INVESTMENT OBJECTIVE
Seeks long-term capital appreciation.
INVESTMENT FOCUS
Analyst-run, core international stock portfolio
Broadly diversified by sector, invests across regions, industries, styles, and market capitalizations
Company specific stock selection, not country specific
Strategy Information
- Strategy Commencement 02/01/2001
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Benchmark
Blend of MSCI EAFE Gross to Net at 08/01/2017
MSCI EAFE (Europe, Australasia, Far East) Index- a market capitalization-weighted index that is designed to measure equity market performance in the developed markets, excluding the U.S. and Canada.
MANAGERS
Top 10 Holdings
- BNP Paribas SA ADR
- Linde PLC
- NatWest Group PLC ADR
- Roche Holding AG ADR
- Mitsubishi UFJ Financial Group Inc ADR
- Amadeus IT Group SA ADR
- Barclays PLC ADR
- Schneider Electric SE ADR
- HDFC Bank Ltd ADR
- Fujitsu Ltd ADR
Important Risk Considerations
Investments in certain markets can involve greater risk and volatility because of adverse market, currency, economic, industry, political, regulatory, geopolitical, or other conditions.
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, and other conditions.
Jim Fallon
General Oversight
James C. Fallon is an investment officer and a quantitative portfolio manager at MFS Investment Management® (MFS®). In this role, he is responsible for buying and selling decisions, portfolio construction, risk control and cash management. He also participates in the research process and strategy discussions. James joined MFS in 1999 as a securities lending administrator. He worked as an equity research associate, an equity quantitative research analyst and an equity portfolio manager at the firm before taking on his current role. Prior to joining MFS, he served as mutual fund custody accountant for Investors Bank & Trust. James earned a bachelor's degree from the University of New Hampshire and a Master of Business Administration degree from Boston University. In 2023, James graduated Summa Cum Laude with a Bachelor of Arts degree from the Berklee College of Music. In addition, he is actively involved in the MFS music affinity resources group, which he helped found to support community causes and affinity groups.
John Mahoney, CFA
General Oversight
John W. Mahoney, CFA, is an investment officer and equity portfolio manager at MFS Investment Management® (MFS®). John serves as a portfolio manager for the International Diversification and International Research strategies. He also serves as an institutional portfolio manager for the firm's International Intrinsic Value and U.S. Intrinsic Value strategies. 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. John joined the firm in 2005. He served as a senior strategist--investment product specialist before becoming a portfolio manager and institutional portfolio manager in 2024. John earned a bachelor's degree from Bentley College. He is a CFA charter holder and is a member of the CFA Society Boston, Inc.
Nicholas Paul, CFA
General Oversight
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.
Performance
Average Annual Total Returns (%)
Important Performance Information
Past performance is no guarantee of future results.
Net numbers assume a maximum wrap fee of 3% annually.
Total gross of fee returns include both capital appreciation and reinvestment of income but exclude custody fees.
It is not possible to invest directly in an index. Index performance will differ from our actively managed strategies, which may involve a higher degree of risk.
Performance reflects that of a fully discretionary composite; individual portfolio results will vary.
Annual Rate of Return (%)
Benchmark: Blend of MSCI EAFE Gross to Net at 08/01/2017| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross of Fees | -0.40 | 2.83 | 27.43 | -13.62 | 28.26 | 12.92 | 12.39 | -12.95 | 17.46 | 4.00 |
| Net of Fees | -3.35 | -0.21 | 23.73 | -16.21 | 24.54 | 9.60 | 9.10 | -15.56 | 14.02 | 0.94 |
| Blend of MSCI EAFE Gross to Net at 08/01/2017 | -0.39 | 1.51 | 25.50 | -13.79 | 22.01 | 7.82 | 11.26 | -14.45 | 18.24 | 3.82 |
| at NAV | Blend of MSCI EAFE Gross to Net at 08/01/2017 | |
|---|---|---|
| 2024 | 4.0 | 3.82 |
| 2023 | 17.46 | 18.24 |
| 2022 | -12.95 | -14.45 |
| 2021 | 12.39 | 11.26 |
| 2020 | 12.92 | 7.82 |
| 2019 | 28.26 | 22.01 |
| 2018 | -13.62 | -13.79 |
| 2017 | 27.43 | 25.5 |
| 2016 | 2.83 | 1.51 |
| 2015 | -0.4 | -0.39 |
Past performance is no guarantee of future results.
Net numbers assume a maximum wrap fee of 3% annually.
-
Overview
INVESTMENT OBJECTIVE
Seeks long-term capital appreciation.
