first quarter 2020 · for investment professional use only. not intended for retail investors....
TRANSCRIPT
![Page 1: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/1.jpg)
For Investment Professional use only. Not intended for retail investors.Luxembourg - registered SICAV 16344.47 ex31JAN21
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.
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.
See important disclosures on fi nal 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 refl ect the views of MFS or others in theMFS 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 affi liates and may be registered in certain countries.
MAY LOSE VALUE • NOT GUARANTEED
Top ten holdings, portfolio characteristics and weightings do not refl ect the effect of exposure/weightings for hedging of hedged share classes. Full holdings and net assets do refl ect this hedging.
MFS Meridian® Funds – European Value FundThird Quarter 2020
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 by MSCI.
![Page 2: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/2.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund IIEVF-MR-MT-EUR-LN-3Q20.II
Table of Contents
Contents Tab
MFS® Committed to Alignment 1
Investment Overview 2
Appendix 3
![Page 3: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/3.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 1EVF-MR-MT-EUR-LN-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
![Page 4: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/4.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 2EVF-MR-MT-EUR-LN-3Q20.2
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.
![Page 5: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/5.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 3EVF-MR-MT-EUR-LN-3Q20.3
MFS Meridian® Funds – European Value FundDistinguishing characteristics
Integrated approach to analysing value and evaluating risk
Integrated global research platform
§ Collaborative culture critical to process
§ Combines equity, fixed-income, and quantitative analysis
Disciplined, consistent strategy
§ Seeks sustainable returns in various market environments
§ Assess investment opportunities in context of a long term time horizon
Rigorous valuation discipline
§ Patient, differentiated approach
§ Focus on downside risk management
![Page 6: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/6.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 4
Performance results (%) I1EUR shares 12-month rates of total return at NAV as of the period ended:
30-Sep-20 2.69
30-Sep-19 9.73
30-Sep-18 10.68
30-Sep-17 8.28
30-Sep-16 9.80
EVF-PODBK-8-Oct-20
Start of Class Performance Record: 27 September 2005Fund Inception Date: 01 October 2002Other 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. Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio's base currency, if different.The Markets in Financial Instruments Directive (MIFID) is the EU legislation that regulates firms who provide services to clients linked to financial instruments.
MiFID II Performance Standard
![Page 7: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/7.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 5EVF-MR-MT-EUR-LN-3Q20.5
Disciplined Investment Approach
Investment objective The fund’s investment objective is capital appreciation, measured in Euros. The fund invests at least 70% of its assets in European equity securities.
Goal Outperform the MSCI Europe Index (net div) over full market cycles with an emphasis on downside risk management.
Strategy
Analyze rather than forecast
Many market participants attach too much weight to forecasts, which often prove inaccurate, particularly at inflection points.
§ We seek an analytical advantage by evaluating the long-term quality, sustainability, improvement potential and value of businesses.
Invest rather than speculate
Many market participants speculate on near-term information and over-react to short-term newsflow.
§ We invest on a long term time horizon. Our global research platform, collaborative investment approach and compensation structure are all aligned with this timeframe.
Focus on durability
Many market participants overemphasize upside potential vs.downside risk.
§ We manage capital by seeking to avoid stocks with substantial downside risk, and only invest where we believe valuations more than compensate for inherent risks.
Long-term analysis to exploit market inefficiencies
![Page 8: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/8.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 6EVF-MR-MT-EUR-LN-3Q20.6
Disciplined Investment ApproachContinued...
Long-term analysis to exploit market inefficiencies
Risk
The fund may not achieve its objective and/or you could lose money on your investment in the fund. n Stock: Stock markets and investments in individual stocks are volatile and can decline significantly in response to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical, and other conditions. n Value: The portfolio's investments 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. n Geographic: Because the portfolio may invest a substantial amount of its assets in issuers located in a single country or in a limited number of countries, it may be more volatile than a portfolio that is more geographically diversified. n Please see the prospectus for further information on these and other risk considerations.
![Page 9: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/9.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 7
Historical Relative Performance in Diverse MarketsI1EUR shares at NAV
MFS Meridian® Funds - European Value Fund vs. MSCI Europe Index (net div)October 2005-September 2020
Average quarterly relative performance (%) +4.15 +1.00 -0.34 +1.03
Nu
mb
er o
f qu
arte
rs a
bov
e /b
elow
ben
chm
ark
Source: Benchmark performance from SPAR, FactSet Research Systems Inc. It is not possible to invest directly in an index.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.Class I shares are only available to certain qualifying institutional investors.
n Number of outperforming quarters n Number of underperforming quarters
EVF-PODBK-8-Oct-20
Market return less than -5%
Market return -5% to +5%
Market return greater than +5%
Total0
5
10
15
20
25
30
35
40
![Page 10: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/10.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 8EVF-MR-MT-EUR-LN-3Q20.8
10 Years 7 Years 5 Years 3 Years 1 Year
Con
trib
utio
n to
retu
rns
(%)
86.5
47.3
133.8
42.5
24.9
67.4
21.8
14.3
36.1
18.9
9.3
28.2
5.3 6.011.3
Why MFS Meridian Funds - European Value Fund?Source of returns - Stock selection has been a main driver of historical relative performance
Stock selection has been a main source of alpha over the long-term
■ Stock Selection^,2 ■ Relative Contribution (Total) ■ Sector Allocation1
^ Stock selection and currency effect combined.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 interation 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. Source: Cumulative sector attribution as of 30-Sep-20. Past performance is not a reliable indicator for future results. Attribution results are generated by the FactSet application utilizing a methodology which 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 expenses. As such, attribution results are essentially estimates and may not aggregate to the total return of the portfolio or of the benchmark which can be found elsewhere in this presentation.
