Investments Unplugged

Macan Nia, Kevin Headland
  • 5.0 (1)
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An insightful and lively podcast that gives you access to ideas and insight from a range of market experts from Manulife Investment Management.(Intended for Advisor Use Only)

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

    May 27

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

    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 Share & Subscribe If you enjoyed this episode, please share it with your network and subscribe for future insights on markets, investing, and portfolio strategy.

    30 min
  2. Episode 118 | Middle East conflict: evolving dynamics, investment takeaways

    Apr 17

    Episode 118 | Middle East conflict: evolving dynamics, investment takeaways

    Episode overview In this episode of Investments Unplugged, hosts Kevin Headland and Macan Nia continue their timely dialogue around the geopolitical turmoil impacting today’s markets. Now entering its 40th day (at the time of this recording), the ongoing conflict in the Middle East still commands center stage, so Kevin and Macan discuss how it’s feeding through to energy prices, market volatility, and investor behavior. They examine why markets opened 2026 “priced for perfection” (leaving little margin for error), how the current oil price shock compares with 2022’s macro environment (with important differences in inflation and interest-rate starting points), and why recent equity valuation compression—particularly in the technology sector—may be creating select opportunities for investors.     Key topics & insights 1. Oil: the conflict’s key transmission channel “Higher-for-longer” oil price risk: Even if the Middle East conflict resolves, Kevin and Macan suggest that oil prices may remain structurally higher than pre-conflict levels due to supply impairment and perhaps an ongoing geopolitical risk premium. Tracking evolving dynamics: These could include higher shipping insurance rates and even increased transit/toll-like costs tied to safe passage through the Strait of Hormuz—factors that can embed into oil prices beyond an immediate shock. Macroeconomic watchpoints: One of the critical questions still facing economists and investors alike is how higher energy prices might affect global growth rates, the likelihood of a slowdown or recession, and broader inflation levels. 2. Market volatility regime shift (not capitulation) More choppiness in less time: Since the Middle East conflict began, Kevin and Macan have observed a sharp rise in large daily moves by the S&P 500 Index (+/- 1% days), underscoring the reality of a more “headline-driven” market environment. Putting the “fear gauge” in context: While they note the VIX moving up (near ~30 at points), they emphasize that a VIX >30 is historically infrequent and that >40 has typically signaled peak fear levels, seen only in major crisis-type episodes. Markets reacting to ceasefire signals: They describe a “buy-the-dip” tendency where markets rally quickly on any perceived positive news, potentially reflecting underlying market resilience (but also risk if the conflict escalates from here). 3. 2022 comparisons: what’s similar vs. what’s different The main similarity: Today’s geopolitical tensions have pushed oil prices higher, combined with below-trend economic growth and still-sticky overall inflation. A key difference: The starting point for interest rates and bond yields is different now than in early 2022, which affects both bond math and the policy backdrop. Inflation framing (“three Cs”): Today’s inflation setup isn’t a direct replay of recent history, which was marked by multiple years of persistently elevated inflation. 4. Valuations: technology reset, select opportunities Technology premium compressed: Kevin and Macan highlight that the NASDAQ Composite Index’s forward price/earnings (P/E) premium vs. the S&P 500 Index has narrowed considerably, reflecting a meaningful valuation reset in recent months. “Better earnings for a cheaper price”: The market’s price (“P”) has come down, while earnings expectations (“E”) have been more resilient, implying that there may now be improved value and select opportunities in some areas of the market. Not all tech is created equal: It’s important to break the broad technology sector down into its subsectors (semis, hardware, software/services) in an effort to identify potential winners, rather than just buying tech stocks indiscriminately.   Actionable takeaways for Canadian investors Treat volatility as part of the process, not a trigger to abandon it: With markets potentially “priced for perfection,” geopolitical and other surprises can spur outsized moves, so portfolios should be diversified and built to withstand volatility. Focus on the path of oil prices (level + duration): The big risk with regard to oil prices is not necessarily a short-term (e.g., one-week) spike, but rather a more sustained rise that filters into broader inflation expectations and economic growth. If sitting on cash, consider staged reentry into the market: Market uncertainty and volatility can potentially be harnessed to an investor’s advantage, as they may spawn attractive opportunities to redeploy some idle cash back into the market. Reassess fixed income with today’s yield cushion in mind: A bond’s total return consists of both price appreciation and yield.Starting yields are higher today than in 2022, and price volatility may be offset over time by the income (yield) component. Selectively look for valuation-driven opportunities (especially in tech): Broad market sell-offs can sometimes leave no stocks unpunished, potentially offering opportunities to selectively buy high-quality companies at cheaper valuations.   Links & Resources Listen to the episode:Investments Unplugged Podcast Learn more about Manulife Investments:Manulife IM Canada Share & Subscribe If you enjoyed this episode, please share it with your network and subscribe for future insights on markets, investing, and portfolio strategy.   For informational purposes only. This episode does not constitute investment advice. Please consult a qualified advisor before making investment decisions

