Seeks a high level of total return consistent with a conservative level of risk relative to the other MFS Asset Allocation Portfolios.
INVESTMENT FOCUS
A strategically allocated, broadly diversified portfolio of MFS portfolios in a single investment
Disciplined portfolio management is achieved through multi-level risk management, ensuring style consistency. Systematic rules-based rebalancing helps to maintain target risk profiles. Risk-return profiles have historically remained consistent with design.
Utilizes a strategic risk-based approach to portfolio construction that efficiently diversifies across and within asset classes while simultaneously being actively-managed within the underlying MFS portfolios
Fund Information
Fund Commencement
10/01/08
Net Assets
($
M)
As of 02/29/24
$276.89
Benchmark
Bloomberg U.S. Aggregate Bond Index measures the U.S. bond market.
Bloomberg U.S. Aggregate Bond Index
Share Class Information
Class Inception
10/01/08
Net Asset Value (NAV)
As of 03/28/24
$9.60
Most Recent NAV Change
As of 03/28/24
$0.00
|
0.00%
CUSIP
86664T516
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.
0.69%
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.
US Treasury Inflation Indexed Bonds 0.125% JAN 15 31
UST Ultra Bond Future JUN 18 24
UMBS 30 Year 2.5
USD IRS 3Yr Receiver 4.967 OCT 02 26
UMBS 30 Year 2.0
Important Risk Considerations
The portfolio may not achieve its objective and/or you could lose money on your investment in the portfolio.
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.
Underlying Funds: MFS' strategy of investing in underlying funds exposes the fund to the risks of the underlying funds. Each underlying fund pursues its own objective and strategies and may not achieve its objective. In addition, shareholders of the fund will indirectly bear the fees and expenses of the underlying funds.
Please see the prospectus for further information on these and other risk considerations.
Team of Quantitative Professionals
The team of quantitative investment professionals works with the Fund's portfolio manager to determine the asset allocation among the underlying MFS Funds in which the Fund invests. The team is comprised of analysts and portfolio managers who apply quantitative research across multiple factors to determine investment opportunities. These factors look to incorporate intuitive factors with sound economic rationale that provide systematic objective appraisals of company fundamentals and valuation, complementing our traditional fundamental research process.
Joseph C. Flaherty, Jr., is the chief investment risk officer, a multi-asset portfolio manager, and co-director of the Quantitative Solutions team at MFS Investment Management® (MFS®). In these roles, he oversees quantitative portfolio management and research at MFS, manages the firm's asset allocation and target date strategies and leads the firm's investment risk management function. He also serves as chairman of the Investment Management Committee and is a member of the MFS Global Equity Management team and the MFS Global Fixed Income Management team.
Joe joined MFS as a fixed income quantitative research associate in 1993 and was named quantitative research analyst in 1996. He assumed portfolio management responsibilities in 2002 and became chief investment risk officer in 2005. In addition, Joe served as the director of the Quantitative Solutions team from 2005 to 2021. To broaden the leadership of the Quantitative Solutions team, he named a co-director of Quantitative Solutions and additional chief investment risk officers for Fixed Income and Equity in 2021.
Joe earned a Bachelor of Science degree in mechanical engineering from Tufts University and a Master of Business Administration degree from Bentley University.
Benjamin R. Nastou, CFA, is an investment officer, a multi-asset portfolio manager and co-director of the Quantitative Solutions team at MFS Investment Management® (MFS®). As a member of the portfolio management teams for the firm's commodity and global multi-asset strategies, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. Additionally, he participates in the research process and strategy discussions. As co-director of the Quantitative Solutions team, he oversees quantitative portfolio management and research at MFS.
Ben joined MFS in 2001 as a fixed income research associate and was promoted to quantitative research analyst in 2003. He was named portfolio manager in 2010 and co-director of Quantitative Solutions in 2021.
Ben earned a Bachelor of Arts degree in economics and mathematics from Dartmouth College. He is a member of the Boston Security Analysts Society, Inc. and holds the Chartered Financial Analyst (CFA) designation from the CFA Institute.
Natalie I. Shapiro, Ph.D., is an investment officer and multi-asset portfolio manager at MFS Investment Management® (MFS®). As a member of the portfolio management teams for the firm's commodity and global multi-asset strategies, she is responsible for final buy and sell decisions, portfolio construction and risk and cash management. Additionally, she participates in the research process and strategy discussions.
