Massachusetts Investors Trust Portfolio Overview
Performance Drivers - Sectors
Relative to Standard & Poor's 500 Stock Index (USD) - 2023
MFS®
Average
Relative
Portfolio
Returns (%)
Benchmark
Returns (%)
Weighting (%)
Sector
Allocation (%)¹
Stock
Selection (%)²
Currency
Effect (%)
=
Relative
Contribution
(%)
Contributors
Health Care
2.1
12.2
2.1
-0.6
1.9
1.3
Utilities
-1.8
-9.1
-7.1
0.7
-0.0
0.7
Energy
-1.1
-2.8
-1.3
0.3
-0.0
0.3
Detractors
Information Technology
-4.0
45.6
60.8
-1.5
-2.6
0.0
-4.1
Consumer Discretionary
-4.8
30.7
43.2
-0.7
-0.7
0.1
-1.3
Financials
3.0
11.4
14.8
-0.5
-0.6
-1.1
Communication Services
1.2
39.5
56.4
0.5
-1.3
-0.9
Consumer Staples
1.5
-2.4
0.5
-0.4
-0.4
0.1
-0.7
Industrials
1.3
15.6
17.7
-0.1
-0.2
-0.3
Materials
1.2
12.6
12.5
-0.1
-0.0
-0.2
Cash
0.7
5.1
-0.1
-
-0.1
Real Estate
0.7
13.2
12.6
-0.1
0.0
-0.1
Total
19.9
26.3
-2.6
-4.0
0.2
-6.4
2
Sector allocation is calculated based upon each security's price in local currency.
2 Stock selection is calculated based upon each security's price in local currency and included interaction effect. Interaction effect is the portion of the portfolio's relative performance attributable to combining
allocation decisions with stock selection decisions. This effect measures the relative strength of the manager's convictions. The interaction effect is the weight differential times the return differential.
The Global Industry Classification Standard (GICS) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market Intelligence"). GICS is a service
mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities
that are unclassified by GICS.
Attribution results are generated by the FactSet application utilizing a methodology that is widely accepted in the investment industry. Results are based upon daily holdings using a buy-and-hold methodology
to generate individual security returns and do not include fees or expenses. As such, attribution results are essentially estimates and do not aggregate to the total return of the portfolio, which can be found
elsewhere in this presentation. Recent geopolitical events may have impacted or disrupted the pricing of specific securities including the use of fair valuation approaches. Fair valuation practices across pricing
sources - index providers, pricing vendors, MFS - may not align due to security specific considerations or timing of fair valuation parameters. For instance, decisions to use stale prices vs fair value or on the
level of haircut when fair valuing securities are typical sources of discrepancy between pricing sources observed during the events. This may further compound differences between attribution results and
actual performance. To obtain the contribution calculation methodology and a complete list of every holding's contribution to the overall portfolio's performance during the measurement period, please email
[email protected].
FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. - Massachusetts Investors Trust
MIT-RF-MT-USD-US-1Q24.21
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