Se ha denunciado esta presentación.
Utilizamos tu perfil de LinkedIn y tus datos de actividad para personalizar los anuncios y mostrarte publicidad más relevante. Puedes cambiar tus preferencias de publicidad en cualquier momento.

Presentacion MFS: Funds Experience 2016

643 visualizaciones

Publicado el

Presentacion MFS con Thomas Kramer: Funds Experience 2016

Publicado en: Economía y finanzas
  • Sé el primero en comentar

  • Sé el primero en recomendar esto

Presentacion MFS: Funds Experience 2016

  1. 1. 16500.39 exp 31-Mar-17 See important disclosures on final page of presentation. See the fund's offering documents for more details, including information on fund risks and expenses. The views expressed in this presentation are those of the speaker and are subject to change at any time. These views do not necessarily reflect the views of MFS or others in the MFS organization. No forecasts can be guaranteed. MFS Meridian Funds are not available for sale in the United States or Canada or to US persons. MFS Investment Management Company (Lux) S.à.r.l. Unless otherwise indicated, logos, product and service names are trademarks of MFS and its affiliates and may be registered in certain countries. For Investment Professional use only. Not intended for retail investors. Luxembourg - registered SICAV MAY LOSE VALUE – NOT GUARANTEED 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. MFS MERIDIAN® FUNDS – GLOBAL TOTAL RETURN FUND Second quarter 2016 Top ten holdings, portfolio characteristics and weightings do not reflect the effect of exposure/weightings for hedging of hedged share classes. Full holdings and net assets do reflect this hedging.
  2. 2. For Investment Professional Use Only. Not intended for retail investors. 1MFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.1 MFS overview We apply a uniquely collaborative approach to build better insights for our clients Integrated Research We look at investment opportunities across the globe by integrating fundamental equity, quantitative and credit disciplines in our analysis. Global Collaboration Our team philosophy and incentive structure ensure strong collaboration across the firm. Active Risk Management We take a holistic approach to actively managing risk with reviews in place at security, portfolio and firm levels and a clear focus on generating alpha for our clients.
  3. 3. For Investment Professional Use Only. Not intended for retail investors. 2MFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.2 28452.11 ex30APR17 Business profile (USD) 425 billion total MFS AUM Global equities (20%) EAFE/ International equities (21%) US equities (34%) Regional equities (7%) Fixed Income (13%) Multi-Strategy (5%) Asia Pacific (35%) EMEA (23%) North America (42%) Assets Regions Diversified client and asset base1 Assets Global equities 85.3 billion EAFE/international equities 89.0 billion US equities 142.7 billion Regional equities 28.2 billion Fixed Income 57.2 billion Multi-strategy/Other 22.4 billion Institutional business by client type and region2 Client types • Defined benefit/defined contribution • Endowment and foundation • Sovereign wealth fund/government agency • Institutional platform/insurance subadvisory Well-diversified business across clients, regions, and investment strategies As of 30-Jun-16. 1 Data is rounded to the nearest figure. 2 Represents global clients in institutional vehicles only.
  4. 4. For Investment Professional Use Only. Not intended for retail investors. 3MFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.3 Global research platform provides competitive advantages Collaborative research environment BOSTON TORONTO MEXICO CITY SÃO PAULO SYDNEY SINGAPORE HONG KONG TOKYO LONDON 93 fundamental research analysts 27 US equity analysts and 34 non-US equity analysts; 32 credit analysts; backed by 26 research/investment associates 8 global sector teams organised by region and sectors with USD 38.2 billion AUM in analyst-managed portfolios Extensive integration across equity and fixed income, geographies and asset classes 78 portfolio managers with significant industry experience in value, core, growth, quantitative, and fixed Income Quantitative research team: 10 quantitative analysts provide proprietary research models, quantitative stock rankings, and scenario testing; backed by 12 quantitative research associates Collaborative research environment As of 30-Jun-16. Leveraging the key competitive advantages of our Global Research platform
