U.S. core value equity team

Based in Boston, MA, the Manulife U.S. core value equity team, a boutique investment team within Manulife Investment Management, has been applying their proprietary seven-step investment process for over 17 years.

The U.S. core value difference

  • Long track record—The team has been using their seven-step process for managing U.S. equities for over 17 years
  • Focus on undervalued stocks—The team looks for opportunities selling at a substantial discount to their long-term potential.
  • Opportunistic positioning—The team’s flexible portfolios can include both growth and value stocks of quality companies of any size so long as they exhibit sustainable competitive advantages and strong cash flow generation.

Get to know the Manulife U.S. core value equity team

The team looks for undervalued companies selling at a discount to their long-term potential—think of it like buying a dollar’s worth of stock for 70 cents or less. The companies they focus on are considered best of breed, with a sustainable competitive advantage and strong cash flow generation. To find them, the team searches both growth and value stocks of any market capitalization and they have the flexibility to employ active currency management to help protect against currency risk and potentially improve returns.

Meet the team behind the funds

Photo of the team

Left to right:

Keith Kirkland, CFA

Senior Investment Analyst
Investing since 2010

Tatiana V. Johnson

Associate Client Portfolio Manager
Investing since 2010

Michael Bokoff, CFA

Senior investment Analyst  
Investing since 2010

Kassiani Nacopoulos

Investment analyst  
Investing since 2016

Jonathan T. White, CFA

Senior Managing Director and Senior Portfolio Manager
Investing since 1997

Emory W. (Sandy) Sanders, Jr., CFA

Senior Portfolio Manager
Investing since 1997

Michael J. Mattioli, CFA

Portfolio Manager
Investing since 2005

Nicholas P. Renart

Portfolio Manager
Investing since 2005

Michael Daley, CFA

Senior Investment Analyst
Investing since 2006

T. Michael Brock

Client Portfolio Manager  
Investing since 1994

Team members and responsibilities listed are as of September 30, 2020.

Investment process

The team believes that quality companies with a sustainable competitive advantage and cash flow generation bought at the right price should outperform the broader market. Patience and a long-term investment horizon allow for the compounding of companies’ cash flows, which allows companies to grow in value.

Graphic illustrating the investment process.  Starting with idea generation, they look at:  All cap stock universe Proprietary research Return on invested capital (ROIC)  They then move into research and validation using their seven step research process:  Validate the competitive advantage Identify growth drivers Industry analysis Financial analysis Assess management team Range of values evaluation Risk considerations  Risk management is integrated into all stages of the investment process  From this inventory a portfolio of 25-75 stocks is created and risk management at the portfolio level is overseen by a dedicated team.

This process identifies undervalued companies with strong fundamentals that have the potential to outperform over the mid-to-long-term.

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.

Funds/pools managed

The best way we can control risk is to pay the right price for the stock to begin with. We buy a stock when it’s at bear or worst-case value. That’s 70 cents or less on the dollar.

—Emory W. (Sandy) Sanders, Jr., Senior Portfolio Manager

Related materials

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