Emerging Markets Equity Strategy - Quarterly Market & Strategy Review - Manulife Investment ...
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Fourth quarter 2021 Emerging Markets Equity Strategy Quarterly Market & Strategy Review For a discussion of the risks associated with this strategy, please see the Investment Considerations page at the end of the presentation.
Multiple macro concerns pushed Emerging Markets lower in Q4
Current valuations favourable, particularly quality growth compounders
Markets Portfolio Performance
• Fears of rising inflation, • As market challenges • Strategy lagged the
slowing growth, supply remain, increased focus on benchmark in Q4 and 2021
shortages and varying valuation differentials and as quality growth emphasis
Omicron effects drove high-conviction names lagged value factor due to
Emerging Market (EM) prospect of rising global
equities lower • While earnings growth may interest rates and slowing
be subdued relative to 2021, US demand
• EM underperformed areas of secular growth
Developed Markets (DM), across EM should stand out • Stock selection detracted,
extending 2021 return offset by favourable
differential to widest margin • Broadened exposure to India allocation
since 2013 and increased select
positions in China after the • Fundamental discipline and
• Value factor meaningfully sharp sell-off experienced perspective
outperformed Growth in Q4 delivers consistent long-term
and 2021 • Although macro headwinds return profile aligned with
likely to remain for near- performance expectations
• Elevated regulatory scrutiny term, much negative news
caused significant China priced into long-term • Favourable risk metrics
underperformance fundamental growth enhance track record
opportunities across EM
• Technology led in Q4, Energy
top for 2021, while Health
Care weakness continued
As of December 31, 2021
Past performance is not indicative of future results
For Institutional/Investment Professional Use Only. Not for distribution to the public. QMSR. 548296 2Emerging Markets 2021 relative underperformance continued in Q4
China largest detractor from EM market return
Sectors
Markets
4Q21 returns (%) - MSCI Emerging Markets (Net)
Information Technology 7.1
• The bifurcation – EM vs. DM, and between EM countries -
Utilities 0.7
that characterized 2021 equity returns continued in Q4
Communication Services MSCI EM Index = -1.3% -0.3
• Stagflation concerns, the rise of the Omicron COVID variant Industrials -0.3
and hawkish U.S. Fed remarks cloud the EM outlook Financials -0.4
Consumer Staples -2.1
• China remained a significant headwind to EM performance, Materials -2.9
stemming from tougher regulatory actions for the internet Energy -3.8
sector, tighter liquidity amidst slowing macro environment, Consumer Discretionary -8.2
and reverberations of Evergrande’s default Real Estate -8.5
• Technology was a sector bright spot, benefitting from Health Care -15.4
ongoing strength in semiconductors and prospects for -20 -15 -10 -5 0 5 10
thematic and cyclical volume growth as economies recover
4Q21 broad market returns (%)
Countries
10 4Q21 returns (%) - MSCI Emerging Markets (Net)
7.8 Taiwan 8.4
8
Indonesia 6.4
6 Mexico 6.2
Thailand MSCI EM Index = -1.3% 3.0
4
Malaysia 1.8
2 0.6 India -0.2
0.2
South Africa -0.5
0
Saudi Arabia -0.7
-2 -1.3 -1.0 Korea -0.9
-2.4 -2.7 China -5.6
-4
MSCI MSCI MSCI MSCI MSCI Oil (WTI Trade Wt.
Brazil -6.5
Emerging World EM EM Latin crude) US$ Russia -9.2
Markets Asia EMEA America Index* -20 -15 -10 -5 0 5 10
Source: Manulife Investment Management and FactSet, as of December 31, 2021. In USD. MSCI Indices returns are net
*Source: St. Louis Federal Reserve; A weighted average of the foreign exchange value of the US dollar against the currencies of a broad group of major US trading partners.
Past performance does not guarantee future results.
For Institutional/Investment Professional Use Only. Not for distribution to the public. QMSR. 548296 3Q4 attribution
Stock selection detracted as investors de-emphasized quality growth
Performance (USD) Q4 What hurt
Emerging Markets Equity Composite (Gross) -4.42 • Stock selection, particularly in Communication Services,
-1.31 Financials, and Consumer Discretionary, as well as Indonesia
MSCI Emerging Markets
and Brazil
Excess return -3.11
• Sea Ltd, an ASEAN ecommerce company, fell in concert with weak
sentiment on certain technology growth segments driven by Omicron
Key Key concerns and rising interest rates
detractors contributors
Stock Selection
• Magazine Luisa, a technology and logistics company for the retail
Sector Allocation sector, underperformed as higher interest rates in Brazil impacted
disposable income and installment plans used for larger ticket items
Industrials
• Higher interest rates in Brazil also weakened shares of PagSeguro,
Materials
Communication Services
a provider of financial payments solutions
Financials
What helped
U.K.
