Fund Evaluator:
JHancock Diversified Macro A (JDJAX)
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Best Performing in Macro Trading Over the Last Year
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Fund Details
JHancock Diversified Macro A Overview
JHancock Diversified Macro A (JDJAX) is an actively managed Alternative Macro Trading fund. John Hancock launched the fund in 2019.
The investment seeks long-term capital appreciation. The fund pursues its investment objective by utilizing a multi-asset, quantitatively-driven investment strategy that seeks to provide exposure to diversified sources of return. The manager will allocate the fund's assets across a range of asset classes comprising equities, fixed income, foreign currencies, and commodities. The fund is generally intended to have a low correlation to the equity and bond markets.
About JHancock Diversified Macro A (JDJAX)
There are 3 members of the management team with an average tenure of 2.96 years: Kenneth Tropin (2019), Jens Foehrenbach (2026), Thomas Feng (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE BofA 0-3 M US Trsy Bill TR USD index with a weighting of 100%. JHancock Diversified Macro A has 46 securities in its portfolio. The top 10 holdings constitute 67.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
JHancock Diversified Macro A is part of the Alternative Strategies global asset class and is within the Alternative fund group. JHancock Diversified Macro A has 47.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 9.1%. There is 2.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 61.7% (16.6% domestic bond, 45.0% foreign bond and 0.0% convertible bond). JHancock Diversified Macro A has 23.0% of the portfolio in cash.
Assets Under Management
The fund has $9 million in total assets, which is below the $296 million average for the Macro Trading category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
JDJAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The JHancock Diversified Macro A expense ratio is high compared to funds in the Macro Trading category. JHancock Diversified Macro A has an expense ratio of 1.61%, which is 1% higher than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. A portfolio turnover rate cannot be currently calculated for JHancock Diversified Macro A. By way of comparison, the average portfolio turnover is 95% for the Macro Trading category.
Recently, in the month of July 2026, JHancock Diversified Macro A returned 0.5%, which earned it a grade of C, as the Macro Trading category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
JHancock Diversified Macro A has a trailing yield of 0.04%, which is below the 1.90% category average. The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
JHancock Diversified Macro A Grades
Year to date, the fund has returned 10.6%, 5.2 percentage points better than the category, which translates into a grade of A. The fund has returned 6.7% over the past year (grade of C), 0.6% over the past three years (grade of F) and 2.9% per year over the past five years (grade of F).
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JDJAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| JDJAX Return (NAV) | 0.5% | 1.8% | 6.7% | 0.6% | 2.9% | na |
| JDJAX Grade | C | A | C | F | F | na |
| +/- Category | 0.2% | 2.0% | -1.6% | -5.8% | -2.0% | na |
| Macro Trading Avg | 0.3% | -0.2% | 8.3% | 6.5% | 4.9% | 4.8% |
| JDJAX Tax Cost Ratio | na | na | 0.0% | 0.5% | 1.4% | na |
JDJAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JDJAX Return (NAV) | 10.6% | -7.9% | 2.3% | 2.5% | 12.0% | -2.5% | -2.5% | na | na | na | na |
| JDJAX Grade | A | F | F | D | B | F | F | na | na | na | na |
| +/- Category | 5.2% | -14.6% | -4.2% | -1.9% | 7.6% | -5.3% | -7.0% | na | na | na | na |
| Macro Trading Avg | 5.4% | 6.6% | 6.5% | 4.4% | 4.4% | 2.8% | 4.4% | 8.9% | -0.5% | 6.7% | -0.8% |
| Risk Measures | |
| Standard Deviation: | 10.1% |
| Total Risk Index: | 0.82 - Average |
| Category Risk Index: | 1.52 - High |
| Category Risk Grade: | F (100% Rank) |
| Beta: | 0.12 |
| R-Squared: | 2% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $1165 Mil |
| Fund Total Assets: | $ 10 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 0% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 7.0 years | |||
| Average Tenure: 3.0 years | |||
| Managers (Year): Tropin Kenneth (2019), Feng Thomas (2025), Foehrenbach Jens (2026) | |||
Portfolio Composition (as of 2/28/26)
| # of Holdings: | 46 |
| % in Top 10 Holdings: | 67.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 47.8% |
Portfolio Allocation |
|
| Domestic Stock: | 9.1% |
| Foreign Stock: | 2.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 16.6% |
| Foreign Bond: | 45.0% |
| Convertible Bond: | 0.0% |
| Other: | 3.5% |
| Cash: | 23.0% |
Purchase Information
| Fund Family: | John Hancock |
| Phone Number: | 800-225-5291 |
| Website: | www.jhfunds.com |
| Status: | Open |
| Inception Date: | July 29, 2019 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | No |
| Front Load Maximum: | 5.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.61% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.59% |
| Share Class: | JHancock Diversified Macro NAV |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
