John Hancock Seaport Long/Short Fund Q4 2025 Commentary

Navigating Volatility: A Balanced Approach to Market Fluctuations

Global Market Overview: A Quarter of Significant Gains

The global stock markets experienced a robust third quarter, with major equity indexes reaching unprecedented highs. This upward trajectory was fueled by encouraging economic growth indicators and persistent interest rate reductions by central banks worldwide, fostering optimism for a revitalized global economy.

Fund Performance Analysis: Lagging the Benchmark

Despite the generally positive market sentiment, the John Hancock Seaport Long/Short Fund, while ending the quarter with positive returns, did not keep pace with its benchmark, the MSCI World Index. The primary reason for this underperformance was the fund's short positions, which faced headwinds in a rising market environment, thereby impacting overall returns.