Seeks total return with an emphasis on current income, but also considering capital appreciation, measured in US dollars.
INVESTMENT FOCUS
Combines broad diversification across multiple income-oriented asset classes, active asset allocation, and bottom-up security selection
Invests primarily in debt securities (corporate and government issues), dividend paying equities, and real estate-related securities
Uses a flexible, but disciplined approach to active asset allocation
Important Risk Considerations
The fund may not achieve its objective and/or you could lose money on your investment in the fund.
Stock: Stock markets and investments in individual stocks are volatile and can decline significantly in response to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions.
Bond: Investments in debt instruments may decline in value as the result of, or perception of, declines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall). Therefore, the portfolio's value may decline during rising rates. Portfolios that consist of debt instruments with longer durations are generally more sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of the market may not have an active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type of investment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity.
Emerging Markets: Emerging markets can have less market structure, depth, and regulatory, custodial or operational oversight and greater political, social, geopolitical and economic instability than developed markets.
Derivatives: Investments in derivatives can be used to take both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk.
High Yield: Investments in below investment grade quality debt instruments can be more volatile and have greater risk of default, or already be in default, than higher-quality debt instruments.
Real Estate: Real estate-related investments can be volatile because of general, regional, and local economic conditions, fluctuations in interest rates and property tax rates; shifts in zoning laws, environmental regulation and other governmental actions; increased operation expenses; lack of availability of mortgage funds; losses due to natural disasters; changes in property values and rental rates; overbuilding; losses due to casualty or condemnation, cash flows; the management skill and creditworthiness of the REIT manager, and other factors.
Please see the prospectus for further information on these and other risk considerations.
Fund Information
Fund Inception
31-Oct-2014
Net Assets
(US$
M)
As of 28-Feb-25
US$61.25
Fiscal Year End
JANUARY
SFDR Classification
Article 6: Integrates sustainability risks into the investment process.
Article 8: Systematically promotes a stated environmental or social characteristic and provides enhanced disclosure accordingly.
Article 9: Typically for "impact" funds, which have a dual objective of financial return and specific environmental or social outcomes.
Article 8
Benchmark
Standard & Poor's 500 Stock Index
Share Class Information
Class Inception
31-Oct-2014
Net Asset Value (NAV)
As of 14-Mar-25
$148.50
Most Recent NAV Change
As of 14-Mar-25
$0.56
|
0.38%
Robert M. Almeida Jr. is an investment officer and global investment strategist for MFS Investment Management® (MFS®), offering insight and perspective on cyclical and secular trends impacting investors. He also serves as a member of the portfolio management teams for multiasset income and alternative strategies.
Rob joined MFS in 1999 and served as an institutional portfolio manager for the Fixed Income Department from 2007 through 2009. He joined the US Growth Equity team in 2009 and became a portfolio manager in 2014. He added additional portfolio management responsibilities in 2018 and assumed his current strategist title in 2019.
Rob is a graduate of the University of Massachusetts and earned his Master of Science degree in finance from Sawyer Business School.
Neeraj Arora, CFA
Portfolio Manager
20
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
20
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
Neeraj Arora, CFA, is an investment officer and fixed income portfolio manager for MFS Investment Management® (MFS®). He is co-manager of the firm's emerging markets debt strategies, which include both US dollar--denominated and local currency strategies, as well as dedicated emerging market debt portfolios within several multi-asset fixed income strategies at the firm.
Before joining MFS in 2011, Neeraj worked as an economist and sovereign research analyst for six years on the emerging market fixed income team at J.P. Morgan.
Neeraj earned a bachelor's degree from Marquette University and a master's degree in economics from Georgetown University. He holds the Chartered Financial Analyst (CFA) designation.
David Cole, CFA
Portfolio Manager
31
YEARS WITH INDUSTRY
10
YEARS WITH PORTFOLIO
31
YEARS WITH INDUSTRY
10
YEARS WITH PORTFOLIO
David P. Cole, CFA, is an investment officer of MFS Investment Management® (MFS®). He is also a co-portfolio manager of the firm's high-yield portfolios.
David joined MFS in 2004 after working for five years as a high-yield analyst for Franklin Templeton Investments. Before that, he served as a financial economist/Treasury market analyst for Thomson Financial Services and an economist for Standard and Poor's.
David has a bachelor's degree from Cornell University and an MBA from University of California, Berkeley. He holds the Chartered Financial Analyst (CFA) designation.
Our portfolio managers are supported by our entire team of investment professionals in nine worldwide offices. The team employs a proprietary investment process to build better insights for our clients. The core principles of our approach are integrated research, global collaboration, and active risk management.
Rick Gable, CFA
Portfolio Manager
32
YEARS WITH INDUSTRY
10
YEARS WITH PORTFOLIO
32
YEARS WITH INDUSTRY
10
YEARS WITH PORTFOLIO
Richard R. Gable, CFA, is an investment officer and equity portfolio manager at MFS Investment Management® (MFS®). He covers the real estate sector and manages the firm's real estate investment trust portfolios.
Rick joined MFS in 2011. Previously, he was a managing director and portfolio manager for 13 years for Sun Capital Advisers, a division of Sun Life Financial. While at Sun Capital, he managed several MFS real estate investment trust portfolios through a subadvisory relationship between MFS and Sun Capital. He also served as an analyst for Mellon Bank for four years. He has worked in the financial services industry since 1993.
Rick has a bachelor's degree from Middlebury College and a Master of Business Administration degree from Boston College. He is a member of the Boston Security Analysts Society and has earned the Chartered Financial Analyst (CFA) designation from the CFA Institute.
Our portfolio managers are supported by our entire team of investment professionals in nine worldwide offices. The team employs a proprietary investment process to build better insights for our clients. The core principles of our approach are integrated research, global collaboration and active risk management.
