investeringsforeningen investin, k invest globale aktier iii · lvmh moet hennessy louis vuitton...

CRPEQUITY-PKG-31-Dec-19 27683

FOR EXISTING INSTITUTIONAL CLIENT USE ONLY.

Issued in the U.K. by MFS International (U.K.) Ltd., a private limited company registered in England and Wales with the company number

03062718, and authorised and regulated in conduct of investment business by the U.K. Financial Conduct Authority. MFS has their registered

office at One Carter Lane, London, EC4V 5ER.

Investeringsforeningen Investin, K Invest

Globale Aktier III

Global Equity

Fourth quarter 2019 investment report

Table of Contents

Investeringsforeningen Investin, K Invest Globale Aktier IIICRPEQUITY-PKG-31-Dec-19

Country and region information contained in this report is based upon MFS classification methodology which may differ from the methodology used by individual benchmark providers.

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.

PageContents

Executive Summary 1

Performance 2

Market Overview 3

Attribution 4

Significant Transactions 8

Portfolio Positioning 9

Characteristics 11

Portfolio Outlook 12

Appendix 14

Additional Disclosures 19

0


Executive Summary

Asset summary (DKK)

Beginning value as of 30-Sep-19 242,852,517

Contributions +7,499,984

Withdrawals -7,820,190

Fees and expenses -653,638

Asset transfers 0

Change in market value +11,104,884

Ending value as of 31-Dec-19 252,983,556

Sector weights (%) as of 31-Dec-19 Portfolio Benchmark^^

Top overweights

Health Care 20.9 13.0

Consumer Staples 16.1 8.3

Industrials 16.3 11.0

Top underweights

Financials 9.8 15.7

Information Technology 12.9 17.4

Energy 0.5 4.9

MSCI World Index^^

The Global Industry Classification Standard (GICS®) was developed byand/or is the exclusive property of MSCI, Inc. and S&P Global MarketIntelligence Inc. ("S&P Global Market Intelligence"). GICS is a servicemark of MSCI and S&P Global Market Intelligence and has been licensedfor use by MFS.

The Global Equity portfolio underperformed the MSCI World Index inthe fourth quarter of 2019.

DetractorsContributors

Individual stocks:•

State Street Corp-

LVMH Moet Hennessy LouisVuitton SE

-

Schneider Electric SA-

Kansas City Southern-

Bayer-

• Information Technology – Stockselection

• Health Care – Stock selection

Individual stocks:•

Groupe Danone SA-

Comcast Corp-

Nestle SA-

Performance results (%) gross and net of fees (DKK) as of 31-Dec-19

Portfolio (gross) Benchmark^Portfolio (net)

4.57

33.92

15.70

4.40

33.05

14.95

5.52

30.19

11.92

4Q 2019

Excess return gross:

-0.95%

1 year


3.72%

Since inception

(20-Jul-18)


3.78%

4Q 2019


-0.95%

1 year


3.72%

Since inception

(20-Jul-18)


3.78%

4Q 2019


-0.95%

1 year


3.72%

Since inception

(20-Jul-18)


3.78%

Source for benchmark performance SPAR, FactSet Research Systems Inc. For periods of less thanone-year returns are not annualized.Past performance is no guarantee of future results.

MSCI World Index (net div)^

1

1


Performance Results

Performance results (%) gross and net of fees (DKK) as of 31-Dec-19

Benchmark^ (%)Period Portfolio gross (%) Portfolio net (%)Excess return gross vs

benchmark (%)

4.57 4.40 5.52 -0.954Q 2019

5.23 5.05 5.05 0.173Q 2019

4.15 3.98 2.52 1.632Q 2019

16.86 16.67 14.56 2.301Q 2019

33.92 33.05 30.19 3.722019

33.92 33.05 30.19 3.721 year

15.70 14.95 11.92 3.78Since client inception (20-Jul-18)

Source for benchmark performance SPAR, FactSet Research Systems Inc. For periods of less than one-year returns are not annualized.

Past performance is no guarantee of future results.

MSCI World Index (net div)^

2

2


Market Overview

Region performance (%) (DKK) as of 31-Dec-19

5.9

2.0

5.46.9

4.6

8.7

2.8

33.5

30.027.3

23.422.0 20.8 20.7

United Sta

tes

Canada

Euro

pe ex UK

UK

Japan

Em

erg

ing

Mark

ets

Pacific ex Japan

Fourth quarter 2019 One year

Source: FactSet. Region performance based on MSCI regional/country indexes.

