INVESTMENT OBJECTIVE
Seeks capital appreciation.
INVESTMENT FOCUS
Focuses on companies with high quality fundamentals, catalyst for positive change, underappreciated potential
Smaller cap portfolio investing in attractively valued companies
We leverage our bottom-up, global research platform to try and identify undervalued, high quality companies that generally have solid balance sheets, resilient business models, scope for improving returns, capital investment discipline, and prospectus for beneficial capital deployment.
Fund Information
- Fund Commencement 10/01/2008
- Net Assets ($ M) As of 03/31/25 $44.11
-
Benchmark
Russell 2000 Value Index measures U.S. small-cap value stocks.Russell 2000® Value Index
Share Class Information
- Class Inception 10/01/2008
- Net Asset Value (NAV) As of 04/21/25 $7.00
- Most Recent NAV Change As of 04/21/25 $0.15 | 2.10%
- CUSIP 86664T441
-
Gross Expense Ratio
1.13%
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
0.88%
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 04/30/25
MANAGERS
Top 10 Holdings
- Portland General Electric Co
- Prosperity Bancshares Inc
- Hanover Insurance Group Inc
- Plains GP Holdings LP
- Prestige Brands Holdings Inc
- Nomad Foods Ltd
- Air Lease Corp
- Northwestern Energy Group Inc
- Pacific Premier Bancorp Inc
- Antero Resources Corp
Important Risk Considerations
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 (%)
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your units, 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 portfolios' performance results would be less favorable. All results assume the reinvestment of dividends and capital gains.
The returns for the portfolio shown do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by insurance company separate accounts. Such expenses would reduce the overall returns shown. Please refer to the variable product's annual report for performance that reflects the deduction of the fees and charges imposed by insurance company separate accounts.
Withdrawals of taxable amounts from variable annuity contracts prior to age 59½ may be subject to an additional 10% federal tax penalty as well as income tax. Amounts withdrawn from a variable insurance contract will reduce the death benefit and withdrawals of earnings will be subject to income tax.
Sales Charges
Initial Class shares have no sales charge.
Performance information prior to December 8, 2012, reflects time periods when another adviser or subadvisor was responsible for selecting investments for the fund under a different investment objective and different investment strategies.
No representation is made, and no assurance can be given, that any investment's results will be comparable to the investment results of any other product with similar investment objectives and policies, including products with the same investment professional or manager. Differences in portfolio size, investments held, contract and portfolio expenses, and other factors can be expected to affect performance.
A Word About Variable Products
Issued by insurance companies, variable annuity and variable life insurance contracts allow investors to accumulate money on a tax deferred basis for long-term financial goals. Mortality and expense charges (which compensate the insurance company for insurance risks it assumes under the contract), surrender charges (typically levied if a contract holder cancels it within a certain period following initial purchase), and an annual maintenance charge are among the fees typically associated with these types of variable products.
Also keep in mind that any income guarantees are subject to the claims-paying ability of the issuing insurance company, and that contract owners have options when a contract's payout phase begins. Generally, investors may take their money in a lump sum, make discretionary or systematic distributions, or they can annuitize.
Please refer investors to your variable annuity or life insurance contract as well as the underlying fund prospectus(es) for more detailed information and other important considerations, which should be read carefully before investing.
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 | -2.66 | 27.17 | 15.24 | -10.78 | 33.65 | 4.19 | 34.05 | -10.96 | 11.46 | 9.52 |
| 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 | 9.52 | 8.05 |
| 2023 | 11.46 | 14.65 |
| 2022 | -10.96 | -14.48 |
| 2021 | 34.05 | 28.27 |
| 2020 | 4.19 | 4.63 |
| 2019 | 33.65 | 22.39 |
| 2018 | -10.78 | -12.86 |
| 2017 | 15.24 | 7.84 |
| 2016 | 27.17 | 31.74 |
| 2015 | -2.66 | -7.47 |
Pricing History
- NAV at Close of Trading on: 04/21/25
- Net Asset Value (NAV): $7.00
- Change ($) (since 04/17/25 ): 0.15
- Change (%) (since 04/17/25 ): 2.10
- Market Price (MP):
Historical NAV may not be available for all dates.
Historical MP may not be available for all dates.
-
Overview
INVESTMENT OBJECTIVE
Seeks capital appreciation.
INVESTMENT FOCUS
Focuses on companies with high quality fundamentals, catalyst for positive change, underappreciated potential
Smaller cap portfolio investing in attractively valued companies
We leverage our bottom-up, global research platform to try and identify undervalued, high quality companies that generally have solid balance sheets, resilient business models, scope for improving returns, capital investment discipline, and prospectus for beneficial capital deployment.
Fund Information
- Fund Commencement 10/01/2008
- Net Assets ($ M) As of 03/31/25 $44.11
-
Benchmark
Russell 2000 Value Index measures U.S. small-cap value stocks.Russell 2000® Value Index
Share Class Information
- Class Inception 10/01/2008
- Net Asset Value (NAV) As of 04/21/25 $7.00
- Most Recent NAV Change As of 04/21/25 $0.15 | 2.10%
- CUSIP 86664T441
-
Gross Expense Ratio
1.13%
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
0.88%
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 04/30/25
MANAGERS
Top 10 Holdings
As of 03/31/25- Portland General Electric Co
- Prosperity Bancshares Inc
- Hanover Insurance Group Inc
- Plains GP Holdings LP
- Prestige Brands Holdings Inc
- Nomad Foods Ltd
- Air Lease Corp
- Northwestern Energy Group Inc
- Pacific Premier Bancorp Inc
- Antero Resources Corp
Important Risk Considerations
The portfolio may not achieve its objective and/or you could lose money on your investment in the portfolio.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 03/31/25 (*YTD Updated Daily, As of 04/20/25 , 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 units, 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 portfolios' performance results would be less favorable. All results assume the reinvestment of dividends and capital gains.
The returns for the portfolio shown do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by insurance company separate accounts. Such expenses would reduce the overall returns shown. Please refer to the variable product's annual report for performance that reflects the deduction of the fees and charges imposed by insurance company separate accounts.
Withdrawals of taxable amounts from variable annuity contracts prior to age 59½ may be subject to an additional 10% federal tax penalty as well as income tax. Amounts withdrawn from a variable insurance contract will reduce the death benefit and withdrawals of earnings will be subject to income tax.
Sales Charges
Initial Class shares have no sales charge.
Performance information prior to December 8, 2012, reflects time periods when another adviser or subadvisor was responsible for selecting investments for the fund under a different investment objective and different investment strategies.
No representation is made, and no assurance can be given, that any investment's results will be comparable to the investment results of any other product with similar investment objectives and policies, including products with the same investment professional or manager. Differences in portfolio size, investments held, contract and portfolio expenses, and other factors can be expected to affect performance.
A Word About Variable Products
Issued by insurance companies, variable annuity and variable life insurance contracts allow investors to accumulate money on a tax deferred basis for long-term financial goals. Mortality and expense charges (which compensate the insurance company for insurance risks it assumes under the contract), surrender charges (typically levied if a contract holder cancels it within a certain period following initial purchase), and an annual maintenance charge are among the fees typically associated with these types of variable products.
Also keep in mind that any income guarantees are subject to the claims-paying ability of the issuing insurance company, and that contract owners have options when a contract's payout phase begins. Generally, investors may take their money in a lump sum, make discretionary or systematic distributions, or they can annuitize.
Please refer investors to your variable annuity or life insurance contract as well as the underlying fund prospectus(es) for more detailed information and other important considerations, which should be read carefully before investing.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 -2.66 27.17 15.24 -10.78 33.65 4.19 34.05 -10.96 11.46 9.52 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 9.52 8.05 2023 11.46 14.65 2022 -10.96 -14.48 2021 34.05 28.27 2020 4.19 4.63 2019 33.65 22.39 2018 -10.78 -12.86 2017 15.24 7.84 2016 27.17 31.74 2015 -2.66 -7.47 Pricing & DistributionsPricing History
- NAV at Close of Trading on: 04/21/25
- Net Asset Value (NAV): $7.00
- Change ($) (since 04/17/25 ): 0.15
- Change (%) (since 04/17/25 ): 2.10
- 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.