Manulife Financial (MFC.TO)

Doesn't own any lifecos, prefers P&C and banks. Dogged by US business divisions, trying to divest. Canadian business is a modest grower. Star is the Asian business, which is 1/3 of operations. Always trades in single digits, 5+% yield, never seems to get above $30. He's neutral. Sell if it gets to $30.

Very complicated business model.
Difficult to determine long term prospects of business.
Higher interest rates usually good for insurance, but not panning out.
Better names within sector to invest in.

Has owned in the past, but since sold shares.
Earnings growth not very good.
Valuation attractive, but not worthwhile.
Investment income in alternative assets not living up to expectations.
Exposure to Hong Kong also not living up to expectations. 

Market sensitive stock due to asset management business.
10 year performance not very good.
Owns shares due to dividend only.
Not expecting major capital appreciation.
Long term investment (10-15 years). 

A glass half full type of stock, it's not perfect. Issues with long-duration assets right now. All this is built into the story, nothing has changed with his thesis. 7.3x 2024 earnings, 11% compelling growth rate.

It is the largest life insurance company in Canada and is strong in Asia where there is high growth. It has traded sideways recently as well as long term. Its dividend is over 6%. They sold their shares and rotated into another life insurance company

High quality. Arguably more upside than others, with its greater exposure to Asia.

Owns it for income. MFC has a wall of $27; the stock never breaches that. It's in technical prison. It goes up and down like a toilet seat. Collect the dividend.

A perennial trader between $20-30. Buy at the low end at sell at the high end if you're an active trader. Otherwise, it doesn't compare well vs. the banks or P&C insurers. Their legacy US business holds them back.

Likes insurance names broadly in the higher rate cycle. Likes this one. Likes financials to the end of this year. Wait for a breakout, or add during the upcoming correction in the next month or two. Poised to participate in the new 4-year cycle.

Lifecos could do well in the coming period. Higher rates lower their long-term costs and help ratios. He's keener on SLF, but not by a huge distance. Not a bad time to give it a look. Heavy fixed income portfolios, which now benefit from higher rates. Now diversified holdings. Higher discount rate discounts their liabilities.

It pays a 5.8% dividend and has a low valuation probably because investors are worried about its exposure to commercial real estate which is $14 billion of its $47 billion market cap. A high percentage of this is office towers.

Excellent company, owns shares in company.
~5% dividend yield.
Growing middle class & population in Canada will require insurance.
Rising interest rates will decrease liabilities (good for business).

Doesn't own any lifecos right now. Asian demographics are advantageous. Canada is slow and a steady eddy. Doesn't particularly like US John Hancock business. Tantalizing dividend yield, but shares never seem to be able to break out of a range. Trade, not a long-term investment.