February 4, 2025
Navigating 2025: cautious steps in a dynamic market
With slower Fed rate cuts and the U.S. dollar's recent rally, is prudence the right approach for 2025?
Manulife Capital Appreciation Team
Headquartered in Boston, the Manulife Capital Appreciation Team averages 23 years of investment experience and oversees a diverse range of global sector strategies. The 17-member team manages $26.6 billion in assets.¹
Prioritizes consistency
Driven by a knack for individual company analysis, the team seeks to lock in strong returns on a consistent basis, rather than outsize gains on the rare occasion.
Guided by repeatable and time-tested principles
Premised on a decades-old margin of safety approach, the goal is to identify undervalued companies with attractive business models and a company-specific catalyst to unlock value.
Centered on best ideas
Focused on companies with attractive risk/return profiles and alpha generation potential, high-conviction portfolios are carefully crafted from the ground up.
Get to know the Manulife Capital Appreciation Team
Michael J. Scanlon, Jr., CFA
Co-Head of the Manulife Capital Appreciation Team, Portfolio Manager
Investing since 2000
Susan A. Curry
Co-Head of the Manulife Capital Appreciation Team, Senior Portfolio Manager
Investing since 1993
Noman Ali, CFA
Senior Portfolio Manager
Investing since 1995
A holistic investment process that begins at the company level
Portfolio construction is a scrupulous art—but it’s not just about uncovering strong individual companies across sectors. Our capital appreciation team ensures these ideas interact well with one another to craft portfolios that are optimally diversified with a total return focus.
A meticulous investment philosophy
A rigorous approach to stock selection
Margin of safety—a key tenet
Total-return focused
Limits factor biases and strives for total return with flexibility to invest across style, market cap, quality
Margin of safety at the core
Naturally mitigates risk with an emphasis on margin of safety and a risk management team that helps identify unintended portfolio risks
Discount to intrinsic value
Uses a bottom-up, fundamental approach to companies with solid businesses
For illustrative purposes only.
For illustrative purposes only.
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Important disclosures
1 As of March 31, 2025, shown in Canadian dollars.
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 before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Manulife Funds (including the Trust Pools) and Manulife Corporate Classes (including the Class Pools) are managed by Manulife Investment 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.
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