As part of our long-standing commitment to integrate financially material ESG considerations into our investment research and decision-making process, we are pleased to announce that MFS will be designating the MFS Meridian® Funds – Global New Discovery Fund as Article 8 under European Union’s Sustainable Finance Disclosure Regulation (SFDR) through the implementation of the MFS Emerging Market Sovereign Characteristic, which is expected to take effect on 5 November 2024 – Read more
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.
Seeks capital appreciation, measured in US dollars.
INVESTMENT FOCUS
Consistent focus on small- and mid-sized companies globally
Focuses on investing in companies that generate consistent, above-average earnings growth and durably high returns on capital while maintaining a rigorous valuation discipline.
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.
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.
Mid-cap: Investments in mid-cap companies can be more volatile than investments in larger companies.
Please see the prospectus for further information on these and other risk considerations.
Fund Information
Fund Inception
02-Dec-2020
Net Assets
(US$
M)
As of 28-Feb-25
US$5.91
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
MSCI All Country World Small Mid Cap Index (net div)
Share Class Information
Class Inception
02-Dec-2020
Net Asset Value (NAV)
As of 14-Mar-25
$104.28
Most Recent NAV Change
As of 14-Mar-25
$2.01
|
1.97%
ISIN
LU2219429573
SEDOL
BL6CSJ1
WKN
A2QBK9
Bloomberg
MGNDI1U LX
CUSIP
L6366L543
Maximum Sales Charge
--
Benchmark
MSCI All Country World Small Mid Cap Index (net div)
Eric J. Braz, CFA, is an investment officer and equity portfolio manager at MFS Investment Management® (MFS®). As a member of the portfolio management team of the MFS® Global Small-Mid Cap and MFS® US Mid Cap Growth strategies, 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.
Eric joined MFS in 2007 as an equity research analyst following his participation in the firm's Summer MBA Internship program in 2006. He assumed his portfolio management responsibilities in 2020. Before joining the firm, he served as a consultant for Bates White, LLC, working in the firm's corporate finance and environmental and product liabilities practices for three years in Washington, D.C.
Eric earned a Bachelor of Science degree from Pennsylvania State University and a Master of Business Administration degree from the University of Chicago Booth School of Business, where he was a Robert Toigo Foundation Fellow. He holds the Chartered Financial Analyst (CFA) designation from the CFA Institute.
Peter Fruzzetti
Portfolio Manager
32
YEARS WITH INDUSTRY
4
YEARS WITH PORTFOLIO
32
YEARS WITH INDUSTRY
4
YEARS WITH PORTFOLIO
Peter Fruzzetti is an investment officer and equity portfolio manager for the International New Discovery, European Smaller Companies and Global New Discovery 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 London.
Peter joined MFS in 2000 as an equity research analyst and assumed his current role in 2004. Prior to joining MFS, he worked for Fidelity Investments for six years, serving as an equity research analyst and select portfolio manager. He began his career in the financial services industry in 1993.
Peter earned his Bachelor of Science degree in finance from Boston College.
Michael Grossman, CFA
Portfolio Manager
26
YEARS WITH INDUSTRY
4
YEARS WITH PORTFOLIO
26
YEARS WITH INDUSTRY
4
YEARS WITH PORTFOLIO
Michael S. Grossman, CFA, is an investment officer and equity portfolio manager at MFS Investment Management® (MFS®).
Before joining MFS in 2005, Michael spent three years as a research analyst following small and mid-cap commercial services and transportation companies for Essex Investment Management Co., LLC as well as three years as an investment associate in large-cap global equity research for Putnam Investments.
Michael earned his bachelor's degree from the University of Pennsylvania and holds an MBA from Boston College. He is a member of the CFA Institute and the Boston Society of Securities Analysts Society, Inc.
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.
Sandeep Mehta
Portfolio Manager
18
YEARS WITH INDUSTRY
4
YEARS WITH PORTFOLIO
18
YEARS WITH INDUSTRY
4
YEARS WITH PORTFOLIO
Sandeep Mehta is an investment officer and equity portfolio manager at MFS Investment Management® (MFS®). As a member of the portfolio management teams for MFS' European Small Cap Equity and Global Small-Mid Cap strategies, 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 London.
Sandeep joined MFS in 2008 as a research analyst and was named portfolio manager in 2016. Before joining the firm, he was an equity research analyst with Henderson Global Investors. He also served as a software engineer with eTouch Systems for two years and with Verisign for two years, as well as working as an associate consultant at CITIL for two years.
Sandeep earned a Bachelor of Science degree from the Indian Institute of Technology (BHU) and holds a Master of Business Administration degree from the London Business School.
