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Formerly Manulife Asset Management UCITS Series ICAV

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Formerly Manulife Asset Management UCITS Series ICAV Half Yearly Report Manulife Investment Management II ICAV Interim Report and Condensed Unaudited Financial Statements for the six months ended 30 September 2020 An open-ended umbrella Irish Collective Asset-Management Vehicle with segregated liability between its funds registered in Ireland on 15 April 2015 under the Irish Collective Asset-Management Vehicles Act 2015 the “ICAV Act” and authorised and regulated by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities Regulations 2011, as amended the “UCITS Regulations”) Manulife Investment Management II ICAV Table of contents 2 A Message to Shareholders 3 General Information 4 Manager’s Report Condensed Interim Financial Statements 11 Statement of Comprehensive Income 15 Statement of Financial Position 19 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 21 Statement of Cash Flows 24 Notes to the Condensed Interim Financial Statements 44 Schedule of Investments 112 Supplemental Information 1 A Message to Shareholders Dear shareholder, Despite heightened fears over the coronavirus (COVID-19), which sent markets tumbling just prior to the beginning of the reporting period, global financial markets delivered positive returns for the 6 months ended 30 September 2020. The governments of many nations worked to shore up their economies, equity markets began to rise, and credit spreads rebounded off their highs as liquidity concerns eased. Of course, it would be a mistake to consider this market turnaround a trustworthy signal of assured or swift economic recovery. While there has been economic growth in much of the developed world, the pace has slowed in many areas as interest rates remain low and consumer spending remains far below prepandemic levels. The ongoing spread of COVID-19 continues to create uncertainty among businesses and investors. During such uncertain times, a sufficiently diversified portfolio aligned with your long-term objectives may help mitigate the impact of inevitable and unpredictable bouts of market volatility along the way. I encourage you to visit our newly enhanced website, ucits.manulifeim.com , where you can obtain daily pricing and the latest documents pertaining to your Funds. On behalf of everyone at Manulife Investment Management, I’d like to take this opportunity to welcome new shareholders and thank existing shareholders for the continued trust you’ve placed in us. Andrew G. Arnott Head of Wealth and Asset Management, United States and Europe Manulife Investment Management The commentary reflects Mr. Arnott’s views as of the report’s period end and are subject to change at any time. Diversification does not guarantee investment returns and does not eliminate the risk of loss. All investment entails risks, including the possible loss of principal. For more up-to-date information, you can visit our website at https://ucits.manulifeim.com 2 General Information Directors * Depositary Thomas G. Murray (Chairman) (Irish Resident)** State Street Custodial Services (Ireland) Limited Eimear Cowhey (Irish Resident)** 78 Sir John Rogerson’s Quay Adrian Waters (Irish Resident)** Dublin D02 HD32 Andrew G. Arnott (U.S. Resident) Ireland Leo Zerilli (U.S. Resident) Christopher Conkey (U.S. Resident) Independent Auditors Ernst & Young Manager, Investment Manager and Distributor Harcourt Centre Manulife Investment Management Harcourt Street (Ireland) Limited Dublin D02 YA40 Second Floor Ireland 5 Earlsfort Terrace ICAV Secretary Dublin D02 CK83 Ireland Dechert Secretarial Limited Second Floor Administrator, Registrar and Transfer Agent 5 Earlsfort Terrace State Street Fund Services (Ireland) Limited Dublin D02 CK83 78 Sir John Rogerson’s Quay Ireland Dublin D02 HD32 Swiss Paying Agent Ireland Banque Cantonale de Genève Legal Advisers Quai de l’Ile 17 Dechert LLP 1204 Geneva Second Floor Switzerland 5 Earlsfort Terrace Swiss Representative Agent Dublin D02 CK83 Ireland ARM Swiss Representatives (ASR) Route de Cité-Ouest 2 Registered Office 1196 Gland Switzerland Second Floor 5 Earlsfort Terrace German Information Agent Dublin D02 CK83 German Fund Information Service UG Ireland Haftungsbeschränkt Zum Eichhagen 4 21382 Brietlingen, Germany Registered Number C139800 * All Directors with the exception of Christopher Conkey are non-executive Directors. ** Independent non-executive Directors. For Investors in Switzerland The Prospectus, the Key Investor Information Documents (the "KIID"), the Constitution, the