![Page 11: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/11.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 9
MFS Meridian® Funds - European Value Fund vs. MSCI Europe Index (net div)October 2005–September 2020
0+100+K100%outperforming
periods 0+100+K100%outperforming
periods 0+100+K100%outperforming
periods 0+100+K100%outperforming
periods 23+77+K77%outperforming
periods
Average Excess Returns
4.61%
10 years
4.50%
7 years
4.58%
5 years
4.59%
3 years
4.12%
1 year
The strategy outperformed 61 out of 61 rolling 10 year periods, 97 out of 97 rolling 7 year periods, 121 out of 121 rolling 5 year periods, 145 out of 145 rolling 3 year periods and 131 out of 169 rolling 1 year periods.Source: Benchmark performance from SPAR, FactSet Research Systems Inc. It is not possible to invest directly in an index.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.Class I shares are only available to certain qualifying institutional investors.For all time periods, results were calculated on a rolling basis, measured monthly. All returns are annualized.
EVF-PODBK-8-Oct-20
Consistency of Historical Relative OutperformanceOver Rolling PeriodsI1EUR shares at NAV
![Page 12: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/12.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 10EVF-MR-MT-EUR-LN-3Q20.10
Experienced MFS European Value Equity Team
Experienced management, tested by markets, backed by depth
1 As an Institutional Portfolio Manager, communicates investment policy, strategy, and positioning. Participates in the research process and strategy discussions. Assesses portfolio risk, customises portfolios to client objectives and guidelines, and manages daily cash fl ows.
Years of experience as of 30-Sep-20.
Additional Resources
Vipin NarulaPortfolio Manager
29 years industry experience
Benjamin Stone, IIMRPortfolio Manager
24 years industry experience
Barnaby WienerPortfolio Manager
26 years industry experience
Tanya Chadha, CFAInvestment Product Specialist
12 years industry experience
Nevin ChitkaraPortfolio Manager
27 years industry experience
Edward DearingPortfolio Manager
12 years industry experience
Anne-Christine FarstadPortfolio Manager
18 years industry experience
Steven Gorham, CFAPortfolio Manager
30 years industry experience
Pablo de la Mata, CFAPortfolio Manager
16 years industry experience
Florence TajPortfolio Manager24 years industry experience
Gabrielle Gourgey1
Institutional Portfolio Manager25 years industry experience
Benjamin Tingling1
Institutional Portfolio Manager 13 years industry experience
![Page 13: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/13.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 11EVF-MR-MT-EUR-LN-3Q20.11
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
![Page 14: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/14.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 12EVF-MR-MT-EUR-LN-3Q20.12
Investment ProcessOverview
Our best high-quality value ideas
Generally has held 50–75 holdings
Focus on downside risk
§ Attractive valuation
§ Risk/return
§ Risk Review
Analyse rather than forecast
§ Fundamental analysis ŵ Durability of business
ŵ Management
ŵ Financing structure
ŵ Earnings quality
ŵ Improvement potential
Invest rather than speculate
§ Context assessment ŵ Demographics
ŵ Disruption
ŵ Global financial stability
ŵ Geopolitics
§ Sources of ideas: ŵ Research analysts
ŵ Portfolio Managers
ŵ Quantitative analysis
ŵ Company interviews
ŵ Industry & expert calls
Idea generation Stock analysis Portfolio construction
The information listed above is current as of the date of the material, and any additions, modifications, or deletions that have occurred since that date are not reflected.
