Update to SL MFS US Growth Team
Plan sponsors may wish to consider whether this investment news has any implications for the investment options available within their plans. Sun Life Assurance Company of Canada purchases units of the funds listed below, which are established as segregated funds in accordance with the Insurance Companies Act (Canada).
In May 2025, MFS announced that Eric Fischman, a Portfolio Manager on the Sun Life MFS U.S. Growth Segregated Fund (U.S. Growth), will transition off the strategy effective June 1, 2026. Fischman joined MFS in 2000 and the U.S. Growth portfolio management team in 2002. He has accrued over 30 years of investment experience. Fischman will remain at MFS and will shift his focus to managing the MFS U.S. Mid Cap Growth Equity strategy.
Brad Mak will continue as a Portfolio Manager on U.S. Growth, providing continuity. Mak joined MFS in 2010 as an equity research analyst, later leading the U.S. technology sector team from 2016 to 2019 before joining the U.S. Growth portfolio management team in June 2021. With 22 years of investment experience, Mak also serves as a portfolio manager on MFS’ Global Strategic Equity strategy. His four years working alongside Fischman on the U.S. Growth team provides stability during the transition.
On June 1, 2025, Tim Dittmer joined Mak on the U.S. Growth portfolio management team. As an analyst, Dittmer has been a sector leader in consumer cyclicals (2015 to 2019) and technology (2019 to 2023), where he made portfolio buy and sell decision for these sectors in MFS’ US and global research strategies. He was also a co-portfolio manager on the MFS U.S, and Global Intrinsic Value strategies from 2021 to 2025. He joined MFS in 2009 and has 21 years of total investment experience. To facilitate a smooth transition, MFS has planned a year-long period during which Fischman, Mak, and Dittmer will work together until Fischman’s departure in June 2026. This overlap aims to ensure knowledge transfer and continuity in the strategy’s management.
SLGI’s View
SLGI is the investment manager for Sun Life MFS U.S. Growth and has engaged MFS as the sub-advisor. SLGI has provided their opinion on the impact of the PM team changes:
The transition is part of a succession plan that began in June 2025 with the appointment of Timothy Dittmer as co-portfolio manager alongside Brad Mak and Eric. His deep familiarity with MFS’s investment philosophy and research platform ