In 2024, MFS Investment Management (formerly known as Massachusetts Investment Trust) will celebrate a significant milestone: its 100th anniversary. This event holds great importance for two reasons:

2. 1. It marks the 100th anniversary of the invention of the mutual fund, which took place in 1924. The original mutual fund, with the ticker symbol MITTX, is still in operation today.
   

3. 2. It is the 100th birthday of the world's first and oldest mutual fund company, MFS Investment Management – The O.G.

As the birthplace of the modern mutual fund, MFS has played a crucial role in shaping today's investment management industry through its innovative open-ended investment fund management approach.

Sun Life Financial of Canada acquired MFS Investment Management in 1982, expanding its global investment management business. Many Canadian investors and advisors might not be aware that MFS is accessible through Sun Life Global Investments (SLGI). Despite its name, SLGI is an independent fund company and a subsidiary of Sun Life Financial.

MFS, also a member of the Sun Life Financial organization, currently manages approximately $600 billion for investors worldwide.

We are honoured to have Ted Maloney, Chief Investment Officer, Global Director of Research, and Portfolio Manager at MFS, join us to discuss the company's history, heritage, and continued success in the world of investment management.

Welcome, Ted Maloney, and thank you for granting us this exclusive interview.

AA: To begin, please tell us about your career trajectory, experiences at MFS, and the valuable lessons you've learned from the company's key figures.

AA: MFS boasts many captivating stories and milestones in its history. Could you share your favourite or most interesting ones?

(Consider discussing some, though not all, of the following possibly relevant highlights:)

• - MFS's early innovation in distributing shares through brokerage channels, which helped the fund grow to $14 million within its first five years.

• - The company's conservative approach during the Great Depression, enabling it to not only survive an 83% market drawdown but also to increase its assets and launch a second fund in 1934.

• - MFS's critical role in drafting the Investment Company Act of 1940, which forms the foundation of financial regulation in the United States.

• - Dwight Robinson, MFS's Chairman in 1959, appearing on Time magazine's cover as the company became the largest fund in the US.

• - In 1969, the firm rebranded as Massachusetts Financial Services (MFS) to reflect its expanded range of products and services.

Delve into the company's continued innovation and growth, including:

• - Establishing the first institutional client account in 1972.

• - Launching one of the first municipal bond funds in 1976.

• - Opening America's first globally diversified fixed-income fund in 1981.

• - Being acquired by Sun Life Financial of Canada in 1982.

• - Offering the country's first closed-end high-yield municipal bond fund on the NYSE in 1986.

• - Expanding its global footprint by opening research offices in London (1995), Tokyo (1998), Mexico (2004), Sydney (2008), Toronto (2011), Hong Kong, and Sao Paulo (2012).

How does MFS create value for clients in a responsible manner?

AA: As CIO, Global Director of Research, and Portfolio Manager at MFS, please describe your role, daily processes, and responsibilities in managing the company's vast resources.

AA: How do you oversee and harness the expertise of more than 300 investment professionals, research analysts, and portfolio managers at MFS?

AA: What is your definition of long-term discipline, and how does MFS exemplify this concept in its operations and strategy?

AA: Despite facing challenges in active management and active risk management, MFS has consistently grown and maintained its leading position. How has the company achieved this success?

AA: How did MFS navigate the pandemic and the volatile, inflationary, and rising rate environment of 2022? What is your outlook for equities, bonds, and other assets during this challenging period of inflation and monetary policy?

Sun Life Global Investments has provided Canadian investors and their advisors with access to some of the best actively managed U.S. and global fund management through its partnership with MFS.

AA: Can you explain how the direct relationship between SLGI and MFS works within SLGI's Multi-Asset suite of MFS managed funds?

Ted, thank you once again for sharing your insights and time with us. It has been a pleasure to learn more about MFS Investment Management and its storied history.