MFS® Meridian Funds - European Value Fund
Rigorous analysis of business, global context, risk and valuation
![Page 15: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/15.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 13EVF-MR-MT-EUR-LN-3Q20.13
Investment ProcessContext assessment
Identify businesses focusing on bottom-up fundamentals to thrive in any environment
§ Businesses operate in an environment influenced by external forces
§ Understand global context to assess how businesses may navigate these forces in our overall assessment
Demographics Disruption
ŵ Geopolitics Global Financial Stability
![Page 16: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/16.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 14EVF-MR-MT-EUR-LN-3Q20.14
Investment ProcessAssess durability and value
VALUE
Quality of Earnings § Cash generation
§ Capital intensity
Valuation § Free cash flow (FCF)
multiples over P/E
§ Enterprise Value (EV) based metrics capture leverage
§ FCF yield and growth as total shareholder return
Sustainability of Financing
Structure § Leverage
§ Liquidity
§ Volatility of earnings
Management § Track record
§ Operational excellence
§ Capital allocation
Assess Improvement
Potential § Cyclical/Secular
§ Margin convergence
§ Operating leverage
Durability of Business
§ Competitve strength
§ Revenue recurrence
§ Regulation
§ Pricing power
§ ESG
Value is found when an asset's attractive characteristics are not yet priced in
![Page 17: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/17.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 15EVF-MR-MT-EUR-LN-3Q20.15
Entry Points Portfolio Construction Exit Points
§ Negative short-term event
§ Underappreciated duration of returns
§ Unrecognized improvement potential
§ Expensive valuation
§ Fundamentals change
§ Attractive alternatives
Determine position size based on:
§ Volatility of earnings
§ Diversity/ scale of business
§ Conviction in long-term outlook
§ Liquidity
§ Quantitative upside/downside
Risk management integral to process:
§ Quarterly risk review process
§ Generally, portfolio exposure has been:
ŵ Position size < 5% of portfolio at purchase
ŵ Industry weighting < 25% of portfolio
ŵ Emerging markets < 15% of portfolio
Investment ProcessPortfolio construction
![Page 18: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/18.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 16
Characteristics and Top 10 HoldingsI1EUR shares
1 Source: Ibbotson2 Weighted average.3 US methodology US Turnover Methodology: (Lesser of Purchase or Sales)/Average Month End Market Value; Lux methodology ((Purchases + Sales) - (Subscriptions + Redemptions))/Average Month End Assets :
-16%4 Source Barra. The Barra information may not be redistributed, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. The Barra
information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. Barra, each of its affiliates and each other person involved in or related to compiling, computing or creating any Barra information (collectively, the "Barra Parties") 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, in no 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.Past performance is no guarantee of future results. No forecasts can be guaranteed.
EVF-PODBK-8-Oct-20
As of 30-Sep-20 Portfolio MSCI Europe Index
Fundamentals - weighted average
Price/earnings (12 months forward ex-negative earnings)
23.6x 16.5x
Dividend yield 1.8% 2.9%
IBES long-term EPS growth1 6.0% 6.5%
Return on equity (3-year average) 18.3% 18.4%
Long term debt/capital 34.7% 38.1%
Market capitalization
Market capitalization (EUR)2 55.6 bn 68.9 bn
Diversification
Top ten holdings 33% 20%
Number of holdings 61 436
Turnover
Trailing 1 year turnover3 22% —
Risk profile (current)
Barra predicted tracking error4 4.70% —
Active share 78% —
Risk/reward (5 year)
Information ratio 0.83 —
Standard deviation 11.84% 13.42%
Beta 0.79 —
Top 10 Holdings Portfolio (%) MSCI Europe Index (%)
NESTLE SA 6.2 4.2
SCHNEIDER ELECTRIC SE 3.5 0.8
NOVO NORDISK A/S 3.3 1.4
IBERDROLA SA 3.2 0.9
HENKEL AG & CO KGAA 3.1 0.3
SAP SE 3.0 1.9
HEINEKEN NV 2.8 0.3
DIAGEO PLC 2.6 0.9
PERNOD RICARD SA 2.6 0.4
DASSAULT SYSTEMES SE 2.6 0.3
![Page 19: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/19.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 17
Sector WeightsRelative to MSCI Europe Index
EVF-PODBK-15-Oct-20
2.1% Cash & Cash Equivalents.
As of 30-Sep-20 Portfolio (%) Benchmark (%) Underweight/Overweight (%)
Consumer Staples 22.9 14.8 8.1
Industrials 20.2 14.3 5.9
Information Technology 13.1 7.7 5.4
Real Estate 6.5 1.4 5.1
Consumer Discretionary 11.2 10.6 0.6
Utilities 3.2 5.0 -1.8
Materials 6.2 8.1 -1.9
Communication Services 0.2 4.0 -3.8
Energy — 3.8 -3.8
Financials 6.3 14.0 -7.7
Health Care 8.1 16.3 -8.2
![Page 20: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/20.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 18EVF-MR-MT-EUR-LN-3Q20.18
Multi-Faceted Approach to Risk
Risk management integral to investment process
As of 30-Sep-20.
Deep understanding of risks at security level
§ Specialization by sector and industry
§ Integration of fundamentalequity, fi xed-income credit, and quantitative analysts
§ Experienced investors (analysts avg.15 yrs, portfolio managers avg. 23 yrs)
§ Emphasis on global collaboration
Broad portfolio level controls
§ Daily review of client guidelines and risk exposures
§ Pre- and post-trade compliance system for client guidelines
§ Semi-annual strategy review by risk management committee
Sound business management
Operational excellence
FIRM
PORTFOLIO
SECU
RITY
Portfolio
![Page 21: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/21.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 19EVF-MR-MT-EUR-LN-3Q20.19
MFS Meridian® Funds – European Value Fund I1EURRisk-adjusted performance as of 30 September 2020
© 2020 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information.Source: Morningstar Direct; fund standard deviation from SPAR, FactSet Research Systems IncPast 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.
