- Individual Investor
- Products & Strategies
- Institutional Trust
- International Equity Fund
International Equity Fund
International Equity Fund
INVESTMENT OBJECTIVE
Seeks capital appreciation.
INVESTMENT FOCUS
A well-diversified portfolio of high-conviction ideas following a growth-at-a-reasonable price style with a quality bias
An investment philosophy based on our belief that stocks trading at a discount to their projected value have a greater potential for multiple expansion
Individual stock selection as the primary source of alpha generation over the long term, due to a focus on seeking to identify high quality, attractively valued companies through our global research platform
Fund Information
- Fund Commencement 01/31/1996
- Net Assets ($ M) As of 03/31/25 $25217.43
- Fiscal Year End JUNE
- Benchmark MSCI EAFE (Europe, Australasia, Far East) Index (net div)
MANAGERS
Top 10 Holdings
- SAP SE
- Air Liquide SA
- Schneider Electric SE
- Deutsche Boerse AG
- Hitachi Ltd
- Roche Holding AG
- Compass Group PLC
- Nestle SA
- Sony Group Corp
- Cie Financiere Richemont SA

Filipe Benzinho
Portfolio Manager
Filipe M.G. Benzinho is an investment officer and equity portfolio manager with MFS Investment Management® (MFS®). He is a member of the portfolio management team of the firm's International Equity and International Concentrated strategies, responsible for final buy and sell decisions and portfolio construction as well as risk and cash management. He participates in the research process and strategy discussions. He is based in London. Filipe joined MFS in 2009 and has followed financial, business services and transportation companies. He was named portfolio manager in 2016. He joined the firm from A.T. Kearney, where he worked for three years as a business analyst. He began his career in the financial services industry in 2005. Filipe has an undergraduate degree from Instituto Superior de Ciências do Trabalho e da Empresa and earned a Master of Business Administration degree from Harvard Business School.

Daniel Ling, CFA
Portfolio Manager
Daniel T. Ling, CFA, is an investment officer and equity portfolio manager at MFS Investment Management® (MFS®). In this role, he participates in the research process and strategy discussions and is responsible for buy and sell decisions, portfolio construction, risk control and cash management for the firm's diversified core international strategies. He is based in MFS' Singapore office. Daniel joined MFS in 2006 as a global equity research analyst and was later named sector leader for consumer cyclical stocks in addition to covering consumer staples, energy and capital goods. Prior to joining the firm, he served as a portfolio manager for Lion Capital Management in Singapore for six years and as a process analyst for Accenture for one year. He began his career in the investment industry in 1999. Daniel earned a Bachelor of Arts degree, with honors, from Nanyang Technological University in Singapore. He holds the Chartered Financial Analyst (CFA) designation from the CFA Institute.
Annual Rate of Return (%)
As of 12/31/24 | Benchmark: MSCI EAFE (Europe, Australasia, Far East) Index (net div)2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|---|---|---|---|---|
At NAV | 0.02 | 0.30 | 28.02 | -10.66 | 28.40 | 11.10 | 15.16 | -14.83 | 19.04 | 4.14 |
MSCI EAFE (Europe, Australasia, Far East) Index (net div) | -0.81 | 1.00 | 25.03 | -13.79 | 22.01 | 7.82 | 11.26 | -14.45 | 18.24 | 3.82 |
At NAV | MSCI EAFE (Europe, Australasia, Far East) Index (net div) | |
---|---|---|
2024 | 4.14 | 3.82 |
2023 | 19.04 | 18.24 |
2022 | -14.83 | -14.45 |
2021 | 15.16 | 11.26 |
2020 | 11.1 | 7.82 |
2019 | 28.4 | 22.01 |
2018 | -10.66 | -13.79 |
2017 | 28.02 | 25.03 |
2016 | 0.3 | 1.0 |
2015 | 0.02 | -0.81 |
Pricing History
- NAV at Close of Trading on: 05/02/25
- Net Asset Value (NAV): $37.83
-
Change
($) (since
05/01/25
):
-
Change (%) (since
05/01/25
):
- Market Price (MP):
Historical NAV may not be available for all dates.