INVESTMENT FOCUS
Analyst-run, core international stock portfolio
Broadly diversified by sector, invests across regions, industries, styles, and market capitalizations
Company specific stock selection, not country specific
Strategy Information
- Strategy Commencement 02/01/2001
-
Benchmark
Blend of MSCI EAFE Gross to Net at 08/01/2017
MSCI EAFE (Europe, Australasia, Far East) Index- a market capitalization-weighted index that is designed to measure equity market performance in the developed markets, excluding the U.S. and Canada.
MANAGERS
Top 10 Holdings
As of 03/31/25- BNP Paribas SA ADR
- Linde PLC
- NatWest Group PLC ADR
- Roche Holding AG ADR
- Mitsubishi UFJ Financial Group Inc ADR
- Amadeus IT Group SA ADR
- Barclays PLC ADR
- Schneider Electric SE ADR
- HDFC Bank Ltd ADR
- Fujitsu Ltd ADR
Important Risk Considerations
Investments in certain markets can involve greater risk and volatility because of adverse market, currency, economic, industry, political, regulatory, geopolitical, or other conditions.
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, and other conditions.
Jim Fallon
General Oversight
26YEARS WITH INDUSTRY
18YEARS WITH PORTFOLIOJames C. Fallon is an investment officer and a quantitative portfolio manager at MFS Investment Management® (MFS®). In this role, he is responsible for buying and selling decisions, portfolio construction, risk control and cash management. He also participates in the research process and strategy discussions. James joined MFS in 1999 as a securities lending administrator. He worked as an equity research associate, an equity quantitative research analyst and an equity portfolio manager at the firm before taking on his current role. Prior to joining MFS, he served as mutual fund custody accountant for Investors Bank & Trust. James earned a bachelor's degree from the University of New Hampshire and a Master of Business Administration degree from Boston University. In 2023, James graduated Summa Cum Laude with a Bachelor of Arts degree from the Berklee College of Music. In addition, he is actively involved in the MFS music affinity resources group, which he helped found to support community causes and affinity groups.
John Mahoney, CFA
General Oversight
21YEARS WITH INDUSTRY
1YEAR WITH PORTFOLIOJohn W. Mahoney, CFA, is an investment officer and equity portfolio manager at MFS Investment Management® (MFS®). John serves as a portfolio manager for the International Diversification and International Research strategies. He also serves as an institutional portfolio manager for the firm's International Intrinsic Value and U.S. Intrinsic Value strategies. 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. John joined the firm in 2005. He served as a senior strategist--investment product specialist before becoming a portfolio manager and institutional portfolio manager in 2024. John earned a bachelor's degree from Bentley College. He is a CFA charter holder and is a member of the CFA Society Boston, Inc.
Nicholas Paul, CFA
General Oversight
26YEARS WITH INDUSTRY
2YEARS WITH PORTFOLIONicholas 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.
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Performance
Performance
Average Annual Total ReturnsAverage Annual Total Returns (%)
Monthly | Quarterly As of 03/31/25 (*YTD Updated Monthly, As of 03/31/25 , subject to revision and not annualized.)Important Performance Information
Past performance is no guarantee of future results.
Net numbers assume a maximum wrap fee of 3% annually.
Total gross of fee returns include both capital appreciation and reinvestment of income but exclude custody fees.
It is not possible to invest directly in an index. Index performance will differ from our actively managed strategies, which may involve a higher degree of risk.
Performance reflects that of a fully discretionary composite; individual portfolio results will vary.
Annual Rate of ReturnAnnual Rate of Return (%)
Benchmark: Blend of MSCI EAFE Gross to Net at 08/01/2017annual rate of return table 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Gross of Fees -0.40 2.83 27.43 -13.62 28.26 12.92 12.39 -12.95 17.46 4.00 Net of Fees -3.35 -0.21 23.73 -16.21 24.54 9.60 9.10 -15.56 14.02 0.94 Blend of MSCI EAFE Gross to Net at 08/01/2017 -0.39 1.51 25.50 -13.79 22.01 7.82 11.26 -14.45 18.24 3.82 at NAV Blend of MSCI EAFE Gross to Net at 08/01/2017 2024 4.0 3.82 2023 17.46 18.24 2022 -12.95 -14.45 2021 12.39 11.26 2020 12.92 7.82 2019 28.26 22.01 2018 -13.62 -13.79 2017 27.43 25.5 2016 2.83 1.51 2015 -0.4 -0.39 Past performance is no guarantee of future results.
Net numbers assume a maximum wrap fee of 3% annually.