- Investment Professional
- Products & Strategies
- MFS Meridian Funds
- Contrarian Capital Fund
Contrarian Capital Fund
THIS INFORMATION IS FOR MARKETING PURPOSES ONLY
Please note that this is an actively managed product.
Class I shares are only available to certain qualifying institutional investors.
Contrarian Capital Fund
INVESTMENT OBJECTIVE
Seeks capital appreciation measured in U.S. Dollars.
INVESTMENT FOCUS
Emphasis on valuation, balance sheet leverage and maintaining a suitable margin of safety.
Focus on investments in companies with medium to large market capitalizations, but may invest in companies of any size.
Seeks to identify investment opportunities trading at a significant discount to their intrinsic value, due to adverse market sentiment, operating difficulties or going through a transition.
Important Risk Considerations
The fund may not achieve its objective and/or you could lose money on your investment in the fund.
Please see the prospectus for further information on these and other risk considerations.
Fund Information
- Fund Inception 20-Nov-2024
- Net Assets (US$ M) As of 31-Mar-25 US$2.33
- Fiscal Year End JANUARY
- SFDR Classification Article 8
- Benchmark MSCI World Value Index (net div)
Share Class Information
- Class Inception 04-Apr-2025
- Net Asset Value (NAV) As of 24-Apr-25 €100.60
-
Most Recent NAV Change
As of 24-Apr-25
- ISIN LU2991324802
- SEDOL BNXJ7F8
- WKN A4114F
- Bloomberg --
- CUSIP L6366H864
- Maximum Sales Charge --
- Benchmark MSCI World Value Index (net div)
MANAGERS
Top 10 Holdings
- National Grid PLC
- Ryanair Holdings PLC ADR
- CSX Corp
- Airbus SE
- Autoliv Inc
- Deutsche Post AG
- Davide Campari-Milano NV
- Novozymes AS
- Cie Generale des Etablissements Michelin SCA
- Assa Abloy AB

Anne Christine Farstad
Portfolio Manager
Anne-Christine (AC) Farstad is an investment officer and equity portfolio manager for the Contrarian Value strategies at MFS Investment Management® (MFS®). In this role, she is responsible for final buy and sell decisions, portfolio construction, risk and cash management. She also participates in the research process and strategy discussions. She is based in London. AC joined MFS in 2005 as an equity research analyst before assuming her current role in 2015. Before joining the firm, she worked for two years as an equity research analyst following European and US companies for Bailey Coates Asset Management. She also spent one year in the Global Equity Hedge Fund Sales group for UBS in London. She began her career in the financial services industry in 2002. AC earned a Master of Arts degree in literature from the University of Cambridge.

Zahid Kassam, CFA
Portfolio Manager
Zahid Kassam, CFA, is an investment officer and equity portfolio manager for the Contrarian Value strategies at MFS Investment Management® (MFS®). In this role, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. He also participates in the research process and strategy discussions. He is based in Toronto. Zahid joined MFS in 2013 as an equity research analyst and assumed portfolio management responsibilities in 2021. He previously spent two years as a senior analyst at the Ontario Teachers' Pension Plan's private equity arm and two years as a mergers and acquisitions investment banking analyst at RBC Capital Markets. He began his career in the financial services industry in 2007. Zahid earned a Bachelor of Arts degree in business administration with Ivey Scholar honors from Ivey Business School at the University of Western Ontario and a Master of Business Administration degree from Harvard Business School. He holds the Chartered Financial Analyst (CFA) designation.

Paul Fairbrother, ASIP
Institutional Portfolio Manager
Paul Fairbrother, ASIP, is an investment officer and institutional equity portfolio manager at MFS Investment Management® (MFS®). In this role, he participates in the research process and strategy discussions, assesses portfolio risk, customizes portfolios to client objectives and guidelines, and manages daily cash flows. He is also responsible for communicating investment policy, strategy and positioning. He is based in London. Paul joined MFS in 2019 in his current role after five years at Sarasin & Partners as a business partner and client account director. Prior to that, he served as a European equity portfolio manager, European equity analyst and UK equity portfolio manager for UBS Asset Management over the course of his 21-year tenure there. He began his career in the financial services industry in 1993. Paul earned a bachelor's degree in business economics from the University of Reading. He is a member of the CFA Institute and an Associate of the CFA Society of the UK (ASIP).