Alexander M. Mackey, CFA, is co-chief investment officer of Fixed Income at MFS Investment Management® (MFS®). As co-CIO, he has joint oversight of MFS' global fixed income team and works collaboratively with the firm's investment leadership team to ensure its fixed income investors have the tools and skill sets necessary to serve clients globally. He is also a fixed income portfolio manager on several strategies, including the firm's multisector fixed income strategies, with oversight of dedicated US credit portfolios.
Alexander assumed his current role in 2023. Prior to taking on portfolio management responsibilities in 2017, he worked as a credit research analyst for 13 years and a fixed income research associate for three years. He joined MFS as a financial control assistant in 1998.
Alexander has a bachelor's degree from Trinity College and holds the Chartered Financial Analyst (CFA) designation. He is a member of CFA Society Boston.
Jay Mitchell, CFA
Portfolio Manager
25
YEARS WITH INDUSTRY
2
YEARS WITH PORTFOLIO
25
YEARS WITH INDUSTRY
2
YEARS WITH PORTFOLIO
Jay Mitchell, CFA, is an investment officer and fixed income portfolio manager at MFS Investment Management® (MFS®). In this role, he collaborates with the full MFS global investment organization to develop and implement portfolio strategies that seek to achieve long-term performance objectives. His responsibilities encompass all aspects of portfolio construction, including risk budgeting, asset allocation, security selection and risk management.
Jay joined MFS in 2000, first serving in the firm's retirement services division. In 2003, he was named fixed income trading associate and in 2004 was named fixed income research associate. In 2007, he was promoted to research analyst and in 2017 was named director of emerging market corporate research. He added portfolio responsibilities in 2020, and in 2023 was named portfolio manager on the US and global credit strategies.
Jay earned a bachelor's degree in finance and a Master of Business Administration degree from Boston College. He holds the Chartered Financial Analyst designation from the CFA Institute and is a member of the CFA Society Boston.
Jonathan Sage, CFA
Portfolio Manager
29
YEARS WITH INDUSTRY
10
YEARS WITH PORTFOLIO
29
YEARS WITH INDUSTRY
10
YEARS WITH PORTFOLIO
Jonathan W. Sage, CFA, is an investment officer and equity portfolio manager at MFS Investment Management® (MFS®). He is a member of the portfolio management team responsible for the firm's Blended Research, low volatility and other quantitatively managed equity strategies. In this role, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. He also participates in the quantitative research process and strategy discussions.
Jonathan joined MFS in 2000 as a quantitative equity research analyst and assumed his current role in 2005. He began his career in the financial services industry in 1995.
Jonathan earned a bachelor's degree from Tufts University and a Master of Business Administration degree and Master of Science degree in finance from Boston College. He holds the Chartered Financial Analyst (CFA) designation and is a member of the Boston Security Analysts Society, Inc.
Geoffrey Schechter, CFA, CPA
Portfolio Manager
36
YEARS WITH INDUSTRY
10
YEARS WITH PORTFOLIO
36
YEARS WITH INDUSTRY
10
YEARS WITH PORTFOLIO
Geoffrey L. Schechter, CFA, CPA, is an investment officer at MFS Investment Management® (MFS®) and a portfolio manager of the firm's government securities and municipal bond portfolios.
Geoff joined MFS as an investment officer in 1993 after working as a municipal credit analyst with a major insurance company. He was named portfolio manager in 1993.
Geoff is a graduate of the University of Texas and has an MBA degree from Boston University. He holds the Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA) designations.
Our portfolio managers are supported by our entire team of investment professionals in nine worldwide offices. The team employs a proprietary investment process to build better insights for our clients. The core principles of our approach are integrated research, global collaboration and active risk management.
Michael Skatrud, CFA
Portfolio Manager
29
YEARS WITH INDUSTRY
7
YEARS WITH PORTFOLIO
29
YEARS WITH INDUSTRY
7
YEARS WITH PORTFOLIO
Michael Skatrud, CFA, is an investment officer and fixed income portfolio manager at MFS Investment Management® (MFS®). In this role, he is responsible for final buy and sell decisions, portfolio construction, risk assessment and cash management. He also participates in the research process and strategy discussions.
Michael joined MFS in 2013 as a fixed income analyst and was named a portfolio manager in 2018. He previously worked for Columbia Management, where he was as a high yield analyst for four years. Before that, he was a senior credit analyst at Oppenheimer Funds, Inc. for two years and spent seven years as a corporate bond analyst at Putnam Investments. He began his career in the financial services industry in 1996.
Michael earned a Bachelor of Science degree in economics with distinction from the University of Wisconsin and a Master of Business Administration degree in finance from the University of Pennsylvania's Wharton School of Business. He is a CFA charterholder and a member of the CFA Society Boston.
Jake Stone, CFA
Portfolio Manager
16
YEARS WITH INDUSTRY
2
YEARS WITH PORTFOLIO
16
YEARS WITH INDUSTRY
2
YEARS WITH PORTFOLIO
Jake Stone, CFA, is an investment officer and fixed income portfolio manager for the US government and mortgage-backed 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.
Jake joined MFS in 2018 in his current role. He previously worked for Wellington Management Company for six years, most recently serving as a vice president and portfolio analyst for the fixed income portfolio management team. Before that, he worked for three years as a quantitative research associate and member of the fixed income management team at Manning & Napier Advisors.
Jake earned a Bachelor of Arts degree in financial economics from the University of Rochester. He holds the Chartered Financial Analyst (CFA) designation and is a member of the CFA Society Boston.
These results represent the percent change in net asset value.
*YTD Updated Daily as of 14-Mar-25, subject to revision and not annualized.
12 month period ending:
28-Feb-21
or Life
Life performance is only shown when 5 years of performance is not available.
28-Feb-22
28-Feb-23
28-Feb-24
28-Feb-25
YTD %
*
Class Inception
Class
I1 Shares, US Dollars
at NAV
5.91
3.37
-7.10
7.38
8.33
1.85
31-Oct-2014
Standard & Poor's 500 Stock Index
31.29
16.39
-7.69
30.45
18.41
-
-
12 month period ending:
Class
I1 Shares, US Dollars
at NAV
28-Feb-21or Life
Life performance is only shown when 5 years of performance is not available.
