Presentación FE para videoconferencia el Martes 15 de septiembre.pdf
Presentación FE MFS
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Transcript of Presentación FE MFS
16500.34 ex31Oct15
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 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 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 thecase of a derivative contract, indirectly. The market value of the holding may differ.
MFS MERIDIAN® FUNDS – GLOBAL TOTAL RETURN FUND
31 August 2015
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 doreflect this hedging.
For Investment Professional Use Only. Not intended for retail investors. 1MFS Meridian® Funds – Global Total Return FundMGB-MR-MT-USD-US-31AU15.1
Why consider investing in a global balanced fund?
Seeks diversification• Stocks and bonds• Geographic • Rebalancing
Potentially competitive risk-adjusted returns
• 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 suitableinvestors seeking:
• Global diversification• Long-term capital appreciation• A fairly conservative way to participate in the stock market’s potential upside
For Investment Professional Use Only. Not intended for retail investors. 2MFS Meridian® Funds – Global Total Return FundMGB-MR-MT-USD-US-31AU15.2
Disciplined investment approach
Investment objectiveTotal return, measured in U.S. dollars. The Fund invests in a combination of equity securities and debtinstruments of issuers located in developed and emerging market countries. Historically the Fund has investedapproximately 60% of its assets in equity securities and 40% of its assets in debt instruments, but theseallocations 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 willachieve attractive risk adjusted results over time.
StrategyTaking a conservative approach to security selection MFS’ research driven approach seeks to add valueprimarily through bottom-up stock selection within the equity portion and through top-down country selectionand currency management in the fixed income allocation.
For Investment Professional Use Only. Not intended for retail investors. 3MFS Meridian® Funds – Global Total Return FundMGB-MR-MT-USD-US-31AU15.3
Disciplined investment approach (continued)
Risk
The fund may not achieve its objective and/or you could lose money on your investment in the fund. Stockmarkets 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 debtinstruments 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 factorsand therefore more volatile. In addition, debt instruments entail interest rate risk (as interest rates rise, pricesusually fall), therefore the Fund's share price may decline during rising rate environments as the underlyingdebt instruments in the portfolio adjust to the rise in rates. Funds that consist of debt instruments with longerdurations 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 havean active trading market. As a result, it may be difficult to value these investments and it may not be possible tosell a particular investment or type of investment at any particular time or at an acceptable price. Please seethe prospectus for further information on these and other risk considerations.
MFS Meridian® Funds – Global Total Return Fund team
Equity Portfolio Managers
Nevin Chitkara, 22 years industry experiencePablo de la Mata, CFA, 11 years industry experienceSteven R. Gorham, CFA, 25 years industry experienceJonathan Sage, 19 years industry experienceBenjamin Stone, 19 years industry experience
Responsible for:• Final buy and sell decisions• Participates in global research• Cash and risk management
Institutional Portfolio Managers Katrina Mead, CFA, 20 years industry experienceJedediah Koenigsberg, 16 years industry experience
Responsible for:• Communication of strategy and positioning• Participates in global research• Cash and risk management
Fixed Income Portfolio Managers
Richard Hawkins, 33 years industry experienceRobert Persons, CFA, 28 years industry experiencePilar Gomez-Bravo, CFA, 17 years industry experienceErik S. Weisman, Ph.D., 17 years industry experience
Responsible for:• Final buy and sell decisions• Participates in global research• Cash and risk management
For Investment Professional Use Only. Not intended for retail investors. 4MFS Meridian® Funds – Global Total Return FundMGB-MR-MT-USD-US-31AU15.4
For Investment Professional Use Only. Not intended for retail investors. 5MFS Meridian® Funds – Global Total Return FundMGB-MR-MT-USD-US-31AU15.5
Equity and Fixed Income investment approach
60% Equities / 40% Fixed Income
• Focus on high quality bonds• Similar quality and duration to the benchmark• Sector over/underweights based on relative attractiveness to the benchmark
• Research focused investment process• Emphasis on high quality stocks with attractive valuations• Identify on companies that can pay and grow their dividends
Chitkarade la MataGorham
SageStone
For Investment Professional Use Only. Not intended for retail investors. 6MFS Meridian® Funds – Global Total Return FundMGB-MR-MT-USD-US-31AU15.6
Global research platform provides competitive advantages
Collaborative research environment
BOSTONTORONTO
MEXICO CITY
SÃO PAULO
SYDNEY
SINGAPORE
HONG KONG
TOKYO
LONDON
Collaborative research environment
88 fundamental research analysts26 US equity analysts and35 non-US equity analysts;27 credit analysts; backedby 22 research/investmentassociates
8 global sector teams organized by region and sectors with USD 42.4 billion AUMin analyst-managedportfolios
Extensive integrationacross equity and fixedincome, geographies andasset classes
73 portfolio managerswith significant industry experience in value, core,growth, quantitative, andfixed Income
Quantitative researchteam: 11 quantitativeanalysts provide proprietaryresearch models,quantitative stock rankings,and scenario testing;backed by 14 quantitativeresearch associates
As of 30-Jun-15.
