Investments Unplugged

Is the greenback currently at an inflection point? Listen in as our Capital Markets Strategy Team weighs in on the U.S. administration's proposed economic and trade initiatives, including the Mar-a-Lago Accord—a modern echo of the 1985 Plaza Accord. Explore the implications of devaluing the U.S. dollar in today's global economy and learn more about trade deficits and some of the bold ideas from White House chief economist Stephen Miran. Can the U.S. dollar maintain its reserve currency status? Is multilateral cooperation even possible in today's geopolitical climate? Tune in to our podcast episode for all this and more

The magnitude of the U.S. administration's “Liberation Day” tariffs surely caught investors off guard. How did markets react to the news? Will U.S. trade policy reshape global trade dynamics? Join our Co-Chief Investment Strategists Kevin Headland and Macan Nia as they discuss the market's strong reaction to President Trump's announcement on April 2. Is this a policy play or part of a deeper structural shift? How will upcoming congressional outreach factor into the evolving economic picture? Stay on top of this rapidly evolving situation—don't miss out on our new podcast episode.

European equities have recently outpaced their U.S. counterparts, setting the stage for a potential resurgence in overseas markets. Is this the start of a significant rotation into European equities? Join our Co-Chief Investment Strategists, Kevin Headland and Macan Nia, as they underscore the current momentum driving European equities and discuss improvements in European manufacturing. Find out how a significant rise in defense spending across various European countries could help stimulate the economy through infrastructure, logistics, and other support service enhancements. Don't miss this insightful discussion—tune in to our latest podcast episode for all this and more!

Rising tensions, evolving trade policies, and potential tariffs have sparked widespread discussions—even going as far as rallying hockey fans on both sides of the Canada-US border. Are these policies merely a negotiation tactic, or do they signal a shift in North American trade dynamics? Join our Co-Chief Investment Strategists, Kevin Headland and Macan Nia, as they explore the latest trade developments and their potential implications for Canadian investors. In an in-depth conversation with Dominique Lapointe, Global Macro Strategist, Multi-Asset Solutions Team, we zero in on tariffs and trade disputes and examine their potential impact on Canada's economy. Tune in to our latest episode for insight on this evolving landscape.

2025 is in full swing! What can we expect from equity and fixed income markets as the year gradually unfolds? Our first podcast episode of 2025 is an absolute must-listen. Hear from our Co-Chief Investment Strategists Kevin Headland and Macan Nia, as they delve into the opportunities and challenges shaping the market landscape this year. Can we expect some volatility up ahead? No matter what's in store for investors in the coming months, it's important not to get overly cautious or fearful. Stay the course, and as always, remember to stay invested—especially when there are bumps along the way. Tune in as our experts underscore some of the key developments in 2025. This is one episode of Investments Unplugged you won't want to miss!

The festive holiday season is upon us and what better time than now to reflect and prepare for the road ahead. Don't miss out on this unique opportunity to hear from Kevin and Macan as they look to 2025 and share their thoughts on equity and fixed income developments. Will equity fundamentals continue to be a defining theme in the new year? What role will security selection and duration management play in the fixed income space? Tune in to the year's last episode of Investments Unplugged, as our experts delve into their base case, bull case and bear case scenarios for 2025. This is one episode you just can't miss. Be sure to tune in! Intended for Investment Professionals, investors should connect with their financial advisor for more information.

Data surprises, recession concerns, shifting U.S. Federal Reserve policy? What if building a resilient portfolio mattered more than predicting future outcomes. This month, our Co-Chief Investment Strategist Kevin Headland had the pleasure of sitting down with Mawer Investment Management's President and Portfolio Manager Jim Hall to discuss how patience and discipline play a crucial role in navigating volatile markets. Listen in as Jim delves into some of our flagship funds and reminds us to approach investing with a steady hand. As markets fluctuate, a well thought-out, long-term strategy remains the cornerstone of success. Here's to embracing the journey and mastering The Art of Boring in investing! Be sure to tune in to our podcast episode.