5.91
28-Feb-22
3.37
28-Feb-23
-7.10
28-Feb-24
7.38
28-Feb-25
8.33
YTD %
*
1.85
Class Inception
31-Oct-2014
31-Oct-2014
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.
Average Annual Total Returns
Average Annual Total Returns (%)
Average Annual Total Returns (%)
These results represent the percent change in net asset value.
Updated monthly as of
28-Feb-25
*YTD Updated Daily as of 14-Mar-25, subject to revision and not annualized.
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.
The Fund's benchmark is indicated for performance comparison only.
The source for all fund data is MFS. Source for benchmark performance: SPAR, FactSet Research Systems Inc.
Class I1 Roll-Up shares do not pay distributions to shareholders.
Annual Rate of Return
Annual Rate of Return (%)
Annual Rate of Return (%)
As of
31-Dec-24Benchmark: Standard & Poor's 500 Stock Index
annual rate of return table
Life
Life performance as of 28-Feb-25
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
At NAV
4.00
-2.71
8.88
8.14
-4.01
17.41
2.61
9.46
-13.01
9.16
5.07
Standard & Poor's 500 Stock Index
-
1.38
11.96
21.83
-4.38
31.49
18.40
28.71
-18.11
26.29
25.02
At NAV
Standard & Poor's 500 Stock Index
2024
5.07
25.02
2023
9.16
26.29
2022
-13.01
-18.11
2021
9.46
28.71
2020
2.61
18.4
2019
17.41
31.49
2018
-4.01
-4.38
2017
8.14
21.83
2016
8.88
11.96
2015
-2.71
1.38
Life
Life performance as of 28-Feb-25
4.0
-
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.
Pricing & Distributions
Pricing History
NAV at Close of Trading on:
14-Mar-25
Net Asset Value (NAV):
$148.50
Change
($) (since
13-Mar-25):
0.56
Change (%) (since
13-Mar-25):
0.38
Market Price (MP):
Maximum data displayed is for the most recent 10 years
Historical NAV Lookup
Enter date for which you wish to obtain a Historical NAV for this fund
Historical NAV may not be available for all dates.
Historical MP Lookup
Enter date for which you wish to obtain a Historical MP for this fund
The Record Date is the date on which a fund declares a distribution. To receive the distribution, an investor must be a shareholder of record on that date.
The Payable Date is the date on which the distribution is paid to shareholders.
Dividend Rate per Share is the amount of dividend that a shareholder will receive for each share held. It can be calculated by taking the total amount of dividends paid and dividing it by the total shares outstanding.
Dividend Reinvestment at NAV is the automatic reinvestment of shareholder dividends in more shares at net asset value.
Ex-Dividend Date is the date on which a fund goes ex-dividend. The interval between the announcement and the payment of the next dividend. An investor must own the fund before the ex-dividend date to be eligible for the dividend payout.
There are no distributions for this share class or distributions are currently not available
Portfolio & Holdings Information
Portfolio characteristic data are based on unaudited net assets.
The portfolio is actively managed, and current holdings may be different.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
Map represents sectors greater than 5%.
Holding Characteristics
Average Coupon: Average Coupon is the equivalent exposure weighted coupon of all interest bearing instruments as a percent of the total equivalent exposure of all fixed income holdings, including short term and interest rate derivatives which have coupons. Coupons are netted for securities with a payable and receivable leg. Non-accruing securities are treated as having a coupon equal to zero.
Average Effective Duration is a measure of how much a bond's price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value.
Average Effective Maturity is a weighted average of maturity of the bonds held in a portfolio, taking into account any prepayments, puts, and adjustable coupons which may shorten the maturity. Longer-maturity funds are generally considered more interest-rate sensitive than shorter maturity funds.
Yield to Worst: For fixed income securities, yield is the discount rate that equilibrates the net present value of all future cash flows to the current market value. Average Yield is the equivalent exposure weighted average yield to worst which is typically the lowest of the yields to each potential call or put or the yield to maturity, whichever is worst.
The Average Credit Quality (ACQR) is a market weighted average (using a linear scale) of securities included in the rating categories. For all securities other than those described below, ratings are assigned utilizing ratings from Moody’s, Fitch, and Standard & Poor’s and applying the following hierarchy: If all three agencies provide a rating, the consensus rating is assigned if applicable or the middle rating if not; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 Rating Agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Other Not Rated includes other fixed income securities not rated by any rating agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. The portfolio itself has not been rated by any rating agency. The credit quality of a particular security or group of securities does not ensure the stability or safety of an overall portfolio. The quality ratings of individual issues/issuers are provided to indicate the credit-worthiness of such issues/issuer and generally range from AAA, Aaa, or AAA (highest) to D, C, or D (lowest) for S&P, Moody’s, and Fitch respectively.
Weighted average price/earnings (P/E) ratio is the ratio of the current price of a stock to an estimate of forward 12 month earnings; P/E ex-negatives ratio is an exposure-weighted average of the P/E ratios of the securities held, excluding companies with projected negative earnings.
Weighted Average Price/Cash Flow: Price-to-cash-flow is the ratio of a stock's price to its per-share cash earnings.
Price/Sales Ratio (P/S) is the ratio of a stock's price to its per-share sales.
Price/Book ratio (P/B) is the ratio of a stock's price to its book value per share.
Weighted Average IBES Long Term EPS Growth is the weighted average forecast, by sell side analysts of how much a company's net income will grow over the long-term (typically 3-5 years). The forecast is derived from all polled analysts' estimates. Source FactSet.
Weighted Average Dividend Yield:The equivalent exposure weighted average of the dividend yields of the securities held in the portfolio (or the equity segment of a multi asset class mandate).
