The term "prudent investor" can suggest different meanings to different investors and the use of the term "prudent investor" in the fund's name is not meant to suggest the fund will follow a specific investment strategy other than the principal investment strategies disclosed in the fund's prospectus.
Prospectus
Fact Sheet
FPPJX
Effective Date 02/29/24 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.
$
11.35
$0.00
As of04/17/24
$36M
As of 03/31/24
Prudent Investor Fund
FPPJX
Effective Date 02/29/24 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
|
$0.00
As of04/17/24
As of 03/31/24
FPPJX
Effective Date 02/29/24 The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the mutual fund analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Morningstar's analysts use this five-pillar evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating ultimately reflects the analysts' overall assessment and is overseen by Morningstar's Analyst Rating Committee. The approach serves not as a formula but as a framework to ensure consistency across Morningstar's global coverage universe. The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A fund with a “Gold” rating distinguishes itself across the five pillars and has garnered the analysts' highest level of conviction. A fund with a "Silver" rating distinguishes itself with advantages that outweigh the disadvantages across the five pillars and with sufficient level of analyst conviction to warrant a positive rating. A Fund with a "Bronze" rating distinguishes itself with notable advantages across several, but perhaps not all, of the five pillars—strengths that give the analysts a high level of conviction. Analyst Ratings are reevaluated at least every 14 months.
Ability to invest in cash, cash equivalents and derivatives to manage market exposure and downside risk
Concentrated portfolio of global stocks and bonds; unfettered by benchmark constraints
Invest with a long-term focus, with an emphasis on absolute, not relative value
Fund Information
Fund Commencement
01/18/18
Net Assets
($
M)
As of 03/31/24
$36.05
Fiscal Year End
JUNE
Benchmark
MSCI World Index measures stock markets in the developed world.
MSCI World Index (net div)
Share Class Information
Class Inception
01/18/18
Net Asset Value (NAV)
As of 04/17/24
$11.35
Most Recent NAV Change
As of 04/17/24
$0.00
|
0.00%
Fund Number
1869
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.
1.64%
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 10/31/24
Effective April 30, 2024, Barnaby Wiener will retire as Portfolio Manager of the fund.
Fund Positioning (%)
As of
03/31/24
Active Security Selection
Derivative Positions 1
Net Exposure
Equity
49.85%
48.68%
Gold Related Investments
1.78%
Hedges*
-2.95%
Debt Instruments, excluding Short-Term Government Securities
22.06%
22.06%
Cash, Cash Equivalents, and Short-Term Government Securities2
25.84%
Other3
3.42%
Total Net Exposure Summary
100.00%
1
Market exposure of derivative position utilized to adjust fund market exposure.
3Other. Other consists of: (i) currency derivatives and/or (ii) any derivative offsets.
*Short positions, unlike long positions, lose value if the underlying asset gains value.
Important Risk Considerations
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.
Bond: Investments in debt instruments may decline in value as the result of, or perception of, declines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall). Therefore, the portfolio's value may decline during rising rates. Portfolios that consist of debt instruments with longer durations are generally more sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of the market may not have an active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type of investment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity.
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.
Derivatives: Investments in derivatives can be used to take both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk.
Value: 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.
Growth: Investments in growth companies can be more sensitive to the company's earnings and more volatile than the stock market in general.
High Yield: Investments in below investment grade quality debt instruments can be more volatile and have greater risk of default, or already be in default, than higher-quality debt instruments.
Strategy: There is no assurance that the portfolio will achieve a positive rate of return or have lower volatility than the global equity markets, as represented by the MSCI World Index, over the long term or for any year or period of years. In addition, the strategies MFS may implement to limit the portfolio's exposure to certain extreme market events may not work as intended, and the costs associated with such strategies will reduce the portfolio's returns. It is expected that the portfolio will generally underperform the equity markets during periods of strong, rising equity markets.
Please see the prospectus for further information on these and other risk considerations.
