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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Elevated inflation risks and rising Treasury yields warrant benchmark-neutral duration, while spread dispersion creates compelling active opportunities in corporate credit and securitized debt."
John Hancock Bond Fund posted negative net returns in the third quarter of 2026, with Class I shares returning -3.88% net of fees and Class A shares returning -3.96% net of fees, underperforming the benchmark Bloomberg U.S. Aggregate Bond Index return of -3.51%. Year to date, Class I shares have generated a -3.03% net return. Relative underperformance during the quarter was primarily driven by asset allocation and yield curve positioning, particularly an underweight stance in U.S. Treasuries, an overweight exposure to agency mortgage-backed securities, and an overweight in intermediate-term debt as the yield curve steepened. The macroeconomic environment was characterized by renewed inflationary pressures and heightened interest rate volatility. Upward pressure on energy prices stemming from Middle East tensions, persistent consumer resilience, robust business investment, and heightened government borrowing needs prompted the Federal Reserve to raise rates by 25 basis points in September. U.S. Treasury yields rose significantly, with the 10-year note crossing above 5% for the first time since 2007. Investment-grade corporate debt and agency mortgage-backed securities trailed Treasuries due to wider spreads, whereas high-yield bonds demonstrated relative resilience given their higher coupons and reduced rate sensitivity. Portfolio activity was focused on selective credit opportunities while maintaining an overall neutral duration relative to the benchmark. The management team actively increased weightings in investment-grade corporate credit and high-yield debt to capitalize on widening dispersion and solid corporate fundamentals. In securitized debt, the fund reduced agency mortgage-backed securities due to price action, while maintaining high-conviction allocations in asset-backed securities, commercial mortgage-backed securities, and nonagency residential mortgages.
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