6 9

Contrarian Capital Fund

DISCLOSURES

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.

LU2864447177
$ 108.58
$1.98 As of 14-Mar-25
US$2M
As of 28-Feb-25

Contrarian Capital Fund

LU2864447177
$1.98 As of 14-Mar-25
As of 28-Feb-25
LU2864447177
$ 108.58
$1.98 As of 14-Mar-25
$2M
As of 28-Feb-25
  • Overview

    INVESTMENT OBJECTIVE

    Seeks capital appreciation while outperforming the MSCI World Value (net div) over full market cycles.

    INVESTMENT FOCUS

    Generally has held 30-60 holdings.

    We believe that, with disequilibrium, a stock can present an asymmetric risk and return profile with the potential to produce upside return while also limiting downside risk.

    We believe the market overreacts to unexpected news and swings in sentiment create a divergence between price and value. This provides opportunity for a patient investor who dispassionately weighs the facts and valuations, and is unafraid to lean into a contrarian view.

    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.

    Intrinsic Value: The stocks of companies that MFS believes are undervalued compared to their intrinsic value can continue to be undervalued for long periods of time, may not realize their expected value, and can be volatile.

    Concentrated: The portfolio's performance could be more volatile than the performance of more diversified portfolios.

    Geographic: Because the portfolio may invest a substantial amount of its assets in issuers located in a single country or in a limited number of countries, it may be more volatile than a portfolio that is more geographically diversified.

    Please see the prospectus for further information on these and other risk considerations.

    Fund Information

    • Fund Inception 20-Nov-2024
    • Net Assets (US$ M) As of 28-Feb-25 US$2.29
    • Fiscal Year End JANUARY
    • SFDR Classification Article 8
    • Benchmark MSCI World Value Index (net div)

    Share Class Information

    • Class Inception 20-Nov-2024
    • Net Asset Value (NAV) As of 14-Mar-25 $108.58
    • Most Recent NAV Change As of 14-Mar-25 $1.98 | 1.86%
    • ISIN LU2864447177
    • SEDOL BQV3FY8
    • WKN A40JNA
    • Bloomberg MFMCI1U LX
    • CUSIP L63678327
    • Maximum Sales Charge --
    • Benchmark MSCI World Value Index (net div)

    MANAGERS

    Top 10 Holdings

    • National Grid PLC
    • Ryanair Holdings PLC ADR
    • Airbus SE
    • CSX Corp
    • Davide Campari-Milano NV
    • Autoliv Inc
    • Veolia Environnement SA
    • Cie Generale des Etablissements Michelin SCA
    • Novozymes AS
    • Canadian Pacific Kansas City Ltd
  • Performance

    Performance

    12 Month Total Returns

    12 Month Total Returns (%)

    12 Month Total Returns (%)

    No data currently available

    Performance results reflect ongoing charges and any applicable expense subsidies and waivers in effect during the periods shown. All historic results assume distributions within the fund and/or the share class are reinvested. 

    Past performance is not a reliable indicator for future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested.

    Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio's base currency, if different.

    Important Performance Information

    Class I1 Roll-Up shares do not pay distributions to shareholders. 

    Average Annual Total Returns
    Annual Rate of Return

    Annual Rate of Return (%)

    Annual Rate of Return (%)

    No data currently available

    annual rate of return table

    Performance results reflect ongoing charges and any applicable expense subsidies and waivers in effect during the periods shown. All historic results assume distributions within the fund and/or the share class are reinvested. 

    Past performance is not a reliable indicator for future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested.

    Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio's base currency, if different.

    Important Performance Information

    Class I1 Roll-Up shares do not pay distributions to shareholders. 

    Pricing & Distributions

    Pricing History

    • Market Price (MP): 
    Maximum data displayed is for the most recent 10 years
    Historical MP Lookup
    Enter date for which you wish to obtain a Historical MP for this fund

    Historical MP may not be available for all dates.

    Distributions
    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.

