May 27, 2026

Manulife All-in-One ETFs: active at the core, built to adapt

29 minutes

In this episode of Investments Unplugged, host Kevin Headland is joined by Alex Richard, Senior Portfolio Manager, Multi-Asset Solutions, to discuss Manulife’s newly launched “all-in-one” ETF strategies—against a backdrop where portfolio diversification has reclaimed attention, following a period in which many investors were tempted to chase equity returns.

Kevin and Alex describe what makes these portfolios different from traditional “set-it-and-forget-it” asset-allocation ETFs, including:

An active, flexible allocation process grounded in regularly updated capital market assumptions;

Broader, deeper underlying portfolio diversification (including alternative investments) than many ETFs offer;

A robust strategy implementation toolkit that can include select third-party ETFs and futures contracts.

They also share their views on portfolio positioning across equities and fixed income in today’s market environment, as well as what role diversifying exposures (like global infrastructure and global credit) can play in a long-term investment strategy.

Key topics & insights

1. Why defense and diversification are back in focus

After an extended run of strong equity performance, it’s tempting for many investors to de-emphasize portfolio defense and to overemphasize return-chasing.

The episode reinforces the notion of strategic diversification being essential to long-term portfolio outcomes, especially amid bouts of macro and market volatility.

2. What are Manulife’s new “all-in-one” ETF portfolios?

There are three different ETF strategies, each designed to fit a distinct investor risk profile—Manulife Conservative ETF Portfolio, Manulife Balanced ETF Portfolio, and Manulife Growth ETF Portfolio.

The target equity/fixed-income portfolio allocations are roughly 60% bonds/40% stocks (conservative), 60% stocks/40% bonds (balanced), and 80% stocks/20% bonds (growth).

However, these strategies are designed to go beyond simple equity/fixed-income splits by diversifying across global regions, market caps, investment styles, and degrees of active management.

3. Active at the core, built to adapt, TCR-ready

Rather than managing the portfolios to static portfolio targets, the team can deviate from baseline equity/fixed-income allocations and adjust underlying exposures as market conditions warrant.

Portfolio decisions are informed by a capital markets assumptions process, conducted quarterly, that covers expected levels of investment risk/return/correlation across 100+ asset classes.

“Total-cost reporting (TCR) ready” is positioned as a relevant feature for Canadian advisors and investors focused on total-cost reporting.

4. Broader, deeper portfolio diversification

Depending on the particular portfolio, the team can access close to (or upwards of) ~15 asset classes, including alternatives—for stepped-up portfolio diversification versus what many competing ETFs can offer.

This broader mandate and flexibility allows for both “offensive” (return-seeking) and “defensive” (risk-managing) portfolio allocations, designed to pursue more consistent investor outcomes over time.

5. Implementation: Manulife ETFs + third-party ETFs + futures

The portfolios are not limited to investing only in Manulife ETFs; third-party ETFs may also be used to gain portfolio exposures not available on Manulife’s platform.

Examples of such “off-platform” portfolio exposures include global listed infrastructure, dedicated high-yield bonds, and emerging-market debt.

In addition, where appropriate, the strategies may leverage futures contracts as a means of efficiently adjusting portfolio exposures.

6. Market views and portfolio positioning themes

Looking ahead, the discussion highlighted a potentially compressed range of expected market outcomes across core fixed-income and core equity portfolio buckets.

In fixed income, investors might favor shorter-duration exposures (less interest-rate risk) and global bonds (outside North America) for potentially more attractive yield opportunities.

Judiciously taking some credit risk may make sense in cases where investors are likely to be adequately compensated, such as select high-yield and emerging-market debt.

Actionable takeaways for Canadian investors

Reassess how diversified your portfolio really is: A portfolio might appear to be more diversified than it really is (with a mix of stocks and bonds); consider additional layers of global and asset-class diversification.

Don’t assume “conservative” means all bonds: Understand the portfolio’s actual target allocations and how much flexibility the manager may have to adjust or move around those allocations as needed when markets shift.

In uncertain markets, prioritize portfolio resilience: Long-term investors may be well served by a resilient, diversified portfolio strategy focused on generating attractive risk-adjusted returns while managing volatility and downside risks.

Consider the role of diversifiers beyond traditional stocks/bonds: If suitable for your risk profile, non-traditional asset exposures like global infrastructure and select credit sleeves may help provide enhanced portfolio diversification.

Pay attention to duration risk in fixed income: If interest-rate volatility remains a concern, shorter-duration fixed-income positioning may better align with capital preservation goals than longer-duration bonds.

Links & Resources

Listen to the episode:Investments Unplugged Podcast

Learn more about Manulife Investments:Manulife IM Canada

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By Macan Nia, Kevin Headland

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