  5. 5. For Investment Professional Use Only. Not intended for retail investors. 4MFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.4 1970 1990 1992 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Total Return Fund Global Total Return Fund Portfolio modeling for retirement clients Asset Allocation Funds (target risk) International Diversification Fund Lifetime Funds (target date) Diversified Income Fund Global Alternative Strategy1 VIT II Global Tasctical Allocation Absolute Return and Global Multi-Asset Managed Wealth MFS Funds mentioned are not registered for sale or have not been approved by the applicable regulatory authorities outside of the United States. Any reference to any MFS Funds are not intended to constitute offers of solicitation of such funds in any country outside the United States and are intended for informational purposes only. 1 Effective 1-Feb-14, the name of the MFS Diversified Target Return Fund changed to the MFS Global Alterative Strategy Fund. MFS: A deep history of multi-asset investing
  6. 6. For Investment Professional Use Only. Not intended for retail investors. 5MFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.5 Why consider investing in a global balanced fund? Seeks diversification • Stocks and bonds • Geographic • Rebalancing Potentially competitive risk-adjusted returns • Strategic long term allocation: combining assets with low correlations can help reduce risk and potentially enhance return • A total return strategy: growth and income • Equity component designed to be the main driver of long-term performance • Fixed income component designed to help reduce volatility • Moderate risk/reward profile: seeks relatively low volatility vs. a pure equity fund Can serve as a foundation of a portfolio “Hub and spoke” – add other investments to reflect clients’ risk profile Could be an option for suitable investors seeking: • Global diversification • Long-term capital appreciation • A fairly conservative way to participate in the stock market’s potential upside
  7. 7. For Investment Professional Use Only. Not intended for retail investors. 6MFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.6 20 years of best and worst – a case for diversification Cross-asset return, ranked 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Average U.S. Large Cap Growth 23.12% U.S. Large Cap Value 35.18% U.S. Large Cap Growth 38.71% Emerging Markets 66.41% U.S. Bonds 11.63% U.S. Bonds 8.44% Global Bonds 19.37% Emerging Markets 56.28% Emerging Markets 25.95% Emerging Markets 34.54% Emerging Markets 32.55% Emerging Markets 39.82% Global Bonds 12.00% Emerging Markets 79.02% U.S. Small/ Mid Cap 26.71% U.S. Bonds 7.84% Emerging Markets 18.63% U.S. Small/ Mid-Cap 36.80% U.S. Large Cap Value 13.45% U.S. Large Cap Growth 5.67% U.S. Small/ Mid-Cap 9.53% U.S. Large Cap Value 21.64% U.S. Large Cap Growth 30.49% Global ex-U.S. 20.33% U.S. Large Cap Growth 33.16% U.S. Large Cap Value 7.01% Cash 4.09% U.S. Bonds 10.25% U.S. Small/ Mid Cap 45.51% Global ex-U.S. 20.70% Global ex-U.S. 14.02% Global ex-U.S. 26.86% U.S. Large Cap Growth 11.81% U.S. Bonds 5.24% U.S. Large Cap Growth 37.21% Emerging Markets 19.20% Global Bonds 7.22% Global ex-U.S. 17.90% U.S. Large Cap Growth 33.48% U.S. Large Cap Growth 13.05% U.S. Bonds 0.55% U.S. Large Cap Value 8.52% U.S. Small/ Mid Cap 19.03% U.S. Small/ Mid Cap 24.36% U.S. Large Cap Value 15.63% Global ex-U.S. 27.30% Cash 5.96% U.S. Small/ Mid Cap 1.22% Cash 1.70% Global ex-U.S. 39.17% U.S. Small/ Mid Cap 18.29% Diversified Portfolio 8.93% U.S. Large Cap Value 22.25% Global ex-U.S. 11.63% Cash 1.80% U.S. Small/ Mid Cap 34.39% U.S. Large Cap Growth 16.71% U.S. Large Cap Growth 2.64% U.S. Small/ Mid-Cap 17.88% U.S. Large Cap Value 32.53% U.S. Small/ Mid-Cap 7.07% Cash 0.03% U.S. Large Cap Growth 7.63% Diversified Portfolio 11.90% Diversified Portfolio 12.75% Global Bonds 15.31% U.S. Small/ Mid Cap 24.14% U.S. Small/ Mid Cap 4.27% Global Bonds –0.79% Emerging Markets –6.00% Diversified Portfolio 30.99% U.S. Large Cap Value 16.49% U.S. Small/ Mid Cap 8.11% Diversified Portfolio 16.63% Diversified Portfolio 11.48% Diversified Portfolio –29.14% Global ex-U.S. 32.46% U.S. Large Cap Value 15.51% U.S. Large Cap Value 0.39% U.S. Large