2 March 2026
Paul Kalogirou, Head of Client Portfolio Management, Asia & Global Multi-Asset Solutions
Recent geopolitical tensions involving Iran have renewed focus on oil prices and their potential economic and market effects. Paul Kalogirou, Head of Client Portfolio Management, Asia & Global Multi-Asset Solutions, shares latest views on it.
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.
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.
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.
Fed hikes rates for first time since 2023 as expected
Today’s Federal Open Market Committee (FOMC) decision and press conference went smoothly—a welcome development, in our judgment, after the mixed signals that emerged from the Fed’s July meeting. The rate decision: A 25 basis-point (bps) hike, bringing the federal funds rate from 3.75% to 4.00%.
Beyond AI hype: How Manulife Global Multi Asset Diversified Income Fund (GMADI) evaluates long-term equity opportunities
AI continues to create potential investment opportunities, but we believe not every AI-related company will become a long-term winner. Rather than maximising exposure to the theme, the Manulife Global Fund - Global Multi-Asset Diversified Income Fund takes a selective and valuation-aware approach. In this investment note, we discuss the three characteristics we look for when identifying long-term winners and how these principles are reflected in the Fund's equity sleeve which currently maintains a constructive view on sectors such as communication services, healthcare, consumer staples and energy. This positioning reflects our bottom-up conviction in individual businesses whose long-term fundamentals, cash flow characteristics and valuations are viewed favourably by the investment team.
Asia High Yield has reached new highs; what’s next?
Asia High Yield (HY) bonds, known for providing an attractive source of income, present a very different opportunity set today compared to the pre-pandemic era. As discussed in our investment note from nearly a year ago, the asset class is no longer dominated by Chinese Mainland property developers. Instead, it has become more diversified, with investment opportunities spanning multiple areas, such as financial institutions, gaming operators, infrastructure providers, and selected frontier markets.
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