MFS New Discovery Value Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, MFS New Discovery Value Fund held 147 positions with $2.49B in net assets. Its ten largest holdings made up 14.3% of the fund. The NDVAX share class costs 1.22% a year. Over the 12 months to May 2026, NDVAX returned 18.9%, with dividends reinvested. In 2026 Q2 it added 21 new positions and exited 10.
The funds investment objective is to seek capital appreciation.
The fund invests at least 80% of assets in equity securities of small-capitalization companies that the adviser identifies as undervalued based on metrics such as price-to-earnings, price-to-book, and free cash flow yield relative to the market and peers, supplemented by analysis of financial quality and balance sheet strength. The fund employs a bottom-up fundamental approach and may also use quantitative screening. Because the fund concentrates primarily in small-cap equities, performance will depend on the adviser's security selection within that universe.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
MGMXXJP Morgan US Government Money Market Fund | 2.35% | $58.49M | — | — |
1.95% | $48.53M | 1.8M | $27.11 | |
1.47% | $36.58M | 862.0K | $42.43 | |
Plains GP Holdings LP | 1.27% | $31.73M | 1.3M | $24.35 |
1.25% | $31.10M | 539.4K | $57.66 | |
1.25% | $31.09M | 450.8K | $68.96 | |
1.22% | $30.34M | 1.0M | $29.64 | |
1.20% | $29.88M | 839.3K | $35.60 | |
1.19% | $29.54M | 1.1M | $26.98 | |
1.14% | $28.41M | 417.1K | $68.12 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
All 147 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 99.93% |
| Cash & short-term | 2.35% |
By sector
- Financials
- 22.9%
- Industrials
- 12.1%
- Information Technology
- 10.9%
- Health Care
- 9.8%
- 10 other sectors
- 44.3%
- Financials
- 22.9%
- Industrials
- 12.1%
- Information Technology
- 10.9%
- Health Care
- 9.8%
- Real Estate
- 7.6%
- Consumer Discretionary
- 7.1%
- Energy
- 6.4%
- Utilities
- 5.7%
- Materials
- 5.6%
- International
- 4.1%
- Communication Services
- 2.5%
- Cash
- 2.3%
- Consumer Staples
- 1.6%
- Other
- 1.3%
How it has done
NDVAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 13.59%. Past returns are a record, not a forecast.
The 9 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.22% | +18.87% | +41.49% | +26.35% | -17.40% | |
| 1.97% | +18.02% | +38.27% | +21.65% | -17.68% | |
| 1.97% | +17.98% | +38.22% | +21.55% | -17.68% | |
| 0.97% | +19.19% | +42.48% | +27.84% | -17.33% | |
| 1.97% | +18.05% | +38.24% | +21.64% | -17.64% | |
| 1.47% | +18.61% | +40.27% | +24.66% | -17.52% | |
| 1.22% | +18.92% | +41.44% | +26.29% | -17.39% | |
| 0.97% | +19.22% | +42.48% | +27.83% | -17.33% | |
| 0.87% | +19.33% | +42.92% | +28.44% | -17.28% |
These classes hold the same portfolio, so the 6.89pp spread over 5 years is the cost difference between them — roughly 1.38pp a year — not a difference in what they own.
Fees & fund details
MFS New Discovery Value Fund is an actively managed U.S. equity fund. 20% of NDVAX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 85% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.87% – 1.97%· NDVAX 1.22%
- Portfolio turnover
- 47.00% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
21 new· the largest 8
10 exited· the largest 8
Understand how this fund fits with the rest.
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