11 March 2026
Against a backdrop of elevated uncertainty, the Multi Asset Solutions Team (MAST) summarizes key market moves, and the potential cross-asset implications.
Recent public remarks by the U.S. President expressing confidence that tensions could ease in the near term, along with initial discussions between the G7 and the International Energy Agency (IEA) on the potential release of oil supply, contributed to a pull-back in oil prices – though any release decision remains pending. Meanwhile, the situation on the ground continues to evolve, with reported military activity involving the U.S., Israel and Iran across parts of the Middle East, as well as reported Iranian responses in the Gulf region. There have also been reports of increased military activity in neighboring areas of the region.
From a multi‑asset perspective, our strategies are typically constructed with diversified global allocations, meaning some segments may be more affected than others during periods of heightened uncertainty. In such environments, certain areas may be relatively more supported (for example, energy‑related areas and some parts of industrials), while others such as precious metals, infrastructure/real assets and utilities have, at times, shown relative resilience. We believe that maintaining a broad, balanced allocation diversified across geographies, regions and styles may help mitigate drawdowns, and that diversified allocation can provide a degree of resilience during periods of elevated uncertainty. Strategies designed with an income focus may also exhibit more defensive characteristics, while seeking to meet income objectives.
Additionally, given stretched valuations in parts of the market, valuation multiples may be tested over the course of the year – whether due to earnings outcomes, macro factors, or geopolitical developments. In that context, disciplined risk management and being selective is important through the remainder of 2026, and we believe maintaining flexibility to take advantage of opportunities as they arise can be helpful.
Asset allocation views on SpaceX IPO, Reopening of Strait of Hormuz, and the BOJ rate hike
The Multi Asset Solutions Team (MAST) provides asset allocation views on three recent developments that could influence markets in different ways: the SpaceX Initial Public Offerings (IPO), the reopening of the Strait of Hormuz, and the Bank of Japan’s (BOJ) rate hike. In our view, these events create mixed signals across growth, inflation and liquidity. Overall, the backdrop still appears uneven, and this may support a measured and selective approach to asset allocation rather than a broad increase in risk.
Global tech and semiconductors: what’s been driving returns and what to watch next
Semiconductors have been one of the strongest parts of global equity markets so far in 2026, with performance supported by a powerful mix of demand and improving fundamentals. The headlines have focused on artificial intelligence (AI), but the opportunity set is broader than a single theme or a handful of companies. As AI infrastructure expands, it is driving investment not only in high-performance computing chips, but also in the networking and power technologies that keep modern data centres running. At the same time, parts of the industry outside AI are showing early signs of stabilisation and recovery.
Global Multi Asset Diversified Income Fund (GMADI) update amid recent Middle East developments
Global markets turned to a risk off mode in March 2026 as rising geopolitical tensions in the Middle East eclipsed earlier optimism about growth and policy support. Equity and fixed-income markets declined as energy price shocks and uncertainty weighed on investor confidence. However, the diversified portfolio construction and income generation focus supported the Manulife Global Fund – Global Multi Asset Diversified Income Fund (“GMADI” or “the Fund”) in delivering relatively resilient performance ( 4%) .
Asset allocation views on SpaceX IPO, Reopening of Strait of Hormuz, and the BOJ rate hike
The Multi Asset Solutions Team (MAST) provides asset allocation views on three recent developments that could influence markets in different ways: the SpaceX Initial Public Offerings (IPO), the reopening of the Strait of Hormuz, and the Bank of Japan’s (BOJ) rate hike. In our view, these events create mixed signals across growth, inflation and liquidity. Overall, the backdrop still appears uneven, and this may support a measured and selective approach to asset allocation rather than a broad increase in risk.
China Fixed Income: From deflation to reflation: what comes next?
Not another bubble: How semiconductors are powering a real future
Semiconductors sit behind almost every modern experience – from smartphones and cars to cloud computing and today’s AI tools – yet they remain largely invisible to most people. They are more than chips only, and the demand is being supported by several long-term forces. We believe that today’s semiconductor excitement is not a repeat of the dot-com bubble, as investment is tied to real infrastructure and revenue-generating services. And the opportunity is broader than a handful of headline AI names.
©1999 - 2026 Manulife Investment Management (M) Berhad (Registration No. 200801033087 (834424-U))