Here we are—100 episodes and 7 years later! This truly is a remarkable milestone for our Investments Unplugged podcast, which has seen roughly 86,000 downloads since the pilot episode aired all those years ago. In this month's celebratory episode, we get up close and personal with our dynamic hosts and Co-Chief Investment Strategists: Kevin Headland and Macan Nia. Take a trip down memory lane as they reflect on their careers and offer valuable insight to aspiring young investment professionals. Considering a career in markets or investing? Think you could benefit from the lessons they've learned over the years? Tune in as Kevin and Macan look through the rearview mirror and commemorate their 100th episode. This is one episode you just can't miss. Be sure to tune in!

Children are heading back to the classroom for yet another school year. What better time than now to reinforce our portfolios with lessons learned from our early childhood? This month, our Co-Chief Investment Strategists Kevin Headland and Macan Nia address economic concerns, equities and fixed income developments, and the art of managing volatility—all through the lens of some our favourite children's classics. Get ready to revisit some of your favourite childhood gems and gear up for the final stretch of 2024 with this truly unique perspective on markets. Don't miss out on this podcast episode.

The dog days of summer are over, and volatility is back with a vengeance. In just a short period of time, we've dealt with a messy unwinding of carry trades, shifts in Fed policy, and material developments on the U.S. presidential front. How has this clouded the bigger picture? Don't miss out on an opportunity to go behind-the-scenes with Sandy Sanders, our Senior Managing Director, and Portfolio Manager of the Manulife U.S. All Cap Equity Fund. In an interactive discussion moderated by our Co-Chief Investment Strategist Macan Nia, Sandy chimes in on everything from the U.S. economy to the ongoing A.I. frenzy, U.S. elections and rotations across market capitalizations. Tune in to our new episode to learn more.

Unruly markets, unpredictable interest rates and a possible resurgence in inflation—are all your income options on the table? In this podcast episode, we sit down with our newly appointed Head of Specialists and former Director of ETFs and Alternatives , Rob Wernic. In this interactive discussion, Rob underscores the need for alternative income investments, outlining the key differences between traditional income solutions and our new Manulife Smart Enhanced Yield ETFs. Tune in to our new episode to learn more.

Are you inundated with stories? One of the most important rules when making investment decisions is to avoid getting caught up in headlines. In this podcast episode, we chat with our very own Senior Portfolio Manager, Fundamental Equity Patrick Blais about the importance of blocking out the noise and making fact-based investment decisions. With an investment process that highlights cash flow as the real driver of economic value, Patrick and his team look to uncover the best ideas at attractive valuations. Tune into our new episode to learn more.

In part two of our happily, ever after series of Investments Unplugged, we continue to compare timeless tales to the current markets. In this conversation, we provide our updated outlook on bonds and discuss the outcome of global central banks starting their easing cycles. Tune into our new episode to learn more.

What comes to mind when we think of fairytales? Fairytales are a means to teach children about opportunities, risks, and how to navigate a complex world. While they usually end happily ever after, the path to get there is usually riddled with challenges. In part one of this two-part series of Investments Unplugged, we look at the economy and equity markets through a fairytale lens. We pay particular attention to how children's classics are relatable to managing risks and uncovering opportunities in the current investment landscape. Tune into our new episode to learn more.

Strengthen your defence and sharpen your offence with Manulife liquid alternatives. Join us as we unveil our two new alternative fixed-income solutions. Hear from the lead portfolio managers of these strategies Chris Chapman and Roshan Thiru as they outline their investment approaches and delve into the key differentiators that set their teams apart. Tune into our new episode to learn more.

Sticky inflation, economic uncertainty, and geopolitical risks. Now isn't exactly the time to let your guard down. Tune in to our new podcast episode with special guests Senior Portfolio Manager Eric Menzer, and Senior Managing Director Alex Catterick as they chat about private markets, alternative investments, and the importance of including real assets in your portfolios. Don't miss out on this special edition of Investments Unplugged.

Recession is a word that gets thrown around often. But what exactly is a recession and how does it impact investors? Join us for an in-depth Q&A session as we weigh in on a topic that's become front and center for investors. Find out what you can expect in a recession and why you shouldn't wait for one to prepare your portfolio. For all this and more, tune into our new podcast episode.

Dividend investing is evolving, and so should your approach. Tune in to our new podcast episode to learn about the unique set of challenges faced by dividend investors in today's environment. Hear from our very own Senior Portfolio Manager Chris Hensen as he weighs in on the shifting landscape and explores the dividend opportunity set through a different lens. Don't miss out on this special edition of Investments Unplugged.

Make no mistake about it, the economy is dealing with its fair share of challenges. But are there bright spots ahead? In this podcast episode, we sit down with our Global Chief Economist and Strategist Frances Donald, as she weighs in on the macro forces at play in 2024. Will global growth decline? Will central banks respond with rate cuts? For all this and more, tune in to Investments Unplugged.

Episode 89: A look ahead to 2024—addressing your unanswered questions (part 2) After patiently waiting for many months, signs that our fixed income outlook may be coming to fruition emerged at the end of last year. But what can we expect in 2024? In part 2 of our podcast episode, we focus on answering your frequently asked questions on fixed income. Are inflation risks behind us? Where are yields going? Are central banks done with their rate hikes? For all this and more, tune in to our new podcast episode.

With 2024 in full swing, what's our take on equities and bonds? Rather than sharing our views in our usual way, we've adopted a Q&A format to respond to some of the more pressing questions we've been getting on the road. Where's the economy headed? What are some of the main challenges for markets in the new year? To get your questions answered, tune in to our new podcast episode.

Consumer exhaustion is kicking in, yields have come down, and the economy is beginning to show signs of slowing. Since outlining our three-themed bonds outlook, we're finally getting an indication that it's coming to fruition. As we get ready to transition to phase 2 (“duration is your friend”), investors could embrace longer duration on expectations that yields will fall further and the economy will continue slowing. Will the headwinds that impacted bonds as yields rose become tailwinds when yields fall? For all this and more, tune in to our new podcast episode.

Episode 87: Under the microscope: looking closely at a potential recession Recession—it's a word that continues to dominate the minds of investors and economic scientists alike. We hear about it so often, it sometimes seems like our expectations and concerns magnify. Yet, there could be important information that some people don't see. Let's focus the lens a little and scrutinize some of the financial details. • What's a soft or hard landing, and can we expect one or the other? • Why has a potential recession been delayed? • Does the economic data tell us whether a recession is inevitable? • How will the anticipation of a potential recession continue to affect the markets? Zoom in for a better view.

School has started once again. And while students return to their classrooms and books, investors' minds turn to their portfolios, the economy, and the markets. But there's so much to learn when it comes to managing your investments. So, what subjects have currently reached the forefront for the Capital Markets Strategy Team? Three key investment themes are at the top of the class right now: • Prepare for near-term equity volatility amidst uncertainty. • Buying bonds is one thing; buying the right bonds is another. • Position your portfolios for tomorrow, not just today. There's the bell! Let's listen in.

Many topics waltz across the minds of investors. They twirl through our thoughts and sometimes step on our toes. Two things have been leading us lately: the rise of artificial intelligence (A.I.) and its role in the markets, and the recent surprise Bank of Canada interest rate hike. We won't dance around the subjects—there are relevant inquiries that we need to address: • Has A.I. played a role in what the S&P 500 Index been experiencing this year? • Are we seeing a replay of the 1990s dot-com bubble? • Why did the recent interest rate increase happen, and will it happen again? • How much of the current economic situation can monetary policy control? • What are the investment implications? Let's glide gracefully over the investment floor to answer these questions.

Every so often, we find ourselves swimming in a sea of similar-sounding questions about what's affecting or going to affect the markets. These inquiries come around on a regular basis, but do they hold any water when it comes to our investments? We brave the waves, look at some of these recurring questions, and ask, “As investors, do we care about this?” • U.S. debt ceiling discussions • Sell in May and go away investment strategy • periodic market rallies • seasonal market volumes Let's dive in and see what's beneath the surface.

