Less than a month after it hit the market,
John Hancock's Technical Opportunities Fund, has already become one of the Boston fund firm's
top sellers. The
Wellington Management-subadvised fund has been attracting about $1 million a day,
making it one of Hancock's 10 most popular funds,
Keith Harstein,
president and CEO of John Hancock Mutual Funds, told
Bloomberg last week.
Rolled out on August 3, the fund follows a bottom-up technical approach but can also invest
up to 100 percent of fund assets in cash.
"One of the questions posed to us by advisers most often since the market
turmoil began two years ago has been 'why can't portfolio managers go
to cash?' during a period of extreme volatility," Hartstein said
in a news release on Monday.
The fund is the only other fund aside from the
Huntington Technical Opportunities Fund to
utlize techinical analysis solely, according to Bloomberg. The management team
makes use of signals including crossing moving averages, price gaps and volume changes, as well as declining/increasing relative strength in picking stocks.
A three-person team led by
Frank Teixeira, director of technical portfolio analysis and equity portfolio manager
at Wellington, run the fund.
For Wellington, the sub-advisory mandate represents another opportunity
to deepen relationships with other firms besides Vanguard.
The relationship between Wellington and Hancock dates back to 1991. Wellington manages $4 billion in Hancock mutual funds and other products, according to company spokesperson Beth McGoldrick. Wellington has a total of nine subadvisory
assignments from Hancock.
 
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