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Market Intelligence Live webinar
Recap and highlights of the panel discussion
January 15, 2026
Market insight and economic commentary from four investment professionals discussing the opportunities that matter the most for investors
Head of Developed-Market Fixed Income, Senior Portfolio Manager, Co-Head of U.S. Core and Core-Plus Fixed Income
Manulife Investment Management
Emily Roland says investors may want to prioritize disciplined risk management and question the notion that lessons from the past no longer apply in today's environment. In fact, she considers the well-worn phrase "this time is different" to be the four most dangerous words in investing.
"What you're seeing from a macro perspective is a lot of unprecedented things: You had the yield curve invert, and then re-steepen, with no recession. And then there are the leading economic indicators, which used to be perfect at telling us when a recession was coming; they've been negative for 39 months.
"Last year, you saw three months with negative U.S. jobs growth; that's never happened outside of a recession. You're seeing record market concentration, with the top 10 stocks in the S&P 500 representing a whopping 43% of the index ...
"Believe it or not, consumers own more in stocks right now than they do in real estate. That's only ever happened one other time, in the late 1990s. So all of us are sort of contending whether it can really be different this time. And we're also watching as markets, frankly, haven't cared that much about the macro picture; markets continued to climb higher, even though we're sort of muddling along. We do think that the data will matter again."
“Quality value is really our mantra into 2026.”
—Emily Roland
After three years of strong returns, Josh White sees a growing number of opportunities beyond the relatively small group of mega-cap, technology-oriented growth stocks that have dominated market performance in recent years. In fact, he sees the value style as becoming increasingly attractive relative to growth stocks, and across more measures than just valuation.
"You have that combination of reasonable valuations, broadening earnings growth, and a fair amount of support from fiscal policy and deregulation as we move through the year, which should help a lot of the value sectors," he said.
Industrials is one of the sectors that's drawing his attention.
"You've had basically an industrial recession for the last three years running, and in that time, you've had a few players that have done really well on exposure to AI investment. But really the rest of that group has some catching up to do, and I think that's going to start happening as we move through this year."
"There's broadening earnings momentum across the market, and it's not simply concentrated in the Magnificent Seven stocks."
—Josh White
Jeff Given said that the prospect of further interest rate cuts in 2026 has become increasingly data dependent as policymakers track sometimes-fleeting trends in inflation and economic growth. Overall, however, he believes that fixed-income investors currently have an abundance of opportunities to leverage attractive bond yields.
"I would say, generically, that it's a good environment to be a fixed-income investor—inflation is coming down, and rates are higher than they've been in a long period of time. Clipping a coupon isn't a bad thing.
"When you look at valuations, high-yield spreads are tight, but if you adjust for the fact that it's a shorter-duration high-yield market than it ever has been before and a higher-quality high-yield market than it has been before, valuations don't look great, but they don't look that bad either.
"And companies are making a lot of money. Equity valuations are going higher. All that supportive for the spread markets."
“We do believe inflation is going to come down, but it's still going to be a very slow grind lower, and we're not going to get to that 2% level for a while."
—Jeff Given
Dean Bumbaca, an international equity specialist, believes that markets outside the United States offer investors the opportunity to access a broader and increasingly independent set of return drivers. From a bottom-up perspective, he sees more equity opportunities abroad than he does domestically.
"If you look deeply into these non-U.S. markets and you go through the supply chain, you can find these companies that are compounding out earnings growth rates far in excess of their U.S. peers," he said.
"You can buy quite dominant companies that effectively have a choke point on a lot of the (supply chain) bottlenecks in artificial intelligence and in CapEx."
"We believe that we're one year into this AI-driven market where the leadership will move from the design leaders to the build leaders, and the real dominance globally in advanced manufacturing comes from Taiwan, Korea, Japan, and parts of Europe. And we believe that the international markets are really well positioned to take the baton from that design-led economy to that build-based economy."
“We believe we're in this really positive cycle of reinvestment into the CapEx supply chain that should benefit these non-U.S. markets.”
—Dean Bumbaca
Watch an on-demand replay of the January 15 Market Intelligence Live presentation
| Fund | Morningstar category | Use for |
|---|---|---|
|
JHBIX
Bond Fund Class I
|
Morningstar category Intermediate Core-Plus Bond | Use for Diversifying income holdings |
| Morningstar category Large Value | Use for Core large-cap holding | |
| Morningstar category Foreign Large Growth | Use for International growth opportunities | |
| Morningstar category Intermediate Core Bond | Use for High-quality income opportunities |
January 2, 2026
December 8, 2025
September 17, 2025
Manulife John Hancock Investments is not affiliated with Joshua C. White, CFA, or Boston Partners, or Dean Bumbaca, or Axiom Investors.
The views presented are those of the author(s) and are subject to change. No forecasts are guaranteed. This material is for informational purposes only and is not intended to be, nor shall it be interpreted or construed as, a recommendation or providing advice, impartial or otherwise. Manulife John Hancock Investments and our representatives and affiliates may receive compensation derived from the sale of and/or from any investment made in our products and services.
Past performance does not guarantee future results.
Investing involves risks, including the potential loss of principal. Financial markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. The information provided does not take into account the suitability, investment objectives, financial situation, or particular needs of any specific person.
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