5 Year 3 Year
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0 13.0 14.0 15.0 16.0 17.0 18.0A
nnua
lised
Ret
urn
(%)
Standard Deviation (%)
MFS Meridian Funds-European Value FundI1EUR
MSCI Europe NR EUR-Net Div
Morningstar EAAOE Europe Large-Cap Blend Equity
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
11.0 12.0 13.0 14.0 15.0 16.0
Ann
ualis
ed R
etur
n (%
)
Standard Deviation (%)
MFS Meridian Funds-European Value FundI1EUR
MSCI EuropeNR EUR-Net Div
Morningstar EAAOE Europe Large-Cap Blend Equity
![Page 22: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/22.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 20
MFS Meridian® Funds - European Value FundPerformance as of 30 September 2020
EVF-PODBK-15-Oct-20
Start of Class Performance Record: 01 October 2002Fund Inception Date: 01 October 2002Past 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.Other share classes are available for which performance and expenses will differ.Source for benchmark performance SPAR, FactSet Research Systems Inc.Morningstar rankings may vary among share classes and are based on historical total returns, which are not indicative of future results.©2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; 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.
n Portfolio n MSCI Europe Index (net div)
Performance results (%) A1EUR shares average annual rates of total return at NAV
Morningstar category: Europe Large-Cap Blend Equity
Rank percentile 14th 2nd 3rd 1st
Rank/# of funds 281/1912 48/1487 38/1200 11/769
2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
MFS Meridian® Funds - European Value Fund
27.78 -5.52 14.74 -0.33 14.75 12.92 19.47 17.48 0.00 13.43
MSCI Europe Index (net div) 26.05 -10.57 10.24 2.58 8.22 6.84 19.82 17.29 -8.08 11.10
3.62
0.10
-3.78
-12.75
1.70
-7.76
6.58
-0.34
7.14
3.21
9.91
5.86
3Q20 YTD 1 Year 3 Years 5 Years 10 Years
![Page 23: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/23.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 20
MFS Meridian® Funds - European Value FundPerformance as of 30 September 2020
EVF-PODBK-15-Oct-20
Start of Class Performance Record: 27 September 2005Fund Inception Date: 01 October 2002Past 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.Class I shares are only available to certain qualifying institutional investors.Other share classes are available for which performance and expenses will differ.Source for benchmark performance SPAR, FactSet Research Systems Inc.Morningstar rankings may vary among share classes and are based on historical total returns, which are not indicative of future results.©2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; 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.
n Portfolio n MSCI Europe Index (net div)
Performance results (%) I1EUR shares average annual rates of total return
Morningstar category: Europe Large-Cap Blend Equity
Rank percentile 10th 1st 1st 1st
Rank/# of funds 217/1912 34/1487 16/1200 3/769
2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
MFS Meridian® Funds - European Value Fund
29.06 -4.58 15.88 0.65 15.90 14.06 20.62 18.65 0.96 14.71
MSCI Europe Index (net div) 26.05 -10.57 10.24 2.58 8.22 6.84 19.82 17.29 -8.08 11.10
3.87
0.10
-3.07
-12.75
2.69
-7.76
7.64
-0.34
8.20
3.21
11.00
5.86
3Q20 YTD 1 Year 3 Years 5 Years 10 Years
![Page 24: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/24.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 21
Average Relative
Weighting (%)
Portfolio Returns (%)
Benchmark Returns (%)
Sector Allocation (%)1 + Stock
Selection (%)2 + Currency Effect (%) =
Relative Contribution
(%)
Contributors Energy -4.4 — -17.6 0.9 — -0.0 0.8
Real Estate 5.4 10.4 -0.6 -0.1 0.7 0.0 0.7
Information Technology 6.0 6.9 3.6 0.2 0.5 -0.0 0.7
Financials -8.4 -8.0 -7.2 0.6 0.0 -0.1 0.6
Industrials 6.8 7.5 7.2 0.5 0.1 -0.0 0.5
Health Care -8.3 -0.6 -2.4 0.2 0.1 0.0 0.4
Communication Services -3.8 11.6 -7.1 0.3 0.0 -0.0 0.3
Materials -2.0 15.1 7.0 -0.1 0.5 -0.0 0.3
Utilities -2.0 4.2 0.5 0.0 0.1 -0.0 0.1
Consumer Discretionary 0.7 8.0 8.1 0.1 -0.0 -0.0 0.0
Cash 1.7 -0.1 — 0.0 — 0.0 0.0
Detractors Consumer Staples 8.3 -0.3 1.3 0.1 -0.4 -0.0 -0.3
Total 4.4 0.2 2.7 1.6 -0.1 4.2
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].
EVF-PODBK-8-Oct-20
Performance Drivers – SectorsRelative to MSCI Europe Index (EUR) — third quarter 2020
![Page 25: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/25.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 22
Average Weighting (%) Returns (%)
Portfolio Benchmark Portfolio1 Benchmark Relative Contribution (%)
Top Contributors Royal Dutch Shell PLC — 1.3 — -23.3 0.4
Flutter Entertainment PLC 2.2 0.3 15.9 16.0 0.3
Symrise Ag (Eq) 2.2 0.2 14.0 14.0 0.3
BP PLC — 0.8 — -25.6 0.2
Aveva Group Plc 1.5 0.0 18.1 18.1 0.2
HSBC Holdings PLC — 1.0 — -20.2 0.2
Adidas Ag 2.0 0.7 18.2 18.2 0.2
Henkel KGaA 3.0 0.3 7.8 7.8 0.2
Infineon Technologies Ag 1.6 0.4 15.5 15.5 0.2
Schindler Holdings 1.8 0.2 11.4 11.2 0.2
Top Detractors Beazley Plc 1.1 — -25.3 — -0.3
Heineken Intl NV 3.0 0.4 -7.5 -7.9 -0.2
Siemens AG — 1.2 — 12.9 -0.1
Vestas Wind Systems A/S — 0.3 — 52.7 -0.1
Daimler AG — 0.5 — 30.5 -0.1
UBS AG 2.0 0.5 -6.7 -6.7 -0.1
Deutsche Post Ag (Eq) — 0.5 — 23.1 -0.1
Unilever Nv (Eq) — 1.0 — 9.9 -0.1
Alcon Inc 2.1 0.3 -5.0 -5.0 -0.1
Dsv Panalpina A/S (Eq) — 0.4 — 28.3 -0.11 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].