David Cole, CFA
Portfolio Manager
30
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
30
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
David P. Cole, CFA, is an investment officer of MFS Investment Management® (MFS®). He is also a co-portfolio manager of the firm's high-yield portfolios.
David joined MFS in 2004 after working for five years as a high-yield analyst for Franklin Templeton Investments. Before that, he served as a financial economist/Treasury market analyst for Thomson Financial Services and an economist for Standard and Poor's.
David has a bachelor's degree from Cornell University and an MBA from University of California, Berkeley. He holds the Chartered Financial Analyst (CFA) designation.
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.
Shanti Das-Wermes
Portfolio Manager
17
YEARS WITH INDUSTRY
2
YEARS WITH PORTFOLIO
17
YEARS WITH INDUSTRY
2
YEARS WITH PORTFOLIO
Shanti Das-Wermes is an investment officer, equity research analyst, sector leader and portfolio manager at MFS Investment Management® (MFS®). As an analyst, he is responsible for identifying the most attractive investment opportunities in his assigned universe and works closely with portfolio managers to ensure investment ideas are properly positioned within MFS portfolios. Within the Prudent strategies, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. He is based in London.
Shanti joined MFS in 2011 after participating in the firm's MBA analyst intern program. He assumed international financial sector leadership in 2019 and assumed portfolio manager responsibilities in 2022. Prior analyst coverage included consumer staples, building materials & infrastructure, telecoms & cable as well as banks and diversified financials. He was previously an associate with Audax Private Equity for two years and served as a business analyst at McKinsey & Company for two years.
Shanti attended the London School of Economics and earned a Summa Cum Laude Bachelor of Arts degree in Economics and Political Science from Indiana University and a Master of Business Administration degree from Harvard Business School.
Edward Dearing
Portfolio Manager
16
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
16
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
Edward J. Dearing is an investment officer and equity portfolio manager at MFS Investment Management (MFS). In this role, he is responsible for final buy and sell decisions, portfolio construction, risk and cash management. He also participates in the research process and strategy discussions. He is based in London.
Edward joined MFS in 2014 as an equity research analyst and took on portfolio management responsibilities for the firm's Prudent Capital strategy in 2018. Prior to joining the firm, he worked at Deutsche Bank AG. Before that, he worked for three years as an attorney with Covington & Burling LLP and for three years at Clifford Chance LLP.
Edward earned his Master of Arts degree in Law with honors from Cambridge University and a Master of Business Administration degree from the London Business School.
Barnaby Wiener
Portfolio Manager
30
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
30
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
Barnaby Wiener is an investment officer and equity portfolio manager and the head of sustainability and stewardship for MFS Investment Management® (MFS®). He manages the firm's Prudent Wealth, Prudent Capital and Prudent Investor strategies and serves as a portfolio manager on the firm's Managed Wealth strategy, an alternative strategy run by a committee of the firm's portfolio managers. He is also responsible for continuing to integrate sustainability across our investment platform. He is based in London.
Barnaby joined the firm as a research analyst in 1998. He assumed portfolio management duties in 2003 and took on the head of sustainability and stewardship role in 2020. He also served as director of European research from 2003 to 2010. Prior to joining the firm, he was an equity research analyst at both Merrill Lynch and Crédit Lyonnais. Before that, he served as a captain in the British Army.
Barnaby is a graduate of Ampleforth College and Oxford University.
These results represent the percent change in net asset value.
Monthly|QuarterlyAs of
03/31/24
(*YTD Updated
Daily,
As of 04/17/24 , 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 03/31/24 Class I Shares
Morningstar Moderate Allocation
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: MSCI World Index (net div)
annual rate of return table
2019
2020
2021
2022
2023
At NAV
14.24
11.21
1.89
-13.77
15.44
MSCI World Index (net div)
27.67
15.90
21.82
-18.14
23.79
At NAV
MSCI World Index (net div)
2023
15.44
23.79
2022
-13.77
-18.14
2021
1.89
21.82
2020
11.21
15.9
2019
14.24
27.67
Pricing & Distributions
Pricing History
NAV at Close of Trading on:
04/17/24
Net Asset Value (NAV):
$11.35
Change ($) (since
04/16/24
):
0.00
Change (%) (since
04/16/24
):
0.00
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
Distributions
The Record Date is the date on which a fund declares a distribution. To receive the distribution, an investor must be a shareholder of record on that date.