Cap Value 17.51% Global ex-U.S. 23.29% U.S. Bonds 5.97% Global ex-U.S. –0.39% Diversified Portfolio 7.29% Global ex-U.S. 6.36% U.S. Bonds 9.65% Diversified Portfolio 10.59% Diversified Portfolio 21.11% Global Bonds 2.34% Emerging Markets –2.37% Diversified Portfolio –7.78% U.S. Large Cap Value 30.03% Diversified Portfolio 14.70% U.S. Large Cap Value 7.05% U.S. Small/ Mid Cap 16.17% Global Bonds 10.81% U.S. Small/ Mid Cap –36.79% Diversified Portfolio 29.24% Diversified Portfolio 14.57% Cash 0.08% U.S. Large Cap Growth 15.26% Diversified Portfolio 15.87% Diversified Portfolio 4.78% Diversified Portfolio –2.45% Emerging Markets 5.45% Emerging Markets 6.03% Cash 5.25% U.S. Bonds 8.69% U.S. Large Cap Value 7.35% Diversified Portfolio –6.47% Diversified Portfolio –4.96% U.S. Large Cap Value –15.52% U.S. Large Cap Growth 29.75% Global Bonds 10.10% U.S. Large Cap Growth 5.26% U.S. Large Cap Growth 9.07% U.S. Bonds 6.97% U.S. Large Cap Value –36.85% U.S. Large Cap Value 19.69% Global ex-U.S. 8.21% Diversified Portfolio –1.66% Diversified Portfolio 13.37% Cash 0.05% Global Bonds 0.67% Global Bonds –2.61% U.S. Bonds 5.34% Cash 5.25% Global ex-U.S. 2.06% Cash 5.06% Cash 4.74% Global ex-U.S. –13.96% U.S. Large Cap Value –5.59% Global ex-U.S. –15.66% Global Bonds 14.51% U.S. Large Cap Growth 6.30% Cash 3.00% Global Bonds 5.94% Cash 4.74% U.S. Large Cap Growth –38.44% U.S. Bonds 5.93% U.S. Bonds 6.54% U.S. Small/ Mid-Cap –2.51% U.S. Bonds 4.21% U.S. Bonds –2.02% Cash 0.03% U.S. Small/ Mid Cap –2.90% Global ex-U.S. 4.83% Global Bonds 4.40% Global Bonds 1.40% U.S. Small/ Mid Cap 0.38% U.S. Bonds –0.82% U.S. Large Cap Growth –22.42% U.S. Large Cap Growth –20.42% U.S. Small/ Mid Cap –17.80% U.S. Bonds 4.10% U.S. Bonds 4.34% U.S. Bonds 2.43% Cash 4.76% U.S. Small/ Mid Cap 1.38% Global ex-U.S. –43.06% Global Bonds 1.90% Global Bonds 6.42% Global ex-U.S. –11.73% Global Bonds 1.30% Emerging Markets –2.27% Emerging Markets –1.82% U.S. Large Cap Value –3.83% Global Bonds 4.47% U.S. Bonds 3.63% Emerging Markets –11.59% Emerging Markets –25.34% Global Bonds –5.08% Emerging Markets –30.61% Global ex-U.S. –21.21% U.S. Large Cap Growth –27.88% Cash 1.07% Cash 1.24% Global Bonds –6.53% U.S. Bonds 4.33% U.S. Large Cap Value –0.17% Emerging Markets –53.18% Cash 0.16% Cash 0.13% Emerging Markets –18.17% Cash 0.07% Global Bonds –4.50% Global ex-U.S. –4.48% Emerging Markets –14.60% Cash 2.44% Important risk considerations 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. Emerging markets can have less market structure, depth, and regulatory, custodial or operational oversight and greater political, social, and economic instability than developed markets. Investments in small-cap companies can be more volatile than investments in larger companies. Investments in growth companies can be more sensitive to the company’s earnings and more volatile than the stock market in general. 1 Diversification does not assure a profit or guarantee against a loss. WORSTBEST The historical performance of each index cited is provided to illustrate market trends; it does not represent the performance of a particular investment product. It is not possible to invest directly in an index. Past performance is not a reliable indicator of future results. MARKET SEGMENT REPRESENTED BY STANDARD DEVIATION* Cash Citigroup 3-month T-bill Index2 0.63 U.S. Bonds Barclays U.S. Aggregate Bond Index3 3.47 Global Bonds JPMorgan Global Government Bond Index (Unhedged)4 6.40 Diversified Portfolio All segments disclosed herein, excluding cash** 11.99 U.S. Large Cap Value Russell 1000 Value Index5 15.19 Global ex-U.S. MSCI EAFE Index6 16.75 U.S. Large Cap Growth Russell 1000 Growth Index7 17.57 U.S. Small/Mid Cap Russell 2500 Index8 18.52 Emerging Markets MSCI Emerging Markets Index9 23.66 *20 YEARS ENDED 12/31/15 Everyone wants to be in the best-performing asset class every year. The thing is, few people are savvy enough to choose the best consistently. That’s why diversification is key. This chart shows annual returns for seven broad-based asset classes, cash, and a diversified portfolio, ranked from best to worst. Notice how the “leadership” changes. Standard deviation reflects a 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. ** Diversified portfolio assets are rebalanced at the end of every quarter so that they remain equally distributed among the segments.
