John Hancock Preferred Income Fund III
HPS
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- John Hancock Preferred Income Fund III (HPS) is a closed-end fixed income mutual fund launched and managed by John Hancock Investment Management LLC and co-managed by John Hancock Asset Management. The fund invests primarily in preferred securities and other fixed-income securities rated investment grade or higher by Moody's or Standard & Poor's, targeting securities issued by companies operating across diversified sectors in the United States fixed income markets; it benchmarks performance against the Bank of America Merrill Lynch Hybrid Preferred Securities Index and the Barclays U.S. Aggregate Bond Index. Headquartered at 200 Berkeley Street, Boston, Massachusetts, the fund was formed on June 19, 2003, and trades on the New York Stock Exchange under the ticker HPS. Recent developments include the addition of two new trustees to the John Hancock Group of Funds Board, enhancing governance oversight; sustained monthly dividend distributions of $0.11 per share, with ex-dividend dates such as November 13, 2025, and March 13, 2025; and increased institutional ownership, notably by Invesco (up 12% in Q1 2025 to 4.2% of shares), UBS Group, Royal Bank of Canada, and others, reflecting growing investor confidence amid a yield of approximately 9.26%. Portfolio managers Joseph H. Bozoyan, CFA, and Bradley Lutz, CFA, oversee operations, with the fund maintaining a managed distribution policy that may include income, capital gains, and return of capital. The fund serves income-focused investors seeking high-yield opportunities from preferred and hybrid securities, primarily in the U.S. market.