    29 min
  3. Episode 117 | Timely perspective on turmoil in the Middle East

    Mar 25

    Episode 117 | Timely perspective on turmoil in the Middle East

    Episode overview In this episode of Investments Unplugged, hosts Macan Nia and Kevin Headland discuss the investment implications of the Middle East conflict that began in the first quarter of 2026. Rather than forecasting geopolitical outcomes, Macan and Kevin focus on how shocks in energy-producing regions can transmit quickly into oil and natural gas prices, consumer costs, inflation expectations, and market volatility.  The discussion is framed around:  The context of today’s macroeconomic and geopolitical backdrop Historical lessons from past geopolitical events (“disruptive” vs. “destructive”) Key factors to watch amid the current conflict , particularly the Strait of Hormuz  Practical portfolio considerations, including: Volatility management Deploying cash assets Fixed-income duration Emphasizing quality and diversification o   Key topics & insights 1. Why energy is the fast transmission mechanism Oil & gas move quickly into day-to-day costs: Higher energy prices pressure consumer budgets and can reduce spending elsewhere (they note consumption is ~two-thirds of the U.S. and Canadian economies). Real-time examples of price impacts: They cite U.S. average gasoline prices around $3.60/gal, up ~27% since early March (also noting seasonal “summer blend” effects). Europe’s sensitivity to natural gas: They highlight that gas matters particularly for Europe and can drive equity volatility there. 2. The conflict’s nuance: scale of regional supply + chokepoint risk Middle East production concentration: They estimate roughly ~20% of global oil production comes from the Middle East. Strait of Hormuz as a chokepoint: They emphasize the Strait’s importance, noting ~20% of oil flows through it daily and also referencing natural gas flows. Operational disruption risk vs. outright closure: Even if ships have legal right of passage, they discuss how slower traffic, inspections, and higher insurance costs can still disrupt supply and risk sentiment. 3. Disruptive vs. destructive: what history suggests Most geopolitical shocks are “disruptive”: They describe internal research showing many events historically have short-lived market drawdowns, with returns often positive 3 months and 1 year later. When it can turn “destructive”: They reference the 1973–74 oil shock/Yom Kippur War framework—where sustained high oil contributed to recession—arguing the duration of elevated prices is key. Catalyst vs. cause: They note recessions typically aren’t caused by one event alone; timing and existing fragilities matter. 4. Inflation, central banks, and why bonds may not hedge the usual way Energy can re-ignite inflation fears: If high energy is not transitory, they suggest inflation could remain sticky or reaccelerate. Policy uncertainty: They discuss the challenge for central banks balancing inflation control vs. growth risks, and note market expectations for 2026 rate cuts shifting (from multiple cuts expected to potentially far fewer). Fixed income positioning: They express preference for higher-quality credit and caution against taking too much duration risk in a volatile inflation backdrop; fixed income is framed as a patience game. 5) Portfolio discipline in fast-moving headline markets Don’t invest emotionally: They stress not letting emotions drive decisions and reiterate diversification’s role. Cash deployment needs a plan: Because markets can move sharply on ceasefire/headline risk, they advocate “staging in” with predefined triggers rather than trying to time a single entry point. Volatility as an opportunity indicator: They cite research that investing when the VIX is above 30 historically led to stronger forward returns (e.g., higher 6-month and 1-year returns vs. average conditions), while noting VIX was around the mid-20s at the time discussed. 6. Second-order impacts beyond oil and gas (food inputs) Fertilizer/food linkage: They highlight the Strait’s relevance to seaborne sulfur trade (a fertilizer input), raising the possibility of food-price implications—especially relevant for emerging markets and policy paths. ·   Actionable takeaways for Canadian investors Separate geopolitics from portfolio process: Don’t make large, reactive shifts based on fast-changing headlines; keep decisions anchored to your plan and time horizon. Watch energy as the key macro variable: Monitor whether oil and gas remain elevated for longer—that’s the difference between a short shock and a broader inflation/growth problem. Be intentional with cash: If you have cash to deploy, use a staged plan with trigger points (rather than waiting for “all-clear” news that may already be priced in). Revisit fixed-income risk (duration and quality): In an energy-driven inflation-risk scenario, consider whether your bond exposure is taking more duration risk than you intended; emphasize quality and recognize bonds may not cushion equities as reliably if inflation expectations rise. Stay diversified and avoid concentration: Use this as a reminder that diversification across geographies and asset classes matters—especially when a single risk factor (energy) can dominate outcomes. Use volatility constructively: If volatility spikes to extreme levels, history (as discussed in the episode) suggests those periods can be better long-term entry points—provided you can stay disciplined.   Links & Resources Listen to the episode:Investments Unplugged Podcast Learn more about Manulife Investments:Manulife IM Canada   Share & Subscribe If you enjoyed this episode, please share it with your network and subscribe for future insights on markets, investing, and portfolio strategy.   For informational purposes only. This episode does not constitute investment advice. Please consult a qualified advisor before making investment decisions.