  8. 8. Risk 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. Investments in value companies can continue to be undervalued for long periods of time, not realize their expected value, and be more volatile than the stock market in general. Please see the prospectus for further information on these and other risk considerations For Investment Professional Use Only. Not intended for retail investors. 7MFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.7 Disciplined investment approach Investment objective Total return, measured in U.S. dollars. The Fund invests in a combination of equity securities and debt instruments of issuers located in developed and emerging market countries. Historically the Fund has invested approximately 60% of its assets in equity securities and 40% of its assets in debt instruments, but these allocations may vary generally between 30% and 75% equity and 25% and 70% debt. Goal Outperform blended benchmark, the 60% MSCI World Index/40% Barclays Global Aggregate Index (USD). Achieve a competitive ranking in relevant peer universes over full market cycles. Philosophy A moderate allocation of 60% global large cap value stocks and 40% global investment grade bonds will achieve attractive risk adjusted results over time. Strategy Taking a conservative approach to security selection MFS’ research driven approach seeks to add value primarily through bottom-up stock selection within the equity portion and through top-down country selection and currency management in the fixed income allocation.
  9. 9. 5 6 7 8 4 6 8 10 12 14 16 AnnualisedReturn(%) Annualised Standard Deviation (RISK) For Investment Professional Use Only. Not intended for retail investors. 8MFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.8 Risk / Return profile for Equities, Bonds and 60/40 mix 1991 – 2015 Source: SPAR, FactSet Research Systems, Inc. Standard deviation is an indicator of the portfolio's total return volatility, which is based on a minimum of 36 months. The larger the portfolio's standard deviation, the greater the portfolio's volatility. Calculated using the past 25 calendar year returns from Jan 1991 - Dec 2015 using monthly returns data. Global equities represented by the MSCI World Index net return. Global bonds represented by the Barclays Global Aggregate Index. 60/40 represents a monthly rebalanced blend of 60% global equity and 40% global bonds using these indices. Equities Risk: 14.71 Return: 7.13% 60/40 Risk: 9.66 Return: 6.81% Bonds Risk: 5.39 Return: 5.68% Balanced approach has historically offered an attractive risk/reward profile
  10. 10. EQUITIES • Research focused approach combing a bottom-up fundamental strategy with a blended approach • Emphasis on what we believe to be high quality stocks with attractive valuations • Identify on companies that we believe can pay and grow their dividends For Investment Professional Use Only. Not intended for retail investors. 9MFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.9 Strategic asset allocation approach to equity and fixed income No tactical asset allocation shifts FIXED INCOME • Focus on investment grade bonds • Similar quality and duration to the benchmark • Sector over/underweights based on relative attractiveness to the benchmark 40%60% Historic allocation of approximately 60% Equities / 40% Fixed Income
  11. 11. For Investment Professional Use Only. Not intended for retail investors. 10MFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.10 Global Total Return Fund team Portfolio managers EQUITY Fundamental Global Value Equity Nevin Chitkara 23 years industry experience Pablo de la Mata, CFA 12 years industry experience Steven R. Gorham, CFA 26 years industry experience Benjamin Stone 20 years industry experience Global Equity Income Jonathan Sage 20 years industry experience Responsible for: • Final buy and sell decisions • Participates in global research • Cash and risk management FIXED INCOME Richard Hawkins 34 years industry experience Robert Spector, CFA 23 years industry experience Robert Persons, CFA 29 years industry experience Pilar Gomez-Bravo, CFA 18 years industry experience Erik S. Weisman, Ph.D. 18 years industry experience Responsible for: • Final buy and sell decisions • Participates in global research • Cash and risk management INSTITUTIONAL Katrina Mead, CFA 21 years industry experience Jedediah Koenigsberg 17 years industry experience Responsible for: • Communication of strategy and positioning • Participates in global research • Rebalancing to strategic equity / fixed income allocation • Cah and risk mangement