Benjamin Tingling, CAIA
Institutional Portfolio Manager
Benjamin Tingling is an institutional portfolio manager at MFS Investment Management (MFS). In this role, he participates in the research process and strategy discussions, assesses portfolio risk, customizes portfolios to client objectives and guidelines and manages daily cash flows. He also communicates investment policy, strategy and positioning. He is based in London.
Benjamin joined MFS in 2014 in his current role. He previously worked for Man Group Plc for six years, most recently as a derivatives and client on-boarding associate.
Benjamin earned a Bachelor of Science degree in economics and finance from Brunel University. He holds the Chartered Alternative Investment Analyst (CAIA) designation and an Investment Management Certificate (IMC).
12 Month Total Returns (%)
12 Month Total Returns (%)
No data currently available
Performance results reflect ongoing charges and any applicable expense subsidies and waivers in effect during the periods shown. All historic results assume distributions within the fund and/or the share class are reinvested.
Past performance is not a reliable indicator for future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested.
Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio's base currency, if different.
Important Performance Information
Class I1 Roll-Up shares do not pay distributions to shareholders.
The MFS Meridian Funds offer several share classes each with different expenses. Performance reflects the performance of a relevant older class with the same currency until the class inception date of the class detailed. Performance for periods prior to that date may have been higher or lower had the actual share class fees and expenses been reflected.
Please note that these share classes will be available for investment up until the fund reaches AUM of $200 million, at which point the Founders Class will be soft-closed.
At this time these share classes will only be available in a limited selection of currencies.
Annual Rate of Return (%)
Annual Rate of Return (%)
No data currently available
Performance results reflect ongoing charges and any applicable expense subsidies and waivers in effect during the periods shown. All historic results assume distributions within the fund and/or the share class are reinvested.
Past performance is not a reliable indicator for future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested.
Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio's base currency, if different.
Important Performance Information
Class I1 Roll-Up shares do not pay distributions to shareholders.
The MFS Meridian Funds offer several share classes each with different expenses. Performance reflects the performance of a relevant older class with the same currency until the class inception date of the class detailed. Performance for periods prior to that date may have been higher or lower had the actual share class fees and expenses been reflected.
Please note that these share classes will be available for investment up until the fund reaches AUM of $200 million, at which point the Founders Class will be soft-closed.
At this time these share classes will only be available in a limited selection of currencies.
Pricing History
- NAV at Close of Trading on: 24-Apr-25
- Net Asset Value (NAV): €100.60
-
Change
(€) (since
23-Apr-25):
-
Change (%) (since
23-Apr-25):
- Market Price (MP):
Historical NAV may not be available for all dates.
Historical MP may not be available for all dates.
NAV at Close of Trading on | Net Asset Value (NAV) |
---|
Distributions
Performance Attribution
GuideAvailable approximately 15 or 25 days after month end
Available approximately 25 days after quarter end
Year To Date (YTD)
12 Month Attribution
Largest Sector Weights
Holding Characteristics
characterstics | Equity Earning |
---|---|
Weighted Average Price/Earnings (next 12 months) | 13.40x |
Weighted Average Price/Cash Flow | 9.53x |
Weighted Average Price/Sales | 0.98x |
Weighted Average Price/Book | 1.55x |
Weighted Average IBES Long Term EPS Growth | 11.60% |
Weighted Average Dividend Yield | 2.87% |
Weighted Average Market Cap | $53.6b |
Weighted Median Market Cap | $37.0b |
Number of Issues | 34 |
Active Share | 97.24% |
Portfolio Turnover (U.S. Method) | 24.94% |
Portfolio Turnover (LUX Method) | 43.30% |
% in Stocks | 95.39% |
% Cash & Cash Equivalents | 4.60% |
% Other1 | 0.01% |
% in Top Ten | 39.11% |