    33 min
  4. Episode 116 | “Womenomics” and investing for longevity

    Mar 5

    Episode 116 | “Womenomics” and investing for longevity

    Episode overview In this episode of Investments Unplugged, hosts Kevin Headland and Macan Nia mark International Women’s Day by exploring longevity through the lens of women and financial preparedness. They’re joined by Director, Multi-Asset Solutions Erica Camilleri, who shares thoughts and research on why longevity risk is higher for women, how today’s macroeconomic backdrop (including higher cross-asset correlations and persistent inflation) can amplify retirement risks, and what investors can do—through better planning, appropriate risk-taking, and sound advice—to reduce the odds of outliving their savings.   Key topics & insights 1. Longevity risk and why it’s higher for women Financial shortfall risk gap — Manulife research found that women in Canada face a higher risk of experiencing financial shortfalls in retirement than men do (34% vs. 29%). It’s not just living longer — Longevity risk stems from a mix of longer (and rising) life expectancies, plus structural and social factors that can reduce lifetime savings and increase retirement vulnerability. 2. Health, wealth, and “longevity preparedness” Health and wealth are intertwined — The conversation emphasizes that longevity preparedness isn’t only about financial issues; for example, poor health can worsen retirement outcomes and vice versa. New tools and frameworks — The “longevity preparedness index” is designed to measure readiness to thrive while aging in retirement and is expected to expand into Canada in coming years. 3. The role of incentives and behaviour change (and why it matters for outcomes) Incentives can drive better habits — The episode highlights research over decades indicating that specific goals outperform vague “do your best” goals and discusses how incentive-based programs can encourage healthier behaviour (and, by extension, better long-term outcomes). 4. Structural inflation is still a long-term retirement risk Inflation has moderated cyclically but remains structurally higher — Even if inflation trends toward central bank targets, the episode argues households are still living with a higher price level and that long-run inflation may settle in the mid-to-high 2% range rather than the pre-pandemic norm. Retirement math is sensitive to small inflation shifts — A modest upward shift in expected inflation (example discussed: +40 bps) can materially raise required savings/asset levels for retirement (example cited: a 30-year-old might need ~19% more assets). 5. Portfolio construction challenges: higher correlations and concentration risk Diversification is harder when correlations rise — The hosts discuss higher correlations within equities and between equities and fixed income, plus increased market concentration—factors that can make portfolios more vulnerable to shocks. Longevity risk is amplified by portfolio risk — In a “fluid” market backdrop, managing drawdowns and sequence-of-returns risk becomes more important for sustaining long retirements. 6. Mitigating longevity risk: saving earlier, compounding, and appropriate risk Start early; small changes matter — The conversation stresses the power of compounding and the outsized impact of starting earlier (even with small incremental improvements). Avoid being overly conservative — The episode argues many investors (especially in defined contribution plans) are too conservative, and that growth asset exposure is critical to reducing shortfall risk over multi-decade retirements. Rethinking retirement glidepaths — Erica explains their approach avoids a static asset allocation through retirement, allowing for more growth exposure early in retirement given retirements can last decades. 7. Advice, planning, and using the right tools (including RRSPs) Financial advice early helps — A repeated theme is that advice earlier in life helps investors understand opportunities, risks, and the need for money to last throughout retirement (and potentially leave a legacy). Tax-advantaged tools matter — The hosts reference prior discussions on RRSP benefits and how tax savings can compound and support retirement resilience. ·   Actionable takeaways for Canadian investors Plan for a longer retirement than you think: Build your plan around the possibility of a multi-decade retirement (the episode references retirements that could stretch to ~40 years). Don’t ignore inflation in long-range assumptions: Stress-test your retirement plan for slightly higher long-term inflation; even small changes can require meaningfully higher savings. Prioritize time in the market (compounding): If you’re early in your career, focus on starting now—small contribution increases made earlier can have an outsized impact later. Be deliberate about risk—not automatically conservative: Review whether your portfolio is too cautious for your horizon (including early retirement), since insufficient growth can increase shortfall risk. Diversify with today’s correlation regime in mind: Recognize that diversification may be less reliable when equity/fixed income correlations rise; ensure your portfolio isn’t overly concentrated in a few exposures. Use advice and tax tools to improve outcomes: Consider getting financial advice earlier and make full use of retirement vehicles (e.g., RRSPs) where appropriate to improve after-tax compounding.   Links & Resources Listen to the episode:Investments Unplugged Podcast Learn more about Manulife Investments:Manulife IM Canada Share & Subscribe If you enjoyed this episode, please share it with your network and subscribe for future insights on markets, investing, and portfolio strategy.   For informational purposes only. This episode does not constitute investment advice. Please consult a qualified advisor before making investment decisions.

