John Hancock Preferred Income Fund
HPI
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- John Hancock Preferred Income Fund (NYSE: HPI) is a closed-end management investment company that provides a high level of current income consistent with the preservation of capital, with a secondary objective of long-term capital growth. The fund invests at least 80% of its assets in preferred stocks and other preferred securities, including convertible preferred securities, hybrid securities, and debt securities that function like preferred stocks; it targets undervalued securities relative to peers, spanning sectors such as financials, utilities, energy, and real estate. It is managed by John Hancock Investment Management LLC and trades on the New York Stock Exchange, serving retail and institutional investors seeking income-oriented fixed-income exposure. Founded in 2002 and headquartered at 200 Berkeley Street in Boston, Massachusetts, the fund operates primarily in U.S. markets with a portfolio concentrated in domestic preferred securities, including those issued by banks, insurance companies, and energy firms. Its holdings feature perpetual preferred stocks, variable-rate preferreds, and investment-grade or below-rated hybrids, supplemented by up to 20% in common stocks, senior loans, or high-yield bonds for diversification and income enhancement. In October 2025, John Hancock Investment Management announced changes to the portfolio management team for HPI and related preferred income funds, including John Hancock Preferred Income Fund II (HPF), John Hancock Preferred Income Fund III (HPS), and others, to enhance investment strategies amid evolving market conditions. The fund maintains a managed distribution policy targeting stable monthly payouts, which may include net investment income, capital gains, or return of capital; recent semiannual reports highlight ongoing portfolio adjustments to leverage assets like Energy Transfer LP preferreds and Goldman Sachs perpetual securities. No major acquisitions, funding rounds, or structural reorganizations have been reported in the past two years.