- History of MFS
History of MFS
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1924
MFS Invents First US Open-End Mutual Fund
On March 21, MFS establishes Massachusetts Investors Trust (MIT), the first US open-end mutual fund, revolutionizing an industry and opening the door to investing for millions of everyday investors. 1926
MFS Publishes First Investor Reports
Setting an industry standard that all regulated mutual fund companies still follow today, MFS begins publishing transparent comprehensive reports for its investors. 1929
MFS Weathers the Great Crash of 1929
On October 28, Black Monday shakes the stock market as the Dow Jones Industrial Average declines nearly 13%. MFS weathers Black Monday and the ensuing Great Depression, consistently paying dividends for investors amid the worst global economic crisis to date. 1932
MFS Forms In-House Research Department
Led by the industry’s first research director Dwight Robinson, MFS establishes one of the very first in-house research departments. MFS creates new industry practices such as statistical analysis, touring potential companies’ facilities and meeting with company leadership. 1933
MFS Registers Under Securities Act
A day after the Securities Act of 1933 passes, MFS is among the first mutual funds to register at the Federal Trade Commission (FTC). The Act seeks to curb fraudulent activities in the securities markets and increase the transparency of financial statements. 1934
MFS Launches Second FundAmid Great Depression
MFS is one of the few firms to grow funds, assets and shareholders during the Great Depression, establishing the Massachusetts Investors Growth Stock Fund. 1936
MFS Petitions FDR on Behalf of Investors and IndustryMFS Chair Merrill Griswold and other Boston fund leaders meet with US President Franklin Delano Roosevelt at the White House to persuade the administration to exempt mutual funds from a proposed new double tax on investors. A pivotal moment in mutual fund history, this meeting is instrumental in passing the legislation that becomes the Revenue Act of 1936.
1940
MFS Influences Investment Company Act of 1940
MFS trustees are directly involved in drafting the Investment Company Act of 1940. Their input is so influential that, after 1940, the requirements set forth in the legislation nearly mirror MFS’ bylaws. The 1940 Act still forms the pillar of financial regulation in the US today. 1946
MFS Seeds One of First Venture Capital Firms
MFS takes a leadership position in the industry, investing in what would become the first modern venture capital firm in US history, American Research and Development Corporation (ARDC). This investment helped pave the way for greater access to financing for startups and small businesses, birthing the venture capital industry.
1952
MFS Launches Industry’s First Growth Fund
MFS reinvents its second fund as Massachusetts Investors Growth Stock Fund (MIG), investing in growth companies to offer more options for clients. The launching of MIG creates the industry’s first growth fund and establishes both the criteria for and definition of a growth stock.
1969
MFS transitions from Trusteeship to Portfolio Management Model
In order to expand and offer new investment opportunities to meet client needs, MFS’ trustees reorganize the firm, moving from a trusteeship that manages all funds to a portfolio management model in which small teams manage each fund’s holdings. 1970
MFS Pioneers Active Fixed Income
After establishing its Fixed Income Group, MFS broadens the definition of “fixed income investing” for everyone by offering active fixed income. The first balanced fund, the MFS® Total Return Fund, launches at a time when investors do not have wide access to money market funds or funds that invest bonds. 1972
MFS Expands to Serve Institutional Clients
MFSopens its first institutional client account. Over time, MFS’ institutional clients include US and foreign corporations, governmental bodies, foundations, charitable organizations and university endowments. 1976
MFS Enables Access to Municipal Bond Funds for Small Investors
In response to the Tax Reform Act of 1976, MFS launches the MFS® Municipal Income Fund, one of the first municipal funds in the US. This new legislation allows for the creation of municipal bond mutual funds, so small investors can access the tax‐exempt features of bonds issued by state and local governments. 1981
MFS Launches First US Global Fixed-Income Mutual Fund
Powered by original research, MFS creates the first global fixed income mutual fund based in the US (the MFS® International Bond Fund). Not only is it the first MFS fund to actively trade derivatives and currencies, but the derivative strategies MFS uses become an integral part of active fixed income management. 1982
Sun Life Purchases MFS
Sun Life Financial of Canada purchases MFS, establishing a successful, enduring partnership for both companies. 1986
MFS Forms MFS Institutional Advisors, Inc.
