Canadian fixed income team

Headquartered in Toronto, with one member situated in Montreal, Manulife Investment Management’s 12-person-strong Canadian fixed-income team is led by Roshan Thiru, Head of Canadian Fixed Income. The team is responsible for managing over CAD$30 billion* in assets.

The Canadian fixed-income difference

  • Well-seasoned fixed-income team—The 12-person team has an average of 20 years’ experience and expertise across the full spectrum of the fixed-income asset class and is led by Roshan Thiru.
  • Stringent risk management—While the team covers a wide variety of mandates, their singular goal is to deliver income and capital preservation through risk-conscious active management focused on sector and security selection.
  • Strong presence in the Canadian fixed income market—Size, reputation, and trading volume ensure that Manulife Investment Management receives generous consideration in the new issue market and timely calls in the secondary market.

Get to know the Manulife Canadian fixed-income team    

The team operates in a boutique environment where they own their investment process, from research to implementation to results achieved, but benefit from the global resources of Manulife Investment Management (MIM), one of Canada’s largest fixed-income players. The firm’s size, reputation, and trading volume ensure that the team receives generous consideration in the new issue market and timely calls in the secondary market.

A consistent theme employed among all of the team’s strategies is to deliver investors income and capital preservation through a risk-conscious active management approach focused on careful sector and security selection.

Meet the team behind the funds

Photo of the team

Left to right:

John Xin, CFA

Assistant Portfolio Manager
Investing since 2010

Saad Qazi, CFA

Senior Investment Analyst
Investing since 2013

Jose Saracut, CFA, FRM

Senior Credit Analyst
Investing since 1998

Altaf Nanji, CFA

Portfolio Manager, Head of credit research
Investing since 1998

Faisal Rahman, CFA

Senior Portfolio Manager
Investing since 1995

Hosen Marjaee, CFA

Senior Portfolio Manager
Investing since 1981

Terry Carr, CFA

Chief Investment Officer, Senior Portfolio Manager
Investing since 1986

Richard Kos, CFA

Senior Portfolio Manager
Investing since 1993

Roshan Thiru, CFA

Head of Canadian Fixed Income
Investing since 2000

Andrew Gretzinger, CFA, DMS

Portfolio Manager
Investing since 1997

Jonathan Crescenzi, CFA

Senior Investment Analyst
Investing since 2007

Robert Chepelsky, CFA

Client Portfolio Management Specialist
Investing since 1993

Team members and responsibilities listed are as of December 31, 2018.

Investment process

The team looks at relative opportunity within fixed-income, equity, and alternative asset classes, then searches issue by issue to find the best opportunities from a risk/reward perspective.

Step 1 involves seeking to identify attractive sectors through the following inputs: Portfolio Management Credit Research Analysts Economists These inputs consider global macroeconomic factors such as: Fiscal and monetary policy Interest rate and yield curve forecasts Market volatility Political environment These factors provide the context for their economic and business cycle outlook which leads to the output of step 1 which is excess return opportunities. The outlook informs how macro themes drive their sector allocation and idea generation, which breaks down into determining: Is it a risk seeking or risk averse environment? Which sectors should they target? What interest rate strategies should they use?

Step 1: Seeks to identify attractive sectors

Step 2 looks at individual securities for the best opportunities. They break down the company credit profile into business risks and financial risks. Under business risks, they consider: Economic environment Regulatory environment Competitive landscape Industry cyclicality Management assessment Corporate governance Industry specific factors. While under Financial risks, they look at: Earnings Cash flow Balance sheet Financial flexibility Industry specific factors

Step 2: Looks at individual securities for best opportunities

The end result is a portfolio designed to achieve intended objectives under a stringent risk management framework.

Portfolio managers may use some or all of the techniques described. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Characteristics, guidelines, and constraints are for illustrative purposes only. They may change at any time and may differ for a specific account.

Our funds/pools

Mutual funds

Segregated funds

Learn more about our segregated fund contracts

Investors rely on us to deliver the stated objectives of the Funds we manage. We view this as keeping our promises to them.

—Terry Carr, Chief Investment Officer for Canadian Fixed Income

Related materials

Talking investments with Terry Carr—Manulife Yield Opportunities Fund

Terry shares insight on the Manulife Yield Opportunities Fund, including the investment strategy, how ideas are generated, and risk mitigation.

* As of September 30, 2018 CAD

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the fund facts as well as the prospectus of the mutual funds before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Manulife Funds (including the Trust Pools) are managed by Manulife Investment Management Limited (formerly named Manulife Asset Management Limited). Manulife Investment Management is a trade name of Manulife Investment Management Limited. Manulife, Stylized M Design, and Manulife Investment Management & Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and its affiliates under license.

Any amount that is allocated to a segregated fund is invested at the risk of the contractholder and may increase or decrease in value. Returns shown are after the MER has been deducted. Performance histories are not indicative of future performance. For information on guarantees, fees and expenses that may apply to segregated funds, please read the information folder, contract and fund facts of the segregated funds. The Manufacturers Life Insurance Company (Manulife) is the issuer of insurance contracts containing Manulife segregated funds and the guarantor of any guarantee provisions therein.  Manulife Investment Management is a trade name of The Manufacturers Life Insurance Company.

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