Effective Date 04/16/24 The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the mutual fund analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Morningstar's analysts use this five-pillar evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating ultimately reflects the analysts' overall assessment and is overseen by Morningstar's Analyst Rating Committee. The approach serves not as a formula but as a framework to ensure consistency across Morningstar's global coverage universe. The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A fund with a “Gold” rating distinguishes itself across the five pillars and has garnered the analysts' highest level of conviction. A fund with a "Silver" rating distinguishes itself with advantages that outweigh the disadvantages across the five pillars and with sufficient level of analyst conviction to warrant a positive rating. A Fund with a "Bronze" rating distinguishes itself with notable advantages across several, but perhaps not all, of the five pillars—strengths that give the analysts a high level of conviction. Analyst Ratings are reevaluated at least every 14 months.
Effective Date 04/16/24 The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the mutual fund analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Morningstar's analysts use this five-pillar evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating ultimately reflects the analysts' overall assessment and is overseen by Morningstar's Analyst Rating Committee. The approach serves not as a formula but as a framework to ensure consistency across Morningstar's global coverage universe. The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A fund with a “Gold” rating distinguishes itself across the five pillars and has garnered the analysts' highest level of conviction. A fund with a "Silver" rating distinguishes itself with advantages that outweigh the disadvantages across the five pillars and with sufficient level of analyst conviction to warrant a positive rating. A Fund with a "Bronze" rating distinguishes itself with notable advantages across several, but perhaps not all, of the five pillars—strengths that give the analysts a high level of conviction. Analyst Ratings are reevaluated at least every 14 months.
Prospectus
|
Fact Sheet
|
$0.51
As of09/06/24
As of 07/31/24
MNDIX
Effective Date 04/16/24 The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the mutual fund analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Morningstar's analysts use this five-pillar evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating ultimately reflects the analysts' overall assessment and is overseen by Morningstar's Analyst Rating Committee. The approach serves not as a formula but as a framework to ensure consistency across Morningstar's global coverage universe. The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A fund with a “Gold” rating distinguishes itself across the five pillars and has garnered the analysts' highest level of conviction. A fund with a "Silver" rating distinguishes itself with advantages that outweigh the disadvantages across the five pillars and with sufficient level of analyst conviction to warrant a positive rating. A Fund with a "Bronze" rating distinguishes itself with notable advantages across several, but perhaps not all, of the five pillars—strengths that give the analysts a high level of conviction. Analyst Ratings are reevaluated at least every 14 months.
Consistent focus on small companies with significant growth potential across all market environments
Differentiated portfolio construction process is used as diversification occurs across 3 types of growth stocks: emerging, high quality durable, and companies in out of favor industries
Seeks to invest in small-cap growth companies that are or may become major enterprises, and when valuations are misaligned with fundamentals and growth potential
Fund Information
Fund Commencement
01/02/1997
Net Assets
($
M)
As of 07/31/24
$2384.02
Fiscal Year End
AUGUST
Benchmark
Russell 2000 Growth Index measures U.S. small-cap growth stocks.
Russell 2000® Growth Index
Share Class Information
Class Inception
01/02/1997
Net Asset Value (NAV)
As of 09/06/24
$28.91
Most Recent NAV Change
As of 09/06/24
$0.51
|
1.73%
Fund Number
897
Maximum Sales Charge
--
Gross Expense Ratio
Gross Expense Ratio: The Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.
1.05%
Net Expense Ratio
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 12/31/24
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.
International: Investments in foreign markets can involve greater risk and volatility than U.S. investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, or other conditions.
Small-cap: Investments in small-cap companies can be more volatile than investments in larger companies.
Growth: Investments in growth companies can be more sensitive to the company's earnings and more volatile than the stock market in general.
Please see the prospectus for further information on these and other risk considerations.
Michael Grossman, CFA
Portfolio Manager
25
YEARS WITH INDUSTRY
11
YEARS WITH PORTFOLIO
25
YEARS WITH INDUSTRY
11
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.
These results represent the percent change in net asset value.
Monthly|QuarterlyAs of
06/30/24
(*YTD Updated
Daily,
As of 09/06/24 , 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.
MORNINGSTAR RATING
Morningstar Overall Rating As of 07/31/24 Class I Shares
Morningstar Small Growth
Morningstar ratings are based on risk adjusted performance.
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 Return
Annual Rate of Return (%)
As of
12/31/23|Benchmark: Russell 2000® Growth Index
annual rate of return table
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
At NAV
-7.30
-1.88
8.89
26.34
-1.40
41.12
45.03
1.48
-29.64
14.30
Russell 2000® Growth Index
5.60
-1.38
11.32
22.17
-9.31
28.48
34.63
2.83
-26.36
18.66
At NAV
Russell 2000® Growth Index
2023
14.3
18.66
2022
-29.64
-26.36
2021
1.48
2.83
2020
45.03
34.63
2019
41.12
28.48
2018
-1.4
-9.31
2017
26.34
22.17
2016
8.89
11.32
2015
-1.88
-1.38
2014
-7.3
5.6
Pricing & Distributions
Pricing History
NAV at Close of Trading on:
09/06/24
Net Asset Value (NAV):
$28.91
Change
($) (since
09/05/24
):
0.51
Change (%) (since
09/05/24
):
1.73
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
Historical MP may not be available for all dates.
