20 June 2025
Kai Kong Chay, Senior Portfolio Manager, Greater China Equities
Wenlin Li, Senior Portfolio Manager, Greater China Equities
Ben Yu, Head of Equities, Taiwan Region
The latest Greater China Equities Outlook highlights how the Greater China equity investment team navigates global uncertainties and invests through the lens of our GCMV (growth, cash generation, management, valuation) investment framework via the “4A” positioning: Acceleration, Abroad, Advancement, and Automation.
Despite macro headwinds and geopolitical tensions, Greater China continues to demonstrate structural resilience and innovation-led growth. Our investment team remains focused on identifying opportunities aligned with long-term trends:
Acceleration: We favour niche and service-oriented consumption leaders that are outperforming amid macro softness, such as specialty F&B, cosmetics, and tourism.
Abroad: Mainland China’s healthcare sector continues to globalise, with strong out-licensing momentum and novel drug modalities gaining traction.
Advancement: AI adoption is accelerating, driven by breakthroughs like DeepSeek. We see strong potential opportunities in cloud service providers and next generation of AI supply chain across Greater China.
Automation: Mainland China’s high-tech manufacturing and robotics sectors are thriving, supported by a robust domestic supply chain.
In Taiwan, we see renewed momentum in AI semiconductors, smartphone components, and network infrastructure, supported by global AI demand.
2026 Global healthcare equities outlook: Innovation supports healthcare’s long term case
Global healthcare equities showed resilience amid 2025 volatility. The defensive characteristics, coupled with remarkable therapeutic innovations in the biopharmaceutical, MedTech, and tools sub-segments of this sector, will continue to be rewarded with capital appreciation over a full market cycle. Current valuations relative to the broader market make for an attractive entry point today, and periods like this tend to lead to outperformance for healthcare stocks over the long term.
Semiconductors poised for long-term growth amid AI boom
The global semiconductor industry remains strong – arguably the most robust we have seen in over three decades. This strength is supported by cutting-edge innovation, rising revenues and robust capital spending. While risks remain, the outlook for 2026 appears constructive, with demand for artificial intelligence (AI) applications showing few signs of slowing. Beyond AI, the non-AI markets could be poised for positive revisions as cyclical recovery gains traction after several years of consolidation.
2026 Outlook Series: Manulife Global Multi-Asset Diversified Income Fund
In 2026, a clearer macroeconomic outlook is expected as momentum improves following strong 2025 drivers such as AI growth, energy transition, anticipated Fed rate cuts, and wider fiscal support. While the US Federal Reserve is likely to continue easing policy, diverse income opportunities remain across global markets, extending beyond traditional government bonds to high yield assets and option writing. Within this environment, the Manulife Global Fund – Global Multi‑Asset Diversified Income Fund (GMADI) remains with a clear and heightened focus towards income generation. The Fund seeks to deliver a high and consistent distribution income while maintaining exposure to long term capital growth opportunities.
Q&A: US equities outlook
Michael J. Mattioli, Portfolio Manager, share his current view on US equities market, where geopolitical uncertainty and AI-driven change coexist with compelling opportunities.
Navigating the global fixed-income landscape amid change: Question & Answer
Bradley L. Lutz, Senior Portfolio Manager, and Jeffrey N. Given, Head of Developed-Market Fixed Income, share their views on global fixed income amid geopolitical risk, divergent central‑bank policies, elevated yields, currency management, and selective opportunities in a volatile market environment.
2026 Global healthcare equities outlook: Innovation supports healthcare’s long term case
Global healthcare equities showed resilience amid 2025 volatility. The defensive characteristics, coupled with remarkable therapeutic innovations in the biopharmaceutical, MedTech, and tools sub-segments of this sector, will continue to be rewarded with capital appreciation over a full market cycle. Current valuations relative to the broader market make for an attractive entry point today, and periods like this tend to lead to outperformance for healthcare stocks over the long term.
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