Nicholas Paul, CFA
Institutional Portfolio Manager
26
YEARS WITH INDUSTRY
3
YEARS WITH PORTFOLIO
26
YEARS WITH INDUSTRY
3
YEARS WITH PORTFOLIO
Nicholas J. Paul, CFA, is an investment officer and equity portfolio manager at MFS Investment Management® (MFS®). Nicholas serves as a portfolio manager for the International Diversification and International Research strategies. He also serves as an institutional portfolio manager and member of the following portfolio management teams: International Large Cap Value Equity, Global Small-Mid Cap Equity and European Smaller Companies. As an institutional portfolio manager, he participates in the research process and strategy discussions, assesses portfolio risk, customizes portfolios to client objectives and guidelines and manages daily cash flows.
Nicholas joined MFS in 2010. He served as an investment product specialist before becoming an institutional portfolio manager in 2018 and being named portfolio manager in 2022. Prior to joining MFS, he spent nine years at Putnam Investments as a vice president and investment product manager. He began his career in financial services in 1999.
Nicholas earned a bachelor's degree from West Virginia University and a Master of Business Administration degree with honors from Boston College's Carroll School of Management. He is a CFA charter holder and a member of the Boston Security Analysts Society.
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
1.26
0.80
-11.30
12.97
1.66
-0.51
02-Dec-2020
MSCI All Country World Small Mid Cap Index (net div)
-
2.54
-7.11
11.31
8.38
-
-
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.
1.26
28-Feb-22
0.80
28-Feb-23
-11.30
28-Feb-24
12.97
28-Feb-25
1.66
YTD %
*
-0.51
Class Inception
02-Dec-2020
02-Dec-2020
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: MSCI All Country World Small Mid Cap Index (net div)
annual rate of return table
Life
Life performance as of 28-Feb-25
2021
2022
2023
2024
At NAV
1.26
12.07
-27.06
18.45
2.36
MSCI All Country World Small Mid Cap Index (net div)
-
16.23
-18.72
16.02
8.68
At NAV
MSCI All Country World Small Mid Cap Index (net div)
2024
2.36
8.68
2023
18.45
16.02
2022
-27.06
-18.72
2021
12.07
16.23
Life
Life performance as of 28-Feb-25
1.26
-
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):
$104.28
Change
($) (since
13-Mar-25):
2.01
Change (%) (since
13-Mar-25):
1.97
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
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.
As of
28-Feb-25
Data table of holding characteristics
characterstics
Equity Earning
Weighted Average Price/Earnings (next 12 months)
18.82x
Weighted Average Price/Cash Flow
16.11x
Weighted Average Price/Sales
1.86x
Weighted Average Price/Book
2.66x
Weighted Average IBES Long Term EPS Growth
11.24%
Weighted Average Dividend Yield
1.74%
Weighted Average Market Cap
$11.1b
Weighted Median Market Cap
$9.6b
Number of Issues
100
Active Share
Active share is calculated by taking the absolute value of the difference between each issuer's weighting in the index and its weighting in the portfolio, summing, then dividing by two. The higher the number, the more the weights differ from those of the benchmark.
96.40%
Portfolio Turnover (U.S. Method)
Turnover Ratio is the percentage of a portfolio's securities that have changed over the course of a year: (lesser of purchases or sales)/average market value.
45.04%
Portfolio Turnover (LUX Method)
Lux Method
Turnover ratio is the percentage of a portfolio's assets that have changed over the course of a year: ((Purchases + Sales) - (Subscriptions + Redemptions))/Average Month End Assets
55.06%
% in Stocks
97.59%
% Cash & Cash Equivalents
2.46%
% Other1
-0.05%
% in Top Ten
19.09%
Performance Statistics
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
MSCI All Country World Small Mid Cap Index (net div)
Performance Statistics Table
10 Yr.
5 Yr.
3 Yr.
Alpha
n/a
n/a
-3.05
Beta
n/a
n/a
1.00
R-squared
n/a
n/a
94.58
Standard Deviation %
n/a
n/a
18.65
Sharpe Ratio
n/a
n/a
-0.19
Tracking Error
n/a
n/a
4.34
Information Ratio
n/a
n/a
-0.75
Treynor Ratio
n/a
n/a
-3.60
Downside Capture %
n/a
n/a
107.26
Upside Capture %
n/a
n/a
95.07
Top 10 Holdings
As of
28-Feb-25
Euronext NV
GFL Environmental Inc
AUB Group Ltd
Melrose Industries PLC
RB Global Inc
STERIS PLC
Jacobs Solutions Inc
US Foods Holding Corp
Burlington Stores Inc
Westinghouse Air Brake Technologies Corp
The portfolio is actively managed, and current holdings may be different.
Type Of Holdings (%)
As of
28-Feb-25
Sector Weights (%)
As of
28-Feb-25
% Assets
Industrials
30.64
Information Technology
12.18
Financials
10.50
Consumer Discretionary
10.42
Materials
9.48
Real Estate
6.45
Consumer Staples
6.05
Health Care
5.88
Communication Services
3.40
Energy
2.54
Cash & Cash Equivalents
2.46
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.
