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Summary
- John Hancock Multimanager 2025 Lifetime Portfolio, while positive in absolute terms, didn’t keep pace with its benchmark.
- Positive investment conditions led to broad-based gains for the financial markets in the third quarter.
- Asset allocation and underlying manager performance each detracted modestly.
Bordinthorn Loyrat/iStock via Getty Images
Market review and outlook
Financial assets delivered strong returns in the qu…
Summary
- John Hancock Multimanager 2025 Lifetime Portfolio, while positive in absolute terms, didn’t keep pace with its benchmark.
- Positive investment conditions led to broad-based gains for the financial markets in the third quarter.
- Asset allocation and underlying manager performance each detracted modestly.
Bordinthorn Loyrat/iStock via Getty Images
Market review and outlook
Financial assets delivered strong returns in the quarter, with both stocks and bonds registering gains. A favorable backdrop of positive global growth, falling interest rates across the developed markets, and a lack of pronounced
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Quick Insights
Underweights in U.S. large caps and overweights in defensive, mid-cap, and international equities led to underperformance versus the benchmark during the momentum-driven rally.
The fund trimmed allocations to higher-beta equities, rotated into U.S. large caps and developed-market international equities, and shifted bond exposure toward short-term debt for better risk-return.
Positive contributors included real asset holdings and emerging-market debt; negative impacts came from underlying manager selection and underexposure to mega-cap U.S. technology stocks.