To better serve its institutional clients, MFS establishes MFS Institutional Advisors, Inc. (MFSI), which provides sub‐advisory services to pooled investment vehicles, as well as investment advisory services to institutional clients, particularly separate accounts. 1989
MFS Opens Funds for International Investors
Giving investors access to a broad variety of securities markets, MFS establishes MFS® Meridian Funds as one of the first fund families for investors outside the United States. 1992
MFS Opens First International Office
In recognition of the critical importance of having offices in the same locations as MFS clients, MFS International Ltd. (MIL), MFS’ offshore subsidiary, opens MFS’ first office outside the US in Lausanne, Switzerland, on Sept. 22. 1995
MFS Creates First International Research Office
So analysts on different continents can work together more closely to better serve client needs, MFS opens its first overseas research office in London, England. 1996
MFS Pioneers Intergenerational Financial Planning
MFScreates its Heritage Planning® program, becoming the first mutual fund company to offer intergenerational financial planning resources to advisors. 1997
MFS Expands into the Asia-Pacific
MFSopens a research office in Singapore, the first of multiple offices it opens in major cities in the Asia-Pacific region. 2007
MFS Strengthens During the Great Recession
The most significant global economic crisis since the Great Depression, the Great Recession begins and lasts until 2009. MFS, having experienced many different market environments since 1924, knows how to think long-term during times of turbulence and comes out of this period even stronger. 2010
MFS Signs United Nations’ Principles of Responsible Investing
MFS becomes one of the very first signatories to the United Nations’ Principles of Responsible Investing (UN PRI), formally recognizing the role ESG factors play in valuing potential investments as part of an active investment approach and integrating those factors into its global investment research platform. 2012
MFS Unveils Infinite M
To better represent the global reach, interconnectivity and long-term investment philosophy that are fundamental to MFS, MFS introduces its new branding and new logo, the “infinite M.” 2017
MFS Creates First Employee Resource Group
YPN@MFS (Young Professionals Network) becomes MFS’ first EmployeeResource Group, and over the next few years, others are added to enhance MFS’ inclusive workplace culture: Pride@MFS, WE@MFS and Mosaic@MFS for members of the LGBTQ+ community, women and people of color, respectively. 2018
MFS Establishes Alignment Platform
To ensure operations fully connect to its purpose to create value responsibly, MFS establishes its Alignment Group to provide formal structure around decision-making processes to ensure they fully align with client needs, as well as employees and the firm. 2019
MFS Launches Purpose Statement
By formally launching its purpose statement — “we exist to create long-term value responsibly” — MFS states what has driven the firm since its founding — to always serve clients’ best interests by being responsible stewards of capital. 2021
MFS Appoints First Chief Diversity, Equity and Inclusion Officer
Creating this position reflects MFS’ ongoing commitment to self-reflection and learning critical lessons from the past and present to determine the best path forward for the future. 2024
MFS Celebrates Century of Active Stewardship
MFS turns 100 and celebrates a century of putting clients’ interests first through its deliberate, long-term active management approach.1924 1926 1929 1932 1933 1934 1936 1940 1946 1952 1969 1970 1972 1976 1981 1982 1986 1989 1992 1995 1996 1997 2007 2010 2012 2017 2018 2019 2021 2024
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- Industry Leadership
Leadership: Democratizing and Transforming an IndustryFirst Fund: The Origins and Legacy of Massachusetts Investors Trust (MIT)
During a period of rampant speculation in the 1920s, MFS created a new and groundbreaking investment vehicle — the open-end mutual fund — designed to give investors of modest means a transparent, affordable path to financial success.
Championing Investor Knowledge: The Birth of MFS’ In-House Research Department
Following the Great Crash of 1929, MFS sought to restore confidence in the mutual fund industry through transparent information sharing and creating one of the first in-house research departments.
Drafting a New Constitution: The Investment Company Act of 1940
MFS worked closely with Congress to draft the Investment Company Act of 1940 to preserve the future of the mutual fund industry that served so many. The 1940 Act is still the pillar of financial regulation in the US today.
Reconstructing Fixed & Active: The Birth and Evolution of Active Bond Management
In the 1960s, inflation significantly drove down the value of bonds, leaving bond investors in trouble. MFS decided to build an active fixed income department to meet investor needs and provide another path to long-term value.
