1 Ned Davis Research. Data as of 31 December 2014
2 MFS Active Management Sentiment Study, April-June 2015.
3 While active share captures security differences relative to the benchmark, it can also capture structural biases, such as moving down the capitalization spectrum or off-benchmark. The average annual excess return will capture performance due to all differences relative to the benchmark, not only security selection.
4 Illustration uses the spread between the best and worst one-year company returns within the S&P 500 Index as calculated at the 10th and 90th percentiles to avoid outliers. The stocks used as examples are not meant to represent the current holding of any MFS product.
6 2014 MFS DC Pulse Survey: The Retirement Equation.
7 Factset. Calculated using 25 largest companies rebalanced quarterly. These constituents represent 29%–44% of index market capitalization. Index starts at 100 on 31 December 1990.
Keep in mind that all investments, including mutual funds, carry a certain amount of risk, including the possible loss of the principal amount invested. Stock markets and investments in individual stocks are volatile and can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, and other conditions.
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