John Hancock Funds announced on Tuesday its new John Hancock Alternative Asset Allocation Fund, a multi-managed fund that John Hancock will manage along with five other leading asset management firms: PIMCO, Wellington Management, Dimensional Fund Advisors, Stone Harbor, Deutsche Asset Management and First Quadrant.

The fund will have exposure to global real estate, commodities, natural resource equities, emerging market debt and absolute return funds. John Hancock noted that these alternative asset categories have different return patterns than the broad U.S. stock and bond markets and can offer significant diversification benefits.

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