Global equities delivered very strong returnswith low volatility in 2019driven primarily by multiple expansion.Accommodativemonetary policies by global central banks, progress inUS-China trade negotiations, continued employment growth andconsumer spending have provided support to equitymarkets.Earnings growth has slowed across regions although there are signs ofbottoming.

Themarket is exhibiting symptoms of late-cycle dynamics whereinvestment demand outstrips supply. Prudent security selectionwill becritical in this environment.

Market review as of 31-Dec-2019

Sector performance (%) (DKK) as of 31-Dec-19

Fourth quarter 2019

10.9

4.5 5.1 3.85.9

-1.5

5.7

10.6

-0.2 -0.6

2.3

51.1

31.1 30.4 29.6 28.926.4 26.4 26.3 26.0 26.0

14.7

Info

rmation

Tech

nology

Industrials

Com

munication

Services

Consu

mer

Discr

etionary

Finan

cials

Rea

l Estate

Materials

Hea

lth Care

Consu

mer

Staples

Utilities

Ener

gy

One year

Source: FactSet. Sector performance based on MSCI sector classification. The analysisof MSCI World Index constituents are broken out by MSCI defined sectors.

3

3


Performance Drivers - Stocks

Portfolio Benchmark

Average Weighting (%)

Relative to MSCI World Index (DKK) - fourth quarter 2019 Relative contribution (%)

Contributors State Street Corp 0.11.3 0.3

LVMH Moet Hennessy Louis Vuitton SE 0.32.7 0.2

Schneider Electric SA 0.12.4 0.2

Kansas City Southern 0.02.1 0.1

Bayer 0.21.9 0.1

Detractors Nestle SA 0.82.8 -0.2

Stryker Corp 0.21.9 -0.2

Comcast Corp 0.53.1 -0.2

Groupe Danone SA 0.11.7 -0.2

Apple Inc 2.7– -0.5

Attribution results are generated by the FactSet application utilizing a methodology that is widely accepted in the investment industry. Results are based upon daily holdings usinga buy-and-hold methodology to generate individual security returns and do not include fees or expenses. As such, attribution results are essentially estimates and do not aggregateto the total return of the portfolio, which can be found elsewhere in this presentation. To obtain the contribution calculation methodology and a complete list of every holding’scontribution to the overall portfolio’s performance during the measurement period, please email [email protected].

4

4


Performance Drivers - Sectors

Relative

contribution

(%)

Relative to MSCI World Index (DKK) - fourth

quarter 2019

Currency

effect (%)

Stock

selection (%)

Sector

allocation (%)

Benchmark

returns (%)

Portfolio

returns (%)

Average

relative

weighting (%)

+ + =21

Contributors Consumer Discretionary 0.40.20.10.03.87.7-1.1

Financials 0.3-0.10.40.05.98.9-6.1

Real Estate 0.20.00.00.2-1.55.6-3.1

Energy 0.2-0.10.10.22.315.8-4.5

Utilities 0.2-0.0–0.2-0.6–-3.4

Materials 0.20.00.2-0.05.78.81.5

Industrials 0.10.00.2-0.14.55.55.2

Detractors Information Technology -1.10.0-1.0-0.210.93.4-3.8

Health Care -0.7-0.1-1.00.410.65.38.2

Consumer Staples -0.60.4-0.6-0.5-0.2-1.17.8

Communication Services -0.10.1-0.20.05.13.5-1.7

Cash -0.10.0–-0.1–-0.01.0

Total -1.00.6-1.80.25.64.6

Sector allocation is calculated based upon each security's price in local currency.

Stock selection is calculated based upon each security's price in local currency and included interaction effect. Interaction effect is the portion of the portfolio's relativeperformance attributable to combining allocation decisions with stock selection decisions. This effect measures the relative strength of the manager's convictions. The interactioneffect is the weight differential times the return differential.

Attribution results are generated by the FactSet application utilizing a methodology that is widely accepted in the investment industry. Results are based upon daily holdings usinga buy-and-hold methodology to generate individual security returns and do not include fees or expenses. As such, attribution results are essentially estimates and do not aggregateto the total return of the portfolio, which can be found elsewhere in this presentation. To obtain the contribution calculation methodology and a complete list of every holding’scontribution to the overall portfolio’s performance during the measurement period, please email [email protected].

1

2

5

5


Significant Impacts on Performance − Detractors

Relative

contribution (%)Relative to MSCI World Index (DKK) - fourth quarter 2019

Information

Technology

-1.1Stock selection within this sector detracted from relative performance.

Apple Inc Not owning shares of computer and personal electronics maker Apple (United States) detracted fromrelative results. The stock advanced as the company's revenues came in higher than expected, driven bystronger-than-expected demand in its wearable technology and services segments.

-0.5

Health Care -0.7Stock selection within this sector detracted from relative performance.

Stryker Corp An overweight position in medical equipment manufacturer Stryker (United States) weighed on relativeresults. Although the company reported strong third-quarter financial results, driven bygreater-than-expected organic growth, the stock declined as investors appeared to have sold shares to lockin profits.

-0.2

Individual stocks Groupe Danone SA An overweight position in food processing company Danone (France) negatively impacted relativeperformance. The company posted weaker-than-expected sales, owing to organic volume declines in itsEssential Dairy Products and Waters divisions.

-0.2

Comcast Corp An overweight position in cable services provider Comcast (United States) held back relative results.Softer-than-expected revenues within both the company's NBC Universal and Sky divisions led to slightlylower-than-anticipated quarterly financial results. Broadcasting revenues declined in the NBC Universalsegment due to lower content licensing sales, while revenues at Sky were lower due to weakersubscriptions.

-0.2

Nestle SA The portfolio's overweight position in global food company Nestle (Switzerland) weighed on relativeperformance. The stock came under pressure as the company reported quarterly sales results that wereslightly below expectations, primarily due to a slowdown in organic sales growth. The company alsoannounced a lower-than-expected share buyback program over the next few years, which further pressuredthe stock.

-0.2

6

6

Significant Impacts on Performance − Contributors


Relative

contribution (%)Relative to MSCI World Index (DKK) - fourth quarter 2019

Individual stocks State Street Corp The portfolio's overweight position in custody bank State Street (United States) helped relative returns. Thecompany reported quarterly financial results that exceeded expectations, driven bystronger-than-anticipated fee income, net interest income and lower expenses. While the company reducedits revenue guidance figures for the fiscal year, citing a difficult rate environment, a better expense outlookled to higher-than-expected earnings per share guidance figures.

0.3

LVMH MoetHennessy LouisVuitton SE

A portfolio overweight to French luxury goods manufacturer LVMH contributed to relative returns. Thecompany reported strong organic sales growth for the third quarter, driven by strength in its Fashion andLeather Goods segment, particularly in both its Louis Vuitton and Dior brands.

0.2

Schneider Electric SA An overweight position in shares of electrical distribution equipment manufacturer Schneider Electric(France) benefited relative performance. The stock advanced as management reported better-than-expectedorganic sales growth in the first quarter, with particular strength in the company's energy managementbusiness and the North American region.

0.2

Kansas City Southern The portfolio's overweight position in railroad company Kansas City Southern (United States) lifted relativereturns. The stock advanced on the back of strong third-quarter earnings that surpassed market expectationsdue to both higher revenues and lower costs. Notably, volumes in chemical, petroleum, agriculture andmineral shipping were all up, outweighing declines in energy and automobile volumes.

0.1

Bayer The portfolio's overweight position in life sciences company Bayer (Germany) contributed to relative returns.The share price appreciated as the company reported third-quarter financial results ahead of estimates,driven by sales growth, notably in its pharmaceutical division. Management also confirmed full-yearguidance, which further supported the stock.

0.1

7

7


Significant Transactions

Sector Transaction type Trade (%)From 01-Oct-19 to 31-Dec-19Ending

weight (%)

Purchases IndustrialsUNION PACIFIC CORP Add 0.4 0.9

Real EstateDEUTSCHE WOHNEN SE New position 0.3 0.3

FinancialsCHARLES SCHWAB CORP/THE New position 0.2 0.2

Consumer DiscretionaryCIE FINANCIERE RICHEMONT SA Add 0.2 1.1

Consumer StaplesDIAGEO PLC Add 0.2 2.2

Sales FinancialsSTATE STREET CORP Trim -0.4 1.2

IndustrialsKANSAS CITY SOUTHERN Trim -0.3 2.0

Health CareOLYMPUS CORP Trim -0.2 0.9

Communication ServicesWALT DISNEY CO/THE Trim -0.1 2.1

Health CareHOYA CORP Trim -0.1 0.7

8

8

Sector Weights


Benchmark^ (%)As of 31-Dec-19 Portfolio (%) Underweight/overweight (%)

