Investment Objective
Seeks capital appreciation and reasonable income by investing primarily in attractively valued non-U.S. equities.
Investment Focus
Traditional international value strategy focusing on investing in large-cap, high-quality, attractively valued companies
We have a keen focus on downside risk management in all market environments
We use a long-term investment time horizon and employ a flexible valuation approach, placing a heavy emphasis on cash flow and returns-based methodologies
Strategy Information
- Strategy Commencement 04/01/2020
-
Benchmark
MSCI EAFE (Europe, Australasia, Far East) Index measures the non-US stock market.MSCI EAFE (Europe, Australasia, Far East) Value Index (net div)
Managers
Top 10 Holdings
As of 02/28/26
- NatWest Group PLC ADR
- BNP Paribas SA ADR
- Barclays PLC ADR
- National Grid PLC ADR
- Roche Holding AG ADR
- British American Tobacco PLC ADR
- UBS Group AG
- TotalEnergies SE
- Mitsubishi Electric Corp ADR
- Toronto-Dominion Bank
Important Risk Considerations
The portfolio's performance could be more volatile than the performance of more diversified portfolios.
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.
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.
Steven Gorham, CFA
Portfolio Manager
Steven R. Gorham, CFA, is an investment officer and portfolio manager at MFS Investment Management® (MFS®). As a member of the portfolio management teams for the firm's Value and Global Balanced portfolios, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management, and he participates in the research process and strategy discussions. He also serves on the MFS Global Equity Management team. Steve joined MFS in 1989 as a teleservices representative and became a member of the Financial Advisor Division sales desk in 1991. He joined the equity research department in 1992 and became a research analyst in 1993 before being named portfolio manager in 2000. He also previously served as director of Equity -- North America from 2016 to 2019. Steve is a graduate of the University of New Hampshire and has a Master of Business Administration degree from Boston College. He is a member of The Boston Security Analysts Society and holds the Chartered Financial Analyst (CFA) designation.
David Shindler
Portfolio Manager
David S. Shindler is an equity portfolio manager at MFS Investment Management® (MFS®). In his role, he is responsible for final buy and sell decisions, portfolio construction, managing risk, and overseeing cash management. He participates in the research process and strategy discussions. David joined MFS in 2006 as an equity research analyst after participating in the firm's summer MBA internship program in 2005. From 2012 to 2017, he held the position of director of research, Canada. He was named portfolio manager for the Canadian Equity Value strategy from 2013 to 2017, portfolio manager -- UK Equity strategy from 2017 to 2024, served as director of research, Europe from 2019 to 2020 and assumed his co-CIO for Europe title in 2020 to 2025. Prior to joining the firm, he spent three years as a consultant at the Bridgespan Group and two years as an associate consultant at Bain & Company. David earned an MA (Cantab) degree in political science from the University of Cambridge and a Master of Business Administration degree from Dartmouth College.
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.
Nicholas Paul, CFA
Institutional Portfolio Manager
Nicholas J. Paul, CFA, is an investment officer and equity portfolio manager at MFS Investment Management® (MFS®). Nicholas serves as a portfolio manager for the International Diversification and International Research strategies. He also serves as an institutional portfolio manager and member of the following portfolio management teams: International Large Cap Value Equity, Global Small-Mid Cap Equity and European Smaller Companies. 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. Nicholas joined MFS in 2010. He served as an investment product specialist before becoming an institutional portfolio manager in 2018 and being named portfolio manager in 2022. Prior to joining MFS, he spent nine years at Putnam Investments as a vice president and investment product manager. He began his career in financial services in 1999. Nicholas earned a bachelor's degree from West Virginia University and a Master of Business Administration degree with honors from Boston College's Carroll School of Management. He is a CFA charter holder and a member of the Boston Security Analysts Society.
Performance
Average Annual Total Returns (%)
As of 12/31/25
(*YTD Updated Monthly, As of 02/28/26 , 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.
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 (%)
As of 12/31/25
|Benchmark: MSCI EAFE (Europe, Australasia, Far East) Value Index (net div)
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Gross of Fees | 15.64 | -8.24 | 16.92 | 7.46 | 38.96 |
| Net of Fees | 12.26 | -10.98 | 13.50 | 4.30 | 34.96 |
| MSCI EAFE (Europe, Australasia, Far East) Value Index (net div) | 10.89 | -5.58 | 18.95 | 5.68 | 42.25 |
| at NAV | MSCI EAFE (Europe, Australasia, Far East) Value Index (net div) | |
|---|---|---|
| 2025 | 38.96 | 42.25 |
| 2024 | 7.46 | 5.68 |
| 2023 | 16.92 | 18.95 |
| 2022 | -8.24 | -5.58 |
| 2021 | 15.64 | 10.89 |
Past performance is no guarantee of future results.
Net numbers assume a maximum wrap fee of 3% annually.
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Overview
Investment Objective
Seeks capital appreciation and reasonable income by investing primarily in attractively valued non-U.S. equities.
Investment Focus
Traditional international value strategy focusing on investing in large-cap, high-quality, attractively valued companies
We have a keen focus on downside risk management in all market environments
We use a long-term investment time horizon and employ a flexible valuation approach, placing a heavy emphasis on cash flow and returns-based methodologies
Strategy Information
- Strategy Commencement 04/01/2020
-
Benchmark
MSCI EAFE (Europe, Australasia, Far East) Index measures the non-US stock market.MSCI EAFE (Europe, Australasia, Far East) Value Index (net div)
Managers
![David Shindler]()
![Jed Stocks, CFA]()
![Nicholas Paul, CFA]()
Top 10 Holdings
As of 02/28/26
- NatWest Group PLC ADR
- BNP Paribas SA ADR
- Barclays PLC ADR
- National Grid PLC ADR
- Roche Holding AG ADR
- British American Tobacco PLC ADR
- UBS Group AG
- TotalEnergies SE
- Mitsubishi Electric Corp ADR
- Toronto-Dominion Bank
Important Risk Considerations
The portfolio's performance could be more volatile than the performance of more diversified portfolios.
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.
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.
Steven Gorham, CFA
Portfolio Manager
37YEARS WITH INDUSTRY
1YEAR WITH PORTFOLIOSteven R. Gorham, CFA, is an investment officer and portfolio manager at MFS Investment Management® (MFS®). As a member of the portfolio management teams for the firm's Value and Global Balanced portfolios, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management, and he participates in the research process and strategy discussions. He also serves on the MFS Global Equity Management team. Steve joined MFS in 1989 as a teleservices representative and became a member of the Financial Advisor Division sales desk in 1991. He joined the equity research department in 1992 and became a research analyst in 1993 before being named portfolio manager in 2000. He also previously served as director of Equity -- North America from 2016 to 2019. Steve is a graduate of the University of New Hampshire and has a Master of Business Administration degree from Boston College. He is a member of The Boston Security Analysts Society and holds the Chartered Financial Analyst (CFA) designation.
David Shindler
Portfolio Manager
25YEARS WITH INDUSTRY
1YEAR WITH PORTFOLIODavid S. Shindler is an equity portfolio manager at MFS Investment Management® (MFS®). In his role, he is responsible for final buy and sell decisions, portfolio construction, managing risk, and overseeing cash management. He participates in the research process and strategy discussions. David joined MFS in 2006 as an equity research analyst after participating in the firm's summer MBA internship program in 2005. From 2012 to 2017, he held the position of director of research, Canada. He was named portfolio manager for the Canadian Equity Value strategy from 2013 to 2017, portfolio manager -- UK Equity strategy from 2017 to 2024, served as director of research, Europe from 2019 to 2020 and assumed his co-CIO for Europe title in 2020 to 2025. Prior to joining the firm, he spent three years as a consultant at the Bridgespan Group and two years as an associate consultant at Bain & Company. David earned an MA (Cantab) degree in political science from the University of Cambridge and a Master of Business Administration degree from Dartmouth College.
Jed Stocks, CFA
Portfolio Manager
27YEARS 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.
Nicholas Paul, CFA
Institutional Portfolio Manager
27YEARS WITH INDUSTRY
1YEAR WITH PORTFOLIONicholas J. Paul, CFA, is an investment officer and equity portfolio manager at MFS Investment Management® (MFS®). Nicholas serves as a portfolio manager for the International Diversification and International Research strategies. He also serves as an institutional portfolio manager and member of the following portfolio management teams: International Large Cap Value Equity, Global Small-Mid Cap Equity and European Smaller Companies. 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. Nicholas joined MFS in 2010. He served as an investment product specialist before becoming an institutional portfolio manager in 2018 and being named portfolio manager in 2022. Prior to joining MFS, he spent nine years at Putnam Investments as a vice president and investment product manager. He began his career in financial services in 1999. Nicholas earned a bachelor's degree from West Virginia University and a Master of Business Administration degree with honors from Boston College's Carroll School of Management. He is a CFA charter holder and a member of the Boston Security Analysts Society.
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Performance
Performance
Average Annual Total ReturnsAverage Annual Total Returns (%)
Monthly | QuarterlyAs of 12/31/25
(*YTD Updated Monthly, As of 02/28/26 , 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.
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 (%)
As of 12/31/25
|Benchmark: MSCI EAFE (Europe, Australasia, Far East) Value Index (net div)
annual rate of return table 2021 2022 2023 2024 2025 Gross of Fees 15.64 -8.24 16.92 7.46 38.96 Net of Fees 12.26 -10.98 13.50 4.30 34.96 MSCI EAFE (Europe, Australasia, Far East) Value Index (net div) 10.89 -5.58 18.95 5.68 42.25 at NAV MSCI EAFE (Europe, Australasia, Far East) Value Index (net div) 2025 38.96 42.25 2024 7.46 5.68 2023 16.92 18.95 2022 -8.24 -5.58 2021 15.64 10.89 Past performance is no guarantee of future results.
Net numbers assume a maximum wrap fee of 3% annually.