John Hancock Corporate Bond ETF

JHCB

시가총액 US$9922만

U.S. investment-grade corporate bonds gained in the second quarter. The fund outperformed its benchmark, the Bloomberg U.S. Corporate Bond Index. Individual security selection and sector allocation contributed to relative outperformance.

John Hancock Corporate Bond ETF underperformed its benchmark, the Bloomberg U.S. Corporate Bond Index. Sector allocation and yield curve positioning weighed on performance while individual security selection produced mixed results. Given the high degree of geopolitical uncertainty, we continue to take a long-term view in managing the fund, avoiding any reactionary moves to current events.

U.S. investment-grade corporate bonds gained in the fourth quarter. The fund underperformed its benchmark, the Bloomberg U.S. Corporate Bond Index. Individual security selection detracted from performance while sector allocation and yield curve positioning were additive to performance during the quarter.

U.S. investment-grade corporate bonds gained in the third quarter. The fund outperformed its benchmark, the Bloomberg U.S. Corporate Bond Index. Investment-grade corporate bonds outperformed the broader bond market, benefiting from a risk-on market environment.

AI development requires large projects to establish computing power. That in turn requires massive amounts of financing.

We think the Fed has time to assess the impact of tariffs, and we expect it to wait to cut rates until the data show that tariffs are impacting the real economy. So far, there are no signs of recession in the hard data. The tariff pause offers the possibility to avoid worst-case economic scenarios before the damage is crystalized. We believe technical factors will continue to drive market dislocations in spreads and sectors, and that active managers can navigate this more effectively.

U.S. investment-grade corporate bonds declined in Q4 2024 despite Fed rate cuts, driven by strong economic data and geopolitical factors. The fund outperformed the Bloomberg U.S. Corporate Bond Index due to superior individual security selection, though suboptimal maturity structure detracted from performance. Key contributors to outperformance included bonds from Ally Financial and Viatris, while Microsoft and Tapestry detracted.

Not so long ago, many investors were clamoring for yield outside of the traditional 60/40 stock and bond split. After more than a year of an active rates market, it's hard to say that's true today.

M&A was almost dormant in 2023. In the US, as a proportion of the market value of the benchmark equity indices, it fell to its lowest level in 20 years, according to McKinsey. Credit investors are not traditionally supposed to be fans of M&A, and it's true we are wary of leveraging M&A, where debt is loaded onto balance sheets to buy competitors. We are seeing a comeback for M&A that we think is likely to continue through 2024.