Natalie joined MFS in 1997 as a quantitative research analyst and took on portfolio management responsibilities in 2007. Prior to joining the firm, she served as a research associate for three years at the Federal Reserve Bank of Boston.
Natalie earned a Bachelor of Arts degree in economics with honors from Wellesley College and a doctorate in economics from the University of Pennsylvania.
Erich Shigley is an investment officer and quantitative research analyst with MFS Investment Management (MFS). He is responsible for conducting research and analysis associated with alpha generation, risk management, and asset allocation. He works closely with other members of the investment team to identify and prioritize research topics most relevant to the investment process.
Erich joined MFS in 2013. Before that, he spent 13 years at Goldman, Sachs & Co., primarily as a trader and investor in equity derivatives and convertible bond securities.
Erich attended Dartmouth College, from which he earned both a Bachelor of Arts degree and a Bachelor of Engineering Sciences degree.
These results represent the percent change in net asset value.
Monthly|QuarterlyAs of
12/31/23
(*YTD Updated
Daily,
As of 03/27/24 , 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 units, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the portfolios' performance results would be less favorable. All results assume the reinvestment of dividends and capital gains.
The returns for the portfolio shown do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by insurance company separate accounts. Such expenses would reduce the overall returns shown. Please refer to the variable product's annual report for performance that reflects the deduction of the fees and charges imposed by insurance company separate accounts.
Withdrawals of taxable amounts from variable annuity contracts prior to age 59½ may be subject to an additional 10% federal tax penalty as well as income tax. Amounts withdrawn from a variable insurance contract will reduce the death benefit and withdrawals of earnings will be subject to income tax.
Sales Charges
Initial Class shares have no sales charge.
Performance information prior to December 8, 2012, reflects time periods when another adviser or subadvisor was responsible for selecting investments for the fund under a different investment objective and different investment strategies.
No representation is made, and no assurance can be given, that any investment's results will be comparable to the investment results of any other product with similar investment objectives and policies, including products with the same investment professional or manager. Differences in portfolio size, investments held, contract and portfolio expenses, and other factors can be expected to affect performance.
A Word About Variable Products
Issued by insurance companies, variable annuity and variable life insurance contracts allow investors to accumulate money on a tax deferred basis for long-term financial goals. Mortality and expense charges (which compensate the insurance company for insurance risks it assumes under the contract), surrender charges (typically levied if a contract holder cancels it within a certain period following initial purchase), and an annual maintenance charge are among the fees typically associated with these types of variable products. Also keep in mind that any income guarantees are subject to the claims-paying ability of the issuing insurance company, and that contract owners have options when a contract's payout phase begins. Generally, investors may take their money in a lump sum, make discretionary or systematic distributions, or they can annuitize. Please refer investors to your variable annuity or life insurance contract as well as the underlying fund prospectus(es) for more detailed information and other important considerations, which should be read carefully before investing.
Annual Rate of Return
Annual Rate of Return (%)
As of
12/31/23|Benchmark: Bloomberg U.S. Aggregate Bond Index
annual rate of return table
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
At NAV
4.61
-0.19
5.03
11.48
-2.73
16.87
12.31
7.00
-15.39
10.42
Bloomberg U.S. Aggregate Bond Index
5.97
0.55
2.65
3.54
0.01
8.72
7.51
-1.54
-13.01
5.53
At NAV
Bloomberg U.S. Aggregate Bond Index
2023
10.42
5.53
2022
-15.39
-13.01
2021
7.0
-1.54
2020
12.31
7.51
2019
16.87
8.72
2018
-2.73
0.01
2017
11.48
3.54
2016
5.03
2.65
2015
-0.19
0.55
2014
4.61
5.97
Pricing & Distributions
Pricing History
NAV at Close of Trading on:
03/28/24
Net Asset Value (NAV):
$9.60
Change ($) (since
03/27/24
):
0.00
Change (%) (since
03/27/24
):
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.
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Historical Exit Price Table
NAV at Close of Trading on
Net Asset Value (NAV)
No Data Available
Portfolio & Holdings Information
Portfolio characteristic data are based on unaudited net assets.
The portfolio is actively managed, and current holdings may be different.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
Map represents sectors greater than 5%.
Holding Characteristics
Average Coupon: Average Coupon is the equivalent exposure weighted coupon of all interest bearing instruments as a percent of the total equivalent exposure of all fixed income holdings, including short term and interest rate derivatives which have coupons. Coupons are netted for securities with a payable and receivable leg. Non-accruing securities are treated as having a coupon equal to zero.
Average Effective Duration is a measure of how much a bond's price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value.
Average Effective Maturity is a weighted average of maturity of the bonds held in a portfolio, taking into account any prepayments, puts, and adjustable coupons which may shorten the maturity. Longer-maturity funds are generally considered more interest-rate sensitive than shorter maturity funds.
Weighted average yield-to-worst of all portfolio holdings excluding cash & derivatives. Yield-to-worst is the annual estimate of the portfolio yield considering factors such as call provisions, prepayments, and other features that may affect a bond's cash flow; and assumes no default. It is an estimated characteristic at a point in time and is not a measure of portfolio performance.
Weighted average price/earnings (P/E) ratio is the ratio of the current price of a stock to an estimate of forward 12 month earnings; P/E ex-negatives ratio is an exposure-weighted average of the P/E ratios of the securities held, excluding companies with projected negative earnings.
Weighted Average Price/Cash Flow: Price-to-cash-flow is the ratio of a stock's price to its per-share cash earnings.
Price/Sales Ratio (P/S) is the ratio of a stock's price to its per-share sales.
Price/Book ratio (P/B) is the ratio of a stock's price to its book value per share.
Weighted Average IBES Long Term EPS Growth is the weighted average forecast, by sell side analysts of how much a company's net income will grow over the long-term (typically 3-5 years). The forecast is derived from all polled analysts' estimates. Source FactSet.
Weighted Median Market Cap: Weighted Median Market Cap is the Market Capitalization of the firm defined by the median dollar within the distribution of the market capitalization of all companies in the index or portfolio. It is calculated from a running total of market capitalizations from smallest company to largest. The Market Capitalization of the firm that sorts the total dollar value of all market capitalizations into two equal portions defines the value.
As of
02/29/24
Data table of holding characteristics
characterstics
Equity Earning
Weighted Average Price/Earnings (next 12 months)
20.25x
Weighted Average Price/Cash Flow
16.18x
Weighted Average Price/Sales
2.34x
Weighted Average Price/Book
3.12x
Weighted Average IBES Long Term EPS Growth
12.74%
Weighted Average Market Cap
$333.4b
Weighted Median Market Cap
$59.0b
Number of Issues
724
% in Stocks
38.37%
% Cash & Cash Equivalents
4.40%
% Other1
-7.23%
% in Top Ten
14.72%
Performance Statistics
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
02/29/24
Benchmark
Bloomberg U.S. Aggregate Bond Index
Performance Statistics Table
10 Yr.
5 Yr.
3 Yr.
Alpha
3.09
4.21
4.89
Beta
1.06
1.17
1.24
R-squared
43.66
55.33
76.97
Standard Deviation %
7.63
9.70
10.19
Sharpe Ratio
0.42
0.28
-0.18
Tracking Error
5.74
6.57
5.18
Information Ratio
0.53
0.62
0.73
Treynor Ratio
3.01
2.30
-1.51
Downside Capture %
85.27
91.82
86.47
Upside Capture %
133.49
140.73
128.88
Top 10 Holdings
As of
02/29/24
UST Bond 10Yr Future JUN 18 24
UST Bond 2Yr Future JUN 28 24
Microsoft Corp
US Treasury Note 4.125% JUN 15 26
Euro Schatz 2Yr Future MAR 07 24
US Treasury Inflation Indexed Bonds 0.125% JAN 15 31
UST Ultra Bond Future JUN 18 24
UMBS 30 Year 2.5
USD IRS 3Yr Receiver 4.967 OCT 02 26
UMBS 30 Year 2.0
The portfolio is actively managed, and current holdings may be different.
