Manufacturers Life Insurance Company The 13F Portfolio

Where conviction is rising, it is rising hard, and mostly in scalable platforms. The standout is JDVI, a John Hancock ETF, where the fund lifted its stake by +1361.9%, adding about $602.5M and taking it to 0.50% of the book. JDVL and JHEM saw similarly muscular adds of $297.3M and $101.0M respectively, while JHCR quietly absorbed another $76.1M.

On the single-stock side, they’re sharpening, not abandoning, the AI bet. Broadcom took in about $428.8M (+21.4% shares), AMD another $107.1M (+13.3%), while the more index-like mega-caps were trimmed. That reads as a shift from generic AI beta (owning everything) toward owning the core semiconductor toll booths they believe can keep compounding.

Elsewhere, they’re leaning into durable, cash-rich infrastructure. Visa gained roughly $152.9M of fresh capital (+23.5%), and Canadian National Railway added about $107.1M (+20.4%). These look like deliberate moves into high-quality, volume-driven franchises that can ride nominal GDP growth and pricing power instead of needing perfect macro conditions.

There’s also a quiet nod to defense in fixed income and ex-US diversification: BND was lifted by 8.5% (about $75.7M), and VEA by 3.4% (about $24.2M). For an insurer, adding bonds and international equity ETFs on the margin is exactly what a late-cycle risk calibration looks like.

The trims list reads like a who’s who of consensus winners, which makes sense for an insurer monetizing gains rather than making macro calls. Alphabet’s GOOGL line was cut by -11.0% (around $410.8M), Apple by -9.6% (about $318.0M), and Amazon by -5.9% (roughly $224.1M). Microsoft and Nvidia saw smaller, almost cosmetic reductions.

In semis, they’re not exiting the theme, they’re rotating within it. KLA was slashed by -33.7%, freeing roughly $312.1M, and Micron and Intel were eased down modestly. The proceeds are clearly being funneled toward Broadcom and AMD, a classic move from more cyclical or fully valued exposure into names they see as better long-term toll collectors.

The biggest real de-emphasis is in US managed care and energy transport. UnitedHealth was cut -19.7% ($211.1M), Elevance -26.5% ($212.7M), and Cheniere Energy by -28.6% (~$252.4M). That looks like a view that regulatory and political headline risk in health plans, and cyclicality in LNG volumes/pricing, offer less attractive risk-reward than rails, payments, and factor ETFs.

Canadian financials and rails saw modest pruning in some lines (Royal Bank, Canadian Pacific) even as others (TD, Canadian National) were topped up. Taken together, this is a funding exercise from over-owned, high-gain names — not a wholesale sector abandonment.

Despite all the profit-taking, this is still a technology-centric book. Tech sits at 41.68% of the disclosed top-50 versus 42.6% previously — essentially unchanged at the top-down level. The nuance is underneath: capital is flowing away from broad platform giants into semiconductors and a more diversified quant-like sleeve.

The most visible net gainer is the catch-all “Unclassified” bucket, which jumps from 13.7% to 15.75%. That is almost entirely John Hancock ETFs (JHCR, JHEM, JDVL, JDVI, JHLN) plus broad vehicles like VOO, SPY, BND and VEA. Functionally, they’re lifting internal multi-factor, emerging markets, and balanced exposures at the expense of idiosyncratic single-stock risk.

Health care ticks down from 10.65% to 9.94%, driven by cuts to UnitedHealth, Elevance and Eli Lilly, partially offset by a small add to McKesson. Finance edges fractionally lower as they take some profits in Royal Bank and JPMorgan even while adding KKR. Energy is slightly higher (4.04% vs 3.95%) thanks to incremental buys in Suncor and Enbridge, offset by the heavy Cheniere trim — a subtle move from pure commodity transport toward integrated and pipeline cash flows.

Real estate’s recorded rise (to 1.33%) is effectively a mislabelled payments bet, as Visa is a financial-technology network, not property. Utilities fall to 2.02% as they reduce Cheniere and Waste Connections, further underscoring the shift away from defensive yield plays toward internally packaged diversification.

Put together, this quarter looks like an insurer acknowledging both how much they’ve made in US mega-cap tech and how late the cycle feels. They are not exiting AI or growth — if anything, Broadcom and AMD adds show they still believe in the silicon backbone — but they are less interested in riding every incremental multiple expansion in Apple, Alphabet and Amazon.

Instead, they are building scalable, in-house allocation channels. The aggressive build-out of John Hancock ETFs (JDVI, JDVL, JHEM, JHCR, JHLN) suggests a desire to control factor exposures, fee economics, and liquidity management from the center, with single-name stock-picking used more surgically for themes like AI, payments, energy infrastructure and North American rails.

The tilt toward bonds and international ETFs, plus trims to US health insurers and LNG, reads as classic late-cycle risk management: derisk where political and commodity volatility can hurt, and emphasize assets with steady cash flows, oligopolistic market structures, and broad factor diversification. For observers, the signal is that Manufacturers Life Insurance Company The still wants equity beta and AI upside — just packaged in ways that are easier to risk-manage across a $128.1B 13F footprint.

If the cycle extends and AI spending keeps compounding, the semiconductor and payments allocations will likely do the heavy lifting. If volatility spikes, the bigger fixed income sleeve and internal multi-factor ETFs should cushion the blow better than a pure FAAMG-and-friends portfolio.