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Manulife Global Fund – Asian High Yield Fund​

Opportunities in Asian fixed income​

Tapping into growth of Asian high yield bond markets

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Attractive yields with diversification benefits

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Fund information​

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Tapping into growth of Asian high yield bond markets

 

A growing market with strong potential​

With an outstanding amount of US$293 billion, Asian high yield bonds account for about 12% of the global high yield bonds universe. This amount constitutes a growth of 12% per annum for the past 10 years and the key drivers for the growth are (i) slowing deposit growth and disintermediation of banks; (ii) growing regional investor base and (iii) maturing of Asian capital markets1.​

Asian High Yield

Attractive yield levels with diversification benefits

 

The “Asia Premium"

For the same credit rating, Asian high yield bonds in general offer higher yields than their European and American counterparts.​

 

Credit spreads (bps)2

042721_AMC-963_AJP_PWS_Charts_V1

 

SGD-focused, minimising foreign currency exposure

The Fund is invested in both SGD denominated and non-SGD denominated bonds.

Investments in non-SGD denominated bonds are hedged back to SGD.

Diversification benefits from moderate to low correlation with major asset classes3

As Asian high yield is moderately correlated to major asset classes like global aggregate bonds and global equities, and has low correlation to US Treasuries, it serves as a good diversification to investors’ overall portfolio.

Asian High Yield

Fund information

Share Class Class AA (SGD Hedged) MDIST (G) Class AA (USD) MDIST (G)
Investment objective​ The Fund aims to maximize total returns through a combination of income generation and capital appreciation by investing primarily in debt securities listed or traded in Asia and/or issued by corporations, governments, agencies and supranationals domiciled in or with substantial business interests in Asia (which may from time to time include emerging markets).
Inception date 21-12-2020 21-12-2020
ISIN code LU2230239324 LU2225693626
Bloomberg ticker MLAHASM LX MLAHAUM LX
Base currency​ USD
Share class currency SGD USD
Mode of subscription Cash Cash
Minimum investment USD 1,000 (or the equivalent in any other Major Currency)
Distribution frequency​​ Monthly
Management fee 1.25% p.a.​
Initial sales charge Up to 5.0%
Dealing frequency Daily
Investment manager Manulife Investment Management (Hong Kong) Limited and Manulife Investment Management (Europe) Limited
Fund size USD 12.89 million (as of 31 July 2021)
  Class A-
QDis SGD
Investment objective​ The Fund aims to provide investors with long-term capital appreciation and/or income in SGD terms through investing primarily in Asian investment grade fixed income or debt securities.​
Base currency​ SGD​
Mode of subscription​ Cash and SRS​
Share class currency​ SGD​
Launch price​​ SGD 1.00 per unit​​
Minimum investment​ S$1,000​
Distribution frequency​ Declare quarterly distributions on 15th calendar day of March, June, September and December  (or the next Business Day if that day is not a Business Day)​
Management fee​ 1% p.a.​
Initial sales charge​ Up to 3.0%​
Initial sales charge​ Up to 3.0%​
Dealing frequency​ Daily​
Investment manager​​ Manulife Investment Management (Singapore) Pte. Ltd.​

Investment objective​: The Fund aims to maximize total returns through a combination of income generation and capital appreciation by investing primarily in debt securities listed or traded in Asia and/or issued by corporations, governments, agencies and supranationals domiciled in or with substantial business interests in Asia (which may from time to time include emerging markets).

Inception date: 21-12-2020

ISIN code: LU2230239324 

Bloomberg ticker: MLAHASM LX

Base currency​: USD

Share class currency​: SGD​

Mode of subscription​: Cash​

Minimum investment​: USD 1,000 (or the equivalent in any other Major Currency)​

Distribution frequency​4: Monthly

Management fee​: 1.25% p.a.​

Initial sales charge​: Up to 5%​

Dealing frequency​: Daily​

Investment manager​: Manulife Investment Management (Hong Kong) Limited and Manulife Investment Management (Europe) Limited

Fund size: USD 12.89 million (as of 31 July 2021)

Investment objective​: The Fund aims to maximize total returns through a combination of income generation and capital appreciation by investing primarily in debt securities listed or traded in Asia and/or issued by corporations, governments, agencies and supranationals domiciled in or with substantial business interests in Asia (which may from time to time include emerging markets).