Lightning struck some U.S. and European banks recently, and investors may be feeling like the jolt is still coursing through them. Frances Donald, Global Chief Economist and Strategist at Manulife Investment Management, joins the Capital Markets Strategy team to delve into current bank problems' effects on the investment world and spark discussion on related topics: • What's been the historical response to banking volatility? • How do we define financial stability? • Are interest rates likely to go up or down in the near or distant future? • Where does macroeconomics come into play in the investment cycle? • Has our outlook for the coming months changed? The markets may be somewhat charged right now, but stay positive.

Star Trek, 2001: A Space Odyssey, The Terminator, Blade Runner, The Matrix—artificial intelligence (A.I.) has been a recurring science fiction theme for decades. But in fact, A.I. has come to the forefront of many discussions around scientific advances. Robotics, deep-learning models, smart cars, ChatGPT, and so on—where is this technology headed? We look at some of the applications of A.I.: • caring for the elderly by using sympathetic robots • using facial recognition software as the main way to identify you • improving customer experience with personalized algorithms • benefitting from AI—areas that may be worth watching … and more. What we can do with A.I may be nearly unfathomable. Maybe we'll even create artificially intelligent chocolate chips someday—they'd make one smart cookie.

To bond or not to bond? That is the question. Whether ‘tis nobler in the mind to invest in bonds or guaranteed interest certificates (GICs) preoccupies many investors. Where would William Shakespeare put his money and why? Who knows? But we have reasons for believing bonds may be the better option for today's investors: • Looking back over past performance of Canadian bonds, they usually outperform GICs. • Historically, the outperformance of Canadian bonds is sizably higher than GICs per year. • Reinvestment risk could give lower returns from GICs. There are more things in bonds and GICs than are dreamt of in your philosophy—let's discuss them.

A new year has arrived. Many investors are breathing a collective sigh of relief that 2022 is done and are looking for indicators of better investment opportunities and returns in 2023. Financial needles point toward shifting economic conditions, but what types of changes will we see? • What are we looking at to help determine what the coming year may bring? • Will a recession happen? How bad could it be? • Where is inflation going? And what will central banks do in response? • Does it look like market volatility is settling down? • Are equities or fixed income looking more attractive? Gauging the markets isn't an exact science. But the more we learn, the more likely we'll recognize the signs.

Cold and flu season struck and early and hard in 2022. It has also been a somewhat sick time in the markets this past year. Could 2023 give investors a chance to start easing the sniffles, coughs, aches, and pains of the volatility we've experienced? Let's use our stethoscopes and thermometers to examine three phases of potential opportunity in bonds moving forward: • the sweet spot—bond yields • duration is your friend—longer-duration and higher-quality fixed-income instruments • take on risk—when markets have fully priced in a recession Hot tea with lemon, a warm blanket, and a good investment strategy—just a few things that can make you feel better about your road to recovery.

This special episode features a discussion with our soon-retiring colleague and friend, Dan Janis, Co-Head of Global Multi-Sector Fixed Income at Manulife Investment Management. We get insights into Danny's life, career, and team, and what he's discovered about being a good advisor and sound money manager. • What has Dan learned about managing investments during his professional career? • Is there something Dan wishes he could tell his 10-year-old self, given the opportunity? • Which key skills should an advisor develop? • What's the best thing advisors can do for their clients? Retirement isn't the end of the road, it's the beginning of the open highway.

Episode 77: Eyeing the bond markets Unusually painful performance in fixed-income investments this past year seems to be blurring investors' vision. We see potential opportunity in current and future economic conditions. Is fixed income worth a second look? Let's turn our sight to some financial factors related to bonds: • how a recession can affect the fixed-income market • where we are in the current bear market cycle • U.S. Federal Reserve's interest-rate cycle to combat inflation • historical relationship between bonds and equities • yields vs returns … and more. And why are some people eyeballing used cars lately?

For children, school has begun again. For investors, school is never really out. What subjects should you pay attention to? Will the bell ring to end to the unexpected market volatility of 2022? Our resident Capital Markets Strategy instructors have written some relevant topics on their chalkboard. They cover: • rising inflation and interest rates • economic slowdown • earnings being priced into the markets • possibility of a recession • investing over the coming months And in this episode, we introduce a new segment on what's making recent media headlines. Class is in session.

