Boston– John Hancock Funds has re-opened the John Hancock Classic Value Fund (PZFVX) to new investors, effective today. The Classic Value Fund, which seeks long-term growth of capital by investing in companies that may be undervalued relative to the market, was generally closed to new investors on September 18, 2006.
At that time, the portfolio management team at the Fund’s sub-adviser, Pzena Investment Management, recommended closing the Fund due to concerns about capacity issues because of strong cash flows. Re-opening the fund to new investors will allow the managers to balance cash inflows and cash outflows and increases the Fund’s efficiency. By optimizing cash flows, the management team is able to maximize returns while maintaining the investment strategy outlined in the Fund’s prospectus as well as take full advantage of the opportunities they believe exist in the current market. Management continues to monitor market conditions, cash flows, and other relevant factors, and may recommend closing the Fund in the future if they determine it to be in the best interests of shareholders.
As of June 30, 2007, Pzena Investment Management managed approximately $9.9 billion in assets for John Hancock in the Classic Value, Classic Value II, Classic Value Mega-Cap, and International Classic Value funds. The firm, founded in 1995, manages more than $30.6 billion in assets for institutional clients. Its research team is comprised of 21 senior investment professionals who employ a deep value philosophy based on fundamental research. The portfolio management team for the Classic Value Fund consists of Richard Pzena, John Goetz, and Antonio DeSpirito III.
About John Hancock Funds
The Boston-based mutual fund business unit of John Hancock Financial Services, John Hancock Funds manages more than $59 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors at June 30, 2007. For more information, please visit www.jhfunds.com.
John Hancock Financial Services is a unit of Manulife Financial Corporation, a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$410 billion (US$386 billion) at June 30, 2007.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial may be found on the Internet at www.manulife.com.
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