    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
    Performance Attribution

    Performance Attribution

    Guide

    Available approximately 15 or 25 days after month end


    Quarterly Attribution

    Available approximately 25 days after quarter end


    Year To Date (YTD)
    12 Month Attribution
    Calendar Year
    No Data Available
  • Portfolio & Holdings Information

    Portfolio & Holdings Information
    The portfolio is actively managed, and current holdings may be different.

    Sector, Holding & Characterstics

    Largest Sector Weights

    As of 28-Feb-25

    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

    As of 28-Feb-25
    Data table of holding characteristics
    characterstics Equity Earning
    Weighted Average Price/Earnings (next 12 months) 13.33x
    Weighted Average Price/Cash Flow 10.34x
    Weighted Average Price/Sales 1.01x
    Weighted Average Price/Book 1.58x
    Weighted Average IBES Long Term EPS Growth 10.78%
    Weighted Average Dividend Yield 3.00%
    Weighted Average Market Cap $52.6b
    Weighted Median Market Cap $32.4b
    Number of Issues 34
    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.

    97.28%
    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.

    17.44%
    Portfolio Turnover (LUX Method) 28.11%
    % in Stocks 95.02%
    % Cash & Cash Equivalents 5.07%
    % Other1 -0.09%
    % in Top Ten 40.75%

    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 World Value Index (net div)
    Performance Statistics Table
    10 Yr. 5 Yr. 3 Yr.
    Alpha n/a n/a n/a
    Beta n/a n/a n/a
    R-squared n/a n/a n/a
    Standard Deviation % n/a n/a n/a
    Sharpe Ratio n/a n/a n/a
    Tracking Error n/a n/a n/a
    Information Ratio n/a n/a n/a
    Treynor Ratio n/a n/a n/a
    Downside Capture % n/a n/a n/a
    Upside Capture % n/a n/a n/a

    Top 10 Holdings

    As of 28-Feb-25
    • National Grid PLC
    • Ryanair Holdings PLC ADR
    • Airbus SE
    • CSX Corp
    • Davide Campari-Milano NV
    • Autoliv Inc
    • Veolia Environnement SA
    • Cie Generale des Etablissements Michelin SCA
    • Novozymes AS
    • Canadian Pacific Kansas City Ltd
    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
      27.15
    • Consumer Discretionary
      15.33
    • Utilities
      11.86
    • Financials
      11.86
    • Materials
      10.22
    • Consumer Staples
      6.53
    • Health Care
      5.21
    • Information Technology
      4.34
    • Energy
      2.43
    • Cash & Cash Equivalents
      5.06

    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

    Currency Weights (%)

    As of 28-Feb-25
    • Euro
      38.73
    • United States Dollar
      22.95
    • British Pound Sterling
      17.56
    • Japanese Yen
      7.97
    • Canadian Dollar
      3.83
    • Danish Krone
      3.48
    • South Korean Won
      3.17
    • Swiss Franc
      2.30
    Region & Country

    Region & Country

    As of 28-Feb-25
    Region & Country Table
    Region & Country % Assets
    Europe ex-U.K.
    8 Countries
    44.51
    North America
    2 Countries
    21.72
    United Kingdom
    1 Countries
    17.56
    Japan
    1 Countries
    7.97
    Cash & Cash Equivalents
    1 Countries
    5.06
    Emerging Markets
    1 Countries
    3.17
    By Country Table
    By Country

    Top Country Weightings (%)

    As of 28-Feb-25
    • France
      20.35
    • United Kingdom
      17.56
    • United States
      14.42
    • Japan
      7.97
    • Canada
      7.31
    Important Characteristics Information
    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.
  • Resources

    Resources

    Product Resources

    Quarterly Portfolio Review is available approximately 25 days after quarter end.


    Product Presentation available approximately 25 days after quarter end.

    Fund Documents & Fact Sheets

    Fund Documents & Fact Sheets

    Click here to view fund documents such as Key Investor Documents, Complete Prospectus, Annual Report, Semi Annual Report, Swing Pricing, and Fact Sheets. Some of these documents are available in other languages.
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