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Multi-Asset Solutions Team
Latest asset allocation views
October 2025
As economic patterns shift and regional factors influence markets, reassessing allocation is crucial
Navigating a new macro regime: policy trade-offs, fiscal dominance, and regional fragmentation.
Source: Manulife Investment Management, September 30, 2025. These views are updated on a quarterly basis. This commentary is provided for informational purposes only and is not an endorsement of any security, mutual fund, sector, or index. Diversification does not guarantee a profit or eliminate the risk of a loss. No forecasts are guaranteed.
Asset class focus
An opportunity in Spanish equities
Strong macro support sets Spain apart among developed economies.
Spain’s GDP remains above trend, supported by strong consumption, a robust services sector, and insulation from global trade shocks. Structural reforms and European Union (EU) stimulus have enhanced long-term growth potential.
Spanish equities offer improving earnings, strong return on equity, and attractive valuations. Elevated earnings yield, generous dividends, and buybacks provide compelling total return potential versus developed-market peers.
Spain’s equity index is heavily weighted toward European financials—a sector benefiting from earnings momentum, regulatory support, and favorable credit conditions. Corporate revenues have gained from exposure to high growth areas like Latin America.
Spain’s low fiscal deficit risk and household deleveraging support sovereign and credit markets. ECB accommodation and EU integration reduce macro volatility, reinforcing investor confidence in Spanish assets.
12-month forward EPS of MSCI Spain relative to MSCI EAFE
Asset class returns comprise the multi-asset solutions team’s expectations of how different asset classes may perform over a 5-year and 20-year-plus time horizon.
Source: Multi-Asset Solutions Team, Manulife Investment Management, as of September 30, 2025. Not all asset classes with forecasts are represented in every portfolio managed by the Multi-Asset Solutions Team. Data shown in the tables reflects the most recent data available. Asset class forecasts comprise inputs driven by proprietary Manulife Investment Management research and are not meant as predictions for any particular index, mutual fund, or investment vehicle. To initiate the investment process, the investment team formulates 5-year and 20-year-plus risk/return expectations, developed through a variety of quantitative modeling techniques and complemented with qualitative and fundamental insight. Assumptions are then adjusted for a number of factors. REITs refers to real estate investment trusts. USD, CAD, and CNY refer to the U.S. dollar, the Canadian dollar, and the Chinese yuan, respectively. This chart contains forecasts reflecting potential future events and is only as current as of the date indicated. There is no assurance that such events will occur, and the actual asset class return may be significantly different from that shown here. This material should not be viewed as a recommendation or a solicitation of an offer to buy or sell any investment products or to adopt any investment strategy. It is not possible to invest directly in an index. Past performance does not guarantee future results.
Nathan W. Thooft, CFA
CIO, Multi-Asset Solutions Team, Global Equities
Robert E. Sykes, CFA
Senior Portfolio Manager, Head of Asset Allocation, U.S., Multi-Asset Solutions Team
James Robertson, CIM
Senior Portfolio Manager, Head of Multi-Asset Solutions, Canada, Head of Tactical Asset Allocation, Multi-Asset Solutions Team
Luke Browne
Senior Portfolio Manager, Global Head, Multi-Asset Solutions Team, Head of Multi-Asset Solutions, Asia
Geoffrey Kelley, CFA
Senior Portfolio Manager, Global Head, Systematic Equity Solutions, Multi-Asset Solutions Team
Benjamin W. Forssell, CFA
Client Portfolio Manager, Global Multi-Asset Team, Multi-Asset Solutions Team
Eric Menzer, CFA, CAIA, AIF
Head of Advisory Solutions, Senior Portfolio Manager, Multi-Asset Solutions Team
October 2, 2025
October 1, 2025
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