EVF-PODBK-8-Oct-20
Performance Drivers – StocksRelative to MSCI Europe Index (EUR) — third quarter 2020
![Page 26: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/26.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 23
Average Relative
Weighting (%)
Portfolio Returns (%)
Benchmark Returns (%)
Sector Allocation (%)1 + Stock
Selection (%)2 + Currency Effect (%) =
Relative Contribution
(%)
Contributors Energy -5.6 — -47.5 2.9 — 0.0 2.9
Industrials 7.2 13.3 1.1 0.6 2.4 -0.1 2.9
Real Estate 5.5 28.7 -15.2 -0.5 2.8 0.0 2.4
Financials -9.1 -24.8 -25.2 1.7 0.2 -0.1 1.8
Materials -0.7 42.6 6.0 -0.2 1.9 0.1 1.7
Information Technology 8.3 8.1 16.1 1.9 -1.0 -0.1 0.8
Communication Services -4.2 9.5 -22.9 0.7 0.0 0.0 0.8
Utilities -2.9 19.6 4.5 -0.3 0.3 0.0 0.1
Cash 2.1 -0.4 — 0.0 — -0.0 0.0
Detractors Health Care -9.4 8.8 8.1 -1.3 -0.0 0.0 -1.4
Consumer Staples 8.7 -8.3 -5.4 0.2 -0.9 0.2 -0.5
Consumer Discretionary 0.1 -7.1 -3.0 0.1 -0.4 -0.1 -0.3
Total 4.0 -7.3 6.0 5.3 -0.0 11.3
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].
EVF-PODBK-8-Oct-20
Performance Drivers – SectorsRelative to MSCI Europe Index (EUR) — one year as of 30 September 2020
![Page 27: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/27.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 24
Average Weighting (%) Returns (%)
Portfolio Benchmark Portfolio1 Benchmark Relative Contribution (%)
Top Contributors Royal Dutch Shell PLC — 2.0 — -58.9 1.4
Givaudan SA 2.9 0.4 47.0 47.0 1.2
Flutter Entertainment PLC 2.0 0.2 59.6 60.9 1.0
Schneider Electric SA 3.2 0.7 35.9 35.9 1.0
Deutsche Wohnen Ag 2.8 0.2 30.3 30.3 0.9
HSBC Holdings PLC — 1.4 — -52.9 0.9
BP PLC — 1.2 — -54.2 0.7
Symrise Ag (Eq) 2.2 0.2 33.6 33.6 0.7
Aveva Group Plc 1.9 0.0 27.5 2.2 0.6
Vonovia 2.2 0.3 29.6 29.6 0.6
Top Detractors Compass Group 2.2 0.4 -44.8 -44.8 -0.9
Beazley Plc 1.1 — -51.3 — -0.6
Hiscox Ltd 0.6 — -57.3 — -0.6
Asml Holding Nv — 1.6 — 39.8 -0.6
Amadeus IT Holding 2.8 0.3 -27.1 -27.1 -0.6
Roche Holding Ltd — 2.8 — 12.7 -0.5
Heineken Intl NV 3.1 0.4 -22.4 -23.5 -0.5
Aib Group Plc 0.4 0.0 -68.6 -64.2 -0.4
Groupe Danone SA 2.0 0.5 -29.3 -29.3 -0.4
AstraZeneca PLC — 1.6 — 16.9 -0.31 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].
EVF-PODBK-8-Oct-20
Performance Drivers – StocksRelative to MSCI Europe Index (EUR) — one year as of 30 September 2020
![Page 28: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/28.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 25EVF-MR-MT-EUR-LN-3Q20.25
Appendix
MFS Meridian® Funds European Value Team 26
Historical Portfolio Weights 33
Regional Exposures - Domicile vs. Revenue 34
Quarterly and Annual Performance Summary 35
MFS Meridian® Funds - European Value Fund Information 36
Contents Page
![Page 29: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/29.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 26EVF-MR-MT-EUR-LN-3Q20.26
MFS Meridian Funds European Value Team
Florence G. Taj § Investment Officer
§ Equity Portfolio Manager
§ As an Equity 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 1999; previous positions include Research Analyst
§ Previous experience includes 3 years as Senior Consultant at Renaissance Solutions, Inc.
