second quarter 2020 · 2020. 9. 26. · second quarter 2020 the global industry classifi cation...

FOR DEALER AND INSTITUTIONAL USE ONLY. Not to be shown, quoted, or distributed to the public.

© 2020 MFS Institutional Advisors, Inc. 35644.8 ex31JAN21

The holdings-based information is based on a model account rather than an actual portfolio. We believe the model account is a better representation of the portfolio, regardless of sponsor. Holdings in your account may vary significantly.

MFS® Growth Private PortfolioThird Quarter 2020

The Global Industry Classifi cation 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.The Russell 1000® Growth Index is a trademark/service mark of the Frank Russell Company. Russell® is a trademark of the Frank Russell Company.

FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS® Growth Private Portfolio IIGR-PPM-MT-U-US-3Q20.II

Table of Contents

Contents Tab

MFS® Overview 1

Investment Overview 2

Appendix 3

FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS® Growth Private Portfolio 1GR-PPM-MT-U-US-3Q20.1

Creating value responsibly for investors

RISK MANAGEMENTLONG-TERM DISCIPLINE

§ Conviction and longer time horizons

§ Alignment of Incentives

§ Continuity/Succession planning

§ Integrated Research

§ Diversity and collaboration

§ Engagement

§ Risk-aware culture

§ Understanding material risks

§ Capacity management

Committed to Alignment

COLLECTIVE EXPERTISE

A History of Active Investing42929.4


Sustainable Investing FrameworkCollaboration across departments and functions

Fundamental ResearchESG Strategy & Governance

Stewardship

ESG DataRisk Management

ESG Integrationenables responsible

value creation

Multiple working groups and committees

Materiality of ESG factors on individual securities, industries and sectors

Custom research on emerging ESG themes that are typically

multi-sector in nature

Data from multiple vendors and specialists

Deep awareness of ESG risks across entire investment platform

Using voting and engagement to infl uence governance and

business practices

44174.4

Thematic Research

Please keep in mind that a sustainable investing approach does not guarantee positive results.


Portfolio Managers

Eric Fischman, CFA, 29 years industry experience

Jonathan Sage, CFA, 24 years industry experience

Paul Gordon, 19 years industry experience

Institutional Portfolio Manager Nicholas J. Paul, CFA, 21 years industry experience

Investment Product Specialist Scott Edgcomb, CFA, 9 years industry experience

MFS Growth Private Portfolio Team

Tested by market experience, backed by depth


Active management seeks to exploit market inefficiencies

Disciplined Investment Approach

Investment objective Seeks capital appreciation

Goals Outperform the Russell 1000® Growth Index over full market cycles

Philosophy

§ Fundamentals drive earnings and cash flow

§ Earnings and cash flow growth drives share price performance over the long term

§ Investors often underestimate the rate and/or duration of growth

Approach

§ Source ideas via MFS’ global research platform

§ Fundamentals and valuation drive security weights

§ Actively manage risk aiming to ensure security selection is the alpha source


Investment Process Overview

Fundamental Research § Interview company management, suppliers, customers

§ Build proprietary earnings models

§ Rate stocks within industry coverage

Portfolio Construction § Apply valuation discipline

§ Range of outcomes determines position sizes

§ Emphasize stock selection

Risk Management § Analyze sources of risk

Research-intensive process drives portfolio construction and risk management


45798.1

We believe a fully integrated global research platform provides competitive advantages

Toronto Boston

Mexico City

São Paulo

London

Tokyo

Hong Kong

Singapore

Sydney

As of 30-Sep-20.

108Fundamental

Research Analysts

8Global

Sector Teams

96Portfolio

Managers

Organized by regionand sectors

Global, Regional and Country specifi cstrategies with security selection driven by dedicated sector teams on the ground, globally

With signifi cant industry experience in value, core, growth, quantitative and fi xed income investing

