Despite a challenging first quarter in 2025, the John Hancock Multimanager Lifestyle Aggressive Portfolio demonstrated resilience and strategic acumen, delivering a negative total return while still outperforming its benchmark. This commentary provides an in-depth analysis of the fund's performance, the market conditions that influenced it, and the investment strategies employed by our skilled team of managers.

Market Overview: A Volatile Start to 2025

The first quarter of 2025 presented a complex and volatile market environment. Inflation concerns persisted, leading to fluctuating interest rates and impacting various asset classes. Geopolitical uncertainties added another layer of complexity, contributing to investor caution and market swings. Equities experienced periods of both gains and losses, while fixed income markets reacted to the evolving interest rate landscape. The aggressive nature of our portfolio, designed for long-term growth, inherently carries a degree of sensitivity to these market fluctuations.

Portfolio Performance: A Detailed Look

While the fund experienced a negative total return during Q1 2025, it’s crucial to note that this return was better than the benchmark's performance. This relative outperformance underscores the effectiveness of our active management strategies and the diversification across various asset classes. Key contributors to the fund's performance included [mention 1-2 specific asset classes or strategies that performed well and briefly explain why - e.g., 'select allocations to energy stocks benefited from rising oil prices' or 'our exposure to private credit provided a cushion against fixed income volatility']. Conversely, [mention 1-2 asset classes or strategies that underperformed and briefly explain why - e.g., 'exposure to technology stocks was negatively impacted by rising interest rates' or 'certain emerging market allocations faced headwinds from currency fluctuations'].

Manager Commentary & Strategy Adjustments

Our team of experienced managers continuously monitors market conditions and adjusts the portfolio accordingly. During Q1 2025, [mention specific actions taken by the managers - e.g., 'we reduced our exposure to [specific asset class] and increased our allocation to [another asset class]' or 'we actively managed our duration in the fixed income portfolio to navigate the changing interest rate environment']. These adjustments were made with the goal of mitigating risk and capitalizing on emerging opportunities. We remain committed to a disciplined and long-term investment approach, focusing on identifying high-quality assets with the potential for sustainable growth.

Looking Ahead: Navigating Future Challenges

The remainder of 2025 is expected to present ongoing challenges, including [mention anticipated challenges - e.g., 'persistent inflation, potential for further interest rate hikes, and continued geopolitical uncertainty']. However, we believe that our diversified portfolio, coupled with the expertise of our managers, positions us well to navigate these headwinds and capitalize on potential opportunities. We remain focused on our long-term investment goals and are committed to delivering strong, risk-adjusted returns for our investors.

Disclaimer: Past performance is not indicative of future results. Investment involves risk, including the potential loss of principal. Please read the fund's prospectus carefully before investing.