Historical Exit Price Table
NAV at Close of Trading on
Net Asset Value (NAV)
No Data Available
No data currently available
Past performance is no guarantee of future results. Please consult your tax advisor for further information.
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 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
07/31/24
Data table of holding characteristics
characterstics
Equity Earning
Weighted Average Price/Earnings (next 12 months)
36.16x
Weighted Average Price/Cash Flow
27.06x
Weighted Average Price/Sales
2.12x
Weighted Average Price/Book
3.19x
Weighted Average IBES Long Term EPS Growth
20.40%
Weighted Average Market Cap
$7.0b
Weighted Median Market Cap
$6.6b
Number of Issues
112
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.
93.73%
Portfolio Turnover
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.
53.52%
% in Stocks
95.86%
% Cash & Cash Equivalents
4.16%
% Other1
-0.02%
% in Top Ten
18.81%
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
07/31/24
Benchmark
Russell 2000® Growth Index
Performance Statistics Table
10 Yr.
5 Yr.
3 Yr.
Alpha
1.10
-0.91
-5.99
Beta
0.90
0.90
0.90
R-squared
92.59
93.27
93.95
Standard Deviation %
19.42
22.59
21.45
Sharpe Ratio
0.40
0.17
-0.47
Tracking Error
5.72
6.33
5.80
Information Ratio
0.05
-0.26
-0.99
Treynor Ratio
8.58
4.21
-11.28
Downside Capture %
86.42
89.11
96.60
Upside Capture %
90.47
86.56
77.03
Top 10 Holdings
As of
07/31/24
Summit Materials Inc
Crane Co
CACI International Inc
TechnipFMC PLC
US Foods Holding Corp
nVent Electric PLC
GFL Environmental Inc
RB Global Inc
UL Solutions Inc
Five9 Inc
The portfolio is actively managed, and current holdings may be different.
Type Of Holdings (%)
As of
07/31/24
Sector Weights (%)
As of
07/31/24
% Assets
Information Technology
23.05
Health Care
20.66
Industrials
20.07
Consumer Discretionary
10.48
Energy
5.85
Financials
5.02
Materials
3.81
Real Estate
3.31
Consumer Staples
3.13
Communication Services
0.44
Equity Warrants
0.02
Cash & Cash Equivalents
4.15
Other1
0.00
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.
Fees
1.04% Net Expense Ratio
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 12/31/24
1.05% Gross Expense Ratio
Gross Expense Ratio: The Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.
-
Maximum Sales Charge
Class I shares are available without a sales charge to eligible investors.
The fund's overall Morningstar Rating measures are based on risk-adjusted returns as of 07/31/24.
The Morningstar Rating for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
Morningstar rankings do not take into account sales charges and are based on historical returns, which are not indicative of future results. Rankings of other share classes may vary. A high relative ranking does not always mean the fund achieved a positive return during the period.
This website is a general communication and is provided for informational and/or educational purposes only. None of the content should be viewed as a suggestion that you take or refrain from taking any action nor as a recommendation for any specific investment product, strategy, plan feature or other such purpose. Your use of this website indicates that you agree with the intended purpose. Prior to making any investment or financial decision, you should seek individualized advice from a personal financial, tax, and other professionals who are able to provide advice in the context of your particular financial situation.
This publication is authorized for distribution only when preceded or accompanied by a prospectus, or summary prospectus, for the portfolio being offered. Consider the fund's investment objectives, risks, charges and expenses. Contact MFS or view online at MFS.com. Read it carefully.
MFS registered investment products are offered through MFS® Fund Distributors, Inc., 111 Huntington Avenue, Boston, MA 02199.
Consistent focus on small companies with significant growth potential across all market environments
Differentiated portfolio construction process is used as diversification occurs across 3 types of growth stocks: emerging, high quality durable, and companies in out of favor industries
Seeks to invest in small-cap growth companies that are or may become major enterprises, and when valuations are misaligned with fundamentals and growth potential
Fund Information
Fund Commencement
01/02/1997
Net Assets
($
M)
As of 07/31/24
$2384.02
Fiscal Year End
AUGUST
Benchmark
Russell 2000 Growth Index measures U.S. small-cap growth stocks.
Russell 2000® Growth Index
Share Class Information
Class Inception
01/02/1997
Net Asset Value (NAV)
As of 09/06/24
$28.91
Most Recent NAV Change
As of 09/06/24
$0.51
|
1.73%
Fund Number
897
Maximum Sales Charge
--
Gross Expense Ratio
Gross Expense Ratio: The Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.
1.05%
Net Expense Ratio
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 12/31/24
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.
International: Investments in foreign markets can involve greater risk and volatility than U.S. investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, or other conditions.
Small-cap: Investments in small-cap companies can be more volatile than investments in larger companies.
Growth: Investments in growth companies can be more sensitive to the company's earnings and more volatile than the stock market in general.
Please see the prospectus for further information on these and other risk considerations.
