10 Undervalued Canadian Stocks to Buy Now

7. Manulife Financial Corporation (NYSE:MFC)

Forward P/E as of April 4: ~9.3x

Number of Hedge Fund Holders: 26

Headquartered in Toronto, Canada, Manulife Financial Corporation (NYSE:MFC) offers financial products and services. The company’s partnerships with alternative asset managers provide numerous opportunities for enhancing its investment capabilities and product offerings. The collaborations can also offer access to specialized expertise in areas including private equity, real estate, and infrastructure investments, potentially resulting in increased returns on invested assets. The partnerships can also allow Manulife Financial Corporation (NYSE:MFC) to provide more attractive as well as diverse products to the clients, mainly in the high-net-worth segment. The improvement in investment performance and innovative product offerings can fuel customer acquisition and retention, fueling its profitability and market share.

In Global WAM, Manulife Financial Corporation (NYSE:MFC) completed the acquisition of CQS, which is a U.K.-based multi-sector alternative credit manager. This positively contributed to Global WAM net flows and core earnings in 2024.  Manulife Financial Corporation (NYSE:MFC) used the expanded investment capabilities to roll out the John Hancock Multi Asset Credit Fund in U.S. Retail. This fund is a strong addition to its growing lineup of liquid and semi-liquid alternative offerings. Notably, Global WAM ended 2024 with more than $13 billion of net inflows, reflecting a 220 bps rise in core EBITDA margin and 30% core earnings growth.