With in-person interactions once again becoming the norm, this summer, the Capital Markets Strategy team has been criss-crossing the country, meeting with advisors and clients, and speaking at events. We're truly enjoying the face-to-face interaction and responding to inquiries from people we meet. Wherever we go, some common questions are popping up—questions like: • Has weak market performance already been priced in? • How does the second half of 2022 look when compared to historical downturns? • Will we see a recession, and when? • How do bear markets play out over time? Let's delve into these and other questions we've been getting.

Bear markets aren't new—15 have happened since 1950—and some have been worse than others. What's happening with the current economy and market volatility, and when will it change? Previous selloffs and downturns may hold a clue to what we can expect for the rest of 2022. We take a look at: • what we can learn from past bear markets • the chance of a recession • effects of inflation and central bank actions • bond yields and opportunities • options investors may have to rebalance their portfolios. Bears of all sizes appear … but how long do they hang around?

Fixed-income markets have been going down a rocky road so far in 2022. Are we in for a continued rough ride? Or will the dirt path become a smoother highway for bonds in the near future? Roshan Thiru, Head of Canadian Fixed Income at Manulife Investment Management, joins the Capital Markets Strategy team to discuss: • bond activity and yields • what to look for with fixed-income investments • record-high inflation and its effects • maintaining a balanced portfolio … and more. Buckle up.

When camping in the woods, the last thing you want to run into is a bear—but if you do, there are things you can do that can help you live through such an encounter. Similarly, when investors face a bear market or the potential for one, there are ways to help protect yourself from being ravaged by a downturn: • Try to overcome your natural panic and fear; don't run. • Be familiar with the environment. • Take advantage of opportunities. • Don't be afraid of what goes bump in the night—if something is meant to harm you, it'll stalk you silently. We go through these rules in detail—and maybe we'll enjoy some s'mores back at the campsite later on.

Despite the lack of evidence, people tend to believe a middle child has certain personality traits and can be difficult to deal with. Investors may think of mid caps in similar ways. Jeff Mo, Portfolio Manager, U.S. Mid Cap Equity at Mawer Investment Management, joins the Capital Markets Strategy team to talk about the benefits that mid caps may provide for your investment portfolio. They cover topics like: • short-term vs long-term market trends • how market volatility can create opportunities • effect of inflation on companies' ability to generate returns • challenges of predicting the markets • importance of downside protection. Are you judging mid caps fairly?

Seven is often considered a lucky number. But luck doesn't usually factor into it when talking about recession indicators. The Capital Markets Strategy team discusses whether we're headed for a recession in the near future by looking closely at seven economic indicators they pay attention to: • 10-2 inverted yield curve • ISM Manufacturing Purchasing Managers Index • positive inflationary trends • tighter financial conditions. Wait, that's only four! … Not to worry, just listen in and you'll hear about the other three too.

Up … up … up—inflation has been rising, towering like Mount Everest over the economy. In response to this high inflation, on March 16, the U.S. Federal Reserve increased interest rates for the first time in about three years. Our Capital Markets Strategy mountaineers take a look at the path the Fed announcement may be climbing, hiking over areas like:market reactions to the Fed announcementquantitative tightening cyclesgeopolitical risk in Eastern Europeeffects of fluctuating oil pricesrecession and the 10-year Treasury yield.Take your pitons, ropes, and harnesses—we're about to ascend some interesting topics.

This month seems to be ending with a bang—literally. The tension between Ukraine and Russia has escalated, which has been affecting market volatility. The Capital Markets Strategy team looks at the global state of affairs through the lenses of historical, political, and investment data, covering topics like: • short-term and long-term effects of geopolitical and military situations • disruptive vs destructive events • the impact on commodities, especially oil prices • risk to investment returns … and more. Hear what the team has to say about the growing concerns in Eastern Europe.

