5 March 2026
The Asian Equities and Asian Fixed Income team assess the recent Middle East developments and implications for Asia asset classes.
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%) .
The real asset renaissance: securing power, materials, and energy in a deglobalized world
Global supply chains are being reshaped by deglobalisation, geopolitics, and the race for energy and technological security, shifting the focus from efficiency toward resilience. In this environment of higher costs, persistent inflation pressures, and constrained supply, real assets may play an increasingly important role in helping investors navigate uncertainty and capture long‑term structural trends.
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.
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