Taiwan • Sector allocation, including an overweight to Information
Brazil Technology, and stock picks in Industrials and Materials
Indonesia
• MediaTek, a Taiwanese provider of fabless semiconductor products,
MediaTek guided to solid revenue growth over next few years driven by high-
SK hynix end 5G smartphone penetration
Anglo American
Sea Ltd. • A recovery in DRAM prices and continued optimism on cloud service
Magazine Luiza and data center demand boosted SK hynix, a South Korean
PagSeguro Digital semiconductor manufacturer
-500 -400 -300 -200 -100 0 100 200
• Anglo American, a U.K.-listed South African miner, reiterated its
bps of Total Effect above-peer volume guidance
Source: Manulife Investment Management and FactSet, as of December 31, 2021.
For illustrative purposes only. The holdings shown are those of a representative account and do not represent all of the securities purchased, sold or recommended for all
Manulife IM clients. Past performance does not guarantee future results. Performance is shown in USD, gross of fees
For Institutional/Investment Professional Use Only. Not for distribution to the public. QMSR. 548296 42021 attribution
Stock selection detracted as investors de-emphasized quality growth
Performance (USD) 2021 What hurt
Emerging Markets Equity Composite (Gross) -6.72 • Stock selection, particularly in Financials and Consumer
MSCI Emerging Markets -2.54 Discretionary, positioning in Brazil and a regional underweight to
energy-rich Middle East
Excess return -4.18
• Magazine Luisa, a technology and logistics company for the retail
sector, underperformed as higher interest rates in Brazil impacted
Key Key
disposable income and installment plans used for larger ticket items
detractors contributors
Stock Selection
• In a surprising summer announcement, the Chinese government
Sector Allocation drastically reduced the scope for private companies to operate after-
school tutoring businesses, including TAL Education
Information Technology
• Increased regulatory scrutiny also pressured Alibaba Health, an
Communication Services
Financials
advanced health care provider using technology to improve services
Consumer Discretionary to China’s underserved population
Taiwan What helped
U.K.
Brazil • Sector allocation, including overweight to Information Technology,
Saudi Arabia and stock picks in Communication Services and Taiwan
eMemory
• eMemory, a Taiwanese supplier of security-enabled semiconductor
MediaTek chips, benefitted from significant adoptions by leading manufacturers
Anglo American and a growing stream of royalties
Magazine Luiza
• MediaTek, a Taiwanese provider of fabless semiconductor products,
TAL Education Group
Alibaba Health
guided to solid revenue growth over next few years driven by high-
end 5G smartphone penetration
-500 -400 -300 -200 -100 0 100 200
bps of Total Effect
• Anglo American, a U.K.-listed South African miner, reiterated its
above-peer volume guidance
Source: Manulife Investment Management and FactSet, as of December 31, 2021.
