INVESTMENT OBJECTIVE
Seeks capital appreciation.
INVESTMENT FOCUS
Focuses on investing in small-cap companies with attractive valuations
Invests in a mix of high-quality companies with resilient business models, above-average returns, solid balance sheets and prudent capital deployment, and opportunistic investment ideas consisting of improvement potential opportunities and/or low market expectations
Fund Information
- Fund Commencement 05/26/2011
- Net Assets ($ M) As of 02/28/25 $3221.32
- Fiscal Year End FEBRUARY
-
Benchmark
Russell 2000 Value Index measures U.S. small-cap value stocks.Russell 2000® Value Index
Share Class Information
- Class Inception 05/26/2011
- Net Asset Value (NAV) As of 03/14/25 $17.18
- Most Recent NAV Change As of 03/14/25 $0.41 | 2.44%
- Fund Number 1850
- Maximum Sales Charge --
-
Gross Expense Ratio
0.95%
Gross Expense Ratio: The Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.
-
Net Expense Ratio
0.94%
Net Expense Ratio: The Net Expense Ratio reflects the reduction of expenses from contractual fee waivers and reimbursements. Elimination of these reductions will result in higher expenses and lower performance.
These reductions will continue until at least 06/30/25
MANAGERS
Top 10 Holdings
- Prosperity Bancshares Inc
- Portland General Electric Co
- SLM Corp
- Pacific Premier Bancorp Inc
- Hanover Insurance Group Inc
- Plains GP Holdings LP
- Columbia Banking System Inc
- First Hawaiian Inc
- Popular Inc
- Prestige Brands Holdings Inc
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.
Small-cap: Investments in small-cap companies can be more volatile than investments in larger companies.
Value: The portfolio's investments can continue to be undervalued for long periods of time, not realize their expected value, and be more volatile than the stock market in general.
Please see the prospectus for further information on these and other risk considerations.
Richard Offen
Portfolio Manager
Richard L. Offen is an investment officer and equity portfolio manager for the US Small Cap Value and US Mid Cap Value strategies at MFS Investment Management® (MFS®). In this role, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. He also participates in the research process and strategy discussions. Richard joined MFS in 2011 as an equity research analyst, following his participation in the firm's Summer MBA Internship program in 2010. He assumed portfolio management responsibilities in 2019. He previously worked as an investment banking associate at Stifel, Nicolaus and Co., Inc. for one year and as an associate and analyst in investment banking at FBR Capital Markets for three years. He began his career in the financial services industry in 2005. Richard earned a Bachelor of Arts degree in history from Davidson College and holds a Master of Business Administration degree in corporate finance and investment management from the University of Virginia.
Performance
Average Annual Total Returns (%)
Important Performance Information
Sales Charges
Class I shares are available without a sales charge to eligible investors.
Annual Rate of Return (%)
As of 12/31/24 | Benchmark: Russell 2000® Value Index| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| At NAV | -2.91 | 26.47 | 14.83 | -11.08 | 33.62 | 3.67 | 33.74 | -10.84 | 11.23 | 9.37 |
| Russell 2000® Value Index | -7.47 | 31.74 | 7.84 | -12.86 | 22.39 | 4.63 | 28.27 | -14.48 | 14.65 | 8.05 |
| At NAV | Russell 2000® Value Index | |
|---|---|---|
| 2024 | 9.37 | 8.05 |
| 2023 | 11.23 | 14.65 |
| 2022 | -10.84 | -14.48 |
| 2021 | 33.74 | 28.27 |
| 2020 | 3.67 | 4.63 |
| 2019 | 33.62 | 22.39 |
| 2018 | -11.08 | -12.86 |
| 2017 | 14.83 | 7.84 |
| 2016 | 26.47 | 31.74 |
| 2015 | -2.91 | -7.47 |
Pricing History
- NAV at Close of Trading on: 03/14/25
- Net Asset Value (NAV): $17.18
- Change ($) (since 03/13/25 ): 0.41
- Change (%) (since 03/13/25 ): 2.44
- Market Price (MP):
Historical NAV may not be available for all dates.