Weighted Average Market Cap: Market capitalization is the value of a corporation as determined by the market price of its issued and outstanding common stock. It is calculated by multiplying the number of outstanding shares by the current market price of a share.
Weighted Median Market Cap: Weighted Median Market Cap is the Market Capitalization of the firm defined by the median dollar within the distribution of the market capitalization of all companies in the index or portfolio. It is calculated from a running total of market capitalizations from smallest company to largest. The Market Capitalization of the firm that sorts the total dollar value of all market capitalizations into two equal portions defines the value.
Alpha is a measure of the portfolio's risk-adjusted performance. When compared to the portfolio's beta, a positive alpha indicates better-than-expected portfolio performance and a negative indicates alpha worse-than-expected portfolio performance.
Beta is a measure of the volatility of a portfolio relative to the overall market. A beta less than 1.0 indicates lower risk than the market; a beta greater than 1.0 indicates higher risk than the market. It is most reliable as a risk measure when the return fluctuations of the portfolio are highly correlated with the return fluctuations of the index chosen to represent the market.
Information ratio is a measure of consistency in excess return. It is calculated by taking the annualized excess return over a benchmark and dividing it by the annualized standard deviation of excess return.
R squared represents the percentage of the portfolio's movements that can be explained by the general movements of the market. Index portfolios will tend to have values very close to 100. R squared is not a measure of performance.
The Sharpe Ratio is a risk-adjusted measure calculated to determine reward per unit of risk. It uses a standard deviation and excess return. The higher the Sharpe Ratio, the better the portfolio's historical risk-adjusted performance.
Standard Deviation is an indicator of the portfolio's total return volatility, which is based on a minimum of 36 monthly returns. The larger the portfolio's standard deviation, the greater the portfolio's volatility.
Tracking error is the standard deviation of a portfolio's excess returns. Excess returns are a portfolio's return minus the benchmark's annualized return.
Treynor Ratio: Treynor Ratio is a risk adjusted measure of performance. It is the ratio of the annualized excess return of the portfolio over the risk free rate for a given period divided by the Beta of the portfolio versus its benchmark for the same period. It measures the amount of excess return over the risk free rate earned per unit of systematic risk (beta) assumed.
Upside and downside capture is a measure of how well a manager was able to replicate or improve on phases of positive benchmark returns, and how badly the manager was affected by phases of negative benchmark returns. Upside capture ratio for a portfolio is calculated by taking the portfolio's return during periods when the benchmark had a positive return and dividing it by the benchmark return during that same period. Downside capture ratio is calculated by taking the portfolio's return during the periods of negative benchmark performance and dividing it by the benchmark return for that period.
Updated Monthly As of
28-Feb-25
Benchmark
Standard & Poor's 500 Stock Index
Performance Statistics Table
10 Yr.
5 Yr.
3 Yr.
Alpha
-2.25
-5.15
-3.98
Beta
0.48
0.53
0.54
R-squared
73.04
79.52
77.57
Standard Deviation %
8.51
10.63
10.38
Sharpe Ratio
0.24
0.08
-0.15
Tracking Error
9.13
9.55
9.22
Information Ratio
-1.00
-1.41
-1.08
Treynor Ratio
4.22
1.61
-2.97
Downside Capture %
52.06
64.44
62.81
Upside Capture %
41.89
43.99
46.35
Top 10 Holdings
As of
28-Feb-25
UST Bond 5Yr Future JUN 30 25
UST Bond 2Yr Future JUN 30 25
ProLogis REIT
Equinix Inc REIT
UST Bond 10Yr Future JUN 18 25
UMBS 30 Year 2.0
US Treasury Bond 4.625% MAY 15 54
Digital Realty Trust Inc REIT
USD IRS 2Yr Payer 4.759 MAY 24 26*
Standard & Poors Index Option SEP 19 25 P5650*
The portfolio is actively managed, and current holdings may be different.
Top 10 Equity Holdings
As of
28-Feb-25
ProLogis REIT
Equinix Inc REIT
Digital Realty Trust Inc REIT
Ventas Inc REIT
Sun Communities Inc REIT
AbbVie Inc
Roche Holding AG
Kimberly-Clark Corp
Colgate-Palmolive Co
Standard & Poors Index Option SEP 19 25 P5650*
Top 10 Fixed Income Holdings
As of
28-Feb-25
UST Bond 5Yr Future JUN 30 25
UST Bond 2Yr Future JUN 30 25
UST Bond 10Yr Future JUN 18 25
UMBS 30 Year 2.0
US Treasury Bond 4.625% MAY 15 54
US Treasury Note 3.625% MAR 31 28
UMBS 30 Year 2.5
United States Treasury Bond T 2 1/4 AUG 15 27
Credit Agricole SA 144A FRB JAN 26 27
USD IRS 2Yr Payer 4.759 MAY 24 26*
Type Of Holdings (%)
As of
28-Feb-25
Sector Weights (%)
As of
28-Feb-25
% of Equity Assets
Real Estate
42.46
Financials
12.10
Consumer Staples
12.08
Health Care
9.24
Consumer Discretionary
5.57
Energy
5.10
Information Technology
5.04
Industrials
5.03
Materials
4.08
Communication Services
3.49
Utilities
3.09
Index Options*
-7.28
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
Exposures
Credit Quality (%)
The Average Credit Quality (ACQR) is a market weighted average (using a linear scale) of securities included in the rating categories. For all securities other than those described below, ratings are assigned utilizing ratings from Moody’s, Fitch, and Standard & Poor’s and applying the following hierarchy: If all three agencies provide a rating, the consensus rating is assigned if applicable or the middle rating if not; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 Rating Agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Other Not Rated includes other fixed income securities not rated by any rating agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. The portfolio itself has not been rated by any rating agency. The credit quality of a particular security or group of securities does not ensure the stability or safety of an overall portfolio. The quality ratings of individual issues/issuers are provided to indicate the credit-worthiness of such issues/issuer and generally range from AAA, Aaa, or AAA (highest) to D, C, or D (lowest) for S&P, Moody’s, and Fitch respectively.