Michael Grossman, CFA
Portfolio Manager
25
YEARS WITH INDUSTRY
11
YEARS WITH PORTFOLIO
25
YEARS WITH INDUSTRY
11
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.
These results represent the percent change in net asset value.
Monthly|QuarterlyAs of
06/30/24
(*YTD Updated
Daily,
As of 09/06/24 , 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.
MORNINGSTAR RATING
Morningstar Overall Rating As of 07/31/24 Class I Shares
Morningstar Small Growth
Morningstar ratings are based on risk adjusted performance.
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 Return
Annual Rate of Return (%)
As of
12/31/23|Benchmark: Russell 2000® Growth Index
annual rate of return table
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
At NAV
-7.30
-1.88
8.89
26.34
-1.40
41.12
45.03
1.48
-29.64
14.30
Russell 2000® Growth Index
5.60
-1.38
11.32
22.17
-9.31
28.48
34.63
2.83
-26.36
18.66
At NAV
Russell 2000® Growth Index
2023
14.3
18.66
2022
-29.64
-26.36
2021
1.48
2.83
2020
45.03
34.63
2019
41.12
28.48
2018
-1.4
-9.31
2017
26.34
22.17
2016
8.89
11.32
2015
-1.88
-1.38
2014
-7.3
5.6
Pricing & Distributions
Pricing History
NAV at Close of Trading on:
09/06/24
Net Asset Value (NAV):
$28.91
Change
($) (since
09/05/24
):
0.51
Change (%) (since
09/05/24
):
1.73
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
Historical MP may not be available for all dates.
Historical Exit Price Table
NAV at Close of Trading on
Net Asset Value (NAV)
No Data Available
No data currently available
Past performance is no guarantee of future results. Please consult your tax advisor for further information.
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 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
07/31/24
Data table of holding characteristics
characterstics
Equity Earning
Weighted Average Price/Earnings (next 12 months)
36.16x
Weighted Average Price/Cash Flow
27.06x
Weighted Average Price/Sales
2.12x
Weighted Average Price/Book
3.19x
Weighted Average IBES Long Term EPS Growth
20.40%
Weighted Average Market Cap
$7.0b
Weighted Median Market Cap
$6.6b
Number of Issues
112
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.
93.73%
Portfolio Turnover
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.
53.52%
% in Stocks
95.86%
% Cash & Cash Equivalents
4.16%
% Other1
-0.02%
% in Top Ten
18.81%
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
07/31/24
Benchmark
Russell 2000® Growth Index
Performance Statistics Table
10 Yr.
5 Yr.
3 Yr.
Alpha
1.10
-0.91
-5.99
Beta
0.90
0.90
0.90
R-squared
92.59
93.27
93.95
Standard Deviation %
19.42
22.59
21.45
Sharpe Ratio
0.40
0.17
-0.47
Tracking Error
5.72
6.33
5.80
Information Ratio
0.05
-0.26
-0.99
Treynor Ratio
8.58
4.21
-11.28
Downside Capture %
86.42
89.11
96.60
Upside Capture %
90.47
86.56
77.03
Top 10 Holdings
As of
07/31/24
Summit Materials Inc
Crane Co
CACI International Inc
TechnipFMC PLC
US Foods Holding Corp
nVent Electric PLC
GFL Environmental Inc
RB Global Inc
UL Solutions Inc
Five9 Inc
The portfolio is actively managed, and current holdings may be different.
Type Of Holdings (%)
As of
07/31/24
Sector Weights (%)
As of
07/31/24
% Assets
Information Technology
23.05
Health Care
20.66
Industrials
20.07
Consumer Discretionary
10.48
Energy
5.85
Financials
5.02
Materials
3.81
Real Estate
3.31
Consumer Staples
3.13
Communication Services
0.44
Equity Warrants
0.02
Cash & Cash Equivalents
4.15
Other1
0.00
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.
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 12/31/24
1.05% Gross Expense Ratio
Gross Expense Ratio: The Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.
-
Maximum Sales Charge
Class I shares are available without a sales charge to eligible investors.
The fund's overall Morningstar Rating measures are based on risk-adjusted returns as of 07/31/24.
The Morningstar Rating for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
Morningstar rankings do not take into account sales charges and are based on historical returns, which are not indicative of future results. Rankings of other share classes may vary. A high relative ranking does not always mean the fund achieved a positive return during the period.
This website is a general communication and is provided for informational and/or educational purposes only. None of the content should be viewed as a suggestion that you take or refrain from taking any action nor as a recommendation for any specific investment product, strategy, plan feature or other such purpose. Your use of this website indicates that you agree with the intended purpose. Prior to making any investment or financial decision, you should seek individualized advice from a personal financial, tax, and other professionals who are able to provide advice in the context of your particular financial situation.
This publication is authorized for distribution only when preceded or accompanied by a prospectus, or summary prospectus, for the portfolio being offered. Consider the fund's investment objectives, risks, charges and expenses. Contact MFS or view online at MFS.com. Read it carefully.
MFS registered investment products are offered through MFS® Fund Distributors, Inc., 111 Huntington Avenue, Boston, MA 02199.