Fundamental equity team
Located in Toronto and Montreal, the Manulife fundamental equity team averages over 10 years of experience and has more than CAD$8 billion* in retail and institutional assets under management.
The fundamental equity difference
- Tangible free cash flow—Finding companies that generate cash in excess of what they need to run their business is a critical part of driving long-term growth.
- Deep understanding of business quality—By getting to the root of profitability, finding how much capital is being used to generate returns, how sustainable the results are, and adjusting, the team can view and compare companies through the same lens.
- Intense focus on valuation—The team tests different scenarios that can affect cash flows, uncovering potential upside, downside, and base-case scenario for each company they analyze and value, which allows them to have confidence in when to buy, hold, or sell.
Get to know the Manulife fundamental equity team
They take a three-pronged approach to uncovering opportunities:
- Free cash flow—The team seeks companies that generate cash in excess of what’s needed to run the business. If a company can’t generate more cash than it needs to operate, the long-term viability of the business can be cause for serious concern.
- Sustainability—The team develops a deep understanding of the quality of the business itself and its managers. Not only must the business generate free cash flow, but it must also be sustainable and growing. A disciplined management team that knows how to reinvest that cash wisely to create greater cash flows in the future is a hallmark of a successful business.
- Valuation—The team uses in-house, proprietary valuation models to stress-test scenarios that can affect business cash flow. Global and local economic factors, new regulations, tariffs, and many more factors can have a material impact on businesses.
Meet the team behind the funds
Patrick Blais, CFA, FSA
Head of the Fundamental Equity Team, Senior Portfolio Manager
Investing since 1998
Steve Bélisle, CFA
Senior Portfolio Manager
Investing since 2003
Cavan Yie, CFA
Investing since 2008
Jakub Sulimierski, CFA
Senior Investment Analyst
Investing since 2011
Brian Chan, CFA
Investing since 2009
Derek Chan, CFA, CGA, CPA
Investing since 2008
Investment Research Analyst
Investing since 2003
Investment Analyst, Fundamental Equity
Investing since 2023
Team members and responsibilities listed are as of January 20, 2022.
The fundamental equity team believes that long-term stock returns are linked to a company’s ability to use its assets to generate income. To find such companies, they use a proprietary method of calculating economic earnings and cash-based return on capital. Their investment approach is best characterized as style neutral, fundamental in nature, and done on a company-by-company basis.
This disciplined approach to seeking companies with strong capital efficiency and the right kind of cash flow can help portfolios generate returns in up markets and offer protection in down markets.
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.
Profits are a matter of opinion. Cash flows are a matter of fact.
* As of June 30, 2021 CAD.
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