The 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.
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.
Seeks total return with an emphasis on current income, but also considering capital appreciation, measured in US dollars.
INVESTMENT FOCUS
Combines broad diversification across multiple income-oriented asset classes, active asset allocation, and bottom-up security selection
Invests primarily in debt securities (corporate and government issues), dividend paying equities, and real estate-related securities
Uses a flexible, but disciplined approach to active asset allocation
Important Risk Considerations
The fund may not achieve its objective and/or you could lose money on your investment in the fund.
Stock: Stock markets and investments in individual stocks are volatile and can decline significantly in response to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions.
Bond: Investments in debt instruments may decline in value as the result of, or perception of, declines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall). Therefore, the portfolio's value may decline during rising rates. Portfolios that consist of debt instruments with longer durations are generally more sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of the market may not have an active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type of investment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity.
Emerging Markets: Emerging markets can have less market structure, depth, and regulatory, custodial or operational oversight and greater political, social, geopolitical and economic instability than developed markets.
Derivatives: Investments in derivatives can be used to take both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk.
High Yield: Investments in below investment grade quality debt instruments can be more volatile and have greater risk of default, or already be in default, than higher-quality debt instruments.
Real Estate: Real estate-related investments can be volatile because of general, regional, and local economic conditions, fluctuations in interest rates and property tax rates; shifts in zoning laws, environmental regulation and other governmental actions; increased operation expenses; lack of availability of mortgage funds; losses due to natural disasters; changes in property values and rental rates; overbuilding; losses due to casualty or condemnation, cash flows; the management skill and creditworthiness of the REIT manager, and other factors.
Please see the prospectus for further information on these and other risk considerations.
Fund Information
Fund Inception
31-Oct-2014
Net Assets
(US$
M)
As of 28-Feb-25
US$61.25
Fiscal Year End
JANUARY
SFDR Classification
Article 6: Integrates sustainability risks into the investment process.
Article 8: Systematically promotes a stated environmental or social characteristic and provides enhanced disclosure accordingly.
Article 9: Typically for "impact" funds, which have a dual objective of financial return and specific environmental or social outcomes.
Article 8
Benchmark
Standard & Poor's 500 Stock Index
Share Class Information
Class Inception
31-Oct-2014
Net Asset Value (NAV)
As of 14-Mar-25
$148.50
Most Recent NAV Change
As of 14-Mar-25
$0.56
|
0.38%
Robert M. Almeida Jr. is an investment officer and global investment strategist for MFS Investment Management® (MFS®), offering insight and perspective on cyclical and secular trends impacting investors. He also serves as a member of the portfolio management teams for multiasset income and alternative strategies.
Rob joined MFS in 1999 and served as an institutional portfolio manager for the Fixed Income Department from 2007 through 2009. He joined the US Growth Equity team in 2009 and became a portfolio manager in 2014. He added additional portfolio management responsibilities in 2018 and assumed his current strategist title in 2019.
Rob is a graduate of the University of Massachusetts and earned his Master of Science degree in finance from Sawyer Business School.
Neeraj Arora, CFA
Portfolio Manager
20
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
20
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
Neeraj Arora, CFA, is an investment officer and fixed income portfolio manager for MFS Investment Management® (MFS®). He is co-manager of the firm's emerging markets debt strategies, which include both US dollar--denominated and local currency strategies, as well as dedicated emerging market debt portfolios within several multi-asset fixed income strategies at the firm.
Before joining MFS in 2011, Neeraj worked as an economist and sovereign research analyst for six years on the emerging market fixed income team at J.P. Morgan.
Neeraj earned a bachelor's degree from Marquette University and a master's degree in economics from Georgetown University. He holds the Chartered Financial Analyst (CFA) designation.
David Cole, CFA
Portfolio Manager
31
YEARS WITH INDUSTRY
10
YEARS WITH PORTFOLIO
31
YEARS WITH INDUSTRY
10
YEARS WITH PORTFOLIO
David P. Cole, CFA, is an investment officer of MFS Investment Management® (MFS®). He is also a co-portfolio manager of the firm's high-yield portfolios.
David joined MFS in 2004 after working for five years as a high-yield analyst for Franklin Templeton Investments. Before that, he served as a financial economist/Treasury market analyst for Thomson Financial Services and an economist for Standard and Poor's.
David has a bachelor's degree from Cornell University and an MBA from University of California, Berkeley. He holds the Chartered Financial Analyst (CFA) designation.
Our portfolio managers are supported by our entire team of investment professionals in nine worldwide offices. The team employs a proprietary investment process to build better insights for our clients. The core principles of our approach are integrated research, global collaboration, and active risk management.
Rick Gable, CFA
Portfolio Manager
32
YEARS WITH INDUSTRY
10
YEARS WITH PORTFOLIO
32
YEARS WITH INDUSTRY
10
YEARS WITH PORTFOLIO
Richard R. Gable, CFA, is an investment officer and equity portfolio manager at MFS Investment Management® (MFS®). He covers the real estate sector and manages the firm's real estate investment trust portfolios.
Rick joined MFS in 2011. Previously, he was a managing director and portfolio manager for 13 years for Sun Capital Advisers, a division of Sun Life Financial. While at Sun Capital, he managed several MFS real estate investment trust portfolios through a subadvisory relationship between MFS and Sun Capital. He also served as an analyst for Mellon Bank for four years. He has worked in the financial services industry since 1993.
Rick has a bachelor's degree from Middlebury College and a Master of Business Administration degree from Boston College. He is a member of the Boston Security Analysts Society and has earned the Chartered Financial Analyst (CFA) designation from the CFA Institute.
Our portfolio managers are supported by our entire team of investment professionals in nine worldwide offices. The team employs a proprietary investment process to build better insights for our clients. The core principles of our approach are integrated research, global collaboration and active risk management.