Top 10 Equity Holdings
As of
02/29/24
Microsoft Corp
NVIDIA Corp
Amazon.com Inc
Meta Platforms Inc
Alphabet Inc Class A
Apple Inc
Cadence Design Systems Inc
JPMorgan Chase & Co
Visa Inc
Schneider Electric SE
Top 10 Fixed Income Holdings
As of
02/29/24
UST Bond 10Yr Future JUN 18 24
UST Bond 2Yr Future JUN 28 24
US Treasury Note 4.125% JUN 15 26
Euro Schatz 2Yr Future MAR 07 24
US Treasury Inflation Indexed Bonds 0.125% JAN 15 31
UST Ultra Bond Future JUN 18 24
UMBS 30 Year 2.5
USD IRS 3Yr Receiver 4.967 OCT 02 26
UMBS 30 Year 2.0
US Treasury Inflation Indexed Bonds 0.875% JAN 15 29
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
Exposures
Target Allocations (%)
As of
02/29/24
Credit Quality (%)
For all securities other than those described below, ratings are assigned utilizing ratings from Moody’s, Fitch, and Standard & Poor’s and applying the following hierarchy: If all three agencies provide a rating, the consensus rating is assigned if applicable or the middle rating if not; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 Rating Agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Other Not Rated includes other fixed income securities not rated by any rating agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. The portfolio itself has not been rated by any rating agency. The credit quality of a particular security or group of securities does not ensure the stability or safety of an overall portfolio. The quality ratings of individual issues/issuers are provided to indicate the credit-worthiness of such issues/issuer and generally range from AAA, Aaa, or AAA (highest) to D, C, or D (lowest) for S&P, Moody’s, and Fitch respectively.
As of
02/29/24
% of Fixed Income Assets
U.S. Government
24.29
Federal Agencies
14.01
AAA
6.44
AA
9.94
A
8.33
BBB
15.46
BB
5.05
B
3.38
CCC
1.16
CC
0.02
C
0.00
Other Not Rated
11.91
Important Characteristics Information
The portfolio is actively managed, and current holdings may be different.
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.
Fees
0.69% 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.
0.69% 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.
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.
Before purchasing any variable product, consider the objectives, risks, charges, and expenses associated with the underlying investment option(s) and those of the product itself. For a prospectus, or summary prospectus if available, containing this and other information contact the issuing insurance company. Read the prospectus carefully before you invest.
MFS registered investment products are offered through MFS® Fund Distributors, Inc., 111 Huntington Avenue, Boston, MA 02199.
Seeks a high level of total return consistent with a conservative level of risk relative to the other MFS Asset Allocation Portfolios.
INVESTMENT FOCUS
A strategically allocated, broadly diversified portfolio of MFS portfolios in a single investment
Disciplined portfolio management is achieved through multi-level risk management, ensuring style consistency. Systematic rules-based rebalancing helps to maintain target risk profiles. Risk-return profiles have historically remained consistent with design.
Utilizes a strategic risk-based approach to portfolio construction that efficiently diversifies across and within asset classes while simultaneously being actively-managed within the underlying MFS portfolios
Fund Information
Fund Commencement
10/01/08
Net Assets
($
M)
As of 02/29/24
$276.89
Benchmark
Bloomberg U.S. Aggregate Bond Index measures the U.S. bond market.
Bloomberg U.S. Aggregate Bond Index
Share Class Information
Class Inception
10/01/08
Net Asset Value (NAV)
As of 03/28/24
$9.60
Most Recent NAV Change
As of 03/28/24
$0.00
|
0.00%
CUSIP
86664T516
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.
0.69%
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.
US Treasury Inflation Indexed Bonds 0.125% JAN 15 31
UST Ultra Bond Future JUN 18 24
UMBS 30 Year 2.5
USD IRS 3Yr Receiver 4.967 OCT 02 26
UMBS 30 Year 2.0
Important Risk Considerations
The portfolio may not achieve its objective and/or you could lose money on your investment in the portfolio.
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.
Underlying Funds: MFS' strategy of investing in underlying funds exposes the fund to the risks of the underlying funds. Each underlying fund pursues its own objective and strategies and may not achieve its objective. In addition, shareholders of the fund will indirectly bear the fees and expenses of the underlying funds.
Please see the prospectus for further information on these and other risk considerations.
Team of Quantitative Professionals
The team of quantitative investment professionals works with the Fund's portfolio manager to determine the asset allocation among the underlying MFS Funds in which the Fund invests. The team is comprised of analysts and portfolio managers who apply quantitative research across multiple factors to determine investment opportunities. These factors look to incorporate intuitive factors with sound economic rationale that provide systematic objective appraisals of company fundamentals and valuation, complementing our traditional fundamental research process.
