MANUFACTURERS LIFE INSURANCE COMPANY, THE

The Manufacturers Life Insurance Company (Manulife) held $116.3B across 2,805 positions, anchored by a standard megacap core — Microsoft (3.6%), NVIDIA (2.9%), Amazon, Alphabet and Apple — with Royal Bank of Canada reflecting its Canadian roots. The Q1 posture was broadly defensive: nearly every large position was trimmed, led by Microsoft (-$1.1B), NVIDIA (-$554M), Amazon (-$530M), Apple (-$518M) and Alphabet (-$387M), with 28 positions reduced against just 15 increased. New money went to defensives — AstraZeneca, Waste Connections — plus John Hancock ETF wrappers, while Adobe, Workday, Danaher and Hologic were exited. Assets declined from $121.7B to $116.3B.