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Global Quality Value Strategy

The strategy seeks to provide long-term capital appreciation through investment in high-quality global companies bought at what the team considers the right price. Their long-term approach is designed to deliver strong risk-adjusted performance with downside market protection.

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Philosophy

The team’s process is relatively simple: They seek to buy high-quality companies at attractive valuations. The value add is in the execution—combining a detailed research process and scenario modeling with the steadfast application of the team’s disciplined investment process. To that end, the team focuses on three key pillars in their investment process: seeking to build a portfolio of quality companies that have strong franchises, management teams, balance sheets, and cash flows; using in-depth research, meeting senior management teams, and performing scenario modeling to understand the quality of businesses; and prioritizing downside risk management.

 

Documents

Managed by

Paul G. Boyne

Senior Managing Director and Senior Portfolio Manager, Global Quality Value

Paul is the lead portfolio manager of the global quality value strategy and team. Previously, he was a senior fund manager within the global equities team at Invesco Perpetual. Prior to that, Paul worked at the Bank of Ireland as deputy chief investment officer and head of global equities, providing portfolio oversight across all regional product areas. Paul began his investment career with Morgan Stanley Investment Management, serving as managing director and senior portfolio manager of their global value equity product. Earlier in his career, Paul spent six years with the chartered accountants and management consultants Grant Thornton International. Paul is a Fellow of the Association of Chartered Accountants. 

  • Education: M.B.S., Michael Smurfit Graduate School of Business, University College, Dublin
  • Joined the company: 2013
  • Began career: 1987
Paul G. Boyne

Edward Ritchie, ASIP

Senior Managing Director, Japan Equities

Edward Ritchie is a senior managing director and head of Japan Equities at Manulife Investment Management (Japan) Ltd. He is portfolio manager of Manulife’s Japan equity funds with US$1bn AUM. He transferred from London to Manulife IM’s Tokyo office in April 2019. He also co-manages the Manulife’s global small cap exposure. Previously, he worked at Schroder Investment Management and Lazard specializing in Japanese equities. Ed was based previously in Tokyo from 2000 to 2007, where he managed a 500 million pound sterling fund investing in Japanese dividend growth stocks, as well as managing the consumer section of the research team. He has completed the Associate Examination of the CFA Society of the UK.

  • Education: University of Oxford, Master of Arts in Philosophy, Politics & Economics, 1993
  • Joined the company: 2010
  • Began career: 1995
Edward Ritchie, ASIP

Stephen Hermsdorf

Portfolio Manager and Analyst, Global Quality Value

Stephen is a portfolio manager and analyst working on the global quality value strategy and team. Previously, he was a portfolio manager at Hermes Global Equities, where he provided fundamental research and portfolio management with a focus on the global financial services sector. Before that, he worked at Fidelity Management & Research as an equity analyst, covering the insurance and food and beverage industries; as a private equity analyst at HabourVest Partners; and as a technology investment banking analyst at Robertson Stephens.

  • Education: B.A. in Economics, Harvard University; M.B.A. in Accounting, Strategy, and Finance, University of Chicago Booth School of Business
  • Joined the company: 2015
  • Began career: 1996
Stephen Hermsdorf

Felicity Smith

Portfolio Manager and Analyst, Global Quality Value

Felicity is a portfolio manager and analyst on the global quality value team. Prior to joining the firm, she was a managing director at Hempshill Hall Asset Management, which she founded in 2015. Prior to that, she was a senior fund manager at Bedlam Asset Management, where she refocused the firm’s equity income strategy from a U.K.-centric approach to a global approach, with an emphasis on undervalued companies offering long-term growth and more sustainable dividends. Earlier in her career, Felicity was an executive director and product head of a European value strategy at Morgan Stanley Investment Management. 

  • Education: B.A., Modern Languages (French and German), Balliol College, Oxford University
  • Joined the company: 2020
  • Began career: 1985
Felicity Smith

Vehicles

At Manulife Investment Management, we offer investment strategies through a variety of vehicles to suit a broad range of client needs. Contact our institutional sales or consultant relations team to find out if this strategy/vehicle is offered in your region. 

  • Separate accounts

    Our separate accounts and separately managed accounts (SMAs) are designed for institutions and high-net-worth clients seeking tailored investment solutions and direct ownership of securities. 

  • CITs

    Our professionally managed collective investment trusts (CITs) are available in certain qualified retirement plans.

  • Mutual funds

    Mutual funds are liquid, professionally managed portfolios which are available to both institutional and retail investors.

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Important disclosure

The material contains information regarding the investment approach described herein and is not a complete description of the investment objectives, risks, policies, guidelines or portfolio management and research that supports this investment approach. Any decision to engage Manulife Investment Management should be based upon a review of the terms of the prospectus, offering documents or investment management agreement, as applicable, and the specific investment objectives, policies and guidelines that apply under the terms of such agreement. There is no guarantee investment objectives will be met. The investment process may change over time. The characteristics set forth above are intended as a general illustration of some of the criteria the strategy team considers in selecting securities for client portfolios. Client portfolios are managed according to mutually agreed upon investment guidelines

This information has been provided by Manulife Investment Management. All material is compiled from sources believed to be reliable and correct but accuracy cannot be guaranteed. This is not to be construed as an offer to buy or sell any financial instrument nor does it constitute an offer or invitation to invest in any fund managed by Manulife Investment Management and has not been prepared in connection with any such offer. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the securities and sectors listed.

References to securities, transactions or holdings should not be considered a recommendation to purchase or sell a particular security and there is no assurance that, as of the date of publication, the securities remain in the portfolio. Additionally, it is noted that the securities or transactions referenced do not represent all of the securities purchased, sold or recommended during the period referenced and there is no guarantee as to the future profitability of the securities identified and discussed herein.

The indices cited are widely accepted benchmarks for investment performance within their relevant regions, sectors or asset classes, and represent non managed investment portfolio.