John Hancock Multimanager 2015 Lifetime — Q3 2025 Commentary & Outlook

The John Hancock Multimanager 2015 Lifetime Portfolio entered Q3 2025 with a focus on preserving capital for investors approaching or in retirement while seeking modest growth where market conditions allow. During the quarter the fund navigated mixed market signals: resilient economic data supported equities, while interest rate volatility and credit spreads influenced fixed-income positioning.

Portfolio managers maintained a conservative equity allocation consistent with the vehicle’s near-retirement profile, selectively favoring high-quality domestic stocks and diversified international exposure to capture growth without taking excessive risk. Within fixed income, the team emphasized short- to intermediate-duration instruments to reduce sensitivity to headline-driven rate moves, while keeping credit exposure tilted toward investment-grade and selectively chosen high-yield opportunities to bolster income.

Tactical shifts included modest rebalancing toward value-oriented sectors and areas where fundamentals appeared supportive, balanced by hedging and liquidity buffers to manage drawdown risk. The fund’s multi-manager structure allowed allocation adjustments across underlying subadvisors, leveraging specialist strategies for active credit selection and equity-sector rotation.

Risk management remained central: stress-testing for rate shocks, dynamic duration oversight and ongoing liquidity monitoring informed position-sizing decisions. Fees and tax considerations continued to be assessed in the context of total return objectives for long-term retirement outcomes.

Looking ahead, the team expressed a cautious but constructive stance. If growth remains steady and inflation trends moderate, selective equity participation could be expanded incrementally. Conversely, a re-escalation of rate volatility or a meaningful deterioration in credit conditions would prompt defensive moves, including further duration shortening and increased cash positioning.

For investors, the Multimanager 2015 strategy continues to prioritize capital preservation and income generation, with tactical flexibility to pursue opportunities as market conditions evolve. The commentary underscores the portfolio’s role within a retirement planning context: balancing growth potential with downside protection as participants draw nearer to or enter retirement.