Health Care 20.9 13.0 7.9

Consumer Staples 16.1 8.3 7.8

Industrials 16.3 11.0 5.3

Materials 6.0 4.4 1.6

Consumer Discretionary 9.4 10.3 -0.9

Communication Services 6.7 8.4 -1.7

Real Estate 0.3 3.2 -2.9

Utilities – 3.4 -3.4

Energy 0.5 4.9 -4.4

Information Technology 12.9 17.4 -4.5

Financials 9.8 15.7 -5.9

MSCI World Index^

0.9% Cash & cash equivalents

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 MarketIntelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS.

9

9


Region and Country Weights

Benchmark^

(%)

Portfolio

(%)

Underweight/

overweight (%)As of 31-Dec-19 Underweight/overweight

North America -11.6

Europe ex-U.K. 15.3

United Kingdom 1.8

Japan -5.3

Asia/Pacific ex-Japan -3.7

Developed - MiddleEast/Africa

1.0

Emerging Markets 1.6

North America 55.1 66.7 -11.6

Canada 1.8 3.4 -1.6

United States 53.3 63.3 -10.0

Europe ex-U.K. 30.8 15.5 15.3

France 11.3 3.8 7.5

Switzerland 7.9 3.1 4.8

Germany 5.0 2.9 2.1

Sweden 2.2 0.9 1.3

Netherlands 2.3 1.3 1.0

Spain 1.2 0.9 0.3

Austria 0.4 0.1 0.3

Denmark 0.6 0.6 0.0

Other countries 1 0.0 1.9 -1.9

United Kingdom 7.3 5.5 1.8

Japan 2.9 8.2 -5.3

Asia/Pacific ex-Japan 0.2 3.9 -3.7

Hong Kong 0.2 1.2 -1.0

Other countries 1 0.0 2.8 -2.8

Developed - Middle East/Africa 1.2 0.2 1.0

Israel 1.2 0.2 1.0

Emerging Markets 1.6 0.0 1.6

South Korea 0.9 0.0 0.9

Brazil 0.3 0.0 0.3

Mexico 0.3 0.0 0.3

Thailand 0.2 0.0 0.2

1 Othe

MSCI World Index^

0.9% Cash & cash equivalents

The portfolio does not own any securities in countries represented in the benchmark in the following percentages: Australia 2.3%; Italy 0.8% and 7 countries with weights lessthan 0.5% which totals to 1.6%.

1

10

10

Characteristics


Benchmark^ (%)Portfolio (%)Top 10 issuers as of 31-Dec-19

THERMO FISHER SCIENTIFIC INC 3.3 0.3

VISA INC 3.2 0.7

MEDTRONIC PLC 3.1 0.3

COMCAST CORP 3.0 0.5

ACCENTURE PLC 2.8 0.3

NESTLE SA 2.8 0.7

LVMH MOET HENNESSY LOUISVUITTON SE

2.7 0.3

SCHNEIDER ELECTRIC SE 2.5 0.1

DIAGEO PLC 2.2 0.2

ESSITY AB 2.2 0.0

3.527.8Total

As of 31-Dec-19 Benchmark^Portfolio

Fundamentals - weighted average

8.7% 9.5%IBES long-term EPS growth 1

18.4x 17.3xPrice/earnings (12 months forward ex-negativeearnings)

12.6% 11.7%Return on invested capital

39.7% 39.6%Long term debt/capital

1.9% 2.3%Dividend yield

Market capitalisation

686.5 bn 1,333.0 bnMarket capitalisation (DKK) 2

Diversification

28% 14%Top ten holdings

89 1,646Number of holdings

18 23Number of countries

Turnover

10% –Trailing 1 year turnover 3

Risk profile (current)

2.69% –Barra predicted tracking error 4

89% –Active share

MSCI World Index^

No forecasts can be guaranteed.

Source: Ibbotson

Weighted average.

(Lesser of Purchase or Sales)/Average Month End Market Value

Source Barra. The Barra information may not be redistributed, may not bereproduced or redisseminated in any form and may not be used to createany financial instruments or products or any indices. The Barrainformation is provided on an "as is" basis and the user of this informationassumes the entire risk of any use made of this information. Barra, each ofits affiliates and each other person involved in or related to compiling,computing or creating any Barra information (collectively, the "BarraParties") expressly disclaims all warranties (including, without limitation,any warranties of originality, accuracy, completeness, timeliness,non-infringement, merchantability and fitness for a particular purpose)with respect to this information. Without limiting any of the foregoing, inno event shall any Barra Party have any liability for any direct, indirect,special, incidental, punitive, consequential (including, without limitation,lost profits) or any other damages.