For illustrative purposes only. The holdings shown are those of a representative account and do not represent all of the securities purchased, sold or recommended for all
Manulife IM clients. Past performance does not guarantee future results. Performance is shown in USD, gross of fees
For Institutional/Investment Professional Use Only. Not for distribution to the public. QMSR. 548296 5Many concerns, low expectations likely priced into EM
Portfolio stance focused on well-managed long-term earnings compounders
• While 2022 economic growth may be below 2021’s levels, it is likely to remain positive for much of the
world, driving areas of secular growth across EM
• Asia will likely be important for growth prospects in 2022 with China’s GDP growth expected to be ~5%
and India’s at ~7.5%
Outlook
• Interest rates expected to start to rise in DM and continue to rise across several EM countries, except
China, in order to pre-empt capital outflows and help maintain currency stability
• EM valuation levels remain attractive relative to DM – perhaps a tailwind for relative performance in 2022
• Focus on identifying quality compounding companies exhibiting sustainable earnings growth
• Sharp sell-off during 2H 2021 created compelling reward/risk opportunities in high-quality franchises
across EM
Beneficiary of international flows as investors skirt Valuations remain expensive with scope for earnings
Consumer
India China; government beginning to deploy stimulus downgrades as higher commodity prices and input
package and economy responding Discretionary costs pressure margins and spending
An expensive market where the need for structural
Strong budgetary position supports domestic economy; Saudi
Russia economic reform weighs heavily on companies’ ability
selective exposure to leading franchises Arabia to generate earnings growth
Negative
Positive
Cloud-based Software-as-a-Service (SaaS) solutions Hardware/telecom operators remain challenged;
Communication
Technology driven by changing work environment; specific focus on dominant ecommerce service providers look attractively
leading chip foundries and manufacturers Services priced as policy parameters are understood
Specific companies aligned with China’s national goals
Real Estate/ Limited opportunities with respect to consistent and
Industrials spanning industrial automation, robotics, new energy
Utilities superior returns on capital in both sectors
and innovation will receive strong government support
Defensive sector in face of current health crisis; Limited number of well-managed companies given ESG
Consumer
premiumisation and consolidation remain key drivers of Materials issues and cost structures which raise questions
Staples demand for staple goods relating to sustainability of returns
Source: Manulife Investment Management, as of December 31, 2021
For Institutional/Investment Professional Use Only. Not for distribution to the public. QMSR. 548296 6Emerging Markets Equity Composite
Investment results as of December 31, 2021
Annualized returns (%)
20 17.26
14.13
10.94
9.87 9.04
10 8.66
6.11 5.49
0
-1.31 -2.54
-4.42
-6.72
-10
-20
3 months 1 year 3 years 5 years 7 years 10 years
Emerging Markets Equity Composite (gross) MSCI Emerging Markets (net) Index
Calendar year returns (%)
2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Emerging Markets Equity Composite (gross) -6.72 34.73 28.28 -16.24 43.40 4.61 -9.54 -0.14 5.27 19.11
MSCI Emerging Markets (net) Index -2.54 18.31 18.44 -14.58 37.28 11.19 -14.92 -2.19 -2.60 18.22
Excess return -4.17 16.42 9.84 -1.66 6.12 -6.58 5.38 2.05 7.87 0.89
Composite inception date: December 1, 2010.
Past performance is not indicative of future results. Performance is shown in USD, gross of fees and does not include advisory fees and other expenses an investor may
incur, which when deducted will reduce returns. Changes in exchange rates may have an adverse effect. Returns greater than one year are annualized.
For Institutional/Investment Professional Use Only. Not for distribution to the public. QMSR. 548296 7Appendix
QMSR. 548296 8Emerging Markets Equity Strategy
Rolling and risk-adjusted returns
Consistency % of rolling periods outperformance, since inception
since inception
3 years 5 years 7 years 10 years
100%
100% 100% 100%
95%
75%
50%
Average annualized gross excess return % 3.36 2.98 3.16 3.50
# of periods 98 74 50 14
Returns earned Sharpe ratio, trailing periods
with risk in mind 1.0
0.79
0.8 0.72
0.6 0.54 0.53
0.46 0.47
0.4 0.31 0.30
0.2
0.0
3 years 5 years 7 years 10 years
Emerging Markets Equity composite (gross) MSCI Emerging Markets index
As of December 31, 2021. Source: eVestment Alliance. Performance shown is gross of fees. Results displayed in US Dollar (USD).
Table shows annualized rolling returns, shown monthly with indicated time periods beginning in December 2010 through periods ending December 2021.
Past performance is not indicative of future results. Performance is shown in USD, gross of fees and does not include advisory fees and other expenses an investor may
incur, which when deducted will reduce returns. Changes in exchange rates may have an adverse effect.
For Institutional/Investment Professional Use Only. Not for distribution to the public. QMSR. 548296 9Emerging Markets Equity Strategy
Trailing performance as of December 31, 2021
As of December 31, 2021.
Source: eVestment Alliance
Performance is shown in gross of fee. Past performance does not guarantee future results.
For Institutional/Investment Professional Use Only. Not for distribution to the public. QMSR. 548296 10Emerging Markets Equity Strategy
eVestment 3-year risk metrics
As of December 31, 2021.
Source: eVestment Alliance.
Performance is shown in gross of fee. Past performance does not guarantee future results.
For Institutional/Investment Professional Use Only. Not for distribution to the public. QMSR. 548296 11Emerging Markets Equity Strategy
eVestment 5-year risk metrics
As of December 31, 2021.
Source: eVestment Alliance.
