MFS Intermediate High Income FundFind Ratings Reports
- Last Ratings Update:03/31/2021
- Price as of 03/31/2021 :$2.53
- Net Assets:$47.59 Million
- Peer Rank:18 of 57
- Investment Rating:C+
We rate MFS Interm High Inc at C+. Positive factors that influence this rating include a well above average total return and low price volatility. The fund invests approximately 98% of its assets in bonds and may be considered for investors seeking a Corporate - High Yield strategy.
POSITIVES AND RISKS
Total return ranks very high in comparison with peers over the last three years. The MFS Interm High Inc has returned an annual rate of 7.49% since inception. More recently, the fund has generated a total return of 9.69% in the last five years, 7.30% in the last three years, and -1.55% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 86% of them. It has also outpaced 80% of its competitors on a three year basis and 52% of them over the last year for the period ending 3/31/2021. On a year to date basis, CIF has returned -19.19%.
Downside risk has been below average. CIF has a draw down risk of -29.45%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 19.9%. This fund has experienced a high level of volatility in its monthly performance over the last 36 months. As of 3/31/2021, the fund was trading at a price of $2.53, which is 2.7% below its 52-week high of $2.60 and 1.6% above its 52-week low of $2.49.
High expense ratio hinders performance. On total assets of $47.59 million, CIF maintains a high expense ratio compared to its Corporate - High Yield peers of 1.82% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As CIF is a closed end fund, it has no front end or back end load.
Manager tenure and performance record are net positives. Substandard fund managers tend to be replaced, so a long tenure is usually a good sign that a fund is achieving its objectives. The MFS Interm High Inc has been managed by David P. Cole for the last 14 years. Over that period, the manager was able to capture more actual gains in excess of the expected return than 84% of other fund managers.