For Investment Professional Use Only. Not intended for retail investors. 7MFS Meridian® Funds – Global Total Return FundMGB-MR-MT-USD-US-31AU15.7
Key equity investment criteria
• Successful long-term track record• Sustainable, durable franchises• Solid balance sheet• Free cash generation• Strong management teams
Multiple measures of valuation areconsidered:• Cash flow• Book value or total capital employed• Earnings• Sales• Dividend yield• Cash flow return on investment
High qualityLow market expectations
Structural improvement• Industry consolidation• Change in management• Cyclical recovery• Capacity reduction• Cost-cutting initiatives• Better capital management
Improvement potential
Valuation is a paramount consideration at all times
Valuation is a key consideration at all times
Shareholder focus
Evaluate management’s valuecreation through• Paying dividends• Sustainably growing dividends
over time• Share repurchases• Return focused investment decisions
For Investment Professional Use Only. Not intended for retail investors. 8MFS Meridian® Funds – Global Total Return FundMGB-MR-MT-USD-US-31AU15.8
MFS research and focus on downside risk management provide the foundation for buy and sell decisions
Buy analysis
• Sustainable, durable franchises• Significant free cash flow• Solid balance sheet• History of capital stewardship• Attractively valued securities
Sell analysis
• Stock becomes expensive• Better alternative available• Change in investment thesis
• Determine position size by conviction, risk andreward, 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
Portfolio construction
9.9
1.3
1.2
1.1
0.6
0.4
0.1
-0.3
-1.2
-1.9
-2.0
-3.4
-5.9
For Investment Professional Use Only. Not intended for retail investors. 9MFS Meridian® Funds – Global Total Return FundMGB-MR-MT-USD-US-31AU15.9
Equity sector weights
MSCI World Index (%)As of 31-Aug-15 Portfolio (%) Underweight/overweight (%)
Consumer Staples 17.9 8.0
Basic Materials 5.9 4.6
Special Products & Services 4.3 3.1
Health Care 14.8 13.7
Utilities & Communications 8.2 7.6
Energy 6.5 6.1
Industrial Goods & Services 6.8 6.7
Transportation 1.9 2.2
Leisure 3.9 5.1
Financial Services 19.1 21.0
Autos & Housing 1.9 3.9
Retailing 3.1 6.5
Technology 5.8 11.7
-0.8-8.4
-0.40.00.1
0.8-0.8
0.80.5
-0.60.5
3.72.8
0.0-1.4
-0.20.10.20.3
1.00.10.40.70.9
0.5
For Investment Professional Use Only. Not intended for retail investors. 10MFS Meridian® Funds – Global Total Return FundMGB-MR-MT-USD-US-31AU15.10
Equity regional weights
Portfolio does not own securities in the following countries: Austria (0.01), Finland (0.32), Ireland (0.16), New Zealand (0.05), and Portugal (0.06).
North America Canada 2.6 3.4United States 49.6 58.0
Europe ex-U.K. Belgium 0.1 0.5Denmark 0.6 0.7France 4.0 3.8Germany 4.3 3.5Italy 0.2 1.0Netherlands 1.9 1.1Norway 0.7 0.2Spain 0.8 1.4Sweden 1.6 1.1Switzerland 7.4 3.7
United Kingdom United Kingdom 10.6 7.8Japan Japan 8.8 8.9Asia/Pacific ex-Japan Australia 1.1 2.5
Hong Kong 1.0 1.1Singapore 0.5 0.5
Developed - Middle East/Africa Israel 0.4 0.3Emerging Markets Brazil 0.3 0.0
China 1.0 0.0Mexico 0.1 0.0Russia 0.4 0.0South Korea 0.7 0.0Taiwan 0.9 0.0Thailand 0.5 0.0
As of 31-Aug-15 Country Portfolio (%) MSCI World Index (%) Underweight/overweight (%)
For Investment Professional Use Only. Not intended for retail investors. 11MFS Meridian® Funds – Global Total Return FundMGB-MR-MT-USD-US-31AU15.11
Equity portfolio characteristics
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 31-Aug-15 Portfolio MSCI World Index
Valuation1 Price/forward earnings 14.3x 15.6x
Price/book 2.2x 2.1x
Price/cash flow 10.3x 10.9x
3-year average return on equity 19.4% 17.2%
Long term debt/capital 34.6% 37.6%
Market capitalization Weighted average (USD) 85.6 bn 94.2 bn
For Investment Professional Use Only. Not intended for retail investors. 12MFS Meridian® Funds – Global Total Return FundMGB-MR-MT-USD-US-31AU15.12
Equity top 10 portfolio holdings
MSCI World Index (%)As of 31-Aug-15 Country Sector Portfolio (%)
Novartis AG Switzerland Health Care 2.7 0.7
Pfizer Inc United States Health Care 1.9 0.6
KDDI Corp Japan Utilities & Communications 1.8 0.1
Philip Morris International Inc United States Consumer Staples 1.8 0.4
Nestle SA Switzerland Consumer Staples 1.8 0.7
Honeywell International Inc United States Industrial Goods & Services 1.7 0.2
Johnson & Johnson United States Health Care 1.6 0.8
Verizon Communications Inc United States Utilities & Communications 1.5 0.6
Wells Fargo & Co United States Financial Services 1.4 0.8
JPMorgan Chase & Co United States Financial Services 1.4 0.7
For Investment Professional Use Only. Not intended for retail investors. 13MFS Meridian® Funds – Global Total Return FundMGB-MR-MT-USD-US-31AU15.13
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 emphasizes 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 maximize risk/reward
Seeks consistent alpha generation
For Investment Professional Use Only. Not intended for retail investors. 14MFS Meridian® Funds – Global Total Return FundMGB-MR-MT-USD-US-31AU15.14
Selection and construction
Risk budget/sector
allocations
Investment processOverview
• Fundamental analysis• Relative value assessment• Quantitative value
indicators
Establish risk budget
The process is repeatable, with clear inputs and outputs at each step
Target sector allocation Construct portfolio Manage risk
Allocation of risk across andwithin sectors
Assess investment climate• Macro data• Market environment• Company-level views• Risk premia
Level of portfolio risk budget
Analyze sources of risk• Portfolio-level risk analytics• Firm-level risk management• Performance measurement• Compliance infrastructure
Ensure risks are intended,understood, and appropriatelysized
• Sector PMs select securities• Lead PM oversight• Consistency with risk budget
Optimal portfolio consistentwith risk budget
13.0
1.9
1.3
0.1
0.1
0.0
-0.9
-1.8
-2.4
-4.3
-9.3
-11.6
For Investment Professional Use Only. Not intended for retail investors. 15MFS Meridian® Funds – Global Total Return FundMGB-MR-MT-USD-US-31AU15.15
Fixed income sector weights
Barclays Global As of 31-Aug-15 Portfolio (%) Aggregate Index (USD) (%) Overweight/underweight (%)
High Grade Corporates 30.1 17.1
Commercial Mtg Backed 2.4 0.5
Collateralized Debt Obligations 1.3 0.0
Asset Backed 0.4 0.3
High Yield 0.1 0.0
Municipals 0.0 0.0
U.S. Agency 0.2 1.1
Emerging Markets 4.1 5.9
Residential Mortgage Backed Securities 0.0 2.4
Non-US Sovereigns 38.4 42.7
Mortgage Backed 5.4 14.7
U.S. Treasury 3.6 15.2
Includes fixed income cash position. 14.0% cash and other. The assets included in "Other" carry risks including market, credit, counterparty, currency and liquidity risks. The inclusion of these assets may understate or overstate the
portfolio's actual cash position.
For Investment Professional Use Only. Not intended for retail investors. 16MFS Meridian® Funds – Global Total Return FundMGB-MR-MT-USD-US-31AU15.16
Fixed income country weights
8.72.5
1.91.4
1.20.7
0.50.50.40.40.40.30.20.10.10.10.10.00.0
-0.1-0.1-0.1-0.1-0.1-0.1-0.1-0.1-0.1-0.2-0.2
-0.3-0.3-0.3-0.3-0.3-0.3-0.4-0.4-0.5
-0.8-1.2
-2.1-2.9
-5.1
United States 47.2 38.5Italy 6.6 4.1Spain 4.6 2.7New Zealand 1.5 0.1Norway 1.5 0.4Mexico 1.4 0.7Australia 2.1 1.6Chile 0.6 0.1China 0.9 0.5Peru 0.5 0.1Canada 3.6 3.2Morocco 0.3 0.0Iceland 0.2 0.0Luxembourg 0.1 0.0Netherlands 1.9 1.9Kazakhstan 0.1 0.1Portugal 0.1 0.1Belgium 1.1 1.1Israel 0.1 0.2Indonesia 0.1 0.1India 0.0 0.1Singapore 0.1 0.2Denmark 0.3 0.4Colombia 0.0 0.1Hong Kong 0.1 0.2Russia 0.0 0.1Czech Republic 0.0 0.1Ireland 0.2 0.4Sweden 0.7 0.9South Africa 0.1 0.2Thailand 0.0 0.3United Kingdom 6.2 6.4Brazil 0.0 0.3Malaysia 0.0 0.3Poland 0.0 0.3Turkey 0.0 0.3Finland 0.0 0.4Switzerland 0.5 1.0Austria 0.3 0.8other1 0.0 0.8South Korea 0.1 1.4Supranational 0.1 2.3France 3.1 6.0Japan 11.0 16.1
1 Portfolio does not own securities in the following countries: Bahrain (0.02), Bermuda (0.01), Bulgaria (0.01), Kuwait (0.01), Latvia (0.01), Lithuania (0.02), Panama (0.03),Philippines (0.07), Qatar(0.09), Romania (0.04), Saudi Arabia (0.02), Slovakia (0.09), Slovenia (0.07), Taiwan (0.01), United Arab Emirates (0.16), and Uruguay (0.02).
As of 31-Aug-15 Portfolio (%) Barclays Global Aggregate Index (USD) (%) Underweight/overweight (%)
For Investment Professional Use Only. Not intended for retail investors. 17MFS Meridian® Funds – Global Total Return FundMGB-MR-MT-USD-US-31AU15.17
Fixed income portfolio composition
Barclays Global As of 31-Aug-15 Portfolio Aggregate Index (USD) Fundamentals Average effective duration1 6.5 years 6.5 years Average quality2 A+ – AAA 12.2 40.6 AA 10.7 17.3 A 19.4 26.2 BBB 34.7 15.9 BB 0.0 – B 0.0 – Federal Agency 5.7 – US Government 6.9 – Cash & other3 14.0 –
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 about5.00% of its value.
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, themiddle 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-incomesecurities, 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.
3 The assets included in "Other" carry risks including market, credit, counterparty, currency and liquidity risks. The inclusion of these assets may understate or overstate the portfolio's actual cash position.. MFS has not independently verified benchmark data provided by the vendor or the underlying methodology, which may be different than MFS.
Fixed Income Credit Quality2
For Investment Professional Use Only. Not intended for retail investors. 18MFS Meridian® Funds – Global Total Return FundMGB-MR-MT-USD-US-31AU15.18
Fixed income portfolio holdingsAs of 31 August 2015
Top 10 fixed income holdings (%)US TREASURY - 3.500 MAY 15 20 - 912828ND 3.5JAPAN GOVT - 2.100 SEP 20 24 - B02WHX 2.9UST NOTE 2YR FUTURE - Dec 31 15 - CTUZ15F00 -2.6JAPAN GOVT - 2.200 SEP 20 27 - B27ZKV 2.5JAPAN GOVT 10 YR BOND - 1.100 JUN 20 20 - B40NS1 2.3ITALY - 3.750 MAR 01 21 - B63Q9G 2.3ITALY - 5.250 AUG 01 17 - 731795 1.8JAPAN (20 YEAR ISSUE) - 1.500 MAR 20 34 - BKWPYL 1.7AUSTRALIAN GOVERNMENT - 5.750 MAY 15 21 - B24GV0 1.6NEW ZEALAND - 5.500 APR 15 23 - B45C76 1.5
Total percent of fixed income assets: 17.5
Cash and other (6.6%)
Fixed Income (36.3%)
Equity (57.1%)
For Investment Professional Use Only. Not intended for retail investors. 19MFS Meridian® Funds – Global Total Return FundMGB-MR-MT-USD-US-31AU15.19
MFS Meridian® Funds – Global Total Return Fund composition
This portfolio is actively managed, and current holdings may be different. The percentages (based on the equivalent exposure of unaudited net assets) represent the portfolio as of 31-Aug-15.
1The assets included in "Other" carry risks including market, credit, counterparty, currency and liquidity risks. The inclusion of these assets may understate or overstate the portfolio's actual cashposition
1
For Investment Professional Use Only. Not intended for retail investors. MFS Meridian® Funds – Global Total Return Fund 20MGB-MR-MT-USD-US-31AU15.21
Portfolio performance As of 31 August 2015
Class I1USD shares annual rates of return
YTD 1 Year 3 Years 5 Years 10 Years
Perc
ent (
%)
-2.57 -2.44 -2.44 -2.75 -3.75 -4.93 -4.13-6.44
6.18 5.96
10.95
-1.36
7.87 7.18
11.07
1.18
5.98 4.91 5.403.49
Portfolio
60% MSCI World Index (net return) / 40% Barclays Global Aggregate Index (USD)
MSCI World Index (net return)
Barclays Global Aggregate Bond Index
2014 2013 2012 2011 2010 2009 2008 2007 2006
MFS Meridian® Funds – GlobalTotal Return Fund 3.18 15.93 11.23 2.32 8.08 14.69 -15.23 8.67 16.6560% MSCI World Index (net return)/40% Barclays Global Aggregate Index (USD) 3.23 14.18 11.26 -0.94 9.63 20.71 -24.85 9.36 14.60MSCI World Index 4.94 26.68 15.83 -5.54 11.76 29.99 -40.71 9.04 20.07Barclays Global Aggregate 0.59 -2.60 4.32 5.64 5.54 6.93 4.79 9.48 6.64 Bond Index
*
*
* Benchmark.The source for all fund data is MFS. Source for benchmarkperformance: SPAR, FactSet Research Systems Inc.Start of Fund Performance Record: 05 January 1994Start of Class Performance Record: 23 September 2005Fund inception date: 26 September 2005The performance shown includes periods prior to the newfund's inception date and reflects performance of another MFSfund managed in a substantially similar style, whose assetswere contributed to the fund on 26 September 2005.The MFS Meridian Funds offer several share classes each withdifferent expenses. Performance reflects the performance of arelevant older class with the same currency until the actualstart of class performance record of the class detailed.Performance for periods prior to that date and prior to thefund's inception date may have been higher or lower had theactual share class fees and expenses been reflected.Other share classes are available for which performance andexpenses will differ.Past performance is not a reliable indicator for futureresults. All financial investments involve an element of risk.The value of investments may rise and fall so you may getback less than originally invested.