The Payable Date is the date on which the distribution is paid to shareholders.
Dividend Rate per Share is the amount of dividend that a shareholder will receive for each share held. It can be calculated by taking the total amount of dividends paid and dividing it by the total shares outstanding.
Dividend Reinvestment at NAV is the automatic reinvestment of shareholder dividends in more shares at net asset value.
Ex-Dividend Date is the date on which a fund goes ex-dividend. The interval between the announcement and the payment of the next dividend. An investor must own the fund before the ex-dividend date to be eligible for the dividend payout.
Long-term Capital Gain
The gain on the sale of a capital asset where the holding period was more than 12 months and the profit was subject to the long-term capital gains tax.
(Source: Barron's Dictionary of Finance and Investment Terms)
Short-term Capital Gain
For tax purposes the profit realized from the sale of securities or other capital assets held for less than 12 months. Short-term gains are taxable at ordinary income rates to the extent they are not reduced by offsetting capital losses.
(Source: Barron's Dictionary of Finance and Investment Terms)
Updated Daily As of
04/18/24
Record Date
Ex-Date
Payable Date
Type of Earnings
Rate per Share (US$)
Reinvestment NAV (US$)
12/11/23
12/12/23
12/13/23
Dividend
0.21643
11.17
Past performance is no guarantee of future results. Please consult your tax advisor for further information.
Portfolio & Holdings Information
Portfolio characteristic data are based on unaudited net assets.
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
03/31/24
Benchmark
MSCI World Index (net div)
Performance Statistics Table
10 Yr.
5 Yr.
3 Yr.
Alpha
n/a
-0.25
-2.83
Beta
n/a
0.35
0.52
R-squared
n/a
59.26
82.90
Standard Deviation %
n/a
8.22
9.70
Sharpe Ratio
n/a
0.25
-0.10
Tracking Error
n/a
12.86
9.14
Information Ratio
n/a
-0.62
-0.75
Treynor Ratio
n/a
5.90
-1.81
Downside Capture %
n/a
41.32
56.64
Upside Capture %
n/a
38.18
45.65
Fund Positioning (%)
As of
03/31/24
Active Security Selection
Derivative Positions 1
Net Exposure
Equity
49.85%
48.68%
Gold Related Investments
1.78%
Hedges*
-2.95%
Debt Instruments, excluding Short-Term Government Securities
22.06%
22.06%
Cash, Cash Equivalents, and Short-Term Government Securities2
25.84%
Other3
3.42%
Total Net Exposure Summary
100.00%
1
Market exposure of derivative position utilized to adjust fund market exposure.
2
Cash & Cash Equivalents includes any cash, investments in money market funds, and/or other assets less liabilities. The total also includes investments in short term securities (including short-term governments securities).
3Other. Other consists of: (i) currency derivatives and/or (ii) any derivative offsets.
Top 10 Holdings
As of
03/31/24
US Treasury Note 3% JUN 30 24
US Treasury Note 4.25% SEP 30 24
US Treasury Note 4.25% DEC 31 24
US Treasury Inflation Indexed Bonds 2.375% JAN 15 25
US Treasury Inflation Indexed Bonds 0.125% APR 15 27
Alphabet Inc Class A
Samsung Electronics Co Ltd
Amadeus IT Group SA
LEG Immobilien SE
US Treasury Note 3.875% MAR 31 25
Top 10 Equity Holdings
As of
03/31/24
Alphabet Inc Class A
Samsung Electronics Co Ltd
Amadeus IT Group SA
LEG Immobilien SE
Booking Holdings Inc
Knorr-Bremse AG
Heineken Holding NV
Sage Group PLC/The
Safran SA
Nintendo Co Ltd
Top 10 Fixed Income Holdings
As of
03/31/24
US Treasury Note 3% JUN 30 24
US Treasury Note 4.25% SEP 30 24
US Treasury Note 4.25% DEC 31 24
US Treasury Inflation Indexed Bonds 2.375% JAN 15 25
US Treasury Inflation Indexed Bonds 0.125% APR 15 27
US Treasury Note 3.875% MAR 31 25
US Treasury Inflation Indexed Bonds 1.625% OCT 15 27
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
0.99% 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 10/31/24
1.64% 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.
