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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Energy overweights and tech stock picking drove equity outperformance while fixed-income lagged on yield curve positioning."
The John Hancock Balanced Fund delivered a -0.59% return in Q1 2026 as economic growth and solid earnings were overshadowed by geopolitical concerns, AI spending bubble fears, and rising energy costs. The fund's equity portfolio significantly outperformed due to overweights in energy and materials sectors, with strong stock picking in information technology and consumer discretionary. Key contributors included Applied Materials benefiting from data center chip demand, and energy holdings Valero and Suncor gaining from geopolitical commodity price increases. Microsoft was the largest detractor on AI concerns, though managers added to the position citing long-term competitive strength and reasonable valuation. The fixed-income portfolio underperformed primarily due to unfavorable yield curve positioning. Looking ahead, managers expect the Fed to remain cautious on rates given geopolitical challenges. They view current stock valuations as more reasonable after the downturn, creating what they believe is a strong environment for bottom-up security selection amid periodic market volatility.
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