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- Active Stewardship
Trust: Always Acting in the Best Interests of ClientsBonding Time: Risk management lessons from the 1980s and 1990s
MFS' thoughtful, long-term approach to bond funds in the 1980s and 1990s was validated when a currency crisis in Europe and Russia tanked the value of global short-term bonds.
Performance Over Profit: Closing a Fund to Put Clients First
MFS’ voluntary decision to close off the Global Equity Fund demonstrated that the firm consistently makes everyday decisions that are in clients’ best interests and does not put increasing its own assets ahead of delivering long-term value.
The Power of Continuity: Co-Portfolio Management
Driven by their desire to be responsible stewards, the trustees’ commitment to shared responsibility and collaboration laid the foundation for the co-portfolio management model and succession planning MFS® has today.
Avoiding Market Pitfalls: Lessons From the Dot-com Era
MFS’ differentiated approach to research — collaboration among risk, portfolio management and analyst teams across asset classes — helped the firm see risks from all angles and make investment decisions that avoided the worst impacts of the dot-com and global financial crises.
A Prudent Voice: Dwight Robinson
In 1959, Time magazine sent reporters to interview MFS® chair Dwight Robinson on the research, risk management and commitment to large and small investors that set Massachusetts Investors Trust, MFS’ first fund, apart from other mutual funds in the industry.
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- Responsible Evolution
Evolution: Responsibly Growing and Strengthening the Platform Through TimeHere Come the Quants: An Evolution in Risk Management
Including quantitative analysis and new technology in the 1990s became part of MFS’ firm-wide risk management platform and demonstrated that not only is the risk management process repeatable, but it helped MFS stay a step ahead of market disruptions.
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- Shared Values
Culture: Building and Preserving an Institution of Shared ValuesDemocracy for All: L. Sherman Adams
From the beginning of his tenure as a trustee in 1924, Sherman Adams consistently advocated on behalf of everyday investors, from an unprecedented redemption feature to promoting open dialogue and debate among the trustees.
A Mentor for All: Joan Batchelder
Joan Batchelder’s enduring legacy at MFS, her commitment to clients and her view that leadership and risk management were synonymous with collaboration, impacted not only her colleagues and the firm but the entire industry.
Please note: Not all of the funds included in this material may be available for sale in your country.
- History of MFS
- Industry Leadership
- Active Stewardship
- Responsible Evolution
- Shared Values
History of MFS
space
1924
MFS Invents First US Open-End Mutual Fund
On March 21, MFS establishes Massachusetts Investors Trust (MIT), the first US open-end mutual fund, revolutionizing an industry and opening the door to investing for millions of everyday investors.
1926
MFS Publishes First Investor Reports
Setting an industry standard that all regulated mutual fund companies still follow today, MFS begins publishing transparent comprehensive reports for its investors.
1929
MFS Weathers the Great Crash of 1929
On October 28, Black Monday shakes the stock market as the Dow Jones Industrial Average declines nearly 13%. MFS weathers Black Monday and the ensuing Great Depression, consistently paying dividends for investors amid the worst global economic crisis to date.
1932
MFS Forms In-House Research Department
Led by the industry’s first research director Dwight Robinson, MFS establishes one of the very first in-house research departments. MFS creates new industry practices such as statistical analysis, touring potential companies’ facilities and meeting with company leadership.
1933
MFS Registers Under Securities Act
A day after the Securities Act of 1933 passes, MFS is among the first mutual funds to register at the Federal Trade Commission (FTC). The Act seeks to curb fraudulent activities in the securities markets and increase the transparency of financial statements.
1934
MFS Launches Second FundAmid Great Depression
MFS is one of the few firms to grow funds, assets and shareholders during the Great Depression, establishing the Massachusetts Investors Growth Stock Fund.
1936
MFS Petitions FDR on Behalf of Investors and IndustryMFS Chair Merrill Griswold and other Boston fund leaders meet with US President Franklin Delano Roosevelt at the White House to persuade the administration to exempt mutual funds from a proposed new double tax on investors. A pivotal moment in mutual fund history, this meeting is instrumental in passing the legislation that becomes the Revenue Act of 1936.
1940
MFS Influences Investment Company Act of 1940
MFS trustees are directly involved in drafting the Investment Company Act of 1940. Their input is so influential that, after 1940, the requirements set forth in the legislation nearly mirror MFS’ bylaws. The 1940 Act still forms the pillar of financial regulation in the US today.