Historical MP may not be available for all dates.
NAV at Close of Trading on | Net Asset Value (NAV) |
---|
Distributions
Updated Daily As of 05/03/25
Record Date | Ex-Date | Payable Date | Type of Earnings | Rate per Share (US$) | Reinvestment NAV (US$) |
---|---|---|---|---|---|
12/16/24 | 12/17/24 | 12/18/24 | Dividend | 0.49596 | 34.71 |
Largest Sector Weights
Holding Characteristics
characterstics | Equity Earning |
---|---|
Weighted Average Price/Earnings (next 12 months) | 16.19x |
Weighted Average Price/Cash Flow | 12.51x |
Weighted Average Price/Sales | 1.86x |
Weighted Average Price/Book | 2.48x |
Weighted Average IBES Long Term EPS Growth | 10.11% |
Weighted Average Market Cap | $117.0b |
Weighted Median Market Cap | $65.4b |
Number of Issues | 77 |
% in Stocks | 98.76% |
% Cash & Cash Equivalents | 1.24% |
% in Top Ten | 25.03% |
Performance Statistics
10 Yr. | 5 Yr. | 3 Yr. | |
---|---|---|---|
Alpha | 1.92 | 0.77 | 0.83 |
Beta | 0.96 | 0.99 | 1.01 |
R-squared | 95.16 | 95.04 | 95.74 |
Standard Deviation % | 14.95 | 16.41 | 17.24 |
Sharpe Ratio | 0.36 | 0.60 | 0.15 |
Tracking Error | 3.35 | 3.66 | 3.56 |
Information Ratio | 0.53 | 0.18 | 0.24 |
Treynor Ratio | 5.56 | 9.93 | 2.54 |
Top 10 Holdings
- SAP SE
- Air Liquide SA
- Schneider Electric SE
- Deutsche Boerse AG
- Hitachi Ltd
- Roche Holding AG
- Compass Group PLC
- Nestle SA
- Sony Group Corp
- Cie Financiere Richemont SA
Type Of Holdings (%)
Sector Weights (%)
- % Assets
-
Financials
22.57
-
Industrials
19.05
-
Consumer Discretionary
12.40
-
Health Care
12.13
-
Information Technology
10.34
-
Consumer Staples
9.22
-
Materials
6.34
-
Energy
2.71
-
Communication Services
2.45
-
Utilities
1.56
-
Cash & Cash Equivalents
1.24
Region & Country
As of 03/31/25Region & Country | % Assets |
---|---|
10 Countries
|
54.14
|
France
|
17.45
|
Switzerland
|
14.27
|
Germany
|
9.88
|
Italy
|
2.85
|
Denmark
|
2.63
|
Ireland
|
2.34
|
Netherlands
|
1.74
|
Spain
|
1.51
|
Belgium
|
0.77
|
Portugal
|
0.71
|
1 Countries
|
17.11
|
Japan
|
17.11
|
1 Countries
|
12.46
|
United Kingdom
|
12.46
|
4 Countries
|
6.31
|
China
|
2.45
|
Taiwan
|
1.70
|
India
|
1.67
|
South Korea
|
0.50
|
2 Countries
|
4.65
|
Canada
|
3.57
|
United States
|
1.08
|
2 Countries
|
2.82
|
Singapore
|
1.41
|
Hong Kong
|
1.40
|
1 Countries
|
1.26
|
Israel
|
1.26
|
1 Countries
|
1.24
|
Cash & Cash Equivalents
|
1.24
|
By Country |
---|
Top Country Weightings (%)
-
France
17.45
-
Japan
17.11
-
Switzerland
14.27
-
United Kingdom
12.46
-
Germany
9.88
-
Canada
3.57
-
Italy
2.85
-
Denmark
2.63
-
China
2.45
-
Ireland
2.34
Fees
- 0.69 % Net Expense Ratio
- 0.70 % Gross Expense Ratio
- - Maximum Sales Charge
-
Overview
INVESTMENT OBJECTIVE
Seeks capital appreciation.
