MFS Value A MEIAX

Longtime comanager Nevin Chitkara plans on retiring in May 2026, with Tom Crowley, the current lead sector analyst at MFS for capital goods companies, set to join the management team at year-end 2024 as Chitkara begins to transition off. Katie Cannan, Chitkara’s current comanager, will remain on the portfolio. Given the long transition and MFS’ strong central research organization, this strategy’s Morningstar Medalist Rating remains unchanged. Chitkara began managing this strategy in May 2006 and, during his nearly 20-year run on the portfolio, helped guide the portfolio as it comfortably topped its Russell 1000 Value benchmark over his tenure through August 2024. With Chitkara gone, though, there will be a bit of an experience gap. Cannan joined as a comanager at the start of 2020, so she has less than five years of portfolio management experience. Crowley has managed sector sleeves for MFS research portfolios, but this will be his first diversified mandate. Still, MFS’ well-regarded analyst team is the engine behind this portfolio, providing the portfolio managers with buy, sell, and hold recommendations as well as qualitative opinions on company and industry trends. This will very likely remain a slow-moving, patient portfolio, and investors should not expect wholesale changes upon the management transition.