Top 10 Holdings
- National Grid PLC
- Ryanair Holdings PLC ADR
- CSX Corp
- Airbus SE
- Autoliv Inc
- Deutsche Post AG
- Davide Campari-Milano NV
- Novozymes AS
- Cie Generale des Etablissements Michelin SCA
- Assa Abloy AB
Type Of Holdings (%)
Sector Weights (%)
- % Assets
-
Industrials
29.13
-
Consumer Discretionary
15.66
-
Financials
12.23
-
Materials
10.63
-
Utilities
8.32
-
Consumer Staples
6.69
-
Health Care
5.63
-
Information Technology
4.48
-
Energy
2.64
-
Cash & Cash Equivalents
4.60
Currency Weights (%)
-
Euro
36.36
-
United States Dollar
21.69
-
British Pound Sterling
17.05
-
Japanese Yen
7.97
-
Canadian Dollar
4.07
-
Danish Krone
3.70
-
Swedish Krona
3.45
-
South Korean Won
3.31
-
Swiss Franc
2.40
Region & Country
As of 31-Mar-25Region & Country | % Assets |
---|---|
8 Countries
|
45.91
|
France
|
20.21
|
Germany
|
5.75
|
Ireland
|
4.11
|
Italy
|
3.70
|
Denmark
|
3.70
|
Sweden
|
3.45
|
Netherlands
|
2.60
|
Switzerland
|
2.40
|
2 Countries
|
21.16
|
United States
|
13.90
|
Canada
|
7.25
|
1 Countries
|
17.05
|
United Kingdom
|
17.05
|
1 Countries
|
7.97
|
Japan
|
7.97
|
1 Countries
|
4.60
|
Cash & Cash Equivalents
|
4.60
|
1 Countries
|
3.31
|
South Korea
|
3.31
|
By Country |
---|
Top Country Weightings (%)
-
France
20.21
-
United Kingdom
17.05
-
United States
13.90
-
Japan
7.97
-
Canada
7.25
Portfolio characteristics are based on equivalent exposure, which measures how a portfolio's value would change due to price changes in an asset held either directly or, in the case of a derivative contract, indirectly. The market value of the holding may differ.
*Short positions, unlike long positions, lose value if the underlying asset gains value.
Product Resources
Fund Documents & Fact Sheets
Click here to view fund documents such as Key Investor Documents, Complete Prospectus, Annual Report, Semi Annual Report, Swing Pricing, and Fact Sheets. Some of these documents are available in other languages.-
Overview
INVESTMENT OBJECTIVE
Seeks capital appreciation measured in U.S. Dollars.
INVESTMENT FOCUS
Emphasis on valuation, balance sheet leverage and maintaining a suitable margin of safety.
Focus on investments in companies with medium to large market capitalizations, but may invest in companies of any size.
Seeks to identify investment opportunities trading at a significant discount to their intrinsic value, due to adverse market sentiment, operating difficulties or going through a transition.
Important Risk Considerations
The fund may not achieve its objective and/or you could lose money on your investment in the fund.
Please see the prospectus for further information on these and other risk considerations.
Fund Information
- Fund Inception 20-Nov-2024
- Net Assets (US$ M) As of 31-Mar-25 US$2.33
- Fiscal Year End JANUARY
- SFDR Classification Article 8
- Benchmark MSCI World Value Index (net div)
Share Class Information
- Class Inception 04-Apr-2025
- Net Asset Value (NAV) As of 24-Apr-25 €100.60
-
Most Recent NAV Change
As of 24-Apr-25
- ISIN LU2991324802
- SEDOL BNXJ7F8
- WKN A4114F
- Bloomberg --
- CUSIP L6366H864
- Maximum Sales Charge --
- Benchmark MSCI World Value Index (net div)
MANAGERS
Top 10 Holdings
As of 31-Mar-25- National Grid PLC
- Ryanair Holdings PLC ADR
- CSX Corp
- Airbus SE
- Autoliv Inc
- Deutsche Post AG
- Davide Campari-Milano NV
- Novozymes AS
- Cie Generale des Etablissements Michelin SCA
- Assa Abloy AB
Full and Historical HoldingsThe portfolio is actively managed, and current holdings may be different.Anne Christine Farstad
Portfolio Manager
23YEARS WITH INDUSTRY1YEAR WITH PORTFOLIO23YEARS WITH INDUSTRY
1YEAR WITH PORTFOLIOAnne-Christine (AC) Farstad is an investment officer and equity portfolio manager for the Contrarian Value strategies at MFS Investment Management® (MFS®). In this role, she is responsible for final buy and sell decisions, portfolio construction, risk and cash management. She also participates in the research process and strategy discussions. She is based in London. AC joined MFS in 2005 as an equity research analyst before assuming her current role in 2015. Before joining the firm, she worked for two years as an equity research analyst following European and US companies for Bailey Coates Asset Management. She also spent one year in the Global Equity Hedge Fund Sales group for UBS in London. She began her career in the financial services industry in 2002. AC earned a Master of Arts degree in literature from the University of Cambridge.