    35 min
  5. Episode 115 | RRSP vs. TFSA, beneficiary pitfalls, and much more: timely tax and estate strategies with John Natale

    Feb 11

    Episode 115 | RRSP vs. TFSA, beneficiary pitfalls, and much more: timely tax and estate strategies with John Natale

    Hosts Kevin Headland and Macan Nia recently sat down with John Natale, Head of Tax, Retirement & Estate Planning Services at Manulife, to unpack: • The real world trade offs between registered retirement savings plans (RRSPs) and tax-free savings account (TFSAs); • Why successor holder designations can spare families tax and paperwork; • A time sensitive spousal RRSP contribution opportunity after a death; • Cross border (U.S.) TFSA considerations; • Using segregated funds as a liquidity “cash wedge” after death; and • Why the value of financial advice extends far beyond portfolio returns. Take a listen for practical, plain language insights you can bring to client conversations today.

    36 min
  6. Episode 114: Fearless forecasts—does improbable mean impossible?

    Jan 15

    Episode 114: Fearless forecasts—does improbable mean impossible?

    Some industry predictions may seem outlandish—or even impossible. But does that mean they’re not worth considering? Kick off 2026 with Kevin and Macan, as they explore consensus- defying predictions that may sound absurd, but warrant closer examination. Listen in as they examine the logic behind some of industry's boldest predictions, challenging listeners to rethink what’s truly possible. From a potential 50% surge in gold prices to an S&P 500 Index that could endure a bear market and still finish the year up 20%, our hosts break down the rationale, data, and market dynamics behind each scenario—examining the roles of central bank rate cuts, liquidity, momentum and investor behavior, all while underscoring the importance of diversification in an unpredictable market environment. Tune in for a lively start to 2026—and decide for yourself: are these forecasts improbable, or impossible?

    31 min
  7. Episode 113: 2025 in the rearview—are markets in for another strong year?

    12/05/2025

    Episode 113: 2025 in the rearview—are markets in for another strong year?

    Episode 113: 2025 in the rearview—are markets in for another strong year? Hosts: Kevin Headland (Co-chief Investment Strategist) Macan Nia (Co-Chief Investment Strategist) Special guests: Emily Roland (Co-Chief Investment Strategist) Matt Miskin (Co-Chief Investment Strategist) Episode highlights • 2025 in review: • The team discusses the strong performance of markets in 2025, including the TSX’s impressive 24% return despite a challenging economic backdrop in Canada. • Key market drivers: • The role of momentum trading, trend-following strategies, and AI exuberance. • The ongoing influence of the crypto trade. • Discrepancies between Canada’s economic data and TSX performance. • Looking ahead to 2026: • Will the trends of 2025 continue, or is a shift on the horizon? • The importance of sentiment as we enter the new year—are markets priced for perfection? • Why investing in companies is not the same as investing in the broader economy. • Risks and opportunities: • Potential risks for the Canadian economy, especially regarding banks and financials. • The importance of being prudent and keeping an eye on domestic economic indicators. • The impact of investor confidence and employment on market flows. • Actionable insight: Information à usage interne - Internal • The team provides practical considerations for investors as they position portfolios for 2026. • Encouragement to review the team’s full 2026 outlook, available on the Manulife Investments website. Additional information • Subscribe on Spotify, Apple Podcasts, or your favorite platform to stay up to date. • Listeners are encouraged to rate, share, and reach out with questions or feedback.

    44 min
  8. Episode 112| Curveballs, candies, and shutdowns—navigating an eventful October

    11/03/2025

    Episode 112| Curveballs, candies, and shutdowns—navigating an eventful October

    The Blue Jays were swinging for the fences, but investors are facing numerous curveballs of their own. In our latest episode of Investments Unplugged, Kevin and Macan step up to the plate to tackle some of the most frequently asked questions from the road: the real impact of the U.S. government shutdown, the rally in gold prices, and what’s really driving bond yields. To add a festive twist, our dynamic hosts also go off- script to share their thoughts on trick-or-treating budgets, Halloween candies, and costume trends. Tune in for recent market developments—and enjoy a few treats along the way.

    37 min
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About

An insightful and lively podcast that gives you access to ideas and insight from a range of market experts from Manulife Investment Management.(Intended for Advisor Use Only)

Information

  • Creator
    Macan Nia, Kevin Headland
  • Years Active
    2020 - 2026
  • Episodes
    128
  • Rating
    Clean
  • Copyright
    © Copyright 2022 Manulife Investment Management
  • Show Website
    Investments Unplugged