Relative performance has been good since MFS started managing the fund and it is meeting its objective over each rolling three-year period to March 31, 2011.

Pleasingly, this has also been achieved with lower volatility relative to the benchmark.

“The fund is actively managed by 10 equity research analysts. Each analyst is responsible for stock picks in their industries so each analyst is a portfolio manager. Experience levels vary significantly—the most junior has only three years and the most senior has 24. The team structure provides a good platform for junior members to develop their portfolio management skills but it also means that relatively junior members are making investment decisions. It is preferable to see experienced analysts in this kind of structure, but we are generally comfortable that the manager takes its time in allowing analysts to get up to speed on industries and grow into the MFS culture,” said S&P Fund Services analyst Simone Gavin.

Ms. Gavin added that average team tenure is improving but continues to be low relative to some higher rated peers, reflecting a number of departures within the longer-standing analytical ranks over the past few years. That said, since our last review the team appears to have settled and our conviction will increase further with continued stability and consistency in industry coverage.

The funds affected by this announcement are:

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