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. Read it carefully.
MFS registered investment products are offered through MFS® Fund Distributors, Inc., 111 Huntington Avenue, Boston, MA 02199.
Ability to invest in cash, cash equivalents and derivatives to manage market exposure and downside risk
Concentrated portfolio of global stocks and bonds; unfettered by benchmark constraints
Invest with a long-term focus, with an emphasis on absolute, not relative value
Fund Information
Fund Commencement
01/18/18
Net Assets
($
M)
As of 03/31/24
$36.05
Fiscal Year End
JUNE
Benchmark
MSCI World Index measures stock markets in the developed world.
MSCI World Index (net div)
Share Class Information
Class Inception
01/18/18
Net Asset Value (NAV)
As of 04/17/24
$11.35
Most Recent NAV Change
As of 04/17/24
$0.00
|
0.00%
Fund Number
1869
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.
1.64%
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 10/31/24
Effective April 30, 2024, Barnaby Wiener will retire as Portfolio Manager of the fund.
Fund Positioning (%)
As of
03/31/24
Active Security Selection
Derivative Positions 1
Net Exposure
Equity
49.85%
48.68%
Gold Related Investments
1.78%
Hedges*
-2.95%
Debt Instruments, excluding Short-Term Government Securities
22.06%
22.06%
Cash, Cash Equivalents, and Short-Term Government Securities2
25.84%
Other3
3.42%
Total Net Exposure Summary
100.00%
1
Market exposure of derivative position utilized to adjust fund market exposure.
3Other. Other consists of: (i) currency derivatives and/or (ii) any derivative offsets.
*Short positions, unlike long positions, lose value if the underlying asset gains value.
Important Risk Considerations
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.
Bond: Investments in debt instruments may decline in value as the result of, or perception of, declines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall). Therefore, the portfolio's value may decline during rising rates. Portfolios that consist of debt instruments with longer durations are generally more sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of the market may not have an active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type of investment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity.
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.
Derivatives: Investments in derivatives can be used to take both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk.
Value: 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.
Growth: Investments in growth companies can be more sensitive to the company's earnings and more volatile than the stock market in general.
High Yield: Investments in below investment grade quality debt instruments can be more volatile and have greater risk of default, or already be in default, than higher-quality debt instruments.
Strategy: There is no assurance that the portfolio will achieve a positive rate of return or have lower volatility than the global equity markets, as represented by the MSCI World Index, over the long term or for any year or period of years. In addition, the strategies MFS may implement to limit the portfolio's exposure to certain extreme market events may not work as intended, and the costs associated with such strategies will reduce the portfolio's returns. It is expected that the portfolio will generally underperform the equity markets during periods of strong, rising equity markets.
Please see the prospectus for further information on these and other risk considerations.
David Cole, CFA
Portfolio Manager
30
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
30
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
David P. Cole, CFA, is an investment officer of MFS Investment Management® (MFS®). He is also a co-portfolio manager of the firm's high-yield portfolios.
David joined MFS in 2004 after working for five years as a high-yield analyst for Franklin Templeton Investments. Before that, he served as a financial economist/Treasury market analyst for Thomson Financial Services and an economist for Standard and Poor's.
David has a bachelor's degree from Cornell University and an MBA from University of California, Berkeley. He holds the Chartered Financial Analyst (CFA) designation.
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.
