MFS® Global Alternative Strategy Fund

Fund Overview


Seeks total return.

Key Differentiators

  • Seeks to generate consistent returns over time by managing market, currency, and active security selection risk/return separately.
  • The fund uses an unconstrained benchmark approach, seeking lower correlation to traditional equity and fixed income markets.
  • Goal is total return that meets or exceeds 2 - 4% over the Citigroup 1-Month T-Bill Index (net of fund expenses), over a full market cycle, with less reliance on favorable market conditions.


Fund Information

$10.20 DAILY NAV AS OF 5/26/17
$339 M NET ASSETS AS OF 4/30/17
Fund Commencement
Class Inception
Net Assets ($M)
As of 4/30/17
Maximum Sales Charge
Net Asset Value (NAV)
As of 5/26/17
NAV Change
$ -0.01  | -0.1%
Fiscal Year End
Fund Number
Gross Expense ratio
1.47 %
Net Expense ratio
1.47 %

Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.

Net Expense Ratio reflects the reduction of expenses from fee waivers and reimbursements. Elimination of these reductions will result in higher expenses and lower performance.

Top 10 Holdings Details

As of 4/30/17

DJ Euro Stoxx 50 Future JUN 16 17
UST Bond 10Yr Future JUN 21 17
Russell 1000 Value Index Future JUN 16 17
S&P 400 Mid Cap Future JUN 16 17*
ITRAXX EUR SER 27 1.000 JUN 20 22*
Russell 2000 E-Mini Future JUN 16 17*
CDX NA IG 28 1.000 JUN 20 22*
S&P TSX 60 Index Future JUN 15 17*
Euro Bund 10Yr Future JUN 08 17*
S&P 500 Future JUN 15 17*

17.06% long and 105.79% short (*) positions of total net assets

Total number of holdings: 840

Full and Historical Holdings

The portfolio is actively managed, and current holdings may be different.

*Short positions, unlike long positions, lose value if the underlying asset gains value.

Average Annual Total Returns % Details

These results represent the percent change in net asset value.

As of 4/30/17 (YTD Updated Daily, as of 5/26/17) As of 3/31/17

*YTD Updated Daily as of 5/26/17, 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.

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™ Details

As of 4/30/17




Out of   245   funds

3 Yr.

Out of   245   funds

5 Yr.

Out of   153   funds

10 Yr.


Morningstar ratings are based on risk adjusted performance.

Important Performance Information

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.

Subadvised by UBS Asset Management (Americas), Inc.

Sales Charges

Class A shares ("A") results include the maximum sales charge.

Important Risk Considerations

  • The fund may not achieve its objective and/or you could lose money on your investment in the fund.

  • Stock markets and investments in individual stocks are volatile and can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, and other conditions.

  • Investments in debt instruments may decline in value as the result 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 Fund's share price may decline during rising rates. Funds 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.

  • 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.

  • 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.

  • 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.

  • The fund’s strategy to separate security selection decisions from market and currency exposure decisions may not produce the intended results. It is expected that the fund will generally under-perform the equity markets during strong, rising equity markets.

  • UBS’ assessment of the risk/return potential of asset classes, markets and currencies and its adjustments to the fund¿s exposure to asset classes, markets and currencies may not produce intended results and/or can lead to an investment focus that results in the fund underperforming other funds that invest in similar investment types or have similar investment strategies and/or underperform the markets in which the fund invests.

  • Please see the prospectus for further information on these and other risk considerations.

Product Insights

Morningstar Disclosure

The Morningstar Rating for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Morningstar rankings may vary among share classes and are based on historical total returns, which are not indicative of future results.

Class A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan.) Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load.

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.