Here’s Why Harding Loevner International Equity Invested in Manulife Financial Corporation (MFC)

Harding Loevner, an asset management company, released its “International Equity” second quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned -15.65% net of fees compared to -13.54% return for the MSCI All Country World ex-US Index and -14.29% return for the MSCI EAFE Index. Global recession concerns led international stocks and bonds to fall in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Harding Loevner discussed stocks like Manulife Financial Corporation (NYSE:MFC) in the second quarter investor letter. Headquartered in Toronto, Canada, Manulife Financial Corporation (NYSE:MFC) is a financial service and products provider. On September 23, 2022, Manulife Financial Corporation (NYSE:MFC) stock closed at $15.82 per share. One-month return of Manulife Financial Corporation (NYSE:MFC) was -11.02% and its shares lost 19.90% of their value over the last 52 weeks. Manulife Financial Corporation (NYSE:MFC) has a market capitalization of $30.289 billion.

Here is what Harding Loevner specifically said about Manulife Financial Corporation (NYSE:MFC) in its Q2 2022 investor letter:

“Manulife Financial Corporation (NYSE:MFC), the Canadian life insurer operating primarily in North America and Asia, is a new holding. Manulife offers a full suite of life insurance products as well as retirement and wealth management services. While the wealth management and retirement products appeal to the aging populations of the Western world, long-term life insurance products address the needs of the growing number of middle-class families in places like China and southeast Asia. COVID-19-induced lockdowns in China brought the shares down to a significant discount to our estimate of long-term value. The holding now serves as a nice diversifier to our Asia-centered insurers AIA and Ping An.”

Manulife Financial Corporation (NYSE:MFC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Manulife Financial Corporation (NYSE:MFC)  at the end of the second quarter which was 19 in the previous quarter.

We discussed Manulife Financial Corporation (NYSE:MFC) in another article and shared the list of Canadian dividend stocks to invest in. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey.