MFS Meridian Global Equity A1 EUR

Analyst Report
Morningstar's Take

by Natalia Wolfstetter

MFS Meridian Global Equity’s expert personnel and patient, intuitive approach earn it a Morningstar Analyst Rating of Gold across cheaper share classes, including the clean share class W1 USD. Pricier share classes are rated Silver. Roger Morley and Ryan McAllister are the talented pair in charge. Morley has established himself as a fine investor over his lengthy tenure at MFS. He’s executed the longstanding sustainable growth-oriented approach with aplomb while overseeing a smooth comanager transition, with McAllister filling the now-retired David Mannheim’s shoes. Mannheim’s superb record is a tough act to follow, and McAllister broadening his knowledge of industries is a point we’re watching. Still, Morley and McAllister have worked together cohesively after a well-planned succession, and the team as a collective has much to commend it--its large size affords a rigorous depth of research, and the portfolio managers collaborate effectively with the analyst group to harness their insights.Meanwhile, we’ve long been fans of MFS’ approach. Its focus on stock-level analysis is straightforward, emphasising companies that can grow their earnings consistently over a business cycle. The team isn’t afraid to deviate well away from the index, a longstanding skew to industrials and healthcare companies at the expense of commodities and tech notable. This desire to limit sensitivity to major disruptive forces makes sense given the long-term mindset, though it can cause performance to veer well away from peers. More borderline prospects have arisen in the 80- to 100-stock portfolio and contributed to weaker medium-term results compared with the benchmark and MFS’ more-concentrated sibling. Nevertheless, portfolio construction has been prudent, so problem stocks have usually been among the smaller holdings. While this strategy has been reopened to investors, the shop has consistently put its client interests first in managing capacity. The strategy is an outstanding core portfolio investment.

Morningstar Analyst Rating™
To find out how Morningstar rates a fund click here.
Portfolio RoleCore.
Morningstar Pillars
Distinguished team.
ParentAbove Average
MFS continues to build a strong parent track record.
A diverse portfolio of sustainable growth companies that's managed patiently.
A long-term winner, despite more modest results over the near term.
Morningstar Analyst RatingMorningstar evaluates funds based on five key pillars, which it's analysts believe lead to funds that are most likely to outperform over the long term on a risk-adjusted basis.
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