Joseph C. Flaherty, Jr., is the chief investment risk officer, a multi-asset portfolio manager, and co-director of the Quantitative Solutions team at MFS Investment Management® (MFS®). In these roles, he oversees quantitative portfolio management and research at MFS, manages the firm's asset allocation and target date strategies and leads the firm's investment risk management function. He also serves as chairman of the Investment Management Committee and is a member of the MFS Global Equity Management team and the MFS Global Fixed Income Management team.
Joe joined MFS as a fixed income quantitative research associate in 1993 and was named quantitative research analyst in 1996. He assumed portfolio management responsibilities in 2002 and became chief investment risk officer in 2005. In addition, Joe served as the director of the Quantitative Solutions team from 2005 to 2021. To broaden the leadership of the Quantitative Solutions team, he named a co-director of Quantitative Solutions and additional chief investment risk officers for Fixed Income and Equity in 2021.
Joe earned a Bachelor of Science degree in mechanical engineering from Tufts University and a Master of Business Administration degree from Bentley University.
Benjamin R. Nastou, CFA, is an investment officer, a multi-asset portfolio manager and co-director of the Quantitative Solutions team at MFS Investment Management® (MFS®). As a member of the portfolio management teams for the firm's commodity and global multi-asset strategies, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. Additionally, he participates in the research process and strategy discussions. As co-director of the Quantitative Solutions team, he oversees quantitative portfolio management and research at MFS.
Ben joined MFS in 2001 as a fixed income research associate and was promoted to quantitative research analyst in 2003. He was named portfolio manager in 2010 and co-director of Quantitative Solutions in 2021.
Ben earned a Bachelor of Arts degree in economics and mathematics from Dartmouth College. He is a member of the Boston Security Analysts Society, Inc. and holds the Chartered Financial Analyst (CFA) designation from the CFA Institute.
Natalie I. Shapiro, Ph.D., is an investment officer and multi-asset portfolio manager at MFS Investment Management® (MFS®). As a member of the portfolio management teams for the firm's commodity and global multi-asset strategies, she is responsible for final buy and sell decisions, portfolio construction and risk and cash management. Additionally, she participates in the research process and strategy discussions.
Natalie joined MFS in 1997 as a quantitative research analyst and took on portfolio management responsibilities in 2007. Prior to joining the firm, she served as a research associate for three years at the Federal Reserve Bank of Boston.
Natalie earned a Bachelor of Arts degree in economics with honors from Wellesley College and a doctorate in economics from the University of Pennsylvania.
Erich Shigley is an investment officer and quantitative research analyst with MFS Investment Management (MFS). He is responsible for conducting research and analysis associated with alpha generation, risk management, and asset allocation. He works closely with other members of the investment team to identify and prioritize research topics most relevant to the investment process.
Erich joined MFS in 2013. Before that, he spent 13 years at Goldman, Sachs & Co., primarily as a trader and investor in equity derivatives and convertible bond securities.
Erich attended Dartmouth College, from which he earned both a Bachelor of Arts degree and a Bachelor of Engineering Sciences degree.
These results represent the percent change in net asset value.
Monthly|QuarterlyAs of
12/31/23
(*YTD Updated
Daily,
As of 03/27/24 , 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 units, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the portfolios' performance results would be less favorable. All results assume the reinvestment of dividends and capital gains.
The returns for the portfolio shown do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by insurance company separate accounts. Such expenses would reduce the overall returns shown. Please refer to the variable product's annual report for performance that reflects the deduction of the fees and charges imposed by insurance company separate accounts.
Withdrawals of taxable amounts from variable annuity contracts prior to age 59½ may be subject to an additional 10% federal tax penalty as well as income tax. Amounts withdrawn from a variable insurance contract will reduce the death benefit and withdrawals of earnings will be subject to income tax.
Sales Charges
Initial Class shares have no sales charge.
Performance information prior to December 8, 2012, reflects time periods when another adviser or subadvisor was responsible for selecting investments for the fund under a different investment objective and different investment strategies.
