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 beliefs 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
Strategy Information
- Strategy Commencement 03/01/1996
- Benchmark MSCI EAFE (Europe, Australasia, Far East) Index (net div)
Managers
Effective June 30, 2026, Daniel Ling will retire from MFS and relinquish his portfolio management responsibilities.
Top 10 Holdings
As of 04/30/25
- SAP SE ADR
- Air Liquide SA ADR
- Compass Group PLC ADR
- Schneider Electric SE ADR
- Deutsche Boerse AG ADR
- Hitachi Ltd ADR
- Roche Holding AG ADR
- Cie Financiere Richemont SA ADR
- Nestle SA ADR
- Experian PLC 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.
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.
Harry Purcell
Portfolio Manager
Harry Purcell is an investment officer and equity portfolio manager for the Emerging Markets Equity strategy 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. He is based in Singapore. Harry joined MFS in 2012 as an equity research analyst and assumed his current role in 2017. Before that, he cofounded and served as a portfolio manager at Zedd Capital for three years. He previously held portfolio management roles at CQS Management Limited and Tribeca Global Investments (part of Citigroup). He also spent seven years at F&C Management Ltd., holding the roles of both pan-European fund manager and head of global technology research. He began his career in the financial services industry in 1998. Harry earned both a Bachelor of Arts degree and a master's degree in Japanese studies from the University of Oxford.
Jed Stocks, CFA
Portfolio Manager
Jed Stocks, CFA, is an investment officer and equity portfolio manager at MFS Investment Management® (MFS®). He is a member of the portfolio management team responsible for the firm's Blended research, low volatility and other quantitatively managed equity strategies. In this role, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. He also participates in the quantitative research process and strategy discussions. Jed began his career in the financial services industry as a teleservices representative for MFS in 1999 and later rejoined the firm in 2001. He became a quantitative research associate in 2002 and was named a quantitative research analyst in 2005 before assuming his current role in 2015. Jed earned a Bachelor of Science degree in finance from Lehigh University. He holds the Chartered Financial Analyst (CFA) designation.
Brett Fleishman
Institutional Portfolio Manager
Brett Fleishman is an investment officer and institutional portfolio manager at MFS Investment Management® (MFS®). In his role, he participates in the research process and strategy discussions and communicates investment policy, strategy and positioning to clients. He also assesses portfolio risk, customizes portfolios to client objectives and guidelines and manages daily cash flows. Brett joined MFS in 2001 as an equity research analyst. He assumed his current duties in 2008. Prior to joining the firm, he served for two years as a senior consultant for Ernst & Young LLP and spent two years as a research analyst for Industrial Economics, Inc. Brett earned a Master of Business Administration degree from the University of Pennsylvania's Wharton School and holds a Bachelor of Arts degree from Brandeis University, Phi Beta Kappa, magna cum laude.
Chris Sunderland
Institutional Portfolio Manager
Chris Sunderland is an investment officer and institutional portfolio manager at MFS Investment Management® (MFS®). 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. He is also responsible for communicating investment policy, strategy, and positioning.
Prior to joining MFS in 2015, Chris was a vice president of Eaton Vance Management, director of product and portfolio strategy for equity mandates and an institutional portfolio manager for Eaton Vance's broad suite of equity investment strategies, including US Large Cap Value, Hexavest Global and International Equity, Parametric Emerging Markets and the Richard Bernstein Advisors strategies. Previously, he was affiliated with AXA Investment Managers, where he served as an institutional portfolio manager. Before that, he served as a senior portfolio manager with State Street Global Advisors, where he was responsible for managing U.S. Large-Cap Core and Growth equity strategies. He began his career in the financial services industry at State Street Bank in 1990.
Chris earned a Bachelor of Science degree in finance from Babson College and a Master of Business Administration degree from the F.W. Olin School of Business at Babson College. His commentary has appeared in Institutional Investor, Boston Business Journal, FundFire, Ignites, Bloomberg TV, Fox Business News and the Business News Network.
Performance
Average Annual Total Returns (%)
As of 03/31/25
(*YTD Updated Monthly, As of 05/31/25 , 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.
This SMA strategy is implemented through a wrap sponsor program for retail investors. Prior to 1/1/2022 no portfolios were managed under this strategy. Performance shown includes that of a separate but substantially similar strategy with certain differences in implementation designed for institutional clients investing directly with MFS.
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: MSCI EAFE (Europe, Australasia, Far East) Index (net div)
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross of Fees | 0.50 | 0.83 | 28.87 | -10.18 | 29.33 | 11.76 | 16.01 | -14.23 | 19.93 | 5.03 |
| Net of Fees | -2.48 | -2.15 | 25.14 | -12.87 | 25.58 | 8.47 | 12.62 | -16.81 | 16.43 | 1.93 |
| 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 | 5.03 | 3.82 |
| 2023 | 19.93 | 18.24 |
| 2022 | -14.23 | -14.45 |
| 2021 | 16.01 | 11.26 |
| 2020 | 11.76 | 7.82 |
| 2019 | 29.33 | 22.01 |
| 2018 | -10.18 | -13.79 |
| 2017 | 28.87 | 25.03 |
| 2016 | 0.83 | 1.0 |
| 2015 | 0.5 | -0.81 |
Past performance is no guarantee of future results.
Net numbers assume a maximum wrap fee of 3% annually.
-
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 beliefs 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
Strategy Information
- Strategy Commencement 03/01/1996
- Benchmark MSCI EAFE (Europe, Australasia, Far East) Index (net div)
Managers
Effective June 30, 2026, Daniel Ling will retire from MFS and relinquish his portfolio management responsibilities.