Alexander M. Mackey, CFA, is co-chief investment officer of Fixed Income at MFS Investment Management® (MFS®). As co-CIO, he has joint oversight of MFS' global fixed income team and works collaboratively with the firm's investment leadership team to ensure its fixed income investors have the tools and skill sets necessary to serve clients globally. He is also a fixed income portfolio manager on several strategies, including the firm's multisector fixed income strategies, with oversight of dedicated US credit portfolios.
Alexander assumed his current role in 2023. Prior to taking on portfolio management responsibilities in 2017, he worked as a credit research analyst for 13 years and a fixed income research associate for three years. He joined MFS as a financial control assistant in 1998.
Alexander has a bachelor's degree from Trinity College and holds the Chartered Financial Analyst (CFA) designation. He is a member of CFA Society Boston.
Jay Mitchell, CFA
Portfolio Manager
25
YEARS WITH INDUSTRY
2
YEARS WITH PORTFOLIO
25
YEARS WITH INDUSTRY
2
YEARS WITH PORTFOLIO
Jay Mitchell, CFA, is an investment officer and fixed income portfolio manager at MFS Investment Management® (MFS®). In this role, he collaborates with the full MFS global investment organization to develop and implement portfolio strategies that seek to achieve long-term performance objectives. His responsibilities encompass all aspects of portfolio construction, including risk budgeting, asset allocation, security selection and risk management.
Jay joined MFS in 2000, first serving in the firm's retirement services division. In 2003, he was named fixed income trading associate and in 2004 was named fixed income research associate. In 2007, he was promoted to research analyst and in 2017 was named director of emerging market corporate research. He added portfolio responsibilities in 2020, and in 2023 was named portfolio manager on the US and global credit strategies.
Jay earned a bachelor's degree in finance and a Master of Business Administration degree from Boston College. He holds the Chartered Financial Analyst designation from the CFA Institute and is a member of the CFA Society Boston.
Jonathan Sage, CFA
Portfolio Manager
29
YEARS WITH INDUSTRY
10
YEARS WITH PORTFOLIO
29
YEARS WITH INDUSTRY
10
YEARS WITH PORTFOLIO
Jonathan W. Sage, CFA, is an investment officer and equity portfolio manager at MFS Investment Management® (MFS®). He is a member of the portfolio management team responsible for the firm's Blended Research, low volatility and other quantitatively managed equity strategies. In this role, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. He also participates in the quantitative research process and strategy discussions.
Jonathan joined MFS in 2000 as a quantitative equity research analyst and assumed his current role in 2005. He began his career in the financial services industry in 1995.
Jonathan earned a bachelor's degree from Tufts University and a Master of Business Administration degree and Master of Science degree in finance from Boston College. He holds the Chartered Financial Analyst (CFA) designation and is a member of the Boston Security Analysts Society, Inc.
Geoffrey Schechter, CFA, CPA
Portfolio Manager
36
YEARS WITH INDUSTRY
10
YEARS WITH PORTFOLIO
36
YEARS WITH INDUSTRY
10
YEARS WITH PORTFOLIO
Geoffrey L. Schechter, CFA, CPA, is an investment officer at MFS Investment Management® (MFS®) and a portfolio manager of the firm's government securities and municipal bond portfolios.
Geoff joined MFS as an investment officer in 1993 after working as a municipal credit analyst with a major insurance company. He was named portfolio manager in 1993.
Geoff is a graduate of the University of Texas and has an MBA degree from Boston University. He holds the Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA) designations.
Our portfolio managers are supported by our entire team of investment professionals in nine worldwide offices. The team employs a proprietary investment process to build better insights for our clients. The core principles of our approach are integrated research, global collaboration and active risk management.
Michael Skatrud, CFA
Portfolio Manager
29
YEARS WITH INDUSTRY
7
YEARS WITH PORTFOLIO
29
YEARS WITH INDUSTRY
7
YEARS WITH PORTFOLIO
Michael Skatrud, CFA, is an investment officer and fixed income portfolio manager at MFS Investment Management® (MFS®). In this role, he is responsible for final buy and sell decisions, portfolio construction, risk assessment and cash management. He also participates in the research process and strategy discussions.
Michael joined MFS in 2013 as a fixed income analyst and was named a portfolio manager in 2018. He previously worked for Columbia Management, where he was as a high yield analyst for four years. Before that, he was a senior credit analyst at Oppenheimer Funds, Inc. for two years and spent seven years as a corporate bond analyst at Putnam Investments. He began his career in the financial services industry in 1996.
Michael earned a Bachelor of Science degree in economics with distinction from the University of Wisconsin and a Master of Business Administration degree in finance from the University of Pennsylvania's Wharton School of Business. He is a CFA charterholder and a member of the CFA Society Boston.
Jake Stone, CFA
Portfolio Manager
16
YEARS WITH INDUSTRY
2
YEARS WITH PORTFOLIO
16
YEARS WITH INDUSTRY
2
YEARS WITH PORTFOLIO
Jake Stone, CFA, is an investment officer and fixed income portfolio manager for the US government and mortgage-backed 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.
Jake joined MFS in 2018 in his current role. He previously worked for Wellington Management Company for six years, most recently serving as a vice president and portfolio analyst for the fixed income portfolio management team. Before that, he worked for three years as a quantitative research associate and member of the fixed income management team at Manning & Napier Advisors.
Jake earned a Bachelor of Arts degree in financial economics from the University of Rochester. He holds the Chartered Financial Analyst (CFA) designation and is a member of the CFA Society Boston.
These results represent the percent change in net asset value.
*YTD Updated Daily as of 14-Mar-25, subject to revision and not annualized.
12 month period ending:
28-Feb-21
or Life
Life performance is only shown when 5 years of performance is not available.
28-Feb-22
28-Feb-23
28-Feb-24
28-Feb-25
YTD %
*
Class Inception
Class
I1 Shares, US Dollars
at NAV
5.91
3.37
-7.10
7.38
8.33
1.85
31-Oct-2014
Standard & Poor's 500 Stock Index
31.29
16.39
-7.69
30.45
18.41
-
-
12 month period ending:
Class
I1 Shares, US Dollars
at NAV
28-Feb-21or Life
Life performance is only shown when 5 years of performance is not available.