Source: Ibbotson1

Weighted average.2

(Lesser of Purchase or Sales)/Average Month End Market Value3

Source Barra. The Barra information may not be redistributed, may not bereproduced or redisseminated in any form and may not be used to createany financial instruments or products or any indices. The Barrainformation is provided on an "as is" basis and the user of this informationassumes the entire risk of any use made of this information. Barra, each ofits affiliates and each other person involved in or related to compiling,computing or creating any Barra information (collectively, the "BarraParties") expressly disclaims all warranties (including, without limitation,any warranties of originality, accuracy, completeness, timeliness,non-infringement, merchantability and fitness for a particular purpose)with respect to this information. Without limiting any of the foregoing, inno event shall any Barra Party have any liability for any direct, indirect,special, incidental, punitive, consequential (including, without limitation,lost profits) or any other damages.

4

11

11


Portfolio Outlook and Positioning

Another strong quarter of performance in developed global equity markets capped off a surprisingly robust year as the MSCI World Index

(net dividends) rose almost 28% in 2019! The majority of this move could be attributed to P/E multiple expansion as central banks globally

provided monetary stimulus and interest rates fell to historically low levels. In particular, the US Federal Reserve reversed its previous

tightening course and cut benchmark interest rates three times in 2019, embarking on another easing cycle. Furthermore, US-China trade

tensions eased and labour markets rebounded, while consumer confidence and spending remained healthy. This strong upward move in

the markets occurred despite slowing GDP and earnings growth, along with anxieties regarding central bank policies, trade negotiations,

the inverted yield curve and a possible recession. It appears that the current drumbeat of global stimulus will continue as interest rates and

inflation levels remain subdued, while the consumer continues to spend. However, the economy is certainly exhibiting late-cycle dynamics,

which bears watching and places increased importance on diligent and insightful security selection.

In the fourth quarter, investors continued to favour companies with attractive growth profiles over value-oriented companies with

attractive dividend yields, which further suggests a cautious or late-cycle view of the economy and slowing overall earnings growth.

Information technology and health care sectors led the markets, while defensive interest-rate sensitive sectors, such as real estate, utilities

and consumer staples, lagged. Higher-quality companies with earnings stability and strong profitability paused in Q4 but generally led the

markets for the year, as they benefitted from strong free cash flow, pricing power and stronger competitive positioning.

At the end of the year, there were a number of key political events. In the UK, the Conservative party won the general election with an

unexpectedly large majority, providing some near-term clarity around Brexit. The initial financial market reaction was as expected, with UK

economically sensitive companies and the currency strengthening. The reduction in uncertainly and expected fiscal stimulus will likely

support UK domestic-oriented companies into 2020. On December 18th, the US House of Representatives voted to impeach President

Trump, an event that has only occurred three times in US presidential history. Financial markets so far have appeared indifferent to the

impeachment but will likely continue to assess the potential impact on the upcoming US election as well as on the economy, interest rates

and the US dollar. For now, investors remain focused on company fundamentals, the US-China trade situation, central bank policies and

the state of the economy after a 10-year expansion.

While portfolio turnover remained low in the fourth quarter, we were able to take advantage of some relative valuation opportunities in

the market. Key trades during the quarter included the following:

12

12


Portfolio Outlook and Positioning

As an example of casting a wider net and actively exploring opportunities in different areas of the market, we made our first real estate

stock purchase in more than a decade and started a new position in German residential real estate firm Deutsche Wohnen. We believe

the company has a defensive business model, and it should benefit from strong rental growth and pent-up demand in the attractively-

priced Germen residential real estate market, particularly in Berlin where Deutsche Wohnen owns the majority of its apartments. We

feel the stock is attractively valued following its recent underperformance, largely due to worries about proposed government rent

controls.

We initiated a position in Charles Schwab, the leading online brokerage and asset management firm. In November, the firm sought to

acquire rival TD Ameritrade, which we have owned since May 2019. Our combined positions in both companies reflect our positive view

on online brokers, as they continue to gain share in the wealth management market. We believe the combined company will be well

positioned for long-term growth in assets and revenue, given its scale and cost advantages.

