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Headquartered in Toronto and Montreal, the Manulife Fundamental Equity Team has been managing portfolios for over a decade and today oversees around CAD$12 billion¹ in retail and institutional assets under management.
With a core investment style and a bottom-up process, the team focuses on fundamentals and uncovering the best ideas at attractive valuations.
The team believes tangible cash flows are the real driver of economic value. It employs a proprietary method of calculating economic earnings and relies on tangible cash flows to identify quality companies at a reasonable price.
The team employs dynamic portfolio construction by actively managing stock positions based on changes to fundamentals and tangible cash flow yield.
Discover our award-winning fund. Leverage our data-driven, ESG-conscious approach and help build a portfolio of companies with strong capital efficiency and tangible cash flow.
Markets are in constant evolution. The goal of our Fundamental Equity Team is to block out this noise and bring the focus back to what truly matters: the fundamentals. By zeroing in on a company's tangible cash flows, the team focuses on sustainable businesses with an ability to generate recurring income.
Tangible cash flows are at the heart of the team’s investment process. By relying on a unique approach to security selection, the team monitors quality, sustainability, and valuation metrics with the goal of selecting the market's best cash creators. This allows the team to remain nimble, act swiftly in response to market ups and downs, and build high-conviction portfolios of roughly 40 names designed to weather multiple market environments.
"We don’t want to get caught up in stories. Stories drive the market and that’s why they’re mispriced."
Patrick Blais, Head of Fundamental Equity Team, Senior Portfolio Manager
Relying on a unique approach to security selection
By analyzing a decade’s worth of financial statements across hundreds of publicly traded companies, the team seeks to determine a company’s ability to generate recurring and predictable future cash flows. By evaluating a company’s historical tangible cash flows, the team essentially measures the quality of a business. This is critical to enuring portfolio constituents are sustainable companies focused on consistent cash generation and growth potential.
Highlighting the team's three-pronged approach
The team takes its analysis one step further, essentially turning publicly available information into proprietary data. In doing so, it focuses on:
Deconstructing financials to arrive at tangible cash flow
Through dynamic portfolio construction, the team seeks to maximize tangible cash flow by following the best opportunities, wherever they may be. This can involve:
Buying and selling activity based on tangible cash flow yield
The team goes above and beyond a traditional approach in its search for tangible cash flows, spending weeks and months analyzing more than 10 years of financial statements. Discover what Patrick Blais has to say about the role of cash flow in the team’s process.
The Fundamental Equity Team believes ESG and sustainability analysis could be both a risk mitigator and a potential alpha generator. It’s the belief of the team that active engagement efforts can help companies understand the needs of investors in ways that can improve transparency and sustainability profiles.
Union of experienced investment and ESG teams
Blending active management with sustainable insight
Active ownership—rights and responsibilities
Seeking to enhance value for investors while instilling resilience across investments
July 24, 2024
May 14, 2024
May 10, 2023
1 As of December 31, 2024, shown in Canadian dollars.
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.
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 (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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