Top 10 Holdings
As of 04/30/25
- SAP SE ADR
- Air Liquide SA ADR
- Compass Group PLC ADR
- Schneider Electric SE ADR
- Deutsche Boerse AG ADR
- Hitachi Ltd ADR
- Roche Holding AG ADR
- Cie Financiere Richemont SA ADR
- Nestle SA ADR
- Experian PLC 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.
Filipe Benzinho
Portfolio Manager
18YEARS WITH INDUSTRY
1YEAR 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 INDUSTRY
1YEAR 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.
Harry Purcell
Portfolio Manager
27YEARS WITH INDUSTRY
1YEAR WITH PORTFOLIOHarry Purcell is an investment officer and equity portfolio manager for the Emerging Markets Equity strategy 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. He is based in Singapore. Harry joined MFS in 2012 as an equity research analyst and assumed his current role in 2017. Before that, he cofounded and served as a portfolio manager at Zedd Capital for three years. He previously held portfolio management roles at CQS Management Limited and Tribeca Global Investments (part of Citigroup). He also spent seven years at F&C Management Ltd., holding the roles of both pan-European fund manager and head of global technology research. He began his career in the financial services industry in 1998. Harry earned both a Bachelor of Arts degree and a master's degree in Japanese studies from the University of Oxford.
Jed Stocks, CFA
Portfolio Manager
26YEARS WITH INDUSTRY
1YEAR WITH PORTFOLIOJed Stocks, CFA, is an investment officer and equity portfolio manager at MFS Investment Management® (MFS®). He is a member of the portfolio management team responsible for the firm's Blended research, low volatility and other quantitatively managed equity strategies. In this role, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. He also participates in the quantitative research process and strategy discussions. Jed began his career in the financial services industry as a teleservices representative for MFS in 1999 and later rejoined the firm in 2001. He became a quantitative research associate in 2002 and was named a quantitative research analyst in 2005 before assuming his current role in 2015. Jed earned a Bachelor of Science degree in finance from Lehigh University. He holds the Chartered Financial Analyst (CFA) designation.
Brett Fleishman
Institutional Portfolio Manager
28YEARS WITH INDUSTRY
1YEAR WITH PORTFOLIOBrett Fleishman is an investment officer and institutional portfolio manager at MFS Investment Management® (MFS®). In his role, he participates in the research process and strategy discussions and communicates investment policy, strategy and positioning to clients. He also assesses portfolio risk, customizes portfolios to client objectives and guidelines and manages daily cash flows. Brett joined MFS in 2001 as an equity research analyst. He assumed his current duties in 2008. Prior to joining the firm, he served for two years as a senior consultant for Ernst & Young LLP and spent two years as a research analyst for Industrial Economics, Inc. Brett earned a Master of Business Administration degree from the University of Pennsylvania's Wharton School and holds a Bachelor of Arts degree from Brandeis University, Phi Beta Kappa, magna cum laude.
Chris Sunderland
Institutional Portfolio Manager
35YEARS WITH INDUSTRY
1YEAR WITH PORTFOLIOChris Sunderland is an investment officer and institutional portfolio manager at MFS Investment Management® (MFS®). 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. He is also responsible for communicating investment policy, strategy, and positioning.
Prior to joining MFS in 2015, Chris was a vice president of Eaton Vance Management, director of product and portfolio strategy for equity mandates and an institutional portfolio manager for Eaton Vance's broad suite of equity investment strategies, including US Large Cap Value, Hexavest Global and International Equity, Parametric Emerging Markets and the Richard Bernstein Advisors strategies. Previously, he was affiliated with AXA Investment Managers, where he served as an institutional portfolio manager. Before that, he served as a senior portfolio manager with State Street Global Advisors, where he was responsible for managing U.S. Large-Cap Core and Growth equity strategies. He began his career in the financial services industry at State Street Bank in 1990.
Chris earned a Bachelor of Science degree in finance from Babson College and a Master of Business Administration degree from the F.W. Olin School of Business at Babson College. His commentary has appeared in Institutional Investor, Boston Business Journal, FundFire, Ignites, Bloomberg TV, Fox Business News and the Business News Network. -
Performance
Performance
Average Annual Total ReturnsAverage Annual Total Returns (%)
Monthly | QuarterlyAs of 03/31/25
(*YTD Updated Monthly, As of 05/31/25 , subject to revision and not annualized.)MORNINGSTAR RATINGImportant Performance Information
Past performance is no guarantee of future results.
Net numbers assume a maximum wrap fee of 3% annually.
This SMA strategy is implemented through a wrap sponsor program for retail investors. Prior to 1/1/2022 no portfolios were managed under this strategy. Performance shown includes that of a separate but substantially similar strategy with certain differences in implementation designed for institutional clients investing directly with MFS.
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: MSCI EAFE (Europe, Australasia, Far East) Index (net div)
annual rate of return table 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Gross of Fees 0.50 0.83 28.87 -10.18 29.33 11.76 16.01 -14.23 19.93 5.03 Net of Fees -2.48 -2.15 25.14 -12.87 25.58 8.47 12.62 -16.81 16.43 1.93 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 5.03 3.82 2023 19.93 18.24 2022 -14.23 -14.45 2021 16.01 11.26 2020 11.76 7.82 2019 29.33 22.01 2018 -10.18 -13.79 2017 28.87 25.03 2016 0.83 1.0 2015 0.5 -0.81 Past performance is no guarantee of future results.
Net numbers assume a maximum wrap fee of 3% annually.