Collaborative Research Environment

MFS® Global Research Platform

Analyst-Managed Strategies

11

26 U.S. Equity Analysts

35 Non-U.S. Equity Analysts

44 Credit Analysts

3 Dedicated ESG Research Analysts

backed by29 Research/Investment Associates

9 Quantitative Analysts

backed by13 Quantitative Research Associates

QuantitativeResearch Analysts

9


Focus on under-appreciated long-duration growth franchises

Stock Analysis

Process Arrows - Wayfinding

Idea Generation Fundamental Research & Valuation Analysis

Security Selection & Portfolio Construction

Secular growth

§ Revenue growth – units and price

§ Rate and duration of growth

Pricing power

§ Sustainable competitive advantage

§ High barriers to entry

§ Intellectual property

§ Differentiated product or service

High quality companies

§ Signifi cant free cash fl ow

§ Low capital employed

§ Leveragable business model

§ Long duration of growth

§ Favorable economics/margins

§ Recurring revenues

§ Strong balance sheet

Strong management team

§ Management incentives aligned with shareholders

§ Good stewards of capital

§ Sustainable allocation of resources

§ Consistency

Focus On High-Quality, Long-Duration Growth Franchises

Valuations That Do Not Fully Reflect Long Term Growth Potential

Valuations based on duration of growth

§ Underappreciated rate and/or duration of growth

§ Range of outcomes drives position sizes

Risk Management

Growth Stock Traits


Security Selection and Portfolio Construction

Fundamentals and valuation drive buy and sell decisions



Security Selection& Portfolio Construction

Entry Points § Valuation underestimates growth potential

§ Improving fundamentals

§ On dips caused by temporary factors

Portfolio § Seeks primarily large cap growth companies

§ Fundamentals and valuation decide position size

§ Isolate security selection as alpha source

Exit Points § Valuation refl ects growth prospects

§ Thesis drift

§ Deteriorating fundamentals

Portfolio

Sell

Buy

Risk Management


Security Level § Operational risk

§ Financial risk

§ Valuation risk

Portfolio Level § Frequently review active portfolio weightings

Stock/industry/sector

§ Emphasis is on stock selection

Firm Level § Daily compliance review

§ Dedicated trading group

§ Semi-annual in-depth risk review

Risk Management

Risk management at multiple levels ensures portfolio is driven by stock selection



Security Selection& Portfolio Construction Risk Management


Risk management


Characteristics and Top 10 HoldingsGross of fees (USD)

1 Source: Ibbotson2 Weighted average.3 (Lesser of Purchase or Sales)/Average Month End Market Value.

Past performance is no guarantee of future results. No forecasts can be guaranteed.The holdings based information presented is based on the representative account of the composite.

As of 30-Sep-20 Portfolio Russell 1000® Growth Index

Fundamentals - weighted average

IBES long-term EPS growth1 17.7% 17.1%

Price/earnings (12 months forward) 36.6x 32.5x

Market capitalization

Market capitalization (USD)2 556.7 bn 665.6 bn

Diversification

Top ten holdings 50% 45%

Number of holdings 44 447

Turnover

Trailing 1 year turnover3 32% —

Risk/reward (3 year)

Alpha 2.73% —

Beta 0.91 —

Historical tracking error 3.97% —

Downside capture 85.83% —

Upside capture 95.65% —

Top 10 Holdings Portfolio (%) Russell 1000® Growth Index (%)

MICROSOFT CORP 10.4 9.5

AMAZON.COM INC (EQ) 10.1 8.1

ALPHABET INC 6.6 4.1

ADOBE INC 5.0 1.4

FACEBOOK INC 4.0 3.8

MASTERCARD INC (EQ) 3.7 1.8

NVIDIA CORP 3.5 1.9

VISA INC 3.3 2.0

THERMO FISHER SCIENTIFIC INC

2.8 0.6

CHARTER COMMUNICATIONS INC

2.8 0.5

FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS® Growth Private Portfolio 11

1.5% Cash & Cash Equivalents.

Sector WeightsRelative to Russell 1000® Growth Index

PP3A-PODBK-14-Oct-20

As of 30-Sep-20 Portfolio (%) Benchmark (%) Underweight/Overweight (%)

Communication Services 18.1 10.9 7.2

Industrials 6.7 4.6 2.1

Materials 1.8 0.8 1.0

Real Estate 2.1 1.8 0.3

Utilities — 0.0 0.0

Energy — 0.1 -0.1

Health Care 13.6 14.0 -0.4

Financials 1.1 2.0 -0.9

Information Technology 42.0 44.5 -2.5

Consumer Staples 1.4 4.8 -3.4

Consumer Discretionary 11.8 16.5 -4.7


The performance shown is attributable in part to unusual market conditions. These conditions may not be repeated in the future.