5.91
28-Feb-22
3.37
28-Feb-23
-7.10
28-Feb-24
7.38
28-Feb-25
8.33
YTD %
*
1.85
Class Inception
31-Oct-2014
31-Oct-2014
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.
Average Annual Total Returns
Average Annual Total Returns (%)
Average Annual Total Returns (%)
These results represent the percent change in net asset value.
Updated monthly as of
28-Feb-25
*YTD Updated Daily as of 14-Mar-25, subject to revision and not annualized.
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.
The Fund's benchmark is indicated for performance comparison only.
The source for all fund data is MFS. Source for benchmark performance: SPAR, FactSet Research Systems Inc.
Class I1 Roll-Up shares do not pay distributions to shareholders.
Annual Rate of Return
Annual Rate of Return (%)
Annual Rate of Return (%)
As of
31-Dec-24Benchmark: Standard & Poor's 500 Stock Index
annual rate of return table
Life
Life performance as of 28-Feb-25
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
At NAV
4.00
-2.71
8.88
8.14
-4.01
17.41
2.61
9.46
-13.01
9.16
5.07
Standard & Poor's 500 Stock Index
-
1.38
11.96
21.83
-4.38
31.49
18.40
28.71
-18.11
26.29
25.02
At NAV
Standard & Poor's 500 Stock Index
2024
5.07
25.02
2023
9.16
26.29
2022
-13.01
-18.11
2021
9.46
28.71
2020
2.61
18.4
2019
17.41
31.49
2018
-4.01
-4.38
2017
8.14
21.83
2016
8.88
11.96
2015
-2.71
1.38
Life
Life performance as of 28-Feb-25
4.0
-
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.
Pricing & Distributions
Pricing History
NAV at Close of Trading on:
14-Mar-25
Net Asset Value (NAV):
$148.50
Change
($) (since
13-Mar-25):
0.56
Change (%) (since
13-Mar-25):
0.38
Market Price (MP):
Maximum data displayed is for the most recent 10 years
Historical NAV Lookup
Enter date for which you wish to obtain a Historical NAV for this fund
Historical NAV may not be available for all dates.
Historical MP Lookup
Enter date for which you wish to obtain a Historical MP for this fund
The Record Date is the date on which a fund declares a distribution. To receive the distribution, an investor must be a shareholder of record on that date.
The Payable Date is the date on which the distribution is paid to shareholders.
Dividend Rate per Share is the amount of dividend that a shareholder will receive for each share held. It can be calculated by taking the total amount of dividends paid and dividing it by the total shares outstanding.
Dividend Reinvestment at NAV is the automatic reinvestment of shareholder dividends in more shares at net asset value.
Ex-Dividend Date is the date on which a fund goes ex-dividend. The interval between the announcement and the payment of the next dividend. An investor must own the fund before the ex-dividend date to be eligible for the dividend payout.
There are no distributions for this share class or distributions are currently not available
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
Map represents sectors greater than 5%.
Holding Characteristics
Average Coupon: Average Coupon is the equivalent exposure weighted coupon of all interest bearing instruments as a percent of the total equivalent exposure of all fixed income holdings, including short term and interest rate derivatives which have coupons. Coupons are netted for securities with a payable and receivable leg. Non-accruing securities are treated as having a coupon equal to zero.
Average Effective Duration is a measure of how much a bond's price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value.
Average Effective Maturity is a weighted average of maturity of the bonds held in a portfolio, taking into account any prepayments, puts, and adjustable coupons which may shorten the maturity. Longer-maturity funds are generally considered more interest-rate sensitive than shorter maturity funds.
Yield to Worst: For fixed income securities, yield is the discount rate that equilibrates the net present value of all future cash flows to the current market value. Average Yield is the equivalent exposure weighted average yield to worst which is typically the lowest of the yields to each potential call or put or the yield to maturity, whichever is worst.
The Average Credit Quality (ACQR) is a market weighted average (using a linear scale) of securities included in the rating categories. For all securities other than those described below, ratings are assigned utilizing ratings from Moody’s, Fitch, and Standard & Poor’s and applying the following hierarchy: If all three agencies provide a rating, the consensus rating is assigned if applicable or the middle rating if not; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 Rating Agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Other Not Rated includes other fixed income securities not rated by any rating agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. The portfolio itself has not been rated by any rating agency. The credit quality of a particular security or group of securities does not ensure the stability or safety of an overall portfolio. The quality ratings of individual issues/issuers are provided to indicate the credit-worthiness of such issues/issuer and generally range from AAA, Aaa, or AAA (highest) to D, C, or D (lowest) for S&P, Moody’s, and Fitch respectively.
Weighted average price/earnings (P/E) ratio is the ratio of the current price of a stock to an estimate of forward 12 month earnings; P/E ex-negatives ratio is an exposure-weighted average of the P/E ratios of the securities held, excluding companies with projected negative earnings.
Weighted Average Price/Cash Flow: Price-to-cash-flow is the ratio of a stock's price to its per-share cash earnings.
Price/Sales Ratio (P/S) is the ratio of a stock's price to its per-share sales.
Price/Book ratio (P/B) is the ratio of a stock's price to its book value per share.
Weighted Average IBES Long Term EPS Growth is the weighted average forecast, by sell side analysts of how much a company's net income will grow over the long-term (typically 3-5 years). The forecast is derived from all polled analysts' estimates. Source FactSet.
Weighted Average Dividend Yield:The equivalent exposure weighted average of the dividend yields of the securities held in the portfolio (or the equity segment of a multi asset class mandate).
Weighted Average Market Cap: Market capitalization is the value of a corporation as determined by the market price of its issued and outstanding common stock. It is calculated by multiplying the number of outstanding shares by the current market price of a share.