Inception date: 21-12-2020

ISIN code: LU2225693626

Bloomberg ticker: MLAHAUM LX

Base currency​: USD

Share class currency​: USD​

Mode of subscription​: Cash​

Minimum investment​: USD 1,000 (or the equivalent in any other Major Currency)​

Distribution frequency​4Monthly

Management fee​: 1.25% p.a.​

Initial sales charge​: Up to 5.0%​

Dealing frequency​: Daily​

Investment manager​: Manulife Investment Management (Hong Kong) Limited and Manulife Investment Management (Europe) Limited

Fund size: USD 12.89 million (as of 31 July 2021)

 

Portfolio managers

Murray Collis

 

Endre Pedersen​, Deputy Chief Investment Officer (CIO), Global Fixed Income

Endre is Deputy CIO, Global Fixed Income and lead manager for the company’s pan-Asian fixed income strategies. His main responsibilities include overseeing the development and implementation of the investment philosophy, risk management, and performance of all our fixed income strategies worldwide. Endre has extensive investment experience in developed Asian markets, having managed single- and multiple-currency funds with exposure to Asian sovereign and corporate debt. Before joining Manulife Investment Management, he worked as a Senior Fixed Income Portfolio Manager for DBS Asset Management. Prior to this, he was a Fixed Income Portfolio Manager for Hermes Investment Management and F&C Management in London.​

 

Endre Pedersen​, Deputy Chief Investment Officer (CIO), Global Fixed Income

Endre is Deputy CIO, Global Fixed Income and lead manager for the company’s pan-Asian fixed income strategies. His main responsibilities include overseeing the development and implementation of the investment philosophy, risk management, and performance of all our fixed income strategies worldwide. Endre has extensive investment experience in developed Asian markets, having managed single- and multiple-currency funds with exposure to Asian sovereign and corporate debt. Before joining Manulife Investment Management, he worked as a Senior Fixed Income Portfolio Manager for DBS Asset Management. Prior to this, he was a Fixed Income Portfolio Manager for Hermes Investment Management and F&C Management in London.​

 

Murray Collis

 

Jimond Wong, CFA, CPA​, Managing Director and Senior Portfolio Manager, Fixed Income​

Based in Hong Kong, Jimond is a Managing Director and Senior Portfolio Manager. He supports the firm’s pan-Asian bond strategies with an emphasis on Asian credit markets. Before joining Manulife Investment Management, Jimond was an Executive Director with the highly ranked credit research team at UBS Investment Bank where he focused on high-yield corporate bonds. Prior to that, Jimond worked at UBS proprietary credit trading and subsequently moved to a credit hedge fund seeded by a world-renowned alternative investment manager. He has extensive knowledge of the entire Asian credit spectrum, from public and private placement bonds to special situation and distressed debts. Jimond began his career as an accountant with KPMG. ​

 

Jimond Wong, CFA, CPA​, Managing Director and Senior Portfolio Manager, Fixed Income​

Based in Hong Kong, Jimond is a Managing Director and Senior Portfolio Manager. He supports the firm’s pan-Asian bond strategies with an emphasis on Asian credit markets. Before joining Manulife Investment Management, Jimond was an Executive Director with the highly ranked credit research team at UBS Investment Bank where he focused on high-yield corporate bonds. Prior to that, Jimond worked at UBS proprietary credit trading and subsequently moved to a credit hedge fund seeded by a world-renowned alternative investment manager. He has extensive knowledge of the entire Asian credit spectrum, from public and private placement bonds to special situation and distressed debts. Jimond began his career as an accountant with KPMG. ​

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Notes:

1. Manulife Investment Management and Bloomberg, as of 31 March 2021, Asian High Yield Bonds are represented by JP Morgan Asia Credit Non-Investment Grade Index, US High Yield Bonds are represented by BofA Merrill Lynch US High Yield Index and European High Yield Bonds are represented by BofA Merrill Lynch Euro High Yield Index.

2. Bloomberg, as of 31 March 2021. US High Yield Index is represented by BofA Merrill Lynch Asian Dollar High Yield Index, European (Euro) High Yield Index is represented by BofA Merrill Lynch Euro High Yield Index and US High Yield Index is represented by BofA Merrill Lynch US High Yield Index. OAS is option-adjusted spread. 

3. Bloomberg, Manulife Investment Management, 31 March 2021. Correlation is based on monthly returns in USD terms (31 March 2011 to 31 March 2021). Asian High Yield is represented by JPMorgan Asia Non-Investment Grade Credit Index,  Global aggregate bonds is represented by Bloomberg Barclays Global-Aggregate Total Return Index, Global equities is represented by MSCI World Index and US Treasuries is represented by BofA Merrill Lynch US Treasury Index. Past performance is no guarantee of future results. 

4. The intention of Manulife Global Fund to make the monthly distribution and the distribution yield for the Fund is not guaranteed, and Manulife Global Fund may in future review the distribution policy depending on prevailing market conditions.

Important Information

Manulife Global Fund (the “Company”) is an open-ended investment company registered in the Grand Duchy of Luxembourg. The Manulife Global Fund – Asian High Yield Fund (the "Fund") is recognised under the Securities and Futures Act of Singapore for retail distribution. The Company has appointed Manulife Investment Management (Singapore) Pte. Ltd. (Company Registration Number: 200709952G) as its Singapore Representative and agent for service of process in Singapore. The information provided herein does not constitute financial advice, an offer or recommendation with respect to the Fund. Opinions, forecasts and estimates on the economy, financial markets or economic trends of the markets mentioned herein are not necessarily indicative of the future or likely performance of the Fund. The Fund may use financial derivative instruments for efficient portfolio management and/or hedging. ​

Investments in the Fund are not deposits in, guaranteed or insured by the Manager and involve risks. Past performance of the manager or sub-manager is not necessarily indicative of its future performance. The value of units in the Fund and any income accruing to them may fall or rise. Past performance of the Fund is not necessarily indicative of future performance. Investors should read the Singapore prospectus, and seek advice from a financial adviser before deciding whether to purchase units in the Fund. A copy of the Singapore prospectus and the product highlights sheet can be obtained from Manulife or its distributors. In the event an investor chooses not to seek advice from a financial adviser, he should consider whether the Fund is suitable for him. 

Distributions are not guaranteed. Investors should refer to the Singapore prospectus for the distribution policy of the Fund. The Directors of the Company shall have the absolute discretion to determine whether a distribution is to be made in respect of the Fund as well as the rate and frequency of distributions to be made. Distributions may be made out of (a) income, or (b) net capital gains, or (c) capital of the Fund, or (d) gross income while charging all or part of the fees and expenses to capital, or (e) any combination of  (a), (b) , (c) and/or (d). Past distribution yields and payments are not necessarily indicative of future distribution yields and payments. Any payment of distributions by the Fund is expected to result in an immediate decrease in the net asset value per share of the Fund.​

This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.​

1. Asian Investment Grade Corporate Bonds = JPMorgan Asian Credit Investment Grade Corporate Index; Asian High Yield Corporate Bonds = JPMorgan Asian Credit Non-Investment Grade Corporate Index; Emerging Market Debt (local) = JPMorgan GBI-EM Broad Index; Euro Government Bonds = BofA Merrill Lynch Euro Government Index; US Treasuries = BofA Merrill Lynch US Treasury Index; Global Aggregate Bonds = Bloomberg Barclays Global-Aggregate Total Return Index; Global Corporate Bonds = BofA Merrill Lynch Global Corporate Index; Global High Yield = BofA Merrill Lynch Global High Yield Index; Global Equities = MSCI World Index; US Equities = S&P 500 Index; Asian Equities (ex-Japan) = MSCI AC Asia Pacific excluding Japan Index; Real Estate = Dow Jones Composite REIT Total Return Index; Money Markets (cash) = BofA Merrill Lynch US Dollar 3-Month Deposit Offered Rate Average Index. Past performance is not indicative of future results.

2. Bloomberg, as of 30 April 2020. Among the eight major Asian currencies (Singapore dollar, Chinese renminbi, Indonesian rupiah, Indian rupee, South Korean won, Malaysian ringgit, Thai Baht, and Philippine peso), Singapore dollar has the second-lowest volatility (standard deviation) at 5.58% p.a. against US dollar over 20 years to April 2020.

3. Bloomberg, as of 30 April 2020. Among the eight major Asian currencies (Singapore dollar, Chinese renminbi, Indonesian rupiah, Indian rupee, South Korean won, Malaysian ringgit, Thai Baht, and Philippine peso), Singapore dollar was ranked second during the Global Financial Crisis (March 2008–March 2009) and fourth during the market sell-off due to COVID-19 (March 2020), with returns against US dollar of -10.6% and -2.07% respectively. Past performance is not an indication of future results.

4. Moody’s Investors service, S&P, and Fitch, as of 8 May 2020.