HPS: Strong Historical Performance, Good Positioning, And Overpriced

2025-10-23 18:21:48 ET

The John Hancock Preferred Income Fund III ( HPS ) is a closed-end fund, or CEF, that aims to provide its investors with a very high level of income through investments made into fixed-income securities such as preferred stocks and bonds. Despite the name of this fund, though, it is not entirely invested in preferred stocks. According to the fund’s website , HPS only has 55.82% of its portfolio invested in preferred stocks, along with 40.14% invested in corporate bonds:

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