MFS Global Equity's Reserve Has Kept It on Track
Although it missed the boat in 1999, in 2000, this fund was back to its normal self.
With the year 2000 behind it, MFS Global Equity (MWEBX) looks more or less content. While it registered an 8% loss for the year, 62% of its world-stock peers lost even more. Indeed, although top holdings such as NTT DoCoMo (NTDMY) and Vodafone Group had their share of trouble, financials such as Hartford Financial Services (HIG) and European pharmaceutical firms Novartis (NVSDF) and Sanofi-Synthelabo helped stem losses.
The fund benefited from positions in Europe, where manager David Mannheim has found companies that are more attractively priced than their U.S. counterparts. He added German TV-broadcaster, ProSieben, for example, because he believed it had been unduly punished by concerns about the industry’s sluggish ad sales. Thanks to consolidation in German broadcasting--which allowed ProSieben to increase its ad rates--the stock subsequently enjoyed a nice run.
Heather Haynos does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.