1946
MFS Seeds One of First Venture Capital Firms
MFS takes a leadership position in the industry, investing in what would become the first modern venture capital firm in US history, American Research and Development Corporation (ARDC). This investment helped pave the way for greater access to financing for startups and small businesses, birthing the venture capital industry.
1952
MFS Launches Industry’s First Growth Fund
MFS reinvents its second fund as Massachusetts Investors Growth Stock Fund (MIG), investing in growth companies to offer more options for clients. The launching of MIG creates the industry’s first growth fund and establishes both the criteria for and definition of a growth stock.
1969
MFS transitions from Trusteeship to Portfolio Management Model
In order to expand and offer new investment opportunities to meet client needs, MFS’ trustees reorganize the firm, moving from a trusteeship that manages all funds to a portfolio management model in which small teams manage each fund’s holdings.
1970
MFS Pioneers Active Fixed Income
After establishing its Fixed Income Group, MFS broadens the definition of “fixed income investing” for everyone by offering active fixed income. The first balanced fund, the MFS® Total Return Fund, launches at a time when investors do not have wide access to money market funds or funds that invest bonds.
1972
MFS Expands to Serve Institutional Clients
MFSopens its first institutional client account. Over time, MFS’ institutional clients include US and foreign corporations, governmental bodies, foundations, charitable organizations and university endowments.
1976
MFS Enables Access to Municipal Bond Funds for Small Investors
In response to the Tax Reform Act of 1976, MFS launches the MFS® Municipal Income Fund, one of the first municipal funds in the US. This new legislation allows for the creation of municipal bond mutual funds, so small investors can access the tax‐exempt features of bonds issued by state and local governments.
1981
MFS Launches First US Global Fixed-Income Mutual Fund
Powered by original research, MFS creates the first global fixed income mutual fund based in the US (the MFS® International Bond Fund). Not only is it the first MFS fund to actively trade derivatives and currencies, but the derivative strategies MFS uses become an integral part of active fixed income management.
1982
Sun Life Purchases MFS
Sun Life Financial of Canada purchases MFS, establishing a successful, enduring partnership for both companies.
1986
MFS Forms MFS Institutional Advisors, Inc.
To better serve its institutional clients, MFS establishes MFS Institutional Advisors, Inc. (MFSI), which provides sub‐advisory services to pooled investment vehicles, as well as investment advisory services to institutional clients, particularly separate accounts.
1989
MFS Opens Funds for International Investors
Giving investors access to a broad variety of securities markets, MFS establishes MFS® Meridian Funds as one of the first fund families for investors outside the United States.
1992
MFS Opens First International Office
In recognition of the critical importance of having offices in the same locations as MFS clients, MFS International Ltd. (MIL), MFS’ offshore subsidiary, opens MFS’ first office outside the US in Lausanne, Switzerland, on Sept. 22.
1995
MFS Creates First International Research Office
So analysts on different continents can work together more closely to better serve client needs, MFS opens its first overseas research office in London, England.
1996
MFS Pioneers Intergenerational Financial Planning
MFScreates its Heritage Planning® program, becoming the first mutual fund company to offer intergenerational financial planning resources to advisors.
1997
MFS Expands into the Asia-Pacific
MFSopens a research office in Singapore, the first of multiple offices it opens in major cities in the Asia-Pacific region.
2007
MFS Strengthens During the Great Recession
The most significant global economic crisis since the Great Depression, the Great Recession begins and lasts until 2009. MFS, having experienced many different market environments since 1924, knows how to think long-term during times of turbulence and comes out of this period even stronger.
2010
MFS Signs United Nations’ Principles of Responsible Investing
MFS becomes one of the very first signatories to the United Nations’ Principles of Responsible Investing (UN PRI), formally recognizing the role ESG factors play in valuing potential investments as part of an active investment approach and integrating those factors into its global investment research platform.
2012
MFS Unveils Infinite M
To better represent the global reach, interconnectivity and long-term investment philosophy that are fundamental to MFS, MFS introduces its new branding and new logo, the “infinite M.”
2017
MFS Creates First Employee Resource Group
YPN@MFS (Young Professionals Network) becomes MFS’ first EmployeeResource Group, and over the next few years, others are added to enhance MFS’ inclusive workplace culture: Pride@MFS, WE@MFS and Mosaic@MFS for members of the LGBTQ+ community, women and people of color, respectively.
