Summary

• John Hancock Diversified Macro Fund generated gains in Q1 2026, mainly driven by commodity positions.
• Geopolitical developments, policy uncertainty, and AI-driven investment dynamics contributed to elevated volatility and dispersion across asset classes, creating a more complex and less predictable macro environment.
• Most of the gains in Q1 were concentrated in commodities due to long positions in energy and metals.

Quarterly commentary ¹

Highlights

• The fund generated gains in Q1 2026, mainly driven by commodity positions.
• Macro markets shifted from a relatively stable start to a sharp cross-asset repricing in March, as an energy shock