Performance is shown in gross of fee. Past performance does not guarantee future results.
For Institutional/Investment Professional Use Only. Not for distribution to the public. QMSR. 548296 12Emerging Markets Equity Strategy
Top contributors and detractors
Fourth quarter 2021
Contributors Total effect (bps) Detractors Total effect (bps)
MediaTek 47 Sea Ltd. -78
SK hynix 46 Magazine Luiza -57
Anglo American 45 PagSeguro Digital -48
Airtac International Group 32 Wuxi Biologics -36
eMemory Technology 21 Yandex -27
2021
Contributors Total effect (bps) Detractors Total effect (bps)
eMemory Technology 165 Magazine Luiza -131
MediaTek 93 TAL Education Group -84
Anglo American 79 Alibaba Health Info. Technology -72
NARI Technology 75 Lufax Holding -60
Li Ning Company Limited 42 PagSeguro Digital -58
Data as of December 31, 2021
For illustrative purposes only. The holdings shown are those of a representative account and do not represent all of the securities purchased, sold or recommended for
Manulife IM clients. Past performance does not guarantee future results. Contact your Manulife IM representative to obtain a list of every holding’s contribution to the
representative account’s performance during the period and/or the methodology used to calculate such contributions.
For Institutional/Investment Professional Use Only. Not for distribution to the public. QMSR. 548296 13Benchmark definitions
Index Definition
MSCI World (Net) TR Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets,
MSCI World (Net) Index
where dividends are reinvested after the removal of withholding taxes.
The MSCI Brazil Index is designed to measure the performance of the large and mid cap segments of the Brazilian market. The index covers about 85% of the Brazilian
MSCI Brazil
equity universe.
The MSCI China Index captures large and mid cap representation across China H shares, B shares, Red chips and P chips. The index covers about 85% of this China
MSCI China
equity universe.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging
MSCI Emerging Markets (EM) markets. The universe includes large, mid, and small cap securities, and can be segmented across styles and sectors. Net total return indices reinvest dividends after
the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.
The MSCI Emerging Markets Latin America Index captures large and mid cap representation across five emerging market countries in Latin America: Brazil, Chile,
MSCI EM Latin America Index
Columbia, Mexico and Peru. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
The MSCI Emerging Markets EMEA Index captures large and mid cap representation across 10 EM countries in Europe, the Middle East and Africa (EMEA). The index
MSCI EM EMEA covers approximately 85% of the free float-adjusted market capitalization in each country. Countries included in the index are: the Czech Republic, Egypt, Greece,
Hungary, Poland, Qatar, Russia, South Africa, Turkey and the United Arab Emirates.
West Texas Intermediate (WTI) is a grade of crude oil used as a benchmark in oil pricing. It is the underlying commodity of the New York Mercantile Exchange’s oil
WTI Crude Oil
futures contracts.
A weighted average of the foreign exchange value of the U.S. dollar against the currencies of a broad group of major U.S. trading partners including the Euro Area,
Trade Weighted Dollar Index (Broad) Canada, Japan, Mexico, China, United Kingdom, Taiwan, Korea, Singapore, Hong Kong, Malaysia, Brazil, Switzerland, Thailand, Philippines, Australia, Indonesia, India,
Israel, Saudi Arabia, Russia, Sweden, Argentina, Venezuela, Chile and Colombia.
For Institutional/Investment Professional Use Only. Not for distribution to the public. QMSR. 548296 14Manulife Investment Management GIPS® Report
Emerging Markets Equity Composite
Creation Date: January 1, 2018 Inception Date: December 1, 2010 Reporting Currency: USD
Schedule of Calendar Year Returns and Assets
Number of Total Assets Firm Assets
Gross of Fees Net of Fees Benchmark Composite 3-Yr Benchmark 3-Yr Portfolios End Composite End of Period End of Period
Year End Return (%) Return (%) Return (%) Std. Dev. (%) Std. Dev. (%) of Period Dispersion (%) (Millions) (Millions)
2020 34.71 33.51 18.31 21.25 19.61Investment Considerations
A widespread health crisis such as a global pandemic deducted monthly for the 10-year period, the securities was or will be profitable. Top ten holdings
could cause substantial market volatility, exchange- annualized compounded return would be 9.43% and information combines share listings from the same
trading suspensions and closures, and affect portfolio the ending dollar value would be $246,355. Unless issuer, and related depositary receipts, into a singular
performance. For example, the novel coronavirus otherwise noted, returns greater than 1 year are holding to accurately present aggregate economic
disease (COVID-19) has resulted in significant annualized; calendar year returns for each one year interest in the referenced company.