Shanti Das-Wermes
Portfolio Manager
17
YEARS WITH INDUSTRY
2
YEARS WITH PORTFOLIO
17
YEARS WITH INDUSTRY
2
YEARS WITH PORTFOLIO
Shanti Das-Wermes is an investment officer, equity research analyst, sector leader and portfolio manager at MFS Investment Management® (MFS®). As an analyst, he is responsible for identifying the most attractive investment opportunities in his assigned universe and works closely with portfolio managers to ensure investment ideas are properly positioned within MFS portfolios. Within the Prudent strategies, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. He is based in London.
Shanti joined MFS in 2011 after participating in the firm's MBA analyst intern program. He assumed international financial sector leadership in 2019 and assumed portfolio manager responsibilities in 2022. Prior analyst coverage included consumer staples, building materials & infrastructure, telecoms & cable as well as banks and diversified financials. He was previously an associate with Audax Private Equity for two years and served as a business analyst at McKinsey & Company for two years.
Shanti attended the London School of Economics and earned a Summa Cum Laude Bachelor of Arts degree in Economics and Political Science from Indiana University and a Master of Business Administration degree from Harvard Business School.
Edward Dearing
Portfolio Manager
16
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
16
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
Edward J. Dearing is an investment officer and equity portfolio manager at MFS Investment Management (MFS). In this role, he is responsible for final buy and sell decisions, portfolio construction, risk and cash management. He also participates in the research process and strategy discussions. He is based in London.
Edward joined MFS in 2014 as an equity research analyst and took on portfolio management responsibilities for the firm's Prudent Capital strategy in 2018. Prior to joining the firm, he worked at Deutsche Bank AG. Before that, he worked for three years as an attorney with Covington & Burling LLP and for three years at Clifford Chance LLP.
Edward earned his Master of Arts degree in Law with honors from Cambridge University and a Master of Business Administration degree from the London Business School.
Barnaby Wiener
Portfolio Manager
30
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
30
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
Barnaby Wiener is an investment officer and equity portfolio manager and the head of sustainability and stewardship for MFS Investment Management® (MFS®). He manages the firm's Prudent Wealth, Prudent Capital and Prudent Investor strategies and serves as a portfolio manager on the firm's Managed Wealth strategy, an alternative strategy run by a committee of the firm's portfolio managers. He is also responsible for continuing to integrate sustainability across our investment platform. He is based in London.
Barnaby joined the firm as a research analyst in 1998. He assumed portfolio management duties in 2003 and took on the head of sustainability and stewardship role in 2020. He also served as director of European research from 2003 to 2010. Prior to joining the firm, he was an equity research analyst at both Merrill Lynch and Crédit Lyonnais. Before that, he served as a captain in the British Army.
Barnaby is a graduate of Ampleforth College and Oxford University.
These results represent the percent change in net asset value.
Monthly|QuarterlyAs of
03/31/24
(*YTD Updated
Daily,
As of 04/17/24 , 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 03/31/24 Class I Shares
Morningstar Moderate Allocation
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: MSCI World Index (net div)
annual rate of return table
2019
2020
2021
2022
2023
At NAV
14.24
11.21
1.89
-13.77
15.44
MSCI World Index (net div)
27.67
15.90
21.82
-18.14
23.79
At NAV
MSCI World Index (net div)
2023
15.44
23.79
2022
-13.77
-18.14
2021
1.89
21.82
2020
11.21
15.9
2019
14.24
27.67
Pricing & Distributions
Pricing History
NAV at Close of Trading on:
04/17/24
Net Asset Value (NAV):
$11.35
Change ($) (since
04/16/24
):
0.00
Change (%) (since
04/16/24
):
0.00
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
Distributions
The Record Date is the date on which a fund declares a distribution. To receive the distribution, an investor must be a shareholder of record on that date.
The Payable Date is the date on which the distribution is paid to shareholders.
Dividend Rate per Share is the amount of dividend that a shareholder will receive for each share held. It can be calculated by taking the total amount of dividends paid and dividing it by the total shares outstanding.
