Manulife Global Fund – Global Semiconductor Opportunities Fund
Why invest in semiconductors?
Capturing opportunities within the dynamic mega trends shaping our future world
Advancements in semiconductors have been a key driver in technological breakthroughs over the past decades and they will continue to accelerate mega trends amid the ongoing artificial intelligence (AI) revolution and economy digitalisation. This is expected to drive semiconductor sales to unprecedented heights.
Global semiconductor market size (1990-2030E) (USD billion)1
The semiconductor industry has outperformed the broader market over the long term2
The sector has significantly outperformed the Nasdaq Composite and S&P 500 Index over the past 10 years, and we believe there are undiscovered gems in the industry amid the AI wave.
Annualized gross rolling returns for past 20 years (%)3
Semiconductor and equipment firms poised to benefit from rising CapEx4
Pick-and-shovel companies saw superior business growth in the AI boom.
Sales Growth (2023 to 2027E, %)
Profit margin (2025, %)
Semiconductor : the world's smallest giant
Often called the world's smallest giant, semiconductors power almost everything we use today. As digitalisation and AI adoption continue to accelerate, they remain a key long-term growth theme and one of the most important building blocks of the global economy.
In this video, Senior Portfolio Manager of US Small Cap Equities, Ryan Davies shares his perspectives on the semiconductor landscape and the factors that could influence the next wave of technological innovation.
Why this fund?
Active management to capture semiconductors' growth potential amid AI boom
The sector has significantly outperformed the Nasdaq Composite and S&P 500 Index over the past 10 years, and we believe there are undiscovered gems in the industry amid the AI wave.
Key features of our “A.I. CHIP” Fund
A unique "Active Investing" strategy to harvest growth potential from semiconductors and AI globally.
Fund information
| AA (SGD Hedged) Acc | AA (USD) Acc | |
| Investment objective | The Fund aims to achieve capital appreciation by investing at least 70% of its net assets in equity and equity related securities of companies in the semiconductor and semiconductor-related industries, listed globally (including in emerging markets from time to time), including, but not limited to, common stocks and depositary receipts. The business of these companies will include, but are not limited to, development and production of semiconductors and related equipment and components, as well as the direct downstream beneficiaries of advancements within the semiconductor industry. | |
| Inception date | 17-Jun-25 | 17-Feb-25 |
| ISIN code | LU2931357623 | LU2089985449 |
| Bloomberg ticker | MLUSAAS LX | MLUSAUA LX |
| Base currency | USD | |
| Mode of subscription | Cash | |
| Minimum investment | USD 1,000 (or the equivalent in any other major currency) | |
| Distribution frequency | N.A. | |
| Management fee | 1.50% p.a. | |
| Initial sales charge | Up to 5.0% | |
| Dealing frequency | Daily | |
| Investment manager | Manulife Investment Management (US) LLC | |
| Fund size | USD 227.78 million (as of 30 June 2026) | |
Portfolio managers
Ryan Davies, CFA
Senior Portfolio Manager, U.S. Small Cap Equity
Ryan is a senior portfolio manager on the U.S small-cap equity team, where he is responsible for portfolio construction and the integrity of the team’s research process. His other responsibilities include conducting fundamental research on companies in the technology and communication services sectors. As a member of the firm’s US small-cap equity team, he focuses exclusively on small-and mid-cap investing.
Prior to joining the firm, Ryan spent nearly 14 years as a small-cap senior analyst at Cortina Asset Management, focused on technology stocks, and before that, he was an analyst at U.S. Bank and Montgomery Asset Management. Ryan began his career as an accountant at Pricewaterhouse Coopers.
Michael J. Scanlon, Jr., CFA
Co-head of Capital Appreciation
Michael is co-head of Manulife Investment Management's Capital Appreciation Team and portfolio manager on the team. Previously, he was a senior investment analyst and a member of the intrinsic value team, covering the financials, information technology, consumer staples, and consumer discretionary sectors.
Michael joined the firm in 2004 as an analyst and began his investment career in 2000 at State Street, where he was a credit analyst and a senior fund accounting specialist. He earned a B.S. from Nichols College and an M.B.A. from Boston University, holds the Chartered Financial Analyst designation, and is a member of the CFA Society Boston and the CFA Institute.
1. McKinsey on Semiconductors, Mar 2024.
2. Bloomberg, Morningstar, as of 31 Dec 2024. Past performance is not indicative of future results. Semiconductor is represented by Philadelphia Semiconductor Index. Nasdaq = Nasdaq Composite; S&P 500 = S&P 500 Index.
3. Morningstar Direct. Results displayed in USD. As of March 31, 2026. Past performance is not indicative of future results. Table shows annualized rolling returns, shown monthly with indicated time periods 1 April 2006 to 31 March 2026. SOX ETF returns from 2006 to 2009; SOX Index returns used from 2010 to 2026.
4. Bloomberg, as of 31 May 2026. The charts contain projections or other forward looking statements regarding future events, targets, management discipline or other expectations. There is no assurance that such events will occur, and the future course may be significantly different from that shown here.
5. Omdia, McKinsey Analysis, as of January 2026. For illustration purposes only.
Manulife Global Fund (the “Company”) is an open-ended investment company registered in the Grand Duchy of Luxembourg. The Manulife Global Fund – Global Semiconductor Opportunities Fund (the "Fund") is recognised under the Securities and Futures Act of Singapore for retail distribution. The Company has appointed Manulife Investment Management (Singapore) Pte. Ltd. (Company Registration Number: 200709952G) as its Singapore Representative and agent for service of process in Singapore. The information provided herein does not constitute financial advice, an offer or recommendation with respect to the Fund. Opinions, forecasts and estimates on the economy, financial markets or economic trends of the markets mentioned herein are not necessarily indicative of the future or likely performance of the Fund. The Fund may use financial derivative instruments for the purposes of investment, efficient portfolio management and/or hedging.
Investments in the Fund are not deposits in, guaranteed or insured by the Manager and involve risks. Past performance of the manager or sub-manager is not necessarily indicative of its future performance. The value of units in the Fund and any income accruing to them may fall or rise. Past performance of the Fund is not necessarily indicative of future performance. Investors should read the Singapore prospectus, and seek advice from a financial adviser before deciding whether to purchase units in the Fund. A copy of the Singapore prospectus and the product highlights sheet can be obtained from Manulife or its distributors. In the event an investor chooses not to seek advice from a financial adviser, he should consider whether the Fund is suitable for him.
Distributions are not guaranteed. Investors should refer to the Singapore prospectus for the distribution policy of the Fund. The Directors of the Company shall have the absolute discretion to determine whether a distribution is to be made in respect of the Fund as well as the rate and frequency of distributions to be made. Distributions may be made out of (a) income, or (b) net realized gains, or (c) capital of the Fund, or (d) gross income while charging all or part of the fees and expenses to capital, or (e) any combination of (a), (b), (c) and/or (d). Past distribution yields and payments are not necessarily indicative of future distribution yields and payments. Any payment of distributions by the Fund is expected to result in an immediate decrease in the net asset value per share of the Fund.
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