INVESTMENT FOCUS
A well-diversified portfolio of high-conviction ideas following a growth-at-a-reasonable price style with a quality bias
An investment philosophy based on our belief that stocks trading at a discount to their projected value have a greater potential for multiple expansion
Individual stock selection as the primary source of alpha generation over the long term, due to a focus on seeking to identify high quality, attractively valued companies through our global research platform
Fund Information
- Fund Commencement 01/31/1996
- Net Assets ($ M) As of 03/31/25 $25217.43
- Fiscal Year End JUNE
- Benchmark MSCI EAFE (Europe, Australasia, Far East) Index (net div)
MANAGERS
Top 10 Holdings
As of 03/31/25- SAP SE
- Air Liquide SA
- Schneider Electric SE
- Deutsche Boerse AG
- Hitachi Ltd
- Roche Holding AG
- Compass Group PLC
- Nestle SA
- Sony Group Corp
- Cie Financiere Richemont SA
Filipe Benzinho
Portfolio Manager
18YEARS WITH INDUSTRY9YEARS WITH PORTFOLIO18YEARS WITH INDUSTRY
9YEARS WITH PORTFOLIOFilipe M.G. Benzinho is an investment officer and equity portfolio manager with MFS Investment Management® (MFS®). He is a member of the portfolio management team of the firm's International Equity and International Concentrated strategies, responsible for final buy and sell decisions and portfolio construction as well as risk and cash management. He participates in the research process and strategy discussions. He is based in London. Filipe joined MFS in 2009 and has followed financial, business services and transportation companies. He was named portfolio manager in 2016. He joined the firm from A.T. Kearney, where he worked for three years as a business analyst. He began his career in the financial services industry in 2005. Filipe has an undergraduate degree from Instituto Superior de Ciências do Trabalho e da Empresa and earned a Master of Business Administration degree from Harvard Business School.
Daniel Ling, CFA
Portfolio Manager
26YEARS WITH INDUSTRY16YEARS WITH PORTFOLIO26YEARS WITH INDUSTRY
16YEARS WITH PORTFOLIODaniel T. Ling, CFA, is an investment officer and equity portfolio manager at MFS Investment Management® (MFS®). In this role, he participates in the research process and strategy discussions and is responsible for buy and sell decisions, portfolio construction, risk control and cash management for the firm's diversified core international strategies. He is based in MFS' Singapore office. Daniel joined MFS in 2006 as a global equity research analyst and was later named sector leader for consumer cyclical stocks in addition to covering consumer staples, energy and capital goods. Prior to joining the firm, he served as a portfolio manager for Lion Capital Management in Singapore for six years and as a process analyst for Accenture for one year. He began his career in the investment industry in 1999. Daniel earned a Bachelor of Arts degree, with honors, from Nanyang Technological University in Singapore. He holds the Chartered Financial Analyst (CFA) designation from the CFA Institute.
-
Performance
Average Annual Total ReturnsAnnual Rate of Return
Annual Rate of Return (%)
As of 12/31/24 | Benchmark: MSCI EAFE (Europe, Australasia, Far East) Index (net div)annual rate of return table 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 At NAV 0.02 0.30 28.02 -10.66 28.40 11.10 15.16 -14.83 19.04 4.14 MSCI EAFE (Europe, Australasia, Far East) Index (net div) -0.81 1.00 25.03 -13.79 22.01 7.82 11.26 -14.45 18.24 3.82 At NAV MSCI EAFE (Europe, Australasia, Far East) Index (net div) 2024 4.14 3.82 2023 19.04 18.24 2022 -14.83 -14.45 2021 15.16 11.26 2020 11.1 7.82 2019 28.4 22.01 2018 -10.66 -13.79 2017 28.02 25.03 2016 0.3 1.0 2015 0.02 -0.81 Pricing & DistributionsPricing History
- NAV at Close of Trading on: 05/02/25
- Net Asset Value (NAV): $37.83
-
Change
($) (since
05/01/25
):
-
Change (%) (since
05/01/25
):
- Market Price (MP):
Historical 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.