Zahid Kassam, CFA
Portfolio Manager
18YEARS WITH INDUSTRY1YEAR WITH PORTFOLIO18YEARS WITH INDUSTRY
1YEAR WITH PORTFOLIOZahid Kassam, CFA, is an investment officer and equity portfolio manager for the Contrarian Value strategies at MFS Investment Management® (MFS®). In this role, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. He also participates in the research process and strategy discussions. He is based in Toronto. Zahid joined MFS in 2013 as an equity research analyst and assumed portfolio management responsibilities in 2021. He previously spent two years as a senior analyst at the Ontario Teachers' Pension Plan's private equity arm and two years as a mergers and acquisitions investment banking analyst at RBC Capital Markets. He began his career in the financial services industry in 2007. Zahid earned a Bachelor of Arts degree in business administration with Ivey Scholar honors from Ivey Business School at the University of Western Ontario and a Master of Business Administration degree from Harvard Business School. He holds the Chartered Financial Analyst (CFA) designation.
Paul Fairbrother, ASIP
Institutional Portfolio Manager
32YEARS WITH INDUSTRY1YEAR WITH PORTFOLIO32YEARS WITH INDUSTRY
1YEAR WITH PORTFOLIOPaul Fairbrother, ASIP, is an investment officer and institutional equity portfolio manager at MFS Investment Management® (MFS®). In this role, he participates in the research process and strategy discussions, assesses portfolio risk, customizes portfolios to client objectives and guidelines, and manages daily cash flows. He is also responsible for communicating investment policy, strategy and positioning. He is based in London. Paul joined MFS in 2019 in his current role after five years at Sarasin & Partners as a business partner and client account director. Prior to that, he served as a European equity portfolio manager, European equity analyst and UK equity portfolio manager for UBS Asset Management over the course of his 21-year tenure there. He began his career in the financial services industry in 1993. Paul earned a bachelor's degree in business economics from the University of Reading. He is a member of the CFA Institute and an Associate of the CFA Society of the UK (ASIP).
Benjamin Tingling, CAIA
Institutional Portfolio Manager
19YEARS WITH INDUSTRY1YEAR WITH PORTFOLIO19YEARS WITH INDUSTRY
1YEAR WITH PORTFOLIOBenjamin Tingling is an institutional portfolio manager at MFS Investment Management (MFS). In this role, he participates in the research process and strategy discussions, assesses portfolio risk, customizes portfolios to client objectives and guidelines and manages daily cash flows. He also communicates investment policy, strategy and positioning. He is based in London.
Benjamin joined MFS in 2014 in his current role. He previously worked for Man Group Plc for six years, most recently as a derivatives and client on-boarding associate.
Benjamin earned a Bachelor of Science degree in economics and finance from Brunel University. He holds the Chartered Alternative Investment Analyst (CAIA) designation and an Investment Management Certificate (IMC). -
Performance
12 Month Total Returns
12 Month Total Returns (%)
12 Month Total Returns (%)
No data currently available
Performance results reflect ongoing charges and any applicable expense subsidies and waivers in effect during the periods shown. All historic results assume distributions within the fund and/or the share class are reinvested.
Past performance is not a reliable indicator for future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested.
Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio's base currency, if different.
Important Performance Information
Class I1 Roll-Up shares do not pay distributions to shareholders.
The MFS Meridian Funds offer several share classes each with different expenses. Performance reflects the performance of a relevant older class with the same currency until the class inception date of the class detailed. Performance for periods prior to that date may have been higher or lower had the actual share class fees and expenses been reflected.
Please note that these share classes will be available for investment up until the fund reaches AUM of $200 million, at which point the Founders Class will be soft-closed.
At this time these share classes will only be available in a limited selection of currencies.
Average Annual Total ReturnsAnnual Rate of ReturnAnnual Rate of Return (%)
Annual Rate of Return (%)
No data currently available
annual rate of return table Performance results reflect ongoing charges and any applicable expense subsidies and waivers in effect during the periods shown. All historic results assume distributions within the fund and/or the share class are reinvested.
Past performance is not a reliable indicator for future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested.
Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio's base currency, if different.
Important Performance Information
Class I1 Roll-Up shares do not pay distributions to shareholders.
The MFS Meridian Funds offer several share classes each with different expenses. Performance reflects the performance of a relevant older class with the same currency until the class inception date of the class detailed. Performance for periods prior to that date may have been higher or lower had the actual share class fees and expenses been reflected.
Please note that these share classes will be available for investment up until the fund reaches AUM of $200 million, at which point the Founders Class will be soft-closed.
At this time these share classes will only be available in a limited selection of currencies.