Annualized Returns (%)

Excess Returns (%) 3Q20 YTD 1 Year 3 Years 5 Years 10 YearsGross vs. Russell 1000® Growth Index

-3.29 -3.84 -6.43 1.21 1.16 1.21

Net vs. Russell 1000® Growth Index

-4.09 -6.47 -10.23 -2.37 -2.37 -2.25

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010

n MFS® Growth Private Portfolio - Gross

39.12 4.50 32.78 3.03 9.40 10.71 40.34 17.86 -0.33 16.70

n MFS® Growth Private Portfolio - Net 35.11 1.42 28.94 -0.01 6.18 7.46 36.30 14.42 -3.28 13.29

n Russell 1000® Growth Index 36.39 -1.51 30.21 7.08 5.67 13.05 33.48 15.26 2.64 16.71

n MFS PPM Growth Composite - Grossn Russell 1000® Growth Index

n MFS PPM Growth Composite - Net

9.93 9.13

13.22

20.49

17.86

24.33

31.10

27.30

37.53

22.88

19.3021.67 21.26

17.7320.10

18.46

15.0017.25

XMEGU-PODBK-14-Oct-20

Source: Benchmark performance from SPAR, FactSet Research Systems Inc. It is not possible to invest directly in an index.See the composite report for performance methodology and other information.Past performance is not a reliable indicator for future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested. Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio's base currency, if different.Periods less than one year are actual not annualized.

MFS® Growth Private Portfolio (USD)Performance as of 30 September 2020


Appendix

Contents Page

Attribution 14

MFS Growth Private Portfolio Team 17

Quantitative Research Process 20

Characteristics Comparison 21

Top 10 Portfolio Holdings Comparison 22

Composite Report 23


Average Relative

Weighting (%)

Portfolio Returns (%)

Benchmark Returns (%)

Sector Allocation (%)1 + Stock

Selection (%)2 + Currency Effect (%) =

Relative Contribution

(%)

Contributors Health Care -1.3 9.6 5.7 0.1 0.5 — 0.6

Energy -0.1 — -4.0 0.0 — — 0.0

Utilities -0.0 — -4.7 0.0 — — 0.0

Detractors Information Technology -1.1 11.8 14.9 -0.0 -1.4 — -1.4

Consumer Discretionary -4.3 13.7 20.7 -0.3 -0.8 — -1.1

Communication Services 6.6 8.4 10.3 -0.2 -0.4 — -0.5

Industrials 1.9 9.4 13.4 -0.0 -0.3 — -0.3

Cash 1.5 0.0 — -0.2 — — -0.2

Financials -0.2 2.8 6.4 -0.0 -0.1 — -0.1

Consumer Staples -3.4 5.9 12.2 0.0 -0.1 — -0.1

Materials 0.2 10.3 15.0 -0.0 -0.0 — -0.0

Real Estate 0.2 0.3 1.0 -0.0 -0.0 — -0.0

Total 10.1 13.2 -0.6 -2.5 — -3.1

1 Sector allocation is calculated based upon each security's price in local currency.2 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 relative performance attributable to combining

allocation decisions with stock selection decisions. This effect measures the relative strength of the manager's convictions. The interaction effect 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 using a 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 aggregate to 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’s contribution to the overall portfolio’s performance during the measurement period, please email [email protected].


Performance Drivers – SectorsRelative to Russell 1000® Growth Index (USD) — third quarter 2020


Average Weighting (%) Returns (%)

Portfolio Benchmark Portfolio1 Benchmark Relative Contribution (%)

Top Contributors Nvidia Corp 3.0 1.7 42.5 42.5 0.3

Abbvie Inc — 1.0 — -9.7 0.2

Clarivate Plc 1.0 — 38.8 — 0.2

Charter Communications Inc 2.7 0.5 22.4 22.4 0.2

Thermo Fisher Scientific Inc 2.7 0.6 21.9 21.9 0.2

Top Detractors Apple Inc 1.5 11.1 27.2 27.2 -1.1

Tesla Inc — 1.6 — 98.7 -0.9

Electronic Arts Inc 2.2 0.0 -1.2 -1.2 -0.3

Alphabet Inc 7.0 4.4 3.5 3.7 -0.3

Visa Inc 3.9 2.1 3.7 3.7 -0.2

1 Represents performance for the time period stock was held in portfolio.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 using a 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 aggregate to 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’s contribution to the overall portfolio’s performance during the measurement period, please email [email protected].