No representation is made, and no assurance can be given, that any investment's results will be comparable to the investment results of any other product with similar investment objectives and policies, including products with the same investment professional or manager. Differences in portfolio size, investments held, contract and portfolio expenses, and other factors can be expected to affect performance.
A Word About Variable Products
Issued by insurance companies, variable annuity and variable life insurance contracts allow investors to accumulate money on a tax deferred basis for long-term financial goals. Mortality and expense charges (which compensate the insurance company for insurance risks it assumes under the contract), surrender charges (typically levied if a contract holder cancels it within a certain period following initial purchase), and an annual maintenance charge are among the fees typically associated with these types of variable products. Also keep in mind that any income guarantees are subject to the claims-paying ability of the issuing insurance company, and that contract owners have options when a contract's payout phase begins. Generally, investors may take their money in a lump sum, make discretionary or systematic distributions, or they can annuitize. Please refer investors to your variable annuity or life insurance contract as well as the underlying fund prospectus(es) for more detailed information and other important considerations, which should be read carefully before investing.
Annual Rate of Return
Annual Rate of Return (%)
As of
12/31/23|Benchmark: Bloomberg U.S. Aggregate Bond Index
annual rate of return table
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
At NAV
4.61
-0.19
5.03
11.48
-2.73
16.87
12.31
7.00
-15.39
10.42
Bloomberg U.S. Aggregate Bond Index
5.97
0.55
2.65
3.54
0.01
8.72
7.51
-1.54
-13.01
5.53
At NAV
Bloomberg U.S. Aggregate Bond Index
2023
10.42
5.53
2022
-15.39
-13.01
2021
7.0
-1.54
2020
12.31
7.51
2019
16.87
8.72
2018
-2.73
0.01
2017
11.48
3.54
2016
5.03
2.65
2015
-0.19
0.55
2014
4.61
5.97
Pricing & Distributions
Pricing History
NAV at Close of Trading on:
03/28/24
Net Asset Value (NAV):
$9.60
Change ($) (since
03/27/24
):
0.00
Change (%) (since
03/27/24
):
0.00
Market Price (MP):
Maximum data displayed is for the most recent 10 years
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The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
Map represents sectors greater than 5%.
Holding Characteristics
Average Coupon: Average Coupon is the equivalent exposure weighted coupon of all interest bearing instruments as a percent of the total equivalent exposure of all fixed income holdings, including short term and interest rate derivatives which have coupons. Coupons are netted for securities with a payable and receivable leg. Non-accruing securities are treated as having a coupon equal to zero.
Average Effective Duration is a measure of how much a bond's price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value.
Average Effective Maturity is a weighted average of maturity of the bonds held in a portfolio, taking into account any prepayments, puts, and adjustable coupons which may shorten the maturity. Longer-maturity funds are generally considered more interest-rate sensitive than shorter maturity funds.
Weighted average yield-to-worst of all portfolio holdings excluding cash & derivatives. Yield-to-worst is the annual estimate of the portfolio yield considering factors such as call provisions, prepayments, and other features that may affect a bond's cash flow; and assumes no default. It is an estimated characteristic at a point in time and is not a measure of portfolio performance.
Weighted average price/earnings (P/E) ratio is the ratio of the current price of a stock to an estimate of forward 12 month earnings; P/E ex-negatives ratio is an exposure-weighted average of the P/E ratios of the securities held, excluding companies with projected negative earnings.
Weighted Average Price/Cash Flow: Price-to-cash-flow is the ratio of a stock's price to its per-share cash earnings.
Price/Sales Ratio (P/S) is the ratio of a stock's price to its per-share sales.
Price/Book ratio (P/B) is the ratio of a stock's price to its book value per share.
Weighted Average IBES Long Term EPS Growth is the weighted average forecast, by sell side analysts of how much a company's net income will grow over the long-term (typically 3-5 years). The forecast is derived from all polled analysts' estimates. Source FactSet.
Weighted Median Market Cap: Weighted Median Market Cap is the Market Capitalization of the firm defined by the median dollar within the distribution of the market capitalization of all companies in the index or portfolio. It is calculated from a running total of market capitalizations from smallest company to largest. The Market Capitalization of the firm that sorts the total dollar value of all market capitalizations into two equal portions defines the value.
