27 April 2026
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%)1.
1 Manulife Investment Management, as of 31 March 2026. Past performance is not indicative of future performance.
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.
Watching on the U.S. mid-terms? What history tells us about market performance and behaviour
As U.S. midterm elections approach in November, louder headlines may tempt some investors to wait on the sidelines. We believe history offers some useful context for understanding market behaviour around election cycles. Here is what decades of election-cycle data may tell us, and why patience has often mattered.
Navigating higher for longer rates: Scarce real assets, enduring demand
Real assets offer exposure to some of the most essential parts of the global economy, from energy networks and critical infrastructure to inflation-linked securities and selected real estate sectors. In a world of elevated geopolitical risks, shifting supply chains and ongoing inflation concerns, these assets can provide both resilience and diversification when traditional markets face pressure.
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%.
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