Maybe it's time to take that fixed-income vehicle into the shop for a tune-up? Ace investment mechanics Dan Janis and Tom Goggins, from Manulife Investment Management's Strategic Income team, join the Capital Markets Strategy team to answer questions around what's happening in fixed-income markets, including: • Are fixed-income investments still worth holding? • What will the Bank of Canada and the U.S. Federal Reserve do to combat rising inflation? • How do emerging markets fit into the picture? • Where are investment opportunities presenting themselves? And what does this have to do with college football great Paul “Bear” Bryant? Listen to find out.

Our 2022 road trip has barely gotten underway and equity market volatility already has some investors wondering if they've secured their homes before leaving. What does the Capital Markets Strategy team think this recent short-term market weakness is likely being caused by? One word: uncertainty. In this episode, they discuss: • the recent market selloff • what the U.S. Federal Reserve may do with interest rates • the geopolitical scene — in particular, tension around Russia and Ukraine • what recession indicators and other economic signs could be pointing to … and more. There are always unforeseen bumps in the road. But does that mean we should turn around?

The investment journey over the next year may likely include a number of stops along the way, but the Capital Markets Strategy team sees the potential for it to be a scenic and enjoyable route. In this episode, the team looks at a number of important questions to prepare for the coming trip, including: • Is inflation going to rise or fall? • What do historical trends say about growth? • Equities and fixed income — should portfolio positioning change? • How do the effects of the COVID-19 pandemic factor in? • Will supply chain issues continue to affect production? The car tunes are on. Let's get moving.

The holiday season is finally here after a year that has had more twists than candy cane stripes. The busy elves in the Capital Markets Strategy workshop take a look back at some of the investment and economic themes of 2021 — some naughty, some nice. They wrap up the year end and tie a ribbon around topics like: • fixed-income returns and the 10-year Treasury yield • equities and credit • inflation and the cost of living • portfolio protection and asset allocation • the COVID-19 pandemic. Grab a cup of eggnog, hot chocolate, or apple cider, and listen in.

Stagflation — sputtering economic growth coupled with rising inflation. Groovy … okay, not really that groovy. Just what is stagflation and how does it affect the investment world? The Capital Markets Strategy team takes a closer look at this idea and the impact it has, covering things like: • how current stagflation differs from past stagflation • employment and wages • the price of oil as a consumption driver • interest rates and the U.S. Federal Reserve • the current inflation model. Can you dig that?

“Extra! Extra! Economy causing unease for investors!” The media has covered many stories about how economic activity has been less than anticipated to some degree or other. When we look beyond the headings and captions, what do we see? The Capital Markets Strategy team discusses some indicators to consider when trying to read the current markets: • oil and real estate prices • 10-year Treasury bond yields • inflation tapering and interest rates • debt and credit conditions … and many more. Get the full story.

What's the score on stocks? Are currencies inbounds? Should investors play through or go grab a drink from the 19th hole? Sandy Sanders, Head of U.S. Core Value Equity team at Manulife Investment Management, joins the Capital Markets Strategy team to look at current investment plays and conditions on the field, as well as: • economic health of Canada and the U.S. • earnings in cyclical vs staple businesses • valuation and returns in the technology sector • U.S. monetary policy Get ready to listen in. Fore! Batter up! Hut!

Good day, class, and welcome to our back-to-school session. We hope you had a great summer! Join the Capital Markets Strategy team as they lead us in a discussion about what has happened in 2021, so far, and what we might expect in the months ahead. They cover a lot of subjects this year, including: • fixed-income investments' lackluster performance • surprising performance of equity markets • continuing impacts of the COVID-19 pandemic • valuations and earnings growth • inflation's effects on the 10-year Treasury yield. Notebooks open? Ears ready? Let's listen.

Equities are up; bonds are down. Stronger economic gains and job growth in the U.S. and Canada seem to show that a recovery is in progress. But what happens next? The Capital Markets Strategy team looks back at the first half of 2021 and peers ahead to where we may be going in second half. They cover things like: • a possible equity market correction • increasing interest in emerging markets • valuation variations • what prices of commodities like corn, copper, and coffee may indicate • fixed-income risks and opportunities … as well as other topics. And what does all this have to do with inflation … or bears in the forest?