MFS Moderate Allocation Fund
MAMAX
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- MFS Moderate Allocation Fund (MAMAX) is an open-end mutual fund that seeks a high level of total return consistent with a moderate level of risk relative to other MFS Asset Allocation Funds. The fund employs a strategic risk-based approach to portfolio construction, investing in a broadly diversified mix of underlying MFS funds across asset classes including U.S. and non-U.S. equities (approximately 38% U.S. stock, 15% non-U.S. stock), U.S. and non-U.S. fixed income (approximately 37% U.S. bond, 10% non-U.S. bond), and smaller allocations to commodities, real estate, and cash equivalents; top holdings as of November 30, 2025, include MFS Government Securities Fund R6 (9.68%), MFS Total Return Bond Fund R6 (8.49%), MFS Value Fund R6 (8.09%), MFS Research Fund R6 (7.32%), and MFS Growth Fund R6 (7.23%), with direct exposures to U.S. Treasury futures, inflation-linked bonds, NVIDIA Corp, Microsoft Corp, and Apple Inc. It features disciplined multi-level risk management, style consistency, and systematic rules-based rebalancing to maintain target risk profiles, with a net expense ratio of 0.90%, a maximum front-end sales charge of 5.75%, and availability to U.S. investors through minimum initial investments of $1,000 ($250 for IRAs). Launched on June 28, 2002, and domiciled in the United States with total net assets of approximately $6.53 billion as of November 30, 2025, the fund operates primarily in global markets, targeting retail and institutional investors seeking moderate-risk balanced exposure through a fund-of-funds structure managed by MFS Investment Management. Portfolio managers include Joseph Flaherty (since inception, retiring June 1, 2025), Natalie Shapiro (since 2018), Erich Shigley (since 2023), and Benjamin Nastou (since 2023), supported by a team of quantitative professionals. Recent developments include the announcement of Joseph Flaherty's retirement effective June 1, 2025, marking a leadership transition in portfolio management responsibilities; ongoing portfolio rebalancing and active management adjustments as reflected in monthly holdings updates through November 2025, such as allocations to UST Bond futures and inflation-protected securities; and quarterly dividend distributions in 2025 (e.g., $0.08557 per share in September), alongside 2024 capital gains payouts. The fund maintains its core moderate allocation strategy without reported acquisitions, mergers, or major strategic shifts specific to MAMAX in the last 1-2 years.