Dividend Reinvestment at NAV is the automatic reinvestment of shareholder dividends in more shares at net asset value.
Ex-Dividend Date is the date on which a fund goes ex-dividend. The interval between the announcement and the payment of the next dividend. An investor must own the fund before the ex-dividend date to be eligible for the dividend payout.
Long-term Capital Gain
The gain on the sale of a capital asset where the holding period was more than 12 months and the profit was subject to the long-term capital gains tax.
(Source: Barron's Dictionary of Finance and Investment Terms)
Short-term Capital Gain
For tax purposes the profit realized from the sale of securities or other capital assets held for less than 12 months. Short-term gains are taxable at ordinary income rates to the extent they are not reduced by offsetting capital losses.
(Source: Barron's Dictionary of Finance and Investment Terms)
Updated Daily As of
04/18/24
Record Date
Ex-Date
Payable Date
Type of Earnings
Rate per Share (US$)
Reinvestment NAV (US$)
12/11/23
12/12/23
12/13/23
Dividend
0.21643
11.17
Past performance is no guarantee of future results. Please consult your tax advisor for further information.
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
03/31/24
Benchmark
MSCI World Index (net div)
Performance Statistics Table
10 Yr.
5 Yr.
3 Yr.
Alpha
n/a
-0.25
-2.83
Beta
n/a
0.35
0.52
R-squared
n/a
59.26
82.90
Standard Deviation %
n/a
8.22
9.70
Sharpe Ratio
n/a
0.25
-0.10
Tracking Error
n/a
12.86
9.14
Information Ratio
n/a
-0.62
-0.75
Treynor Ratio
n/a
5.90
-1.81
Downside Capture %
n/a
41.32
56.64
Upside Capture %
n/a
38.18
45.65
Fund Positioning (%)
As of
03/31/24
Active Security Selection
Derivative Positions 1
Net Exposure
Equity
49.85%
48.68%
Gold Related Investments
1.78%
Hedges*
-2.95%
Debt Instruments, excluding Short-Term Government Securities
22.06%
22.06%
Cash, Cash Equivalents, and Short-Term Government Securities2
25.84%
Other3
3.42%
Total Net Exposure Summary
100.00%
1
Market exposure of derivative position utilized to adjust fund market exposure.
2
Cash & Cash Equivalents includes any cash, investments in money market funds, and/or other assets less liabilities. The total also includes investments in short term securities (including short-term governments securities).
3Other. Other consists of: (i) currency derivatives and/or (ii) any derivative offsets.
Top 10 Holdings
As of
03/31/24
US Treasury Note 3% JUN 30 24
US Treasury Note 4.25% SEP 30 24
US Treasury Note 4.25% DEC 31 24
US Treasury Inflation Indexed Bonds 2.375% JAN 15 25
US Treasury Inflation Indexed Bonds 0.125% APR 15 27
Alphabet Inc Class A
Samsung Electronics Co Ltd
Amadeus IT Group SA
LEG Immobilien SE
US Treasury Note 3.875% MAR 31 25
Top 10 Equity Holdings
As of
03/31/24
Alphabet Inc Class A
Samsung Electronics Co Ltd
Amadeus IT Group SA
LEG Immobilien SE
Booking Holdings Inc
Knorr-Bremse AG
Heineken Holding NV
Sage Group PLC/The
Safran SA
Nintendo Co Ltd
Top 10 Fixed Income Holdings
As of
03/31/24
US Treasury Note 3% JUN 30 24
US Treasury Note 4.25% SEP 30 24
US Treasury Note 4.25% DEC 31 24
US Treasury Inflation Indexed Bonds 2.375% JAN 15 25
US Treasury Inflation Indexed Bonds 0.125% APR 15 27
US Treasury Note 3.875% MAR 31 25
US Treasury Inflation Indexed Bonds 1.625% OCT 15 27
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 10/31/24
1.64% 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.
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. Read it carefully.
MFS registered investment products are offered through MFS® Fund Distributors, Inc., 111 Huntington Avenue, Boston, MA 02199.