§ Harvard University, MBA
§ University of Ottawa/ ESC Reims (France), MIM
Gabrielle J. Gourgey § Investment Officer
§ Institutional Equity 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 2006
§ Previous experience includes 9 years as a Sector Specialist, responsible for the global technology sectors, at Merrill Lynch; 2 years as a US Markets Analyst in the Institutional Equity Sales group at CIBC Oppenheimer
§ She also has portfolio management responsibilities for the firm's European Research strategy. London Business School, 1995 completed a Financial Accounting and Analysis course.
§ Bristol University, BA
13OCT20
![Page 30: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/30.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 27EVF-MR-MT-EUR-LN-3Q20.27
MFS Meridian Funds European Value Team
Benjamin Tingling, CAIA § 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 2014
§ Previous experience includes 3 years as Derivatives & Client On-Boarding Associate at Man Group Plc; 3 years as Marketing & Client Service Analyst at Man Group Plc
§ Affiliations include Chartered Alternative Investment Analyst (CAIA)
§ Brunel University, BSc
Nevin P. Chitkara § Investment Officer
§ Equity Portfolio Manager
§ As a Value Equity 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 1997; previous positions include Equity Research Analyst
§ Previous experience includes 5 years as Analyst, Acquisition Associate and Manager at General Electric Company
§ Board member of the Wake Forest University School of Business
§ Massachusetts Institute of Technology, MBA
§ Boston University, BS, magna cum laude
Continued...
13OCT20
![Page 31: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/31.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 28EVF-MR-MT-EUR-LN-3Q20.28
MFS Meridian Funds European Value Team
Edward Jonathan Dearing § Investment Officer
§ Equity Portfolio Manager
§ As an Equity 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 2014; previous positions include Equity Research Analyst
§ Previous experience includes 1 year as Associate at Deutsche Bank AG; 3 years as Attorney at Covington & Burling LLP; 3 years as Attorney at Clifford Chance LLP
§ London Business School, MBA
§ Oxford Institute of Legal Practice, Graduate Diploma in Legal Practice
§ Cambridge University, MA (Hons), Law
Anne Christine Farstad § Investment Officer
§ Equity Portfolio Manager
§ As an Equity 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 2005; previous positions include Global Equity Research Analyst
§ Previous experience includes 3 years as Equity Research Analyst at Bailey Coates Asset Management; 1 year as Global Equity Hedge Fund Sales at UBS
§ University of Cambridge, MA
Continued...
13OCT20
![Page 32: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/32.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 29EVF-MR-MT-EUR-LN-3Q20.29
MFS Meridian Funds European Value Team
Steven R. Gorham, CFA § Investment Officer
§ Equity Portfolio Manager
§ Serves on MFS Global Equity Management Team
§ As a Value Equity 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 1989; previous positions include Equity Research Analyst; Marketing Representative; Teleservices Representative
§ Affiliations include CFA Institute, CFA Society of Boston
§ Boston College, MBA
§ University of New Hampshire, BS
Pablo de la Mata, 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 2008; previous positions include Global Equity Research Analyst
§ Previous experience includes 1 year as Equity Research Analyst at Magnetar Capital; 3 years as Equity Research Analyst at Blackrock/Merrill Lynch Investment Managers; 1 year as Wholesale Support at Merrill Lynch Investment Managers
§ Affiliations include CFA Institute
§ Colegio Universitario de Estudios Financieros (CUNEF), BS
Continued...
13OCT20
![Page 33: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/33.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 30EVF-MR-MT-EUR-LN-3Q20.30
MFS Meridian Funds European Value Team
Vipin Narula § 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 2010; previous positions include Non-US Equity Research Analyst
§ Previous experience includes 2 years as Portfolio Manager at Alpha Investment Management; 7 years as CEO and Portfolio Manager at Schroders Investment Management; 10 years as Strategist-International Markets and Research Analyst at AXA Investment Management
§ Vipin attained his ACA qualification (Associate of the Institute of Chartered Accountant in England and Wales) at the end of the 5 year professional development programme.
§ London Metropolitan University, BA
Benjamin Stone, IIMR § 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 2005; previous positions include Equity Research Analyst
§ Previous experience includes 9 years as Research Analyst at Schroders Investment Management
§ Affiliations include Institute of Investment Management and Research
§ Durham University, BA, 2:1
Continued...
13OCT20
![Page 34: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/34.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 31
MFS Meridian Funds European Value Team
Barnaby Wiener § Investment Officer
§ Equity Portfolio Manager, Head of Sustainability and Stewardship
§ Serves on MFS Global Equity Management Team
§ 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.
§ As Head of Sustainability and Stewardship, responsible for continuing to integrate sustainability across our investment platform.
§ Joined MFS in 1998; previous positions include Equity Research Analyst
§ Previous experience includes 2 years as Vice President & Equity Analyst at Merrill Lynch; 2 years as Equity Research Analyst at Credit Lyonnais
§ Served five years in the British Army reaching the rank of Captain
§ Royal Military College, Sandhurst, Graduate Course
§ Oxford University, MA, upper 2nd class history degree
Tanya Chadha, CFA § 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 2018
§ Previous experience includes 6 years as Equity Product Specialist at HSBC; 1 year as Relationship Manager at HSBC; 1 year as Management Consultant at KPMG
§ Affiliations include CFA Institute
§ London School of Economics, MSc
§ University of Delhi, BA, Honors
Continued...