Performance Drivers – StocksRelative to Russell 1000® Growth Index (USD) — third quarter 2020


Average Relative

Weighting (%)

Portfolio Returns (%)

Benchmark Returns (%)

Sector Allocation (%)1 + Stock

Selection (%)2 + Currency Effect (%) =

Relative Contribution

(%)

Top Contributors Health Care -0.4 32.5 21.9 -0.3 2.0 — 1.6

Industrials -2.4 36.1 26.7 0.3 0.9 — 1.2

Consumer Discretionary -0.9 32.7 28.4 -0.0 0.6 — 0.6

Materials 1.0 45.2 33.8 0.0 0.4 — 0.4

Information Technology 3.3 51.7 51.9 0.7 -0.3 — 0.4

Real Estate -0.7 46.7 33.6 -0.0 0.2 — 0.2

Consumer Staples -2.1 25.2 27.7 0.3 -0.0 — 0.2

Energy -0.4 6.6 8.6 0.1 -0.0 — 0.1

Top Detractors Communication Services 2.6 30.3 35.3 -0.2 -0.4 — -0.6

Cash 1.4 2.1 — -0.6 — — -0.6

Financials -1.5 40.4 35.3 -0.4 0.0 — -0.4

Total 39.5 36.4 -0.2 3.3 — 3.2

1 Sector allocation is calculated based upon each security's price in local currency.2 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 relative performance attributable to combining

allocation decisions with stock selection decisions. This effect measures the relative strength of the manager's convictions. The interaction effect 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 using a 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 aggregate to 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’s contribution to the overall portfolio’s performance during the measurement period, please email [email protected].

XMEGU-PODBK-14-Jan-20

Performance Drivers – SectorsRelative to Russell 1000® Growth Index (USD) — 2019



Eric B. Fischman, CFA § Investment Officer

§ Equity Portfolio Manager

§ As an Equity Portfolio Manager, responsible for buy and sell decisions, portfolio construction, risk control and cash management. Participates in the research process and strategy discussions.

§ Joined MFS in 2000; previous positions include Equity Research Analyst

§ Previous experience includes 1 year as Equity Analyst at State Street Research; 2 years as Attorney at Funds Distributor, Inc.; 2 years as Attorney at Federal Reserve Board; 3 years as Assistant Vice President at Securities Data Company

§ Affiliations include CFA Institute

§ Columbia University, MBA, Beta Gamma Sigma

§ Boston University, JD, cum laude

§ Cornell University, BA

Jonathan W. Sage, CFA § Investment Officer

§ Portfolio Manager

§ As a Portfolio Manager, responsible for final buy and sell decisions, portfolio construction, risk and cash management. Participates in the research process and strategy discussions.

§ Joined MFS in 2000; previous positions include Quantitative Equity Research Analyst

§ Affiliations include CFA Institute, CFA Society of Boston

§ Boston College, MS

§ Boston College, MBA

§ Tufts University, BA

05OCT20



Paul J. Gordon § Investment Officer

§ Equity Portfolio Manager

§ As an Equity Portfolio Manager, responsible for buy and sell decisions, portfolio construction, risk control and cash management. Participates in the research process and strategy discussions.

§ Joined MFS in 2004

§ Previous experience includes 4 years as Equity Research Associate at Fidelity Investments Management and Research Co.

§ Babson College, BS, cum laude

Nicholas J. Paul, CFA § Investment Officer

§ Institutional Portfolio Manager

§ As an Institutional Portfolio Manager, participates in the research process and strategy discussions. Assesses portfolio risk, customizes portfolios to client objectives and guidelines, and manages daily cash flows. Communicates investment policy, strategy, and positioning.

§ Joined MFS in 2010; previous positions include Investment Product Specialist

§ Previous experience includes 9 years as an Investment Product Manager and Consultant at Putnam Investments

§ Serves as a member of the US Equity Growth team


§ Boston College, MBA, honors, Beta Gamma Sigma

§ West Virginia University, BA

Continued...

05OCT20



Scott T. Edgcomb, CFA § Associate Director, Investment Product Specialist

§ As an Investment Product Specialist, communicates investment policy, strategy and tactics, performs portfolio analysis and leads product development.