  12. 12. Evaluate management’s value creation through • Paying dividends • Sustainably growing dividends over time • Share repurchases • Return focused investment decisions For Investment Professional Use Only. Not intended for retail investors. 11MFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.11 Equity investment approach Valuation is a key consideration at all times Multiple measures of valuation are considered: • Cash flow • Book value or total capital employed • Earnings • Sales • Dividend yield • Cash flow return on investment • Better capital management Quality businesses • Successful long-term track record • Sustainable, durable franchise • Solid balance sheet • Free cash generation • Strong management teams Structural improvement • Industry consolidation • Change in management • Cyclical recovery • Capacity reduction • Cost-cutting initiatives • Better capital management
  13. 13. For Investment Professional Use Only. Not intended for retail investors. 12MFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.12 Equity investment process MFS research and focus on downside risk management provide the foundation for buy and sell decisions PORTFOLIO CONSTRUCTION SELL ANALYSISBUY ANALYSIS • Sustainable, durable franchises • Significant free cash flow • Solid balance sheet • History of capital stewardship • Attractively valued securities • Stock becomes expensive • Better alternative available • Change in investment thesis • Determine position size by conviction, risk and reward, and liquidity • Manage risk - Security level assessment: operational risk, financial risk, valuation risk - Portfolio levels have been: Generally max issuer position of 5%, or 1.5 times benchmark weight, whichever is greater; 25% industry limit; maximum 10% emerging markets • Maintain well diversified global value portfolio
  14. 14. Consumer Staples 18.0 9.2 Special Products & Services 5.6 3.2 Basic Materials 5.9 4.7 Industrial Goods & Services 7.7 6.8 Energy 6.4 6.3 Transportation 1.9 2.2 Utilities & Communications 7.8 8.3 Health Care 12.1 13.2 Financial Services 17.8 19.0 Autos & Housing 2.4 3.6 Leisure 3.2 4.9 Retailing 2.9 6.5 Technology 8.3 12.1 8.8 2.4 1.2 0.9 0.1 -0.3 -0.6 -1.1 -1.1 -1.2 -1.7 -3.6 -3.8 For Investment Professional Use Only. Not intended for retail investors. 13MFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.13 Equity sector weights MSCI World Index (%)As of 30-Jun-16 Portfolio (%) Underweight/overweight (%)
  15. 15. For Investment Professional Use Only. Not intended for retail investors. 14MFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.14 Equity regional weights Portfolio does not own securities in the following countries: Austria (0.06), Finland (0.36), Ireland (0.17), New Zealand (0.07), and Portugal (0.05). North America 55.4 63.4 -8.0 Canada 2.2 3.6 -1.4 United States 53.2 59.8 -6.6 Europe ex-U.K. 21.3 16.2 5.1 Switzerland 7.2 3.4 3.9 France 4.7 3.5 1.2 Sweden 2.2 1.0 1.1 Germany 4.2 3.2 1.0 Netherlands 1.4 1.2 0.3 Norway 0.4 0.2 0.2 Spain 0.9 1.1 -0.2 Denmark 0.2 0.7 -0.5 Belgium 0.0 0.5 -0.5 Italy 0.0 0.7 -0.7 United Kingdom 7.9 7.2 0.8 Japan 8.1 8.5 -0.4 Asia/Pacific ex-Japan 2.6 4.4 -1.9 Singapore 0.5 0.5 -0.0 Hong Kong 1.0 1.2 -0.3 Australia 1.1 2.7 -1.6 Developed - Middle East/Africa 0.0 0.3 -0.3 Israel 0.0 0.3 -0.3 Emerging Markets 4.7 0.0 4.7 Taiwan 2.0 0.0 2.0 China 1.0 0.0 1.0 South Korea 0.8 0.0 0.8 Thailand 0.4 0.0 0.4 Russia 0.3 0.0 0.3 Brazil 0.1 0.0 0.1 MSCI World Underweight/ As of 30-Jun-16 Portfolio (%) Index (%) /overweight (%) Emerging Markets Developed Middle East/Africa Asia/Pacific ex-Japan Japan United Kingdom Europe ex-U.K. North America -8.0 5.1 0.8 -0.4 -1.9 -0.3 4.7