Historical Exit Price TableNAV at Close of Trading on Net Asset Value (NAV) No Data AvailableDistributions
Updated Daily As of 05/03/25
Record Date Ex-Date Payable Date Type of Earnings Rate per Share (US$) Reinvestment NAV (US$) 12/16/24 12/17/24 12/18/24 Dividend 0.49596 34.71 -
Portfolio & Holdings Information
Sector, Holding & Characterstics
Largest Sector Weights
As of 03/31/25Holding Characteristics
As of 03/31/25Data table of holding characteristics characterstics Equity Earning Weighted Average Price/Earnings (next 12 months) 16.19x Weighted Average Price/Cash Flow 12.51x Weighted Average Price/Sales 1.86x Weighted Average Price/Book 2.48x Weighted Average IBES Long Term EPS Growth 10.11% Weighted Average Market Cap $117.0b Weighted Median Market Cap $65.4b Number of Issues 77 % in Stocks 98.76% % Cash & Cash Equivalents 1.24% % in Top Ten 25.03% Performance Statistics
Updated Monthly As of 03/31/25BenchmarkMSCI EAFE (Europe, Australasia, Far East) Index (net div)Performance Statistics Table 10 Yr. 5 Yr. 3 Yr. Alpha 1.92 0.77 0.83 Beta 0.96 0.99 1.01 R-squared 95.16 95.04 95.74 Standard Deviation % 14.95 16.41 17.24 Sharpe Ratio 0.36 0.60 0.15 Tracking Error 3.35 3.66 3.56 Information Ratio 0.53 0.18 0.24 Treynor Ratio 5.56 9.93 2.54 Top 10 Holdings
As of 03/31/25- SAP SE
- Air Liquide SA
- Schneider Electric SE
- Deutsche Boerse AG
- Hitachi Ltd
- Roche Holding AG
- Compass Group PLC
- Nestle SA
- Sony Group Corp
- Cie Financiere Richemont SA
Type Of Holdings (%)
As of 03/31/25Sector Weights (%)
As of 03/31/25- % Assets
-
Financials
22.57
-
Industrials
19.05
-
Consumer Discretionary
12.40
-
Health Care
12.13
-
Information Technology
10.34
-
Consumer Staples
9.22
-
Materials
6.34
-
Energy
2.71
-
Communication Services
2.45
-
Utilities
1.56
-
Cash & Cash Equivalents
1.24
Region & CountryRegion & Country
As of 03/31/25Region & Country Table Region & Country % Assets 10 Countries54.14France17.45Switzerland14.27Germany9.88Italy2.85Denmark2.63Ireland2.34Netherlands1.74Spain1.51Belgium0.77Portugal0.711 Countries17.11Japan17.111 Countries12.46United Kingdom12.464 Countries6.31China2.45Taiwan1.70India1.67South Korea0.502 Countries4.65Canada3.57United States1.082 Countries2.82Singapore1.41Hong Kong1.401 Countries1.26Israel1.261 Countries1.24Cash & Cash Equivalents1.24By Country Table By Country Top Country Weightings (%)
As of 03/31/25-
France
17.45
-
Japan
17.11
-
Switzerland
14.27
-
United Kingdom
12.46
-
Germany
9.88
-
Canada
3.57
-
Italy
2.85
-
Denmark
2.63
-
China
2.45
-
Ireland
2.34
-
Fees
Fees
- 0.69 % Net Expense Ratio
- 0.70 % Gross Expense Ratio
- - Maximum Sales Charge
- Resources