Manulife Dana Saham Kelas A

The fund outperformed the benchmark in 1Q-25. Key contributor to performance came from allocation in the Materials sector. The sector underperformed the market in the period, and the fund’s underweight position in the sector result in positive attribution. Weaker global growth environment likely to weigh the outlook for the sector. Other key contributor to performance was positive selection effect in Consumer Staples. The sector is seen as defensive sector amid weaker global and domestic growth environment. The fund’s overweight position in several consumer stocks result in positive attribution. Meanwhile, key detractor came from the Financials sector, mainly from the fund’s natural underweight in some stocks with benchmark weight >10% that outperformed in the period.

The market looks to find a good footing for now, however growth outlook remains uncertain. 1Q-25 earnings show that revenue growth continues to slow down, although there are some positive points with consensus expectation has adjusted lower. We expect volatility will remain elevated in the short-term. We maintain our preference on domestic-driven sector with high quality earnings, which among others are Financials, and Consumer sector.

Manulife Saham Andalan

The fund outperformed the benchmark in 1Q-25. Key contributor to performance came from the Materials sector. The sector underperformed the market in the period due to weak global growth outlook, and the fund’s underweight position in the sector result in positive attribution. Weaker global growth environment likely to weigh the outlook for the sector. Meanwhile key detractor to performance came from Consumer Discretionary sector, mainly from the fund’s underweight position in a ride hailing stock that outperformed in the period. 

The market looks to find a good footing for now, however growth outlook remains uncertain. 1Q-25 earnings show that revenue growth continues to slow down, although there are some positive points with consensus expectation has adjusted lower. We expect volatility will remain elevated in the short-term. We maintain our preference on domestic-driven sectors with high quality earnings, which among others are Financials, and Consumer sector.

Manulife Greater Indonesia Fund

The fund underperformed the benchmark in 1Q-25. Key detractor to performance came from Consumer Discretionary sector, mainly due to the fund’s underweight position in a ride hailing stock that outperformed in the period.  Other detractor came from the Financials sector due to underweight position in a big bank that outperformed the market despite of weak 1Q earnings. Meanwhile, key contributor to performance was strong allocation and selection effect in the Materials sector. The sector underperformed the market in the period due to weak global growth outlook, and the fund’s underweight position in the sector result in positive attribution.

The market looks to find a good footing for now, however growth outlook remains uncertain. 1Q-25 earnings show that revenue growth continues to slow down, although there are some positive points with consensus expectation has adjusted lower. We expect volatility will remain elevated in the short-term. We maintain our preference on domestic-driven sectors with high quality earnings, which among others are Financials, and Consumer sector.

Manulife Pendapatan Bulanan  II

The fund outperformed the benchmark in the period. The yield curve moved in bull steepening pattern with the short-tenor bonds outperformed while the medium-long tenor bonds were flat. The 5-year bond yield dropped -25bps, while the 10-year bond yield rose +2bps. The short-tenor outperformed following Bank Indonesia’s surprise rate cut in January. Lower SRBI yield also increased appetite for short-tenor SBN. Meanwhile the medium-long tenor bonds were overshadowed by uncertainty in government’s budget re-allocation that caused overhang for the market. Rumors that the finance minister will step down also weighed on market sentiment. The fund’s focus in short-tenor bonds were the key contributors to outperformance. Going forward, appetite for short-tenor bonds likely to remain strong on the back of further BI Rate cut potential, higher demand to SBN from SRBI that matures this year, and heightened global volatility that might increase appetite for lower risk asset classes.

Manulife Obligasi Negara Indonesia II Kelas A

The fund underperformed the benchmark in the period. The bond market faced volatility in the period by uncertainty in the government’s budget re-allocation that caused overhang for the market. Rumors that the finance minister will step down also weighed on market sentiment. The yield curve moved in bull steepening pattern with the short-tenor bonds outperformed while the medium-long tenor bonds were flat. The 5-year bond yield dropped -25bps, while the 10-year bond yield rose +2bps. Fund strategy turned more defensive in the period, with portfolio duration dropped from 7.6 years in December 2024, to 5.9 years at the end of March 2025. We expect short-term volatility likely to persist, awaiting clarity on US tariff negotiations, domestic fiscal position, and Rupiah stability. We look to maintain portfolio duration at neutral relative to benchmark awaiting further catalyst in the market. Possible catalyst that we look include Rupiah continued stability, lower SRBI yield, and potential of further BI Rate cut.