§ Joined MFS in 2011; previous positions include Senior Investment Product Analyst; Regional Sales Representative; Client Service Representative


§ Georgetown University, BS

Continued...

05OCT20


Quantitative Research — Unbiased, Disciplined and Long-term Focused

Quantitative research provides a systematic, objective appraisal

Key drivers

§ Major investment themes: momentum, valuation, quality, sentiment

§ Strategic and long-term focused

§ Disciplined, unbiased, captures persistence

Competitive advantage

§ MFS proprietary multifactor model customised by sector and region

§ Intuitive, meaningful, independent

Output

More than 6,000 stocks ranked globally

Quantitative Research

Momentum

Valuation

Sentiment

Quality


MFS Growth Fund vs. MFS Growth Private PortfolioCharacteristics Gross of fees (USD)

1 Weighted Average IBES Long Term EPS Growth sourced from: Ibbotson.Past performance is no guarantee of future results. No forecasts can be guaranteed.

As of 30-Sep-20 MFS Growth Fund MFS Growth Private Portfolio

Russell 1000® Growth Index

Fundamentals - weighted average IBES long-term EPS growth 1 17.7% 17.7% 17.1%

Price/earnings (12 months forward) 38.0x 36.6x 32.5x

Market capitalization Market capitalization 532.4 bn 556.7 bn 665.6 bn

Portfolio construction Top ten holdings 44% 50% 45%

Number of holdings 75 44 447


30-Sep-20 30-Sep-20

MFS Growth Fund Portfolio (%) MFS Growth Private Portfolio Portfolio (%)

Microsoft Corp 9.7 Microsoft Corp 10.4

Amazon.com Inc 9.0 Amazon.com Inc 10.1

Alphabet Inc 5.0 Alphabet Inc 6.6

Adobe Inc 4.5 Adobe Inc 5.0

Facebook Inc 3.5 Facebook Inc 4.0

Mastercard Inc 3.4 Mastercard Inc 3.7

Visa Inc 2.8 NVIDIA Corp 3.5

salesforce.com Inc 2.6 Visa Inc 3.3

Apple Inc 2.4 Thermo Fisher Scientific Inc 2.8

NVIDIA Corp 2.3 Charter Communications Inc 2.8

MFS Growth Fund vs. MFS Growth Private PortfolioTop 10 portfolio holdings

Composite: MFS PPM Growth Composite

Benchmark: Russell 1000® Growth - Total ReturnCreation Date: 20-Oct-2008

Inception Date: 01-Aug-1995

Investment Objective: To provide long-term growth of capital by seeking companies whose duration of growth is underappreciated by the market. Emphasis is placed on high-quality, above-average businesses with pricing power and free cash flow growth.

Wrap Fee ScheduleAsset Breakpoints (USD) FeeFor Assets Up To 999999 MM 300 bp

Accounts in Annualized 3-YearComposite and Benchmark Return % Composite Composite at Standard Deviation Assets in Composite

Period Gross of fees Net of fees Benchmark Dispersion End of Period Composite Benchmark (USD million) %Firm2019 39.12 35.11 36.39 0.34 351 13.17 13.26 $169.3 0.0

2018 4.50 1.42 -1.51 0.32 261 12.79 12.30 $113.2 0.0

2017 32.78 28.94 30.21 0.27 220 10.99 10.69 $103.3 0.0

2016 3.03 -0.01 7.08 n/a 18 11.45 11.31 $6.0 0.0

2015 9.40 6.18 5.67 n/a 10 11.46 10.85 $3.9 0.0

2014 10.71 7.46 13.05 n/a <6 10.65 9.73 $3.0 0.0

2013 40.34 36.30 33.48 n/a <6 13.38 12.35 $2.6 0.0

2012 17.86 14.42 15.26 n/a <6 16.89 15.88 $1.9 0.0

2011 -0.33 -3.28 2.64 n/a <6 18.58 18.01 $1.6 0.0

2010 16.70 13.29 16.71 n/a <6 n/a n/a $1.6 0.0MFS Investment Management® claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. MFS Investment Management® has been independently verified for the periods 1-Jan-1988 through 31-Dec-2018. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

