Fund Evaluator:
MFS International Equity I (MIEKX)
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Best Performing in Foreign Large Blend Over the Last Year
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Fund Details
MFS International Equity I Overview
MFS International Equity I (MIEKX) is an actively managed International Equity Foreign Large Blend fund. MFS launched the fund in 2023.
The investment seeks capital appreciation. The fund normally invests at least 80% of the fund's net assets in equity securities. It normally invests the fund's assets primarily in foreign securities, including emerging market securities. The fund normally invests the fund's assets across different industries, sectors, countries, and regions, but it may invest a significant percentage of the fund's assets in issuers in a single industry, sector, country, or region.
About MFS International Equity I (MIEKX)
There are 2 members of the management team with an average tenure of 5.75 years: Filipe Benzinho (2016), Harry Purcell (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: MSCI EAFE NR USD index with a weighting of 100%. MFS International Equity I has 84 securities in its portfolio. The top 10 holdings constitute 26.7% 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 International Equity I is part of the Equity global asset class and is within the International Equity fund group. MFS International Equity I has 97.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.7%. There is 97.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). MFS International Equity I has 0.4% of the portfolio in cash.
Assets Under Management
The fund has $7 billion in total assets, which is above the $2 billion average for the Foreign Large Blend 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.
MIEKX 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 International Equity I expense ratio is above average compared to funds in the Foreign Large Blend category. MFS International Equity I has an expense ratio of 0.73%, which is 22% lower than its category average, making the fund expense ratio grade a B. 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 International Equity I has a portfolio turnover rate of 13%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 62% for the Foreign Large Blend category.
Recently, in the month of July 2026, MFS International Equity I returned 5.1%, which earned it a grade of A, as the Foreign Large Blend category had an average return of 0.7%. 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 International Equity I has a trailing yield of 1.55%, which is below the 2.17% category average. The fund normally distributes its income annually 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 International Equity I Grades
Year to date, the fund has returned 8.4%, 3.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 16.7% over the past year (grade of F), 12.5% over the past three years (grade of F) and 8.1% per year over the past five years (grade of C) and 10.2% per year over the past 10 years (grade of A).
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MIEKX 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 |
|
| MIEKX Return (NAV) | 5.1% | 7.5% | 16.7% | 12.5% | 8.1% | 10.2% |
| MIEKX Grade | A | A | F | F | C | A |
| +/- Category | 4.4% | 3.1% | -7.5% | -3.4% | -0.3% | 1.1% |
| Foreign Large Blend Avg | 0.7% | 4.4% | 24.2% | 15.9% | 8.4% | 9.1% |
| MIEKX Tax Cost Ratio | na | na | 0.6% | 0.6% | na | na |
MIEKX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MIEKX Return (NAV) | 8.4% | 23.1% | 4.0% | 19.0% | -14.8% | 15.2% | 11.1% | 28.4% | -10.7% | 28.0% | 0.3% |
| MIEKX Grade | F | F | C | A | B | A | C | A | A | B | D |
| +/- Category | -3.2% | -7.4% | -0.9% | 2.8% | 1.5% | 5.0% | -0.7% | 5.5% | 4.6% | 1.6% | -0.7% |
| Foreign Large Blend Avg | 11.6% | 30.5% | 4.9% | 16.2% | -16.4% | 10.2% | 11.8% | 22.9% | -15.2% | 26.4% | 1.0% |
| Risk Measures | |
| Standard Deviation: | 12.3% |
| Total Risk Index: | 1.00 - Average |
| Category Risk Index: | 0.95 - Below Average |
| Category Risk Grade: | B (21% Rank) |
| Beta: | 0.79 |
| R-Squared: | 78% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.6% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $29291 Mil |
| Fund Total Assets: | $7,136 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 13% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 10.3 years | |||
| Average Tenure: 5.8 years | |||
| Managers (Year): Benzinho Filipe (2016), Purcell Harry (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 84 |
| % in Top 10 Holdings: | 26.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 97.9% |
Portfolio Allocation |
|
| Domestic Stock: | 1.7% |
| Foreign Stock: | 97.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.4% |
Purchase Information
| Fund Family: | MFS |
| Phone Number: | 800-225-2606 |
| Website: | http://www.mfs.com |
| Status: | Open |
| Inception Date: | February 8, 2023 |
| 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 (%): | 0.73% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.94% |
| Share Class: | MFS International Equity R6 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