Pricing & DistributionsPricing History
- NAV at Close of Trading on: 24-Apr-25
- Net Asset Value (NAV): €100.60
-
Change
(€) (since
23-Apr-25):
-
Change (%) (since
23-Apr-25):
- Market Price (MP):
Maximum data displayed is for the most recent 10 yearsHistorical NAV LookupEnter date for which you wish to obtain a Historical NAV for this fundHistorical NAV may not be available for all dates.
Historical MP LookupEnter date for which you wish to obtain a Historical MP for this fundHistorical MP may not be available for all dates.
Historical Exit Price TableNAV at Close of Trading on Net Asset Value (NAV) No Data AvailableDistributions
There are no distributions for this share class or distributions are currently not availablePerformance AttributionPerformance Attribution
GuideAvailable approximately 15 or 25 days after month end
Quarterly AttributionAvailable approximately 25 days after quarter end
Year To Date (YTD)
12 Month Attribution
Calendar YearNo Data Available -
Portfolio & Holdings Information
Sector, Holding & Characterstics
Largest Sector Weights
As of 31-Mar-25Holding Characteristics
As of 31-Mar-25Data table of holding characteristics characterstics Equity Earning Weighted Average Price/Earnings (next 12 months) 13.40x Weighted Average Price/Cash Flow 9.53x Weighted Average Price/Sales 0.98x Weighted Average Price/Book 1.55x Weighted Average IBES Long Term EPS Growth 11.60% Weighted Average Dividend Yield 2.87% Weighted Average Market Cap $53.6b Weighted Median Market Cap $37.0b Number of Issues 34 Active Share 97.24% Portfolio Turnover (U.S. Method) 24.94% Portfolio Turnover (LUX Method) 43.30% % in Stocks 95.39% % Cash & Cash Equivalents 4.60% % Other1 0.01% % in Top Ten 39.11% Top 10 Holdings
As of 31-Mar-25- National Grid PLC
- Ryanair Holdings PLC ADR
- CSX Corp
- Airbus SE
- Autoliv Inc
- Deutsche Post AG
- Davide Campari-Milano NV
- Novozymes AS
- Cie Generale des Etablissements Michelin SCA
- Assa Abloy AB
The portfolio is actively managed, and current holdings may be different.Type Of Holdings (%)
As of 31-Mar-25Sector Weights (%)
As of 31-Mar-25- % Assets
-
Industrials
29.13
-
Consumer Discretionary
15.66
-
Financials
12.23
-
Materials
10.63
-
Utilities
8.32
-
Consumer Staples
6.69
-
Health Care
5.63
-
Information Technology
4.48
-
Energy
2.64
-
Cash & Cash Equivalents
4.60
ExposuresCurrency Weights (%)
As of 31-Mar-25-
Euro
36.36
-
United States Dollar
21.69
-
British Pound Sterling
17.05
-
Japanese Yen
7.97
-
Canadian Dollar
4.07
-
Danish Krone
3.70
-
Swedish Krona
3.45
-
South Korean Won
3.31
-
Swiss Franc
2.40
Region & CountryRegion & Country
As of 31-Mar-25Region & Country Table Region & Country % Assets 8 Countries45.91France20.21Germany5.75Ireland4.11Italy3.70Denmark3.70Sweden3.45Netherlands2.60Switzerland2.402 Countries21.16United States13.90Canada7.251 Countries17.05United Kingdom17.051 Countries7.97Japan7.971 Countries4.60Cash & Cash Equivalents4.601 Countries3.31South Korea3.31By Country Table By Country Top Country Weightings (%)
As of 31-Mar-25-
France
20.21
-
United Kingdom
17.05
-
United States
13.90
-
Japan
7.97
-
Canada
7.25
Important Characteristics InformationThe portfolio is actively managed, and current holdings may be different.Portfolio characteristics are based on equivalent exposure, which measures how a portfolio's value would change due to price changes in an asset held either directly or, in the case of a derivative contract, indirectly. The market value of the holding may differ.
*Short positions, unlike long positions, lose value if the underlying asset gains value.
1Other. Other consists of: (i) currency derivatives and/or (ii) any derivative offsets. -
Resources
Product Resources
Product Resources
Fund Documents & Fact SheetsFund Documents & Fact Sheets
Click here to view fund documents such as Key Investor Documents, Complete Prospectus, Annual Report, Semi Annual Report, Swing Pricing, and Fact Sheets. Some of these documents are available in other languages.