  16. 16. For Investment Professional Use Only. Not intended for retail investors. 15MFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.15 Equity portfolio characteristics and top 10 equity portfolio holdings 1 Weighted average numbers based on the holdings in the portfolio. It is not possible to directly invest in an index. No forecasts can be guaranteed. As of 30-Jun-16 Portfolio MSCI World Index Valuation1 Price/earnings (12 months forward) 14.5x 16.2x Price/book 2.3x 2.1x Price/cash flow 10.8x 11.3x 3-year average return on equity 20.4% 18.0% Long term debt/capital 35.9% 38.9% Market capitalisation Weighted average (USD) 87.4 bn 99.5 bn MSCI World Index (%)As of 30-Jun-16 Country Sector Portfolio (%) Philip Morris International Inc United States Consumer Staples 2.1 0.5 Johnson & Johnson United States Health Care 1.9 1.0 Honeywell International Inc United States Industrial Goods & Services 1.8 0.3 KDDI Corp Japan Utilities & Communications 1.7 0.2 Nestle SA Switzerland Consumer Staples 1.7 0.8 Taiwan Semiconductor Manufacturing Co Ltd ADR Taiwan Technology 1.6 – General Mills Inc United States Consumer Staples 1.6 0.1 Verizon Communications Inc United States Utilities & Communications 1.6 0.7 3M Co United States Basic Materials 1.6 0.3 Novartis AG Switzerland Health Care 1.5 0.6
  17. 17. For Investment Professional Use Only. Not intended for retail investors. 16MFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.16 Fixed income investment approach Objective Outperform the Barclays Global Aggregate Index over full market cycles. Philosophy We believe… • Global fixed income markets offer a diverse range of opportunities to add value (sector, security, duration/curve, currency) • These opportunities vary as market conditions change, requiring integrated research and multiple analytical perspectives • A flexible, adaptable approach that emphasises relative value is key to generating attractive risk-adjusted returns over market cycles Approach • Combine macro, fundamental, and quantitative analysis in a research-driven process • Express multiple views through a broadly diversified portfolio • Actively manage tactical exposures to maximise risk/reward Seeks consistent alpha generation
  18. 18. For Investment Professional Use Only. Not intended for retail investors. 17MFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.17 Fixed income investment process Overview A disciplined, repeatable process incorporating multiple perspectives GLOBAL AGGREGATE CORE PORTFOLIO Ensure risks are intended, understood and appropriately sized Assess investment climate using multiple inputs to develop level of active risk Target allocation of active risk across sectors, duration, curve, country/region, and currency Optimal portfolio consistent with risk budget ESTABLISH RISK BUDGET MANAGE RISK CONSTRUCT PORTFOLIO RISK ALLOCATION
  19. 19. 15.1 2.4 1.1 0.8 0.4 -0.6 -0.7 -2.2 -5.2 -11.4 -12.2 For Investment Professional Use Only. Not intended for retail investors. 18MFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.18 Fixed income sector weights Barclays Global As of 30-Jun-16 Portfolio (%) Aggregate Index (USD) (%) Overweight/underweight (%) High Grade Corporates 32.2 17.1 Commercial Mtg Backed 2.8 0.4 Asset Backed 1.3 0.2 Collateralized Debt Obligations 0.8 0.0 High Yield 0.4 0.0 Emerging Markets 5.0 5.6 U.S. Agency 0.2 0.9 Residential Mortgage Backed Securities 0.0 2.2 Mortgage Backed 9.1 14.3 Non-US Sovereigns 33.0 44.4 U.S. Treasury 2.7 14.9 Includes fixed income cash position. 10.0% cash and cash equivalents. 2.4% other. Other consists of: (i) currency derivatives and/or (ii) any derivative offsets.
  20. 20. United States 51.9 37.6 New Zealand 2.0 0.2 Italy 5.5 3.9 Mexico 2.2 0.7 Australia 2.5 1.6 Canada 4.1 3.2 Norway 1.2 0.4 Chile 0.8 0.1 China 1.1 0.5 Peru 0.5 0.1 Morocco 0.3 0.0 Iceland 0.2 0.0 Denmark 0.6 0.4 Portugal 0.2 0.0 Luxembourg 0.1 0.0 Israel 0.2 0.2 For Investment Professional Use Only. Not intended for retail investors. 19MFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.19 14.3 1.8 1.6 1.5 0.9 0.9 0.8 0.6 0.6 0.4 0.3 0.2 0.2 0.2 0.1 0.0 ^ Barclays Global Aggregate Index (USD) (%) 1 Portfolio does not own securities in the following countries: Bermuda (0.01), Brazil (0.06),Bulgaria (0.02), Colombia (0.08), Kazakhstan (0.03), Latvia (0.01), Lithuania (0.03), Oman, (0.01), Panama (0.03),Philippines (0.07), Qatar (0.10), Romania (0.05), Saudi Arabia (0.02), Slovakia (0.08), Slovenia (0.07), Taiwan (0.01), United Arab Emirates (0.15), and Uruguay (0.02). As of 30-Jun-16 Portfolio (%) Benchmark^ (%) Overweight (%) Fixed income country weights Singapore 0.2 0.2 Indonesia 0.1 0.2 Ireland 0.3 0.3 India 0.0 0.1 Russia 0.0 0.1 Belgium 1.0 1.1 Czech Republic 0.0 0.1 Hong Kong 0.0 0.1 South Africa 0.0 0.2 Thailand 0.0 0.3 Switzerland 0.6 0.9 Malaysia 0.0 0.3 Poland 0.0 0.3 Netherlands 1.4 1.8 Turkey 0.0 0.4 Finland 0.0 0.4 Austria 0.4 0.7 United Kingdom 5.2 5.7 Sweden 0.0 0.9 Other1 0.0 0.9 Spain 1.4 2.6 South Korea 0.0 1.4 France 4.3 5.8 Supranational 0.2 2.2 Germany 1.1 5.1 Japan 10.4 19.0 As of 30-Jun-16 Portfolio (%) Benchmark^ (%) Underweight (%) -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.2 -0.3 -0.3 -0.3 -0.3 -0.3 -0.4 -0.4 -0.4 -0.4 -0.9 -0.9 -1.2 -1.4 -1.5 -2.0 -4.0 -8.6
