FridayOL

The John Hancock Multimanager Lifestyle Conservative Portfolio continues to demonstrate its value for Kiwi investors, delivering a positive total return in Q1 2025 and comfortably outperforming its benchmark. This commentary delves into the key drivers behind this success, outlining the fund's strategy, asset allocation decisions, and outlook for the remainder of the year. Whether you're a seasoned investor or just starting out, this analysis provides valuable insights into a consistently strong performing portfolio.

A Solid Start to 2025: Key Performance Highlights

The Conservative Portfolio's Q1 2025 performance reflects a carefully managed approach to navigating market volatility. While global economic uncertainty remains, our team’s proactive risk management and strategic asset allocation have allowed the portfolio to generate positive returns while mitigating downside risk. Specifically, [mention a key positive contributor, e.g., a particular sector or asset class that performed well - be specific if possible, e.g., 'a strong showing in defensive equities' or 'positive contributions from fixed income assets']. This contrasts with the benchmark, which [mention how the benchmark performed and why the portfolio outperformed - e.g., 'struggled due to rising interest rates' or 'failed to capitalise on opportunities in the energy sector'].

Navigating the Current Landscape: Strategy and Asset Allocation

Our Lifestyle Conservative Portfolio is designed for investors seeking a balance between capital preservation and moderate growth. The fund’s core strategy revolves around a diversified asset allocation, focusing on high-quality fixed income, defensive equities, and alternative investments. During Q1 2025, we made several strategic adjustments to optimise performance and adapt to changing market conditions. These included [mention 1-2 specific allocation changes and the rationale behind them - e.g., 'a slight increase in exposure to inflation-protected securities to hedge against rising inflation' or 'a reduction in holdings of cyclical stocks in anticipation of a potential economic slowdown']. We remain committed to a disciplined, long-term investment approach, avoiding speculative bets and focusing on fundamental analysis.

Looking Ahead: Outlook for the Rest of 2025

The remainder of 2025 presents both opportunities and challenges. We anticipate continued volatility in the global economy, driven by [mention key factors influencing the outlook - e.g., 'geopolitical tensions, inflation concerns, and the pace of interest rate hikes']. However, we believe that the Conservative Portfolio’s robust risk management framework and diversified asset allocation position it well to navigate these uncertainties. We will continue to actively monitor market developments and make adjustments as needed to ensure the portfolio remains aligned with its objectives. Key areas of focus include [mention 1-2 specific areas the team is watching closely - e.g., 'the impact of government policies on the economy' or 'developments in the technology sector'].

Important Information for Investors

This commentary is for informational purposes only and should not be considered investment advice. Past performance is not indicative of future results. Investors should carefully consider the fund's investment objectives, risks, charges, and expenses before investing. A copy of the fund’s prospectus is available upon request. For more detailed information, please [link to the full commentary or relevant John Hancock website page].