Total PPM Gross-of-fee returns (includes both capital appreciation and income) are in USD terms and before fees and expenses both direct and indirect with the exception of non-wrap type accounts managed in a similar style during the period 1-Aug-1995 through 30-Sep-2008. These accounts had gross performance calculated after payment of fees on transactions. On 1-Oct-2008, these accounts were removed from the composite. Retail funds and certain sub-advised accounts are subject to Fair Valuation as conditions warrant. Typical separate accounts utilize WM/Reuters 4:00 PM (London Time) foreign exchange rates; retail products will use rates deemed most appropriate for daily NAV per share calculations. The possibility exists for performance dispersion between otherwise similarly managed accounts and also with the benchmark. Management fees for this product style are described in full in Form ADV Part II which is available upon request. Net composite returns are prepared by subtracting from the monthly gross returns one-twelfth of the maximum applicable annual wrap fee. Total returns of the benchmark are provided for each period depicted, expressed in USD. Source of Benchmark Performance: FACTSET ®. Benchmark returns and benchmark annualized 3-year standard deviation are not examined by independent accountants. Russell 1000 Growth - Total Return - constructed to provide a comprehensive barometer for growth securities in the large-cap segment of the U.S. equity universe. Companies in this index generally have higher price-to-book ratios and higher forecasted growth values. Composite Dispersion is measured by the asset-weighted standard deviation of account returns for all accounts in the composite for the full period. For composites containing less than six accounts for the full period, dispersion is deemed not meaningful. From 1-Aug-1995 until 30-Sep-2008, the asset total included non-wrap type accounts managed in a similar style. These funds assets accounted for 100% of total assets in the composite from 1-Aug-1995 to 30-Sep-2008. Prior to 30-Sep-2008, accounts were eligible for inclusion in the composite if they have assets greater than 5 MM USD. Subsequent to 30-Sep-2008, there is no account asset minimum. Prior to 30-Sep-2008, accounts were included as of their third full month of performance. Effective 30-Sep-2008, accounts are included on their first full calendar month of performance. From 1-Aug-1995 to 30-Sep-2008, none of the assets in the composite were derived from non-fee paying accounts. The composite contained a single non-fee paying account, which accounted for each of the following period ends were: 2008: 100%; 2009: 78.4%; 2010: 71.3%; 2011: 69.4%; 2012: 69.5%; 2013: 69.6%; 2014: 66.3%; 2015 Q1: 39.0% of the total composite assets. As of May 31, 2015: 35.5% of the total composite assets. No non fee paying accounts currently. For purposes of GIPS compliance, the firm is defined as MFS Investment Management® which is comprised of Massachusetts Financial Services Company (MFS) and MFS Institutional Advisors, Inc. (MFSI), each of which is a registered investment advisor, MFS Heritage Trust Company, a New Hampshire Trust company, and MFS Investment Management Canada Limited. Total firm assets are calculated at market value and include assets managed by MFS, MFSI, MFS Heritage Trust Company and MFS Investment Management Canada Limited as well as assets managed by MFS and MFSI in a sub-advisory capacity on behalf of affiliated investment advisors that may or may not be registered under the United States Investment Advisers Act of 1940, such as MFS International (U.K.), Ltd. (MIL UK) and MFS Investment Management K.K. (MIMKK), MFS International Singapore Pte. Ltd and MFS International Australia Pty Ltd as well as assets managed by MFS and MFSI on behalf of unaffiliated investment advisors that are not registered under the United States Investment Advisers Act of 1940. Total firm assets for GIPS purposes do not include assets of non-discretionary advisory relationships. In November of 2011 MFS acquired McLean Budden Limited (now MFS Investment Management Canada Limited). Total firm assets from 31-Mar-2012 forward include the assets of institutional and pooled MFS Investment Management Canada Limited products. Assets from 31-Dec-2012 forward include the MFS Investment Management Canada Limited PPM product assets. A complete list of firm composites and descriptions, along with additional information regarding policies for valuing portfolios, calculating and reporting performance, and preparing compliant presentations are available upon request.

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Performance Presentation Report 2019

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and / or Russell ratings or underlying data and no party may rely on any Russell Indexes and / or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell's express written consent. Russell does not promote, sponsor or endorse the content of this communication.

Run Time: 20-Feb-20 3:06:37 PM XMEGU Page 2 of 2

Performance Presentation Report 2019

second quarter 2020 · 2020. 9. 26. · second quarter 2020 the global industry classifi cation...

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