13OCT20
![Page 35: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/35.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 32
As of 30-Sep-20
0-1 bn 1-5 bn 5-10 bn 10-50 bn 50-100 bn 100 bn +
EUR Billions Weighted Average Market Cap
Weighted Median Market Cap
MFS Meridian® Funds - European Value Fund
55.6 33.2
MSCI Europe Index 68.9 38.7
% o
f por
tfol
io
MFS Meridian® Funds - European Value Fund MSCI Europe Index
0.3 N/A
6.3
1.5
9.110.8
55.1
46.3
12.8
19.0
14.3
22.3
2.1% Cash & Cash Equivalents.
EVF-PODBK-8-Oct-20
Market Capitalization (EUR)
![Page 36: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/36.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 33EVF-MR-MT-EUR-LN-3Q20.33
Historical Portfolio Weights10 years to 30 September 2020¹
1 Based on quarterly data. The overview only contains countries the fund historically had any exposure to Average Countries — 13, Maximum Countries — 14, Highest Country Weight — 40 (The highest country weight was in UK in Dec-11)
Developed markets weights Max Min Avg
Asia Pacifi c ex Japan 0.9 — 0.4
Hong Kong 0.9 — 0.4
Europe ex UK 78.4 52.3 64.8
Austria — — —
Belgium 0.8 — 0.3
Denmark 4.1 — 2.0
Finland 1.8 — 0.5
France 20.3 9.3 13.2
Germany 23.5 9.7 17.7
Greece — — —
Ireland 4.8 — 1.9
Italy 2.1 — 1.0
Netherlands 9.6 3.3 5.4
Norway 1.8 — 1.1
Spain 5.7 0.9 2.5
Sweden 4.6 — 2.1
Switzerland 21.3 13.5 17.8
North America 2.0 — 0.3
United States 2.0 — 0.2
U.K. 40.2 17.4 30.1
Developed - Middle East/Africa 1.0 — 0.3
Israel 1.0 — 0.3
Sector weights Max Min Avg
Communication Services 0.3 — 0.1
Consumer Discretionary 11.2 2.7 6.5
Consumer Staples 30.6 20.0 24.7
Energy 8.6 — 2.1
Financials 24.9 6.3 16.3
Health Care 15.8 0.3 7.5
Industrials 22.0 7.9 14.4
Information Technology 18.2 7.8 13.9
Materials 8.7 2.3 4.6
Real Estate 10.6 6.5 8.2
Telecommunication Services 9.5 — 2.2
Utilities 3.2 — 0.3
Effective 30-Nov-18, the Global Industry Classifi cation Standard (GICS) underwent a structural change with respect to its current Telecommunication Services sector, which was broadened and renamed as Communication Services. This renamed sector incorporates existing Telecommunications Services companies and select constituents from the Information Technology and Consumer Discretionary sectors. The sector weights on and after 30-Nov-18 refl ect the GICS sectors after the change; the sector weights before 30-Nov-18 refl ect the GICS sectors before the change.
![Page 37: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/37.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 34EVF-MR-MT-EUR-LN-3Q20.34
Regional Exposures — Domicile vs. RevenueMFS European Value Equity — relative to MSCI Europe Index
Based on MFS European Value Equity representative account data. Sources: MSCI Economic Exposure database, FactSet- For companies not covered by the MSCI database, regional exposure was allocated based on country of domicile.- All portfolio calculations exclude cash - The "Other Countries" category consists of countries not followed by MSCI - The "Emerging Markets" category includes countries classifi ed as MSCI Frontier Markets
Relative weight (%), as of 30-Sep-20
By Domicile By Revenue
MFS EuropeanValue Equity (%)
MSCI EuropeIndex (%)
RelativeWeight (%)
MFS EuropeanValue Equity (%)
MSCI EuropeIndex (%)
RelativeWeight (%)
United Kingdom 17.8 21.4 -3.7 8.5 8.5 0.0
Europe Ex-U.K. 79.5 78.6 0.9 31.4 31.1 0.3
Developed - Middle East/Africa 0.7 0.0 0.7 0.3 0.2 0.0
Emerging EMEA 0.0 0.0 0.0 7.5 7.7 -0.1
North America 2.0 0.0 2.0 25.7 24.7 1.0
Asia Pacifi c Ex-Japan 0.0 0.0 0.0 1.4 2.1 -0.6
Japan 0.0 0.0 0.0 3.5 3.3 0.1
Emerging Markets Ex-Europe 0.0 0.0 0.0 18.9 19.5 -0.6
Other Countries 0.0 0.0 0.0 2.8 2.9 -0.1
■ By Revenue■ By Domicile
UnitedKingdom
EuropeEx-U.K.