  21. 21. For Investment Professional Use Only. Not intended for retail investors. 20MFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.20 Fixed income portfolio composition Barclays Global As of 30-Jun-16 Portfolio Aggregate Index (USD) Fundamentals Average effective duration1 6.8 years 6.9 years Average quality2 A+ .– Fixed Income Credit Quality2 AAA 14.1 39.1 AA 10.2 16.6 A 20.7 28.6 BBB 31.4 15.8 BB 0.0 – B 0.0 – Federal Agency 9.4 – US Government 3.4 – Other Not Rated 0.4 – 1 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.Cash held in the fund's fixed income portfolio was included in the calculation. Avg. effective duration excluding cash from the fixed income portfolio: 7.7 yrs. 2 The Average Credit Quality (ACQR) is a market weighted average (using a linear scale) of securities included in the rating categories. For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency MBS, and CMOs of U.S. Agency MBS. Other Not Rated includes fixed income securities which have not been rated by any rating agency. The fund itself has not been rated. MFS has not independently verified benchmark data provided by the vendor or the underlying methodology, which may be different than MFS.
  22. 22. For Investment Professional Use Only. Not intended for retail investors. 21 IMFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.21 Portfolio Blended Benchmark MSCI World 0.0 3.0 6.0 9.0 12.0 15.0 18.0 Portfolio Blended Benchmark MSCI World -60.0 -50.0 -40.0 -30.0 -20.0 -10.0 0.0 Portfolio Blended Benchmark MSCI World 0.0 0.1 0.2 0.3 0.4 0.5 0.6 Portfolio characteristics Blended MSCI World As of 30-Jun-16 Portfolio Benchmark1 Index2 Turnover Trailing 1 year turnover3 37% – .– Risk profile (trailing 10yrs) Annualised standard deviation 10.0% 11.0% 16.5% Fund beta vs. – 0.88 0.57 Max drawdown -29.0% -36.4% -54.0% Risk adjusted Return: (trailing 10 yrs) Sharpe ratio 0.50 0.34 0.21 Past performance is not a reliable indicator for future results. No forecasts can be guaranteed. 1 60% MSCI World Net / 40% Barclays Global Aggregate 2 MSCI World Index Net Dividends 3 U.S. methodology (Lesser of Purchase or Sales)/Average Market Value of the date range; Lux methodology (Purchases + Sales) -(Subscriptions + Redemptions)/Average Total Net Assets, 1 year turnover, 38%. 4 Calculated using monthly returns 5 Max Drawdown timeframes over trailing 10 years: Portfolio: Nov 07-Feb 09, Blended Benchmark: Nov 07-Feb 09, MSCI World: Nov 07-Feb 09. The portfolio results shown are for the MFS Meridian Funds –Global Total Return Fund – Class I1USD fees and expenses. Volatility: Standard Deviation Max Drawdown Risk Adjusted Return: Sharpe Ratio
  23. 23. * Benchmark. Morningstar rankings may vary among share classes and are based on historical total returns, which are not indicative of future results. ©2016 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar; (2) may not be copied; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Source: SPAR, FactSet Research Systems, Morningstar Direct. The source for all fund data is MFS. Source for benchmark performance: SPAR, FactSet Research Systems Inc. Start of Fund Performance Record: 05 January 1994 Start of Class Performance Record: 26 September 2005 Fund inception date: 26 September 2005 Other share classes are available for which performance and expenses will differ. 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. For Investment Professional Use Only. Not intended for retail investors. 22 IMFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.22 Portfolio performance As of 30 June 2016 2Q16 YTD 2016 1 Year 3 Years 5 Years 10 Years Percent(%) 2.85 1.78 1.01 6.80 4.01 0.66 4.82 2.00 -2.78 5.84 5.43 6.95 6.18 4.85 6.63 5.93 4.71 4.43 Portfolio 60% MSCI World Index (net return) / 40% Barclays Global Aggregate Index (USD) MSCI World Index (net return) 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 MFS Meridian® Funds – Global Total Return Fund -1.68 3.18 15.93 11.23 2.32 8.08 14.69 -15.23 8.67 16.65 60% MSCI World Index (net return)/ 40% Barclays Global Aggregate Index (USD)* -1.57 3.23 14.18 11.26 -0.94 9.63 20.71 -24.85 9.36 14.60 MSCI World Index (net div) -0.87 4.94 26.68 15.83 -5.54 11.76 29.99 -40.71 9.04 20.07 Barclays Global Aggregate -3.15 0.59 -2.60 4.32 5.64 5.54 6.93 4.79 9.48 6.64 Bond Index Class I1USD shares annual rates of return Morningstar Category: EAA OE USD Moderate Allocation Rank Percentile 3 2 1 3 Rank/# of Funds 14 / 636 5 / 366 3 / 238 4 / 129