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 capital appreciation, measured in US dollars.
INVESTMENT FOCUS
Consistent focus on small- and mid-sized companies globally
Focuses on investing in companies that generate consistent, above-average earnings growth and durably high returns on capital while maintaining a rigorous valuation discipline.
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.
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.
Mid-cap: Investments in mid-cap companies can be more volatile than investments in larger companies.
Please see the prospectus for further information on these and other risk considerations.
Fund Information
Fund Inception
02-Dec-2020
Net Assets
(US$
M)
As of 28-Feb-25
US$5.91
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
MSCI All Country World Small Mid Cap Index (net div)
Share Class Information
Class Inception
02-Dec-2020
Net Asset Value (NAV)
As of 14-Mar-25
$104.28
Most Recent NAV Change
As of 14-Mar-25
$2.01
|
1.97%
ISIN
LU2219429573
SEDOL
BL6CSJ1
WKN
A2QBK9
Bloomberg
MGNDI1U LX
CUSIP
L6366L543
Maximum Sales Charge
--
Benchmark
MSCI All Country World Small Mid Cap Index (net div)
Eric J. Braz, CFA, is an investment officer and equity portfolio manager at MFS Investment Management® (MFS®). As a member of the portfolio management team of the MFS® Global Small-Mid Cap and MFS® US Mid Cap Growth strategies, 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.
Eric joined MFS in 2007 as an equity research analyst following his participation in the firm's Summer MBA Internship program in 2006. He assumed his portfolio management responsibilities in 2020. Before joining the firm, he served as a consultant for Bates White, LLC, working in the firm's corporate finance and environmental and product liabilities practices for three years in Washington, D.C.
Eric earned a Bachelor of Science degree from Pennsylvania State University and a Master of Business Administration degree from the University of Chicago Booth School of Business, where he was a Robert Toigo Foundation Fellow. He holds the Chartered Financial Analyst (CFA) designation from the CFA Institute.
Peter Fruzzetti
Portfolio Manager
32
YEARS WITH INDUSTRY
4
YEARS WITH PORTFOLIO
32
YEARS WITH INDUSTRY
4
YEARS WITH PORTFOLIO
Peter Fruzzetti is an investment officer and equity portfolio manager for the International New Discovery, European Smaller Companies and Global New Discovery 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 London.
Peter joined MFS in 2000 as an equity research analyst and assumed his current role in 2004. Prior to joining MFS, he worked for Fidelity Investments for six years, serving as an equity research analyst and select portfolio manager. He began his career in the financial services industry in 1993.
Peter earned his Bachelor of Science degree in finance from Boston College.
Michael Grossman, CFA
Portfolio Manager
26
YEARS WITH INDUSTRY
4
YEARS WITH PORTFOLIO
26
YEARS WITH INDUSTRY
4
YEARS WITH PORTFOLIO
Michael S. Grossman, CFA, is an investment officer and equity portfolio manager at MFS Investment Management® (MFS®).
Before joining MFS in 2005, Michael spent three years as a research analyst following small and mid-cap commercial services and transportation companies for Essex Investment Management Co., LLC as well as three years as an investment associate in large-cap global equity research for Putnam Investments.
Michael earned his bachelor's degree from the University of Pennsylvania and holds an MBA from Boston College. He is a member of the CFA Institute and the Boston Society of Securities Analysts Society, Inc.
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.
Sandeep Mehta
Portfolio Manager
18
YEARS WITH INDUSTRY
4
YEARS WITH PORTFOLIO
18
YEARS WITH INDUSTRY
4
YEARS WITH PORTFOLIO
Sandeep Mehta is an investment officer and equity portfolio manager at MFS Investment Management® (MFS®). As a member of the portfolio management teams for MFS' European Small Cap Equity and Global Small-Mid Cap strategies, 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 London.
Sandeep joined MFS in 2008 as a research analyst and was named portfolio manager in 2016. Before joining the firm, he was an equity research analyst with Henderson Global Investors. He also served as a software engineer with eTouch Systems for two years and with Verisign for two years, as well as working as an associate consultant at CITIL for two years.
Sandeep earned a Bachelor of Science degree from the Indian Institute of Technology (BHU) and holds a Master of Business Administration degree from the London Business School.
Nicholas Paul, CFA
Institutional Portfolio Manager
26
YEARS WITH INDUSTRY
3
YEARS WITH PORTFOLIO
26
YEARS WITH INDUSTRY
3
YEARS WITH PORTFOLIO
Nicholas J. Paul, CFA, is an investment officer and equity portfolio manager at MFS Investment Management® (MFS®). Nicholas serves as a portfolio manager for the International Diversification and International Research strategies. He also serves as an institutional portfolio manager and member of the following portfolio management teams: International Large Cap Value Equity, Global Small-Mid Cap Equity and European Smaller Companies. As an institutional portfolio manager, he participates in the research process and strategy discussions, assesses portfolio risk, customizes portfolios to client objectives and guidelines and manages daily cash flows.