disruptions to global business activity. The impact of a period end in December. Discrepancies may occur
No investment strategy or risk management technique
health crisis and other epidemics and pandemics that due to rounding. Past performance does not
can guarantee returns or eliminate risk in any market
may arise in the future, could affect the global guarantee future results.
environment. Diversification or asset allocation does
economy in ways that cannot necessarily be foreseen
Performance information shown is generally for not guarantee a profit or protect against the risk of a
at the present time. A health crisis may exacerbate
discretionary strategies/solutions and managed by a loss in any market. The indices referenced herein are
other pre-existing political, social and economic risks.
Manulife entity which is GIPS compliant and falls broad-based securities market indices and used for
Any such impact could adversely affect the portfolio’s
under the definition of a corresponding Manulife GIPS illustrative purposes only. The indices cited are widely
performance, resulting in losses to your investment.
firm. Some investment strategies/solutions may not accepted benchmarks for investment performance
Any performance information shown is the investment be included in a GIPS compliant firm under certain within their relevant regions, sectors or asset classes,
strategy composite gross of fees, including advisory circumstances, such as SMA/UMA business in and represent non-managed investment portfolios.
and investment management fees and other expenses Canada.
If derivatives are employed, note that investing in
an investor would incur, but net of transaction costs,
Any characteristics, guidelines, constraints, or other derivative instruments involves risks different from, or
unless otherwise noted; deduction of such expenses
information provided for this material was selected by possibly greater than, the risks associated with
would reduce returns. Net performance results reflect
the firm as representative of the investment strategy investing directly in securities and other traditional
the application of the highest incremental rate of the
and is provided for illustrative purpose only, may investments and, in a down market, could become
standard investment advisory or management fee
change at any time, and may differ for a specific harder to value or sell at a fair price.
schedule to gross performance results, unless
account. Each client account is individually managed;
otherwise indicated. Changes in exchange rates may Information about SFDR
actual holdings will vary for each client and there is no
have an adverse effect. Actual fees may vary Unless otherwise noted, any references in this
guarantee that a particular client’s account will have
depending on, among other things, the applicable fee presentation to ESG or sustainability reflect the
the same characteristics as described herein. Any
schedule, portfolio size and/or investment general approach of Manulife Investment
information about the holdings, asset allocation, or
management agreement. For example, if $100,000 Management to integrating sustainability risk
sector diversification is historical and is not an
were invested and experienced a 10% annual return considerations into our investment decision-making
indication of future performance or any future portfolio
compounded monthly for 10 years, its ending value, processes. Further details on Manulife Investment
composition, which will vary. Portfolio holdings are
without giving effect to the deduction of advisory or Management’s general approach to sustainability are
representative of the strategy, are subject to change
investment management fees, would be $270,704 available at www.manulifeim.com/institutional
at any time, are not a recommendation to buy or sell a
with an annualized compounded return of 10.47%. If /global/en/sustainability.
security, and do not represent all of the securities
an advisory or investment management fee of 0.95%
purchased, sold or recommended for the portfolio. It The source for all information shown is Manulife
of the average market value of the account were
should not be assumed that an investment in these Investment Management, unless otherwise noted.
