27 April 2026
Ryan Davies, CFA Senior Portfolio Manager
Michael P. Evans, CFA Managing Director, Equity Client Portfolio Manager
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.
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 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%) .
2026 Mid-year outlook: Asian Fixed Income
In this Mid-Year Outlook, the Asian Fixed Income team explains this important change in monetary policy expectations, and why the asset class is well positioned to capitalise on it.
2026 Mid-year outlook: Greater China Equities
Greater China equity markets showed divergent trends in the first half of 2026, with China A-shares and the Taiwan Taiex index registering strong gains driven by resilient technology exports amid global demand for artificial intelligence (AI). Meanwhile, the MSCI China market pulled back, weighed by commerce subsidies amid fierce competition in food delivery and rising AI capital expenditure, which we believe have already been priced in. In this mid-year Outlook, we highlight five positive drivers for China and Hong Kong equities in the second half of the year. Furthermore, the team explains why it believes the Taiwan region’s technology sector should continue to enjoy positive momentum.
2026 Mid-Year Outlook Series: Asia Equities ex-Japan
Asia equities ex-Japan continued the significant momentum from 2025 with strong performance throughout the first half of the year. Amid numerous catalysts, June Chua, Head of Asia Equities outlines in this Mid-Year Outlook why she is constructive on the asset class for the remainder of 2026. Positive drivers include: potential geopolitical resolution in the Middle East and lower energy costs, supportive earnings and valuations, and differentiated growth drivers across the region.
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