As of
02/29/24
Data table of holding characteristics
characterstics
Equity Earning
Weighted Average Price/Earnings (next 12 months)
20.25x
Weighted Average Price/Cash Flow
16.18x
Weighted Average Price/Sales
2.34x
Weighted Average Price/Book
3.12x
Weighted Average IBES Long Term EPS Growth
12.74%
Weighted Average Market Cap
$333.4b
Weighted Median Market Cap
$59.0b
Number of Issues
724
% in Stocks
38.37%
% Cash & Cash Equivalents
4.40%
% Other1
-7.23%
% in Top Ten
14.72%
Performance Statistics
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
02/29/24
Benchmark
Bloomberg U.S. Aggregate Bond Index
Performance Statistics Table
10 Yr.
5 Yr.
3 Yr.
Alpha
3.09
4.21
4.89
Beta
1.06
1.17
1.24
R-squared
43.66
55.33
76.97
Standard Deviation %
7.63
9.70
10.19
Sharpe Ratio
0.42
0.28
-0.18
Tracking Error
5.74
6.57
5.18
Information Ratio
0.53
0.62
0.73
Treynor Ratio
3.01
2.30
-1.51
Downside Capture %
85.27
91.82
86.47
Upside Capture %
133.49
140.73
128.88
Top 10 Holdings
As of
02/29/24
UST Bond 10Yr Future JUN 18 24
UST Bond 2Yr Future JUN 28 24
Microsoft Corp
US Treasury Note 4.125% JUN 15 26
Euro Schatz 2Yr Future MAR 07 24
US Treasury Inflation Indexed Bonds 0.125% JAN 15 31
UST Ultra Bond Future JUN 18 24
UMBS 30 Year 2.5
USD IRS 3Yr Receiver 4.967 OCT 02 26
UMBS 30 Year 2.0
The portfolio is actively managed, and current holdings may be different.
Top 10 Equity Holdings
As of
02/29/24
Microsoft Corp
NVIDIA Corp
Amazon.com Inc
Meta Platforms Inc
Alphabet Inc Class A
Apple Inc
Cadence Design Systems Inc
JPMorgan Chase & Co
Visa Inc
Schneider Electric SE
Top 10 Fixed Income Holdings
As of
02/29/24
UST Bond 10Yr Future JUN 18 24
UST Bond 2Yr Future JUN 28 24
US Treasury Note 4.125% JUN 15 26
Euro Schatz 2Yr Future MAR 07 24
US Treasury Inflation Indexed Bonds 0.125% JAN 15 31
UST Ultra Bond Future JUN 18 24
UMBS 30 Year 2.5
USD IRS 3Yr Receiver 4.967 OCT 02 26
UMBS 30 Year 2.0
US Treasury Inflation Indexed Bonds 0.875% JAN 15 29
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
Exposures
Target Allocations (%)
As of
02/29/24
Credit Quality (%)
For all securities other than those described below, ratings are assigned utilizing ratings from Moody’s, Fitch, and Standard & Poor’s and applying the following hierarchy: If all three agencies provide a rating, the consensus rating is assigned if applicable or the middle rating if not; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 Rating Agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Other Not Rated includes other fixed income securities not rated by any rating agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. The portfolio itself has not been rated by any rating agency. The credit quality of a particular security or group of securities does not ensure the stability or safety of an overall portfolio. The quality ratings of individual issues/issuers are provided to indicate the credit-worthiness of such issues/issuer and generally range from AAA, Aaa, or AAA (highest) to D, C, or D (lowest) for S&P, Moody’s, and Fitch respectively.
As of
02/29/24
% of Fixed Income Assets
U.S. Government
24.29
Federal Agencies
14.01
AAA
6.44
AA
9.94
A
8.33
BBB
15.46
BB
5.05
B
3.38
CCC
1.16
CC
0.02
C
0.00
Other Not Rated
11.91
Important Characteristics Information
The portfolio is actively managed, and current holdings may be different.
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.
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.
0.69% 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.
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Before purchasing any variable product, consider the objectives, risks, charges, and expenses associated with the underlying investment option(s) and those of the product itself. For a prospectus, or summary prospectus if available, containing this and other information contact the issuing insurance company. Read the prospectus carefully before you invest.
MFS registered investment products are offered through MFS® Fund Distributors, Inc., 111 Huntington Avenue, Boston, MA 02199.