Weighted Median Market Cap: Weighted Median Market Cap is the Market Capitalization of the firm defined by the median dollar within the distribution of the market capitalization of all companies in the index or portfolio. It is calculated from a running total of market capitalizations from smallest company to largest. The Market Capitalization of the firm that sorts the total dollar value of all market capitalizations into two equal portions defines the value.
Alpha is a measure of the portfolio's risk-adjusted performance. When compared to the portfolio's beta, a positive alpha indicates better-than-expected portfolio performance and a negative indicates alpha worse-than-expected portfolio performance.
Beta is a measure of the volatility of a portfolio relative to the overall market. A beta less than 1.0 indicates lower risk than the market; a beta greater than 1.0 indicates higher risk than the market. It is most reliable as a risk measure when the return fluctuations of the portfolio are highly correlated with the return fluctuations of the index chosen to represent the market.
Information ratio is a measure of consistency in excess return. It is calculated by taking the annualized excess return over a benchmark and dividing it by the annualized standard deviation of excess return.
R squared represents the percentage of the portfolio's movements that can be explained by the general movements of the market. Index portfolios will tend to have values very close to 100. R squared is not a measure of performance.
The Sharpe Ratio is a risk-adjusted measure calculated to determine reward per unit of risk. It uses a standard deviation and excess return. The higher the Sharpe Ratio, the better the portfolio's historical risk-adjusted performance.
Standard Deviation is an indicator of the portfolio's total return volatility, which is based on a minimum of 36 monthly returns. The larger the portfolio's standard deviation, the greater the portfolio's volatility.
Tracking error is the standard deviation of a portfolio's excess returns. Excess returns are a portfolio's return minus the benchmark's annualized return.
Treynor Ratio: Treynor Ratio is a risk adjusted measure of performance. It is the ratio of the annualized excess return of the portfolio over the risk free rate for a given period divided by the Beta of the portfolio versus its benchmark for the same period. It measures the amount of excess return over the risk free rate earned per unit of systematic risk (beta) assumed.
Upside and downside capture is a measure of how well a manager was able to replicate or improve on phases of positive benchmark returns, and how badly the manager was affected by phases of negative benchmark returns. Upside capture ratio for a portfolio is calculated by taking the portfolio's return during periods when the benchmark had a positive return and dividing it by the benchmark return during that same period. Downside capture ratio is calculated by taking the portfolio's return during the periods of negative benchmark performance and dividing it by the benchmark return for that period.
Updated Monthly As of
28-Feb-25
Benchmark
Standard & Poor's 500 Stock Index
Performance Statistics Table
10 Yr.
5 Yr.
3 Yr.
Alpha
-2.25
-5.15
-3.98
Beta
0.48
0.53
0.54
R-squared
73.04
79.52
77.57
Standard Deviation %
8.51
10.63
10.38
Sharpe Ratio
0.24
0.08
-0.15
Tracking Error
9.13
9.55
9.22
Information Ratio
-1.00
-1.41
-1.08
Treynor Ratio
4.22
1.61
-2.97
Downside Capture %
52.06
64.44
62.81
Upside Capture %
41.89
43.99
46.35
Top 10 Holdings
As of
28-Feb-25
UST Bond 5Yr Future JUN 30 25
UST Bond 2Yr Future JUN 30 25
ProLogis REIT
Equinix Inc REIT
UST Bond 10Yr Future JUN 18 25
UMBS 30 Year 2.0
US Treasury Bond 4.625% MAY 15 54
Digital Realty Trust Inc REIT
USD IRS 2Yr Payer 4.759 MAY 24 26*
Standard & Poors Index Option SEP 19 25 P5650*
The portfolio is actively managed, and current holdings may be different.
Top 10 Equity Holdings
As of
28-Feb-25
ProLogis REIT
Equinix Inc REIT
Digital Realty Trust Inc REIT
Ventas Inc REIT
Sun Communities Inc REIT
AbbVie Inc
Roche Holding AG
Kimberly-Clark Corp
Colgate-Palmolive Co
Standard & Poors Index Option SEP 19 25 P5650*
Top 10 Fixed Income Holdings
As of
28-Feb-25
UST Bond 5Yr Future JUN 30 25
UST Bond 2Yr Future JUN 30 25
UST Bond 10Yr Future JUN 18 25
UMBS 30 Year 2.0
US Treasury Bond 4.625% MAY 15 54
US Treasury Note 3.625% MAR 31 28
UMBS 30 Year 2.5
United States Treasury Bond T 2 1/4 AUG 15 27
Credit Agricole SA 144A FRB JAN 26 27
USD IRS 2Yr Payer 4.759 MAY 24 26*
Type Of Holdings (%)
As of
28-Feb-25
Sector Weights (%)
As of
28-Feb-25
% of Equity Assets
Real Estate
42.46
Financials
12.10
Consumer Staples
12.08
Health Care
9.24
Consumer Discretionary
5.57
Energy
5.10
Information Technology
5.04
Industrials
5.03
Materials
4.08
Communication Services
3.49
Utilities
3.09
Index Options*
-7.28
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
Exposures
Credit Quality (%)
The Average Credit Quality (ACQR) is a market weighted average (using a linear scale) of securities included in the rating categories. For all securities other than those described below, ratings are assigned utilizing ratings from Moody’s, Fitch, and Standard & Poor’s and applying the following hierarchy: If all three agencies provide a rating, the consensus rating is assigned if applicable or the middle rating if not; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 Rating Agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Other Not Rated includes other fixed income securities not rated by any rating agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. The portfolio itself has not been rated by any rating agency. The credit quality of a particular security or group of securities does not ensure the stability or safety of an overall portfolio. The quality ratings of individual issues/issuers are provided to indicate the credit-worthiness of such issues/issuer and generally range from AAA, Aaa, or AAA (highest) to D, C, or D (lowest) for S&P, Moody’s, and Fitch respectively.
The 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.
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