The Globe and Mail reports in its Tuesday, Oct. 7, edition that Paul Carter of Capstone Asset Management sold Manulife Financial in the fourth quarter of last year after owning it for a couple of years. The Globe's Brenda Bouw writes that the stock climbed 88 per cent over the time Capstone owned it. Mr. Carter says, "Our total return, including dividends, was 101 per cent." He says: "When we bought it in 2022, it was trading at a significant discount relative to other Canadian life insurers, including GreatWest, Power, Sun Life and iA Financial. Throughout 2024, the stock had a strong run, with its forward price-earnings ratio rising from under 7 times to 10.5 times, despite earnings growth of around 12 per cent." This peer-relative multiple expansion was exactly what Mr. Carter had anticipated when he bought the stock, "so after this played out, we felt there were better opportunities to redeploy the capital." He adds: "We would've been happy to sort of hold it over the long run. We don't think that anything fundamentally changed for the worse at the company, but we used the capital to acquire Power instead." The Globe's John Heinzl said on Aug. 16 that he bought Manulife on a pullback when it was worth $42.