For Investment Professional Use Only. Not intended for retail investors. 21MFS Meridian® Funds – Global Total Return FundMGB-MR-MT-USD-US-31AU15.21
Portfolio performance As of 30 June 2015
Class I1USD shares annual rates of return
2Q14 YTD 1 Year 3 Years 5 Years 10 Years
Perce
nt (%
)
-0.64 -0.28
0.31
-1.18
0.17 0.372.63
-3.08 -1.59-1.99
1.43
-7.09
8.30 8.08
14.27
-0.81
9.24 8.73
13.10
2.07
6.63 5.51 6.383.54
Portfolio
60% MSCI World Index (net return) / 40% Barclays Global Aggregate Index (USD)
MSCI World Index (net return)
Barclays Global Aggregate Bond Index
2014 2013 2012 2011 2010 2009 2008 2007 2006
MFS Meridian® Funds – GlobalTotal Return Fund 3.18 15.93 11.23 2.32 8.08 14.69 -15.23 8.67 16.6560% MSCI World Index (net return)/40% Barclays Global Aggregate Index (USD) 3.23 14.18 11.26 -0.94 9.63 20.71 -24.85 9.36 14.60MSCI World Index 4.94 26.68 15.83 -5.54 11.76 29.99 -40.71 9.04 20.07Barclays Global Aggregate 0.59 -2.60 4.32 5.64 5.54 6.93 4.79 9.48 6.64 Bond Index
*
*
* Benchmark.The source for all fund data is MFS. Source for benchmarkperformance: SPAR, FactSet Research Systems Inc.Start of Fund Performance Record: 05 January 1994Start of Class Performance Record: 23 September 2005Fund inception date: 26 September 2005The performance shown includes periods prior to the newfund's inception date and reflects performance of another MFSfund managed in a substantially similar style, whose assetswere contributed to the fund on 26 September 2005.The MFS Meridian Funds offer several share classes each withdifferent expenses. Performance reflects the performance of arelevant older class with the same currency until the actualstart of class performance record of the class detailed.Performance for periods prior to that date and prior to thefund's inception date may have been higher or lower had theactual share class fees and expenses been reflected.Other share classes are available for which performance andexpenses will differ.Past performance is not a reliable indicator for futureresults. All financial investments involve an element of risk.The value of investments may rise and fall so you may getback less than originally invested.
For Investment Professional Use Only. Not intended for retail investors. 22MFS Meridian® Funds – Global Total Return FundMGB-MR-MT-USD-US-31AU15.22
Historical performance in diverse markets (USD)
Market return less than -5%
Market return -5% to 5%
Market return greater than 5%
Total0
5
10
15
20
25
30
35
Numb
er of
quar
ters a
bove
/below
benc
hmar
k Number of outperforming quarters
Number of underperforming quarters
Global Total Return Fund Class I1 USD Shares at NAV vs 60% MSCI World Net 40% Barclays Global Aggregate, April 2001 – June 2015
Average quarterly +2.4% +0.2% -0.6% +0.3%relative performance
Source: benchmark performance from SPAR, FactSet Research Systems Inc. Based on quarterly returns in USD.
For Investment Professional Use Only. Not intended for retail investors. MFS Meridian® Funds – Global Total Return Fund 23MGB-MR-MT-USD-US-31AU15.24
Summary
• Balanced portfolio
• Conservative security selection – equity and fixed income
• Seeks attractive risk adjusted results
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 Torontoor 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: CarnegieFund 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 FinanceCentre, 8 Finance Street, Central, Hong Kong. Tel: 852.2840.5388. Taiwan: Master Agent: PineBridge Investments Consulting Taiwan Limited, 10th floor, 144 Minchuan E. Rd., Section2, Taipei 10436, Taiwan Tel: 886.2.2516.7676MFS Meridian Funds is an investment company with a variable capital established under Luxembourg law. MFS Investment Management Company (Lux) S.ar.l. is themanagement 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 inSingapore 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.