Summary

• The world financial markets, after performing well in the first two months of the year, turned lower following the start of the conflict in the Middle East in early March.
• The deteriorating inflation picture, in turn, dashed optimism that central banks could continue cutting rates.
• John Hancock 2040 Lifetime Blend Portfolio posted a negative total return but outperformed the benchmark during the first quarter.
• Underlying manager performance was the primary contributor to relative performance in the quarter, highlighted by relative strength in international equities.
• John Hancock 2040 Lifetime Blend Portfolio remains committed to constructing diversified, multi-asset portfolios that can participate in market growth while being mindful of potential risk from geopolitical developments.

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

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