Summary

• John Hancock 2040 Lifetime Blend Portfolio fund posted a negative total return but outperformed the benchmark.
• The ensuing spike in oil prices, together with concerns about possible shortages of other commodities caused by disrupted supply chains, dampened the growth outlook and led to a sharp rise in inflation expectations.
• The broader investment picture was very much in flux at the end of the quarter.

Quarterly commentary

• Financial assets experienced mixed returns in the first quarter.
• The fund posted a negative total return but outperformed the benchmark.
• Asset allocation and underlying manager performance each contributed positively.

Market review

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