Nicholas joined MFS in 2010. He served as an investment product specialist before becoming an institutional portfolio manager in 2018 and being named portfolio manager in 2022. Prior to joining MFS, he spent nine years at Putnam Investments as a vice president and investment product manager. He began his career in financial services in 1999.
Nicholas earned a bachelor's degree from West Virginia University and a Master of Business Administration degree with honors from Boston College's Carroll School of Management. He is a CFA charter holder and a member of the Boston Security Analysts Society.
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
1.26
0.80
-11.30
12.97
1.66
-0.51
02-Dec-2020
MSCI All Country World Small Mid Cap Index (net div)
-
2.54
-7.11
11.31
8.38
-
-
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.
1.26
28-Feb-22
0.80
28-Feb-23
-11.30
28-Feb-24
12.97
28-Feb-25
1.66
YTD %
*
-0.51
Class Inception
02-Dec-2020
02-Dec-2020
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: MSCI All Country World Small Mid Cap Index (net div)
annual rate of return table
Life
Life performance as of 28-Feb-25
2021
2022
2023
2024
At NAV
1.26
12.07
-27.06
18.45
2.36
MSCI All Country World Small Mid Cap Index (net div)
-
16.23
-18.72
16.02
8.68
At NAV
MSCI All Country World Small Mid Cap Index (net div)
2024
2.36
8.68
2023
18.45
16.02
2022
-27.06
-18.72
2021
12.07
16.23
Life
Life performance as of 28-Feb-25
1.26
-
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):
$104.28
Change
($) (since
13-Mar-25):
2.01
Change (%) (since
13-Mar-25):
1.97
Market Price (MP):
Maximum data displayed is for the most recent 10 years
Historical NAV Lookup
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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
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.
As of
28-Feb-25
Data table of holding characteristics
characterstics
Equity Earning
Weighted Average Price/Earnings (next 12 months)
18.82x
Weighted Average Price/Cash Flow
16.11x
Weighted Average Price/Sales
1.86x
Weighted Average Price/Book
2.66x
Weighted Average IBES Long Term EPS Growth
11.24%
Weighted Average Dividend Yield
1.74%
Weighted Average Market Cap
$11.1b
Weighted Median Market Cap
$9.6b
Number of Issues
100
Active Share
Active share is calculated by taking the absolute value of the difference between each issuer's weighting in the index and its weighting in the portfolio, summing, then dividing by two. The higher the number, the more the weights differ from those of the benchmark.
96.40%
Portfolio Turnover (U.S. Method)
Turnover Ratio is the percentage of a portfolio's securities that have changed over the course of a year: (lesser of purchases or sales)/average market value.
45.04%
Portfolio Turnover (LUX Method)
Lux Method
Turnover ratio is the percentage of a portfolio's assets that have changed over the course of a year: ((Purchases + Sales) - (Subscriptions + Redemptions))/Average Month End Assets
55.06%
% in Stocks
97.59%
% Cash & Cash Equivalents
2.46%
% Other1
-0.05%
% in Top Ten
19.09%
Performance Statistics
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
MSCI All Country World Small Mid Cap Index (net div)
Performance Statistics Table
10 Yr.
5 Yr.
3 Yr.
Alpha
n/a
n/a
-3.05
Beta
n/a
n/a
1.00
R-squared
n/a
n/a
94.58
Standard Deviation %
n/a
n/a
18.65
Sharpe Ratio
n/a
n/a
-0.19
Tracking Error
n/a
n/a
4.34
Information Ratio
n/a
n/a
-0.75
Treynor Ratio
n/a
n/a
-3.60
Downside Capture %
n/a
n/a
107.26
Upside Capture %
n/a
n/a
95.07
Top 10 Holdings
As of
28-Feb-25
Euronext NV
GFL Environmental Inc
AUB Group Ltd
Melrose Industries PLC
RB Global Inc
STERIS PLC
Jacobs Solutions Inc
US Foods Holding Corp
Burlington Stores Inc
Westinghouse Air Brake Technologies Corp
The portfolio is actively managed, and current holdings may be different.
Type Of Holdings (%)
As of
28-Feb-25
Sector Weights (%)
As of
28-Feb-25
% Assets
Industrials
30.64
Information Technology
12.18
Financials
10.50
Consumer Discretionary
10.42
Materials
9.48
Real Estate
6.45
Consumer Staples
6.05
Health Care
5.88
Communication Services
3.40
Energy
2.54
Cash & Cash Equivalents
2.46
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.
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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