We continued to build our position in US railroad operator Union Pacific. We believe the company has strong long-term growth

prospects, sustainable pricing power and the potential to improve operating efficiency. We feel the stock is attractively valued relative

to the company's long-term prospects and relative to industry peers. Conversely, we trimmed our holdings of US railroad company

Kansas City Southern following the stock's strong relative performance in 2019.

We also trimmed our positions in State Street and Olympus following their strong outperformance in recent periods.

Despite modestly lagging the benchmark in the fourth quarter, we are pleased to have delivered strong absolute and relative performance

for the year, with stock selection being the main driver to performance. We remain in a "muddle through" economic environment of low

growth, low inflation and low interest rates along with high political uncertainty. In this environment, we continue to favour the areas of

consumer staples (strong brands, organic growth and stable earnings), medical equipment (above-average growth, less relative pricing

pressures and aging demographics) and the emerging markets consumer (rising wages and growing middle class) via multinational

companies. As always, we search the globe for new ideas for the portfolio, but we maintain our long-term investment horizon and remain

focused on owning companies with above-average growth and return prospects at reasonable valuations. Our consistent bottom-up

approach has produced strong long-term performance results over multiple time periods, and we remain confident that the portfolio is

well positioned to continue adding value going forward.The commentary included in this report was based on a representative fully discretionary portfolio for this product style; as such the commentary may include securities notheld in your portfolio due to account, fund, or other limits.