Developed -Middle East/Africa
EmergingEMEA
NorthAmerica
Asia PacificEx-Japan
Japan Emerging MarketsEx-Europe
-3.7
0.00.9 0.3
0.70.0 0.0
-0.1
2.01.0
0.0
-0.6
0.0 0.1 0.0
-0.6
MFS Meridian Funds - European Value Fund (%)
MFS Meridian Funds - European Value Fund (%)
Regional Exposures – Domicile vs. RevenueMFS Meridian Funds - European Value Fund - relative to MSCI Europe Index
![Page 38: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/38.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 35
1Q 2Q 3Q 4Q Year
2020 MFS Meridian® Funds - European Value Fund -18.14 13.99 3.87 — —
2020 MSCI Europe Index (net div) -22.59 12.60 0.10 — —
2019 MFS Meridian® Funds - European Value Fund 13.97 4.56 2.22 5.95 29.06
2019 MSCI Europe Index (net div) 12.84 3.01 2.58 5.71 26.05
2018 MFS Meridian® Funds - European Value Fund -3.11 6.72 2.45 -9.92 -4.58
2018 MSCI Europe Index (net div) -4.30 4.00 1.33 -11.32 -10.57
2017 MFS Meridian® Funds - European Value Fund 7.15 2.81 0.67 4.49 15.88
2017 MSCI Europe Index (net div) 5.96 0.68 2.70 0.63 10.24
2016 MFS Meridian® Funds - European Value Fund -2.36 1.53 3.99 -2.36 0.65
2016 MSCI Europe Index (net div) -7.06 -0.18 4.20 6.12 2.58
2015 MFS Meridian® Funds - European Value Fund 15.78 -3.37 -2.74 6.51 15.90
2015 MSCI Europe Index (net div) 16.56 -3.26 -8.86 5.31 8.22
2014 MFS Meridian® Funds - European Value Fund 1.91 3.68 2.87 4.94 14.06
2014 MSCI Europe Index (net div) 2.08 3.99 0.79 -0.15 6.84
2013 MFS Meridian® Funds - European Value Fund 8.63 -0.33 6.45 4.66 20.62
2013 MSCI Europe Index (net div) 5.45 -1.72 9.10 5.98 19.82
2012 MFS Meridian® Funds - European Value Fund 6.83 2.53 5.75 2.44 18.65
2012 MSCI Europe Index (net div) 7.87 -2.90 7.23 4.43 17.29
2011 MFS Meridian® Funds - European Value Fund -1.68 3.21 -9.48 9.91 0.96
2011 MSCI Europe Index (net div) 0.64 0.26 -16.37 8.93 -8.08
EVF-PODBK-8-Oct-20
Source: Benchmark performance from SPAR, FactSet Research Systems Inc. It is not possible to invest directly in an index.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.Class I shares are only available to certain qualifying institutional investors.
Quarterly and Annual Performance Summary (%)I1EUR shares at NAV
![Page 39: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/39.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 36EVF-MR-MT-EUR-LN-3Q20.36
38097.14
FOR INVESTMENT PROFESSIONAL USE ONLYNot intended for retail investors.
MFS Meridian® Funds – European Value FundFund information
Share Class Currency Class Type Distribution Frequency
Hedged/ Unhedged CUSIP ISIN WKN Actual TER1
A1 EUR Retail N/A Un-Hedged L63652884 LU0125951151 657059 1.90%
A1 USD Retail N/A Un-Hedged L6365J341 LU0219440764 A0ESAU 1.90%
AH1 USD Retail N/A Hedged L6366J258 LU0947761044 A1W1C1 1.92%
I1 EUR Institutional N/A Un-Hedged L6365J838 LU0219424487 A0ESAX 0.92%
I1 GBP Institutional N/A Un-Hedged L6367C377 LU0648598893 A1JCZG 0.91%
I1 USD Institutional N/A Un-Hedged L6365X449 LU0925702077 A1T9S8 0.92%
IH1 USD Institutional N/A Hedged L6366J266 LU0947761630 A1W1C2 0.93%
N1 EUR Retail N/A Un-Hedged L6365X308 LU0870261327 A1KA10 2.41%
N1 USD Retail N/A Un-Hedged L6365X290 LU0870261160 A1KA1Z 2.40%
W1 EUR Retail N/A Un-Hedged L6366J175 LU0944408821 A1W0LQ 1.16%
W1 GBP Retail N/A Un-Hedged L6368T601 LU1320600379 A143MW 1.16%
W1 USD Retail N/A Un-Hedged L63667726 LU0458495545 A0YCTR 1.16%
WH1 CHF Retail N/A Hedged L6368T627 LU1399130191 A2AHF3 1.20%
WH1 GBP Retail N/A Hedged L6367C146 LU0583245237 A1H6R3 1.20%
WH1 USD Retail N/A Hedged L6366H658 LU1529512482 A2DHBF 1.21%
1 TER fi gures are taken as of the Shareholder Annual Report dated 31-Jan-20. Not all share classes are available in every country.For Investment Professional use only. Not intended for retail investors.
![Page 40: First Quarter 2020 · For Investment Professional use only. Not intended for retail investors. 1634.46 ex31JUL20 The Global Industry Classifi cation Standard (GICS®) was developed](https://reader034.vdocument.in/reader034/viewer/2022050421/5f90e62e26d11243691de0c2/html5/thumbnails/40.jpg)
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS Meridian® Funds - European Value Fund 37EVF-MR-MT-EUR-LN-3Q20.37
Fund Regulatory DetailsSee 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 fl oor, 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 offi ce at 4, Rue Albert Borschette, L-1246 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 established 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 qualifi ed 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 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 affi liates 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.