For Institutional/Investment Professional Use Only. Not for distribution to the public. 16Important Information
© 2022 Manulife Investment Management. All rights reserved. Investment Management and Trust Corporation. Singapore: The information in this material may contain projections or other
Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management (Singapore) Pte. Ltd. (Company forward-looking statements regarding future events, targets,
Manulife Investment Management & Stylized M Design are Registration No. 200709952G) South Korea: Manulife Investment management discipline or other expectations, and is only current as
trademarks of The Manufacturers Life Insurance Company and are Management (Hong Kong) Limited. Switzerland: Manulife IM of the date indicated. The information in this material including
used by it, and by its affiliates under license. (Switzerland) LLC. Taiwan: Manulife Investment Management statements concerning financial market trends, are based on current
(Taiwan) Co. Ltd. United Kingdom: Manulife Investment market conditions, which will fluctuate and may be superseded by
This confidential document is for the exclusive use of the intended Management (Europe) Ltd. which subsequent market events or for other reasons. This material was
institutional investors or their agents and may not be transmitted, is authorised and regulated by the Financial Conduct Authority prepared solely for informational purposes and does not constitute,
reproduced or used in whole or in part for any other purpose, nor United States: John Hancock Investment Management LLC, and is not intended to constitute, a recommendation, professional
may it be disclosed or made available, directly or indirectly, in whole Manulife Investment Management (US) LLC, Manulife Investment advice, an offer, solicitation or an invitation by or on behalf of
or in part, to any other person without our prior written consent. Management Private Markets (US) LLC and Manulife Investment Manulife Investment Management or its affiliates to any person to
About Manulife Investment Management Management Timberland and Agriculture Inc. Vietnam: Manulife buy or sell any security or to adopt any investment strategy, and
Investment Fund Management (Vietnam) Company Limited. shall not form the basis of, nor may it accompany nor form part of,
Manulife Investment Management is the global wealth and asset any right or contract to buy or sell any security or to adopt any
management segment of Manulife Financial Corporation. We draw No Manulife entity makes any representation that the contents of investment strategy. Nothing in this material constitutes investment,
on more than a century of financial stewardship to partner with this presentation are appropriate for use in all locations, or that the legal, accounting, tax or other advice, or a representation that any
clients across our institutional, retail, and retirement businesses transactions, securities, products, instruments or services discussed investment or strategy is suitable or appropriate to your individual
globally. Our specialist approach to money management includes in this presentation are available or appropriate for sale or use in all circumstances, or otherwise constitutes a personal recommendation
the highly differentiated strategies of our fixed-income, specialized jurisdictions or countries, or by all investors or counterparties. All to you. Neither Manulife Investment Management nor its affiliates
equity, multi-asset solutions, and private markets teams—along with recipients of this presentation are responsible for compliance with provide legal or tax advice, and you are encouraged to consult your
access to specialized, unaffiliated asset managers from around the applicable laws and regulations. own lawyer, accountant, or other advisor before making any
world through our multimanager model. This material is intended for the exclusive use of recipients in financial decision. Prospective investors should take appropriate
jurisdictions who are allowed to receive the material under their professional advice before making any investment decision. In all
This material has not been reviewed by, is not registered with any
applicable law. The opinions expressed are those of the author(s) cases where historical performance is presented, note that past
securities or other regulatory authority, and may, where appropriate,
and are subject to change without notice. Our investment teams performance does not guarantee future results and you should not
be distributed by the following Manulife entities in their respective
may hold different views and make different investment decisions. rely on it as the basis for making an investment decision.
jurisdictions. Additional information about Manulife Investment
Management may be found at manulifeim.com/institutional These opinions may not necessarily reflect the views of Manulife
Investment Management or its affiliates There can be no assurance
Australia: Manulife Investment Management Timberland and that actual outcomes will match the assumptions or that actual
Agriculture (Australasia) Pty Ltd, Manulife Investment Management returns will match any expected returns. The information and/or
(Hong Kong) Limited. Canada: Manulife Investment Management analysis contained in this material has been compiled or arrived at
Limited, Manulife Investment Management Distributors Inc., from sources believed to be reliable, but Manulife Investment
Manulife Investment Management (North America) Limited, Manulife Management does not make any representation as to their
Investment Management Private Markets (Canada) Corp. China: accuracy, correctness, usefulness or completeness and does not
Manulife Overseas Investment Fund Management (Shanghai) accept liability for any loss arising from the use of the information
Limited Company. European Economic Area: Manulife Investment and/or analysis contained here. Neither Manulife Investment
Management (Ireland) Ltd. which is authorised and regulated by the Management or its affiliates, nor any of their directors, officers or
Central Bank of Ireland Hong Kong: Manulife Investment employees shall assume any liability or responsibility for any direct
Management (Hong Kong) Limited. Indonesia: PT Manulife Aset or indirect loss or damage or any other consequence of any person
Manajemen Indonesia. Japan: Manulife Investment Management acting or not acting in reliance on the information contained here.
