Balancing Yield and Risk with Preferred Securities

Against the backdrop of rising rates, higher inflation, and elevated volatility, balancing the search for yield and risk mitigation is no easy task. But one asset class that many overlook is preferred securities. Preferreds blend characteristics of stocks and bonds and can offer investors a way to diversify their broader portfolio while pursuing an underused potential source of attractive yield.

Join our webcast on April 28, where two fixed-income veterans at Manulife Investment Management will discuss the potential benefits of preferreds with Lara Crigger, managing editor of ETF Trends and ETF Database.

April 28, 2022
11am PT | 2pm ET
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In this hour-long conversation, we will:

  • Define preferred securities
  • Outline specific strategies for targeting a diversified set of preferreds 
  • Discuss how a dedicated strategy focusing on preferred securities can fit in a broader investment portfolio

NOT accepted for one hour of CFP/CIMA CE credit for live and on-demand attendees

CFA Institute members are encouraged to self-document their continuing professional development activities in their online CE tracker.


Joseph Bozoyan, CFA

Portfolio Manager
Manulife Investment Management

Rick Baker

Managing Director of Client Portfolio Management Team
Manulife Investment Management

Lara Crigger

ETF Trends and ETF Database

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Important Disclosures

John Hancock Investment Management is not affiliated with Lara Crigger or ETF Trends and ETF Database.

Investing involves risks, including the potential loss of principal. There is no guarantee that a fund’s investment strategy will be successful. Fixed-income investments are subject to interest-rate and credit risk; their value will normally decline as interest rates rise or if an issuer is unable or unwilling to make principal or interest payments. Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. Investments in higher-yielding, lower-rated securities involve additional risks as these securities include a higher risk of default and loss of principal. REITs may decline in value, just like direct ownership of real estate. Foreign investing, especially in emerging markets, has additional risks, such as currency and market volatility and political and social instability. The use of hedging and derivatives could produce disproportionate gains or losses and may increase costs. It’s possible that an active trading market for fund shares will not develop, which may hurt your ability to buy or sell fund shares, particularly in times of market stress. Trading securities actively can increase transaction costs, therefore lowering performance and taxable distributions. Liquidity—the extent to which a security may be sold or a derivative position closed without negatively affecting its market value, if at all—may be impaired by reduced trading volume, heightened volatility, rising interest rates, and other market conditions. A portfolio concentrated in one industry or sector that holds a limited number of securities may fluctuate more than a diversified portfolio. Fund distributions generally depend on income from underlying investments and may vary or cease altogether in the future. Shares may trade at a premium or discount to their NAV in the secondary market. These variations may be greater when markets are volatile or subject to unusual conditions. Please see the fund’s prospectus for additional risks.

John Hancock ETF shares are bought and sold at market price (not NAV), and are not individually redeemed from the fund. Brokerage commissions will reduce returns.

Clients should carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. To request a prospectus or summary prospectus with this and other important information, call us at 800-225-6020, or visit us at jhinvestments.com/etf.

John Hancock ETFs are distributed by Foreside Fund Services, LLC in the United States, and are subadvised by Dimensional Fund Advisors LP or our affiliate Manulife Investment Management (US) LLC. Foreside is not affiliated with John Hancock Investment Management Distributors LLC, Manulife Investment Management (US) LLC, or Dimensional Fund Advisors LP.

Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.