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.
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.
Long-term Capital Gain
The gain on the sale of a capital asset where the holding period was more than 12 months and the profit was subject to the long-term capital gains tax.
(Source: Barron's Dictionary of Finance and Investment Terms)
Short-term Capital Gain
For tax purposes the profit realized from the sale of securities or other capital assets held for less than 12 months. Short-term gains are taxable at ordinary income rates to the extent they are not reduced by offsetting capital losses.
(Source: Barron's Dictionary of Finance and Investment Terms)
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.
Long-term Capital Gain The gain on the sale of a capital asset where the holding period was more than 12 months and the profit was subject to the long-term capital gains tax. (Source: Barron's Dictionary of Finance and Investment Terms)
Short-term Capital Gain For tax purposes the profit realized from the sale of securities or other capital assets held for less than 12 months. Short-term gains are taxable at ordinary income rates to the extent they are not reduced by offsetting capital losses. (Source: Barron's Dictionary of Finance and Investment Terms)
Updated Daily As of 03/15/25
| Record Date | Ex-Date | Payable Date | Type of Earnings | Rate per Share (US$) | Reinvestment NAV (US$) |
|---|---|---|---|---|---|
| 12/09/24 | 12/10/24 | 12/11/24 | Short Term Capital Gain | 0.19162 | 19.25 |
| 12/09/24 | 12/10/24 | 12/11/24 | Long Term Capital Gain | 0.61900 | 19.25 |
| 12/09/24 | 12/10/24 | 12/11/24 | Dividend | 0.26870 | 19.25 |
| 07/30/24 | 07/31/24 | 08/01/24 | Dividend | 0.06726 | 19.22 |
| 07/30/24 | 07/31/24 | 08/01/24 | Short Term Capital Gain | 0.01497 | 19.22 |
| 07/30/24 | 07/31/24 | 08/01/24 | Long Term Capital Gain | 0.03493 | 19.22 |
-
Overview
INVESTMENT OBJECTIVE
Seeks capital appreciation.
INVESTMENT FOCUS
Focuses on investing in small-cap companies with attractive valuations
Invests in a mix of high-quality companies with resilient business models, above-average returns, solid balance sheets and prudent capital deployment, and opportunistic investment ideas consisting of improvement potential opportunities and/or low market expectations
Fund Information
- Fund Commencement 05/26/2011
- Net Assets ($ M) As of 02/28/25 $3221.32
- Fiscal Year End FEBRUARY
-
Benchmark
Russell 2000 Value Index measures U.S. small-cap value stocks.Russell 2000® Value Index
Share Class Information
- Class Inception 05/26/2011
- Net Asset Value (NAV) As of 03/14/25 $17.18
- Most Recent NAV Change As of 03/14/25 $0.41 | 2.44%
- Fund Number 1850
- Maximum Sales Charge --
-
Gross Expense Ratio
0.95%
Gross Expense Ratio: The Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.
-
Net Expense Ratio
0.94%
Net Expense Ratio: The Net Expense Ratio reflects the reduction of expenses from contractual fee waivers and reimbursements. Elimination of these reductions will result in higher expenses and lower performance.
These reductions will continue until at least 06/30/25
MANAGERS
Top 10 Holdings
As of 02/28/25- Prosperity Bancshares Inc
- Portland General Electric Co
- SLM Corp
- Pacific Premier Bancorp Inc
- Hanover Insurance Group Inc
- Plains GP Holdings LP
- Columbia Banking System Inc
- First Hawaiian Inc
- Popular Inc
- Prestige Brands Holdings Inc
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.
Small-cap: Investments in small-cap companies can be more volatile than investments in larger companies.
Value: The portfolio's investments can continue to be undervalued for long periods of time, not realize their expected value, and be more volatile than the stock market in general.
