Fund Evaluator:
MFS Conservative Allocation I (MACIX)
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Fund Details
MFS Conservative Allocation I Overview
MFS Conservative Allocation I (MACIX) is an actively managed Allocation Global Moderately Conservative Allocation fund. MFS launched the fund in 2002.
The investment seeks a high level of total return consistent with a conservative level of risk relative to the other MFS Asset Allocation Funds. The fund is designed to provide diversification among different asset classes by investing its assets in other mutual funds advised by the adviser, referred to as underlying funds. Within the Equity fund allocations, the adviser seeks to diversify by geography (by including domestic and international underlying funds), in terms of market capitalization (by including large, mid, and small capitalization underlying funds), and by style (by including both growth and value underlying funds).
About MFS Conservative Allocation I (MACIX)
There are 3 members of the management team with an average tenure of 4.59 years: Ben Nastou (2023), Natalie Shapiro (2018), Erich Shigley (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 6 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100%, FTSE EPRA Nareit Developed TR USD index with a weighting of 2%, Bloomberg US Agg Bond TR USD index with a weighting of 60%, MSCI EAFE NR USD index with a weighting of 8%, S&P 500 (TR) (1970) index with a weighting of 28% and Bloomberg Commodity TR USD index with a weighting of 2%. MFS Conservative Allocation I has 22 securities in its portfolio. The top 10 holdings constitute 76.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
MFS Conservative Allocation I is part of the Allocation global asset class and is within the Allocation fund group. MFS Conservative Allocation I has 22.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 27.5%. There is 9.3% allocated to foreign stock, and 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 71.5% (58.2% domestic bond, 13.3% foreign bond and 0.0% convertible bond). MFS Conservative Allocation I has -10.3% of the portfolio in cash.
Assets Under Management
The fund has $353 million in total assets, which is above the $304 million average for the Global Moderately Conservative Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MACIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The MFS Conservative Allocation I expense ratio is average compared to funds in the Global Moderately Conservative Allocation category. MFS Conservative Allocation I has an expense ratio of 0.58%, which is 41% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. MFS Conservative Allocation I has a portfolio turnover rate of 4%, indicating that holds its assets around 0.3 years. By way of comparison, the average portfolio turnover is 50% for the Global Moderately Conservative Allocation category.
Recently, in the month of July 2026, MFS Conservative Allocation I returned -0.2%, which earned it a grade of B, as the Global Moderately Conservative Allocation category had an average return of -0.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
MFS Conservative Allocation I has a trailing yield of 3.28%, which is above the 3.07% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
MFS Conservative Allocation I Grades
Year to date, the fund has returned 3.7%, 1.4 percentage points worse than the category, which translates into a grade of F. The fund has returned 7.7% over the past year (grade of F), 8.0% over the past three years (grade of F) and 3.5% per year over the past five years (grade of D) and 5.9% per year over the past 10 years (grade of B).
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MACIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MACIX Return (NAV) | -0.2% | 1.1% | 7.7% | 8.0% | 3.5% | 5.9% |
| MACIX Grade | B | F | F | F | D | B |
| +/- Category | 0.3% | -0.3% | -3.2% | -1.1% | -0.4% | 0.4% |
| Global Moderately Conservative Allocation Avg | -0.5% | 1.5% | 10.9% | 9.1% | 3.9% | 5.4% |
| MACIX Tax Cost Ratio | na | na | 2.0% | 1.9% | 1.7% | 1.5% |
MACIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MACIX Return (NAV) | 3.7% | 9.8% | 6.9% | 10.7% | -13.3% | 8.1% | 11.9% | 17.4% | -2.8% | 11.0% | 5.7% |
| MACIX Grade | F | F | C | B | C | B | B | A | A | B | C |
| +/- Category | -1.4% | -1.7% | -0.4% | 0.4% | 0.2% | 0.6% | 2.9% | 2.3% | 2.0% | 0.3% | -0.4% |
| Global Moderately Conservative Allocation Avg | 5.1% | 11.6% | 7.3% | 10.4% | -13.5% | 7.5% | 8.9% | 15.0% | -4.8% | 10.7% | 6.1% |
| Risk Measures | |
| Standard Deviation: | 6.7% |
| Total Risk Index: | 0.55 - Below Average |
| Category Risk Index: | 0.90 - Below Average |
| Category Risk Grade: | B (23% Rank) |
| Beta: | 0.70 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 3.3% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $3521 Mil |
| Fund Total Assets: | $ 354 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 4% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 7.9 years | |||
| Average Tenure: 4.6 years | |||
| Managers (Year): Shapiro Natalie (2018), Shigley Erich (2023), Nastou Ben (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 22 |
| % in Top 10 Holdings: | 76.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 22.5% |
Portfolio Allocation |
|
| Domestic Stock: | 27.5% |
| Foreign Stock: | 9.3% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 58.2% |
| Foreign Bond: | 13.3% |
| Convertible Bond: | 0.0% |
| Other: | 1.9% |
| Cash: | -10.3% |
Purchase Information
| Fund Family: | MFS |
| Phone Number: | 800-225-2606 |
| Website: | http://www.mfs.com |
| Status: | Open |
| Inception Date: | June 28, 2002 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.58% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | MFS Conservative Allocation I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