2018
MFS Establishes Alignment Platform
To ensure operations fully connect to its purpose to create value responsibly, MFS establishes its Alignment Group to provide formal structure around decision-making processes to ensure they fully align with client needs, as well as employees and the firm.
2019
MFS Launches Purpose Statement
By formally launching its purpose statement — “we exist to create long-term value responsibly” — MFS states what has driven the firm since its founding — to always serve clients’ best interests by being responsible stewards of capital.
2021
MFS Appoints First Chief Diversity, Equity and Inclusion Officer
Creating this position reflects MFS’ ongoing commitment to self-reflection and learning critical lessons from the past and present to determine the best path forward for the future.
2024
MFS Celebrates Century of Active Stewardship
MFS turns 100 and celebrates a century of putting clients’ interests first through its deliberate, long-term active management approach.
1924 1926 1929 1932 1933 1934 1936 1940 1946 1952 1969 1970 1972 1976 1981 1982 1986 1989 1992 1995 1996 1997 2007 2010 2012 2017 2018 2019 2021 2024
space
space
Leadership: Democratizing and Transforming an Industry
First Fund: The Origins and Legacy of Massachusetts Investors Trust (MIT)
During a period of rampant speculation in the 1920s, MFS created a new and groundbreaking investment vehicle — the open-end mutual fund — designed to give investors of modest means a transparent, affordable path to financial success.
Championing Investor Knowledge: The Birth of MFS’ In-House Research Department
Following the Great Crash of 1929, MFS sought to restore confidence in the mutual fund industry through transparent information sharing and creating one of the first in-house research departments.
Drafting a New Constitution: The Investment Company Act of 1940
MFS worked closely with Congress to draft the Investment Company Act of 1940 to preserve the future of the mutual fund industry that served so many. The 1940 Act is still the pillar of financial regulation in the US today.
Reconstructing Fixed & Active: The Birth and Evolution of Active Bond Management
In the 1960s, inflation significantly drove down the value of bonds, leaving bond investors in trouble. MFS decided to build an active fixed income department to meet investor needs and provide another path to long-term value.
space
space
Trust: Always Acting in the Best Interests of Clients
Bonding Time: Risk management lessons from the 1980s and 1990s
MFS' thoughtful, long-term approach to bond funds in the 1980s and 1990s was validated when a currency crisis in Europe and Russia tanked the value of global short-term bonds.
Performance Over Profit: Closing a Fund to Put Clients First
MFS’ voluntary decision to close off the Global Equity Fund demonstrated that the firm consistently makes everyday decisions that are in clients’ best interests and does not put increasing its own assets ahead of delivering long-term value.
The Power of Continuity: Co-Portfolio Management
Driven by their desire to be responsible stewards, the trustees’ commitment to shared responsibility and collaboration laid the foundation for the co-portfolio management model and succession planning MFS® has today.
Avoiding Market Pitfalls: Lessons From the Dot-com Era
MFS’ differentiated approach to research — collaboration among risk, portfolio management and analyst teams across asset classes — helped the firm see risks from all angles and make investment decisions that avoided the worst impacts of the dot-com and global financial crises.
A Prudent Voice: Dwight Robinson
In 1959, Time magazine sent reporters to interview MFS® chair Dwight Robinson on the research, risk management and commitment to large and small investors that set Massachusetts Investors Trust, MFS’ first fund, apart from other mutual funds in the industry.
space
space
Evolution: Responsibly Growing and Strengthening the Platform Through Time
Here Come the Quants: An Evolution in Risk Management
Including quantitative analysis and new technology in the 1990s became part of MFS’ firm-wide risk management platform and demonstrated that not only is the risk management process repeatable, but it helped MFS stay a step ahead of market disruptions.
space
space
Culture: Building and Preserving an Institution of Shared Values
Democracy for All: L. Sherman Adams
From the beginning of his tenure as a trustee in 1924, Sherman Adams consistently advocated on behalf of everyday investors, from an unprecedented redemption feature to promoting open dialogue and debate among the trustees.
A Mentor for All: Joan Batchelder
Joan Batchelder’s enduring legacy at MFS, her commitment to clients and her view that leadership and risk management were synonymous with collaboration, impacted not only her colleagues and the firm but the entire industry.
Please note: Not all of the funds included in this material may be available for sale in your country.
