BOSTON - John Hancock Funds has a new mutual fund that seeks long-term growth by investing about one-third of its assets in financial services, health care, and technology.
The John Hancock Growth Trends Fund targets U.S. and foreign companies positioned to benefit from economic and social trends affecting the three industries, which have been carrying the U.S. economy for a decade.
The product was launched Tuesday as an initial public offering and will accept deposits during a subscription period that will last until Sept. 22. The fund will then close and begin investing its accumulated assets, though it may reopen if cash levels and market conditions are right.
John Hancock Funds, a global investment management firm, manages more than $30 billion in open-end and closed-end funds, private accounts, variable annuities, and retirement plans for individual and institutional investors. It is a subsidiary of John Hancock Life Insurance Co., which sells insurance and mutual funds through agents, broker-dealers, wirehouses, and banks.