Please see the prospectus for further information on these and other risk considerations.
Richard Offen
Portfolio Manager
18YEARS WITH INDUSTRY
5YEARS WITH PORTFOLIORichard L. Offen is an investment officer and equity portfolio manager for the US Small Cap Value and US Mid Cap Value strategies at MFS Investment Management® (MFS®). In this role, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. He also participates in the research process and strategy discussions. Richard joined MFS in 2011 as an equity research analyst, following his participation in the firm's Summer MBA Internship program in 2010. He assumed portfolio management responsibilities in 2019. He previously worked as an investment banking associate at Stifel, Nicolaus and Co., Inc. for one year and as an associate and analyst in investment banking at FBR Capital Markets for three years. He began his career in the financial services industry in 2005. Richard earned a Bachelor of Arts degree in history from Davidson College and holds a Master of Business Administration degree in corporate finance and investment management from the University of Virginia.
-
Performance
Performance
Average Annual Total ReturnsAverage Annual Total Returns (%)
These results represent the percent change in net asset value.Monthly | Quarterly As of 12/31/24 (*YTD Updated Daily, As of 03/14/25 , subject to revision and not annualized.)Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted.Important Performance Information
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. All results are historical and assume the reinvestment of dividends and capital gains.Sales Charges
Class I shares are available without a sales charge to eligible investors.
Annual Rate of ReturnAnnual Rate of Return (%)
As of 12/31/24 | Benchmark: Russell 2000® Value Indexannual rate of return table 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 At NAV -2.91 26.47 14.83 -11.08 33.62 3.67 33.74 -10.84 11.23 9.37 Russell 2000® Value Index -7.47 31.74 7.84 -12.86 22.39 4.63 28.27 -14.48 14.65 8.05 At NAV Russell 2000® Value Index 2024 9.37 8.05 2023 11.23 14.65 2022 -10.84 -14.48 2021 33.74 28.27 2020 3.67 4.63 2019 33.62 22.39 2018 -11.08 -12.86 2017 14.83 7.84 2016 26.47 31.74 2015 -2.91 -7.47 Pricing & DistributionsPricing History
- NAV at Close of Trading on: 03/14/25
- Net Asset Value (NAV): $17.18
- Change ($) (since 03/13/25 ): 0.41
- Change (%) (since 03/13/25 ): 2.44
- Market Price (MP):
Maximum data displayed is for the most recent 10 yearsHistorical NAV LookupEnter date for which you wish to obtain a Historical NAV for this fundHistorical NAV may not be available for all dates.
Historical MP LookupEnter date for which you wish to obtain a Historical MP for this fundHistorical MP may not be available for all dates.
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.
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.
Long-term Capital Gain The gain on the sale of a capital asset where the holding period was more than 12 months and the profit was subject to the long-term capital gains tax. (Source: Barron's Dictionary of Finance and Investment Terms)
Short-term Capital Gain For tax purposes the profit realized from the sale of securities or other capital assets held for less than 12 months. Short-term gains are taxable at ordinary income rates to the extent they are not reduced by offsetting capital losses. (Source: Barron's Dictionary of Finance and Investment Terms)
Updated Daily As of 03/15/25
Record Date Ex-Date Payable Date Type of Earnings Rate per Share (US$) Reinvestment NAV (US$) 12/09/24 12/10/24 12/11/24 Short Term Capital Gain 0.19162 19.25 12/09/24 12/10/24 12/11/24 Long Term Capital Gain 0.61900 19.25 12/09/24 12/10/24 12/11/24 Dividend 0.26870 19.25 07/30/24 07/31/24 08/01/24 Dividend 0.06726 19.22 07/30/24 07/31/24 08/01/24 Short Term Capital Gain 0.01497 19.22 07/30/24 07/31/24 08/01/24 Long Term Capital Gain 0.03493 19.22 Past performance is no guarantee of future results. Please consult your tax advisor for further information.