(Japan) Limited. Malaysia: Manulife Investment Management (M)
Berhad 200801033087 (834424-U) Philippines: Manulife
For Institutional/Investment Professional Use Only. Not for distribution to the public. 17Important Information (continued)
The distribution of the information contained in this presentation may Malaysia: This material was prepared solely for informational European Economic Area and United Kingdom: The data and
be restricted by law and persons who access it are required to purposes and is not an offer or solicitation by anyone in any information presented is directed solely at persons who are
comply with any such restrictions. The contents of this presentation jurisdictions or to any person to whom it is unlawful to make such an Professional Investors in accordance with the Markets in Financial
are not intended for distribution to, or use by, any person or entity in offer or solicitation. Instruments Directive (2004/39/EC) as transposed into the relevant
any jurisdiction or country in which such distribution or use would be jurisdiction. Further, the information and data presented does not
contrary to any applicable laws or regulations. By accepting this Singapore: This material is intended for Accredited Investors and constitute, and is not intended to constitute, "marketing" as defined
material you confirm that you are aware of the laws in your own Institutional Investors as defined in the Securities and Futures Act. in the Alternative Investment Fund Managers Directive.
jurisdiction relating to the provision and sale of the funds, portfolios South Korea: This material is intended for Qualified Professional
or other investments discussed in this presentation and you warrant United States: Manulife Investment Management (US) LLC
Investors under the Financial Investment Services and Capital (Manulife IM US) and Manulife Investment Management (North
and represent that you will not pass on or use the information Market Act ("FSCMA"). Manulife Investment Management does not
contained in this presentation in a manner that could constitute a America) Limited (Manulife IM NA) are indirect wholly owned
make any representation with respect to the eligibility of any subsidiaries of Manulife. John Hancock Investment Management
breach of such laws by any Manulife entity or any other person. recipient of these materials to acquire any interest in any security LLC and Manulife Investment Management (US) LLC are affiliated
Australia: Manulife Investment Management (Hong Kong) Limited under the laws of Korea, including, without limitation, the Foreign SEC-registered investment advisors using the brand name John
(Manulife IM (HK)) is exempt from the requirement to hold an Exchange Transaction Act and Regulations thereunder. An interest Hancock Investment Management. This material is not intended to
Australian financial services license under the Corporations Act in may not be offered, sold or delivered directly or indirectly, or offered, be, nor shall it be interpreted or construed as, a recommendation or
respect to the financial services being offered in this material. sold or delivered to any person for re-offering or resale, directly or providing advice, impartial or otherwise.
Manulife IM (HK) is regulated by the Securities and Futures indirectly, in Korea or to any resident of Korea, except in compliance
Commission of Hong Kong ("SFC") under Hong Kong laws, which with the FSCMA and any other applicable laws and regulations. The
differ from Australian laws. This presentation is directed at term “resident of Korea” means any natural person having his place
wholesale investors only. of domicile or residence in Korea, or any corporation or other entity
organized under the laws of Korea or having its main office in Korea.
China: No invitation to offer, or offer for, or sale of any security will
be made to the public in China (which, for the purposes of this Switzerland: This material is intended for Professional Clients,
paragraph, does not include the Hong Kong or Macau Special including Institutional Clients, as defined in the Federal Financial
Administrative Regions or Taiwan) or by any means that would be Services Act ("FinSA") and its implementing ordinance, at the
deemed public under the laws of China. The offering document of exclusion of Professional Clients with an opting-out pursuant to Art.
the subject fund(s) has not been submitted to or approved by the 5 (1) FinSA ("Opting-Out Clients"), and/or Qualified Investors
China Securities Regulatory Commission or other relevant pursuant to the Federal Collective Investment Schemes Act ("CISA")
governmental authorities in China. Securities may only be offered or and its implementing ordinances, at the exclusion of Opting-Out
sold to Chinese investors that are authorized to buy and sell Clients and Managed/Advisory Retail Clients pursuant to Art. 10
securities denominated in foreign exchange. Prospective investors (3ter) CISA where relevant. The information provided in this material
resident in China are responsible for obtaining all relevant approvals is for information purpose only and does not constitute an offer, a
from the Chinese government authorities, including but not limited to solicitation or a recommendation to contract a financial instrument or
the State Administration of Foreign Exchange, before investing. a financial service as defined under FinSA. This material does not
constitute an implicit or explicit investment advice. The information
Hong Kong: This material is provided to Professional Investors, as provided herein is general in nature and does not constitute an
defined in the Hong Kong Securities and Futures Ordinance and the advertisement of financial products in Switzerland pursuant to FinSA
Securities and Futures (Professional Investor) Rules, in Hong Kong and its implementing ordinance.
only. It is not intended for and should not be distributed to, or relied
upon, by members of the public or retail investors.
For Institutional/Investment Professional Use Only. Not for distribution to the public. 18You can also read