  24. 24. For Investment Professional Use Only. Not intended for retail investors. 24 IMFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.24 Generating results time and time again MFS Meridian® Funds – Global Total Return Fund’s historical returns at NAV – Class I1 USD (2006 – 2015)^ The source for all fund data is MFS. Source for benchmark performance: SPAR, FactSet Research Systems Inc. ^ Results represent the percent change in NAV. 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. TOTHEENDOF... 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2015 5.95% 4.83% 4.36% 7.50% 6.35% 6.00% 6.95% 5.55% 0.72% -1.68% 2014 6.84% 5.67% 5.25% 9.11% 8.03% 8.02% 9.99% 9.37% 3.18% 2013 7.3% 6.03% 5.6% 10.34% 9.28% 9.68% 13.56% 15.93% 2012 6.13% 4.47% 3.64% 8.98% 7.15% 6.68% 11.23% 2011 5.30% 3.16% 1.83% 8.25% 5.16% 2.32% 2010 5.90% 3.37% 1.66% 11.33% 8.08% 2009 5.37% 1.85% -1.4% 14.69% 2008 2.43% -4.02% -15.2% 2007 12.59% 8.67% 2006 16.65% FROM THE BEGINNING OF . . . Periods with negative returns: 7% Since 2006, Global Total Return Fund has delivered positive returns 93% of the time. Periods with positive returns: 93%
  25. 25. For Investment Professional Use Only. Not intended for retail investors. 25MFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.25 Summary • Balanced portfolio – aimed at offering a lower volatility alternative compared to a pure equity investment • Strategic asset allocation approach • Conservative investment approach – equity and fixed income • Seeks attractive risk adjusted results
  26. 26. For Investment Professional Use Only. Not intended for retail investors. 26MFS Meridian® Funds – Global Total Return Fund MGB-MR-MT-USD-US-2Q16.26 Fund Regulatory Details See the fund's offering documents for more details, including information on fund risks and expenses. For additional information, call Latin America: 416.506.8418 in Toronto or 352.46.40.10.600 in Luxembourg. European Union: MFS International (U.K.) Ltd., One Carter Lane, London, EC4V 5ER UK. Tel: 44 (0)20 7429 7200. Switzerland: Carnegie Fund Services S.A., 11 rue du General-Dufour, 1204 Geneva, Switzerland. Tel: 41.22.705.1177. Hong Kong: State Street Trust (HK) Limited, 68th Floor, Two International Finance Centre, 8 Finance Street, Central, Hong Kong. Tel: 852.2840.5388. Taiwan: Master Agent: PineBridge Investments Consulting Taiwan Limited, 10th floor, 144 Minchuan E. Rd., Section 2, Taipei 10436, Taiwan Tel: 886.2.2516.7676 MFS Meridian Funds is an investment company with a variable capital established under Luxembourg law. MFS Investment Management Company (Lux) S.ar.l. is the management company of the Funds, having its registered office at 35, Boulevard du Prince Henri, L-1724, Luxembourg, Grand Duchy of Luxembourg (Company No. B.76.467). The Management Company and the Funds have been duly authorised by the CSSF (Commission de Surveillance du Secteur Financier) in Luxembourg. The Funds are recognized as a "restricted foreign scheme" in Singapore; therefore, material in connection with the offer or sale of the funds may only be distributed to persons in Singapore that are qualified under Sections 304 and 305(2) under Chapter 289 of the Securities and Futures Act. This document has not been reviewed or approved by the Hong Kong Securities and Futures Commission. MFS Meridian Funds from time to time may be registered for sale in other jurisdictions or otherwise offered where registration is not required. MFS Meridian Funds are not available for sale in the United States or Canada or to US persons. Unless otherwise indicated, logos, product and service names are trademarks of MFS and its affiliates and may be registered in certain countries. MFS Investment Management Company (Lux) S.à.r.l. This material is for use only in Austria, Finland, France, Germany, Hong Kong, Italy, Luxembourg, Netherlands, Norway, Singapore, Spain, Sweden, Switzerland, Taiwan, United Kingdom, North America, South America and Central America.

×