latest annual and semi-annual reports as well as the list of purchases and sales made on behalf of the ICAV during the financial year, may be obtained upon request and free of charge from the office of the Swiss Representative (at the address set out above). For Investors in Germany The prospectus, the Key Investor Information Documents (the "KIID"), the Constitution, the latest annual and semi-annual reports, a list of changes in the composition of the portfolios as well as the issue and redemption prices are available free of charge pursuant to Sec. 297(1) of the German Capital Investment Code (Kapitalanlagegesetzbuch) at the office of the German information agent (at the address set out above). No notification pursuant to Section 310 of the German Capital Investment Code (Kapitalanlagegesetzbuch) has been filed for the following sub-funds and the shares of these sub-funds may not be marketed to investors in the Federal Republic of Germany: Manulife Absolute Return Currency Fund Manulife Absolute Return Opportunities Fund 3 Manager’s Report For the financial period ended 30 September 2020 Manulife U.S. All Cap Core Equity Fund ("U.S. All Cap Core Equity Fund") Discussion of Fund performance An interview with Portfolio Manager Emory W. Sanders, Jr., CFA, Manulife Investment Management What factors drove the U.S. stock market during 1 April 2020 through 30 September 2020? U.S. stocks benefited from massive federal government stimulus and the gradual reopening of many state economies. The prospect of prolonged low interest rates, signs of progress in developing new treatments for COVID-19 and better-than-expected corporate earnings reports also helped drive gains. These tailwinds outweighed concerns regarding a ‘second wave’ of COVID-19 infections and uncertainty over both the pace of economic recovery and the November Presidential election. Within the broad-based Russell 3000 Index, most sectors produced outsized gains, notably consumer discretionary, information technology and materials. Conversely, energy and utilities stocks were laggards. How did the Fund fare in this environment? The Class W USD Accumulating Shares gained 43.06% 1 outperforming the return of 33.26% of its benchmark, the Russell 3000 Index. Security selection and a large overweight in consumer discretionary, along with stock picks and a significant underweight in healthcare, gave the biggest boost to relative performance. Which stocks gave the biggest boost to relative performance? In the consumer discretionary sector, top individual contributors included homebuilder Lennar Corp., mattress company Tempur Sealy International, Inc., and e- commerce giant Amazon.com, Inc. Lennar’s shares skyrocketed as housing demand exceeded supply, especially as the pandemic prompted an exodus from the city to the suburbs. Similarly, Tempur Sealy gained from a surge in demand as consumers. Amazon, a top holding, saw its stock price soar, thanks to strong demand for its e-commerce offerings and highly profitable cloud-computing services. What hampered the Fund’s result versus its benchmark? An overweight in financials and underweight in information technology hindered relative performance. Individual detractors included First Hawaiian, Inc., the state’s oldest and largest bank, which was pressured by the prospect of prolonged low interest rates and concern that the pandemic-related downturn in travel would hurt Hawaii’s tourist-driven economy. Shares of diversified financial company Citigroup, Inc. (sold prior to period end) declined due to interest rate concerns and uncertainty associated with a second round of regulatory stress tests to measure the capital adequacy of big banks in the event of economic disruption. How is the Fund positioned at period end? It remains focused on financially sound companies with competitive advantages, the ability to generate substantial cash flow over sustained periods, and attractive stock prices relative to our estimate of intrinsic value. Our bottom-up security selection has led to overweights in the consumer discretionary, communication services and financials sectors, with notable underweights in healthcare and information technology. 1 Share class return calculations is based on the published NAV per share. Note about risks The Fund may be subject to various risks as described in the Fund's prospectus. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance. For example, the novel coronavirus disease (COVID-19) has resulted in significant disruptions to global business activity. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political,
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