmental, social, and governance) standards, could also impact one’s investment decisions. While these factors present challenges, they can create fresh income opportunities for today’s multi-asset investors.

 

1 Bloomberg for period 30 September 2017 to 30 September 2022. Based on data available for nationwide residential property prices for Hong Kong, Singapore, Japan, China, India, Indonesia, Korea, and Thailand. Based on data available for annual wage growth for Hong Kong, Singapore, India, Indonesia, and Thailand, total remuneration cash or in kind for Japan and disposable income per capita for China for 30 September 2017 to 30 September 2022. Based on data available for annual wage for Korea for 30 September 2021 to 30 September 2022.

2 Bloomberg for period 30 September 2002 to 30 September 2008. Based on data for MSCI AC Asia Pacific index and Dow Jones Industrial Average index.

3 Bloomberg data for Commodities is measured by S&P GSCI commodity index for 30 October 2018 to 30 September 2022. Global REIT is measured by FTSE EPRA Nareit Global REITs Index for 30 October 2020 to 30 September 2022.

4 A proxy for a diversified mix of relatively reasonable quality, dividend-paying equities. It is not possible to invest in indices.

5 Fund A strategy aims to generate high, stable income through multiple income sources. It is a diversified portfolio of equity, equity-related, fixed income and fixed income-related securities of companies and/or governments globally.

6 Fund B strategy does not specify an income objective. It is a diversified portfolio of equity, equity-related, fixed income and fixed income-related securities of companies and/or governments globally.

7 Selling options (the portfolio) give investors (the buyer) the right - but not the obligation - to buy (in the case of calls) or sell (in the case of puts) an underlying instrument at the contractual strike price. Investors pay a premium for the right to exercise that option at the strike price.

8 Manulife Investment Management, Global Macro Outlook Q4 2022: A difficult climb ahead, September 2022.

9 MSCI, based on index factsheets of MSCI USA Consumer Staples Index (USD), MSCI USA Health Care Index (USD), MSCI USA Utilities Index (USD) as of 30 September 2022.

10 Manulife Investment Management,  Diverse Asia whitepaper, November 2022.

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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.

 

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