Manulife USD Fixed Income Kelas A

The fund outperformed the benchmark in the period. The yield curve moved in bull steepening pattern with the short-tenor bonds outperformed while the long tenor bonds were flat. The 5-year bond yield dropped -32bps, while the 10-year bond yield dropped -19bps. The short-tenor outperformed following Bank Indonesia’s surprise rate cut in January. Lower SRBI yield also increased appetite for short-tenor SBN. Meanwhile the medium-long tenor bonds were overshadowed by uncertainty in government’s budget re-allocation that caused overhang for the market. Rumors that the finance minister will step down also weighed on market sentiment. The fund’s focus in short-tenor bonds were the key contributors to outperformance. Going forward, appetite for short-tenor bonds likely to remain strong on the back of further BI Rate cut potential, higher demand from SRBI that matures this year, and heightened global volatility that might increase demand for lower risk asset classes.

Manulife Dana Campuran II

The fund underperformed against the benchmark in 1Q-25. Key detractor to performance came from the equity allocation, mainly from the IT sector, as the fund had no position in a data center stock that rose ~300% in the quarter, resulting to around 250bps of negative alpha. The stock is not within investment universe due to unjustified valuation (PE at around 400x) and low stock liquidity. Other detractor to performance came from Consumer Discretionary sector, mainly due to the fund’s underweight position in a ride hailing stock that outperformed in the period. Meanwhile key contributor came from strong selection effect in the utilities sector and the bond allocation.  Going forward we remain cautious on the market. The market looks to find a good footing for now, however growth outlook remains uncertain. 1Q-25 earnings show that revenue growth continues to slow down, although there are some positive points with consensus expectation has adjusted lower. We expect volatility will remain elevated in the short-term. We look to maintain overweight allocation in fixed income amid volatile market condition, with duration at neutral against benchmark. On the equity side, we maintain our preference on domestic-driven sectors with high quality earnings, which among others are Financials, and Consumer sector.

Manulife Dana Tumbuh Berimbang

The fund underperformed against the benchmark in 1Q-25. Key detractor came from the bond allocation as the market faced volatility. The yield curve moved in bull steepening pattern with the short-tenor bonds outperformed while the medium-long tenor bonds were flat. The 5-year bond yield dropped -25bps, while the 10-year bond yield rose +2bps. Fund strategy turned more defensive in the period, with portfolio duration dropped from 7.5 years in December 2024, to 5.9 years at the end of March 2025. Meanwhile, the equity allocation posted positive attribution due to strong selection effect in the Materials sector. The sector underperformed the market in the period, and the fund’s underweight position in the sector result in positive attribution.

Going forward we remain cautious on the market. The market looks to find a good footing for now, however growth outlook remains uncertain. 1Q-25 earnings show that revenue growth continues to slow down, although there are some positive points with consensus expectation has adjusted lower. We expect volatility will remain elevated in the short-term. Portfolio strategy on the equity side, we maintain our preference on domestic-driven sectors with high quality earnings, which among others are Financials, and Consumer sector. On the bond allocation, we look to maintain duration at neutral against benchmark.

Manulife Saham Syariah Asia Pasifik Dollar AS

The fund underperformed the benchmark in 1Q-25. Relative performance was adversely impacted by our some of IT allocation (which in some areas was under pressure from the threats of tariffs as well as a downturn in some areas of tech that caused concern over AI capex relating to the Deepseek release in China).  In addition, strong performance in China was concentrated within the H share market while the fund’s positioning is more concentrated within A-shares.  Finally, some of the fund’s cyclical investments in India suffered from weaker than expected economic growth.  Mitigating factors were allocation in gold equities as well tech exposures within Korea.

The fund’s exposure to IT has been lowered as the uncertainty relating to the US trade policy which only accelerated after Q1 has led us to adopt a more balanced approach across sectors.  Despite the fact that we had seen some easing in policy (via the recently announced 90 pause on reciprocal tariffs and various exemptions on some tech products including smartphones and computers), our view is that corporate capex spending on IT hardware and services will be weak until the policy environment becomes firmly understood.  Our tech exposures are now more skewed towards China’s technology self-sufficiency drive which will remain unaffected by what is happening internationally. 

The portfolio continues to favor structural growth names such as those involved in the EV supply chain within China, renewables, and Chinese domestic tech that benefit from its ongoing need to develop greater technological self-sufficiency.  We have balanced this

Manulife Saham Syariah Golden Asia Dolar AS Kelas A1

The fund underperformed the benchmark in 1Q-25. Key detractor to performance was from allocation in IT sector, mainly due to negative performance from India IT stocks that underperformed in the period. India equities posted negative performance in the quarter, weighed by foreign outflows amid concern of US tariff escalation. Other detractor to performance was from allocation in the Healthcare sector, weighed by India pharma stocks that relatively underperformed in the quarter. Meanwhile strong security selection in the energy sector result in positive attribution to the portfolio, mainly due to underweight position in the sector. The portfolio favors structural growth sectors in China and India, such as China’s IT sectors that benefit from self-sufficiency drive, India’s strong pharma sector, and China’s unique advantage in rare earth mining within the Materials sector.