13

13


Appendix

14

14

Portfolio Holdings


CountryEquivalent

exposure (%)As of 31-Dec-19

Cash & Cash Equivalents 0.9

0.9Cash & Cash Equivalents

Communication Services 6.7

3.0United StatesComcast Corp

2.1United StatesWalt Disney Co

1.1United KingdomWPP PLC

0.5United StatesOmnicom Group Inc

Consumer Discretionary 9.4

2.7FranceLVMH Moet Hennessy Louis Vuitton SE

1.1SwitzerlandCie Financiere Richemont SA

0.9United KingdomCompass Group PLC

0.8United StatesMarriott International Inc/MD

0.8United StateseBay Inc

0.6United KingdomWhitbread PLC

0.6United KingdomBurberry Group PLC

0.5United StatesAptiv PLC

0.4FranceEssilorLuxottica SA

0.3United StatesHarley-Davidson Inc

0.2FranceHermes International

0.2United StatesWynn Resorts Ltd

0.2United StatesSally Beauty Holdings Inc

0.2Hong KongSands China Ltd

Consumer Staples 16.1

2.8SwitzerlandNestle SA

2.2United KingdomDiageo PLC

2.2SwedenEssity AB

2.0United KingdomReckitt Benckiser Group PLC

1.6FrancePernod Ricard SA

1.6FranceDanone SA

1.0United StatesColgate-Palmolive Co

0.9United StatesKellogg Co

0.9NetherlandsHeineken NV

CountryEquivalent


Consumer Staples 16.1

0.6DenmarkCarlsberg AS

0.3BrazilAmbev SA ADR

Energy 0.5

0.4United StatesSchlumberger Ltd

0.2United StatesNational Oilwell Varco Inc

Financials 9.8

1.4United StatesBank of New York Mellon Corp

1.3United StatesAmerican Express Co

1.2United StatesAon PLC

1.2United StatesState Street Corp

1.2United StatesGoldman Sachs Group Inc

0.9United StatesTD Ameritrade Holding Corp

0.9SwitzerlandUBS Group AG

0.4GermanyDeutsche Boerse AG

0.4SwitzerlandJulius Baer Group Ltd

0.4AustriaErste Group Bank AG

0.3MexicoGrupo Financiero Banorte SAB de CV

0.2United StatesCharles Schwab Corp

0.2ThailandKasikornbank PCL

Health Care 20.9

3.3United StatesThermo Fisher Scientific Inc

3.1United StatesMedtronic PLC

2.0SwitzerlandRoche Holding AG

2.0GermanyBayer AG

1.9United StatesZimmer Biomet Holdings Inc

1.8United StatesStryker Corp

1.5United StatesAbbott Laboratories

1.2United StatesWaters Corp

1.1United StatesCooper Cos Inc

0.9JapanOlympus Corp

0.9GermanyMerck KGaA

15

15

Portfolio Holdings


CountryEquivalent


Health Care 20.9

0.7JapanHoya Corp

0.4United StatesJohnson & Johnson

0.2SwitzerlandSonova Holding AG

Industrials 16.3

2.5FranceSchneider Electric SE

2.0United StatesKansas City Southern

1.8CanadaCanadian National Railway Co

1.4United States3M Co

1.3JapanKubota Corp

1.2United StatesUnited Parcel Service Inc

1.2SpainAena SME SA

1.1FranceLegrand SA

1.0United StatesEquifax Inc

0.9United StatesUnion Pacific Corp

0.8GermanyMTU Aero Engines AG

0.5GermanyBrenntag AG

0.5SwitzerlandAdecco Group AG

0.0United StatesNOW Inc

0.0United StatesResideo Technologies Inc

Information Technology 12.9

3.2United StatesVisa Inc

2.8United StatesAccenture PLC

1.4United StatesOracle Corp

1.2IsraelCheck Point Software Technologies Ltd

0.9United StatesCognizant Technology Solutions Corp

0.9United StatesCisco Systems Inc

0.9South KoreaSamsung Electronics Co Ltd GDR

0.7United StatesPayPal Holdings Inc

0.6United StatesAmphenol Corp

0.5United StatesMicrochip Technology Inc

CountryEquivalent


Materials 6.0

1.7United StatesLinde PLC

1.4NetherlandsAkzo Nobel NV

1.3United StatesPPG Industries Inc

1.1FranceAir Liquide SA

0.5United StatesLinde PLC

Real Estate 0.3

0.3GermanyDeutsche Wohnen SE

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16


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Phone: 44-20-3770-2282Email: [email protected]

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Nordic Institutional SalesPhone: 44-20-7429-7324Email: [email protected]

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17

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Global HighYield

US HighYield

US Corporate BB

Emerging Markets

EmergingMarkets Debt

EmergingMarkets Local CurrencyDebt

EMDOpportunities

GovernmentGlobal

Sovereign

U.S.

Government

InflationAdjusted TIPS

MBS

U.S.MunicipalInvestmentGrade

HighYield

LimitedMaturity

State-Specific

Taxable

Multi-Asset/Speciality

Multi-Asset

CanadianCore

CanadianGrowth

CanadianValue

Global TotalReturn

U.S. TotalReturn

ManagedWealth1

Prudent Capital

Income

Diversified Income

Target DateCanadian TargetDate1

U.S. TargetDate1

Target Risk

Canadian TargetRisk1

U.S. TargetRisk1

Specialty/Equity

Global Infrastructure

GlobalREIT

Technology

U.S. REIT

Utilities

Blended Research

Target Tracking Error

Global Equity

Global

Global Extension

Regional Equity

EmergingMarkets

European

International

U.S. Equity

Core

Core ESG

Large CapGrowth

Large CapValue

MidCap

SmallCap

Low Volatility

Canadian

Global

International

U.S.

Income

Equity Income

Global HighDividend

Fundamental Equity

Global Equity

Global

Global Concentrated1

Global Research/Global Research Focused

Global Growth/Global Growth Concentrated

Global SMIDCap1

Global Value1

Global Intrinsic Value

Contrarian Value

International Equity

International/InternationalConcentrated

InternationalResearch

InternationalDiversification1

InternationalGrowth/InternationalGrowth Concentrated

International Small-MidCap1

International Intrinsic Value2

Regional Equity

Asia/Pacific

Asia Pacificex-Japan

Asia ex-Japan

Asia Concentrated

Japan

JapanConcentrated

Canadian

CanadianEquity

CanadianResearch

EmergingMarkets

EmergingMarkets

EmergingMarketsResearch

Latin American

As of31-Dec-19.

¹ Limitedavailability. 2Closed. 30177.28

European

European Research1

European Small Cap1

EuropeanValue2

U.K.

European ex-U.K

U.S.

Core

Core Concentrated

Research

Research – Industry Neutral

Growth /Growth Concentrated

Large Cap Growth / LargeCapGrowth Concentrated

MidCapGrowth /Mid CapGrowthFocused

Small CapGrowth1

Large CapValue1

Mid CapValue

U.S.

Buy &Maintain

Credit

LongDurationCredit

U.S

Core

Core Plus

Opportunistic

LimitedMaturity

Global

Core

Core Plus

Opportunistic

Fixed Income

Global CapabilitiesMFS Investment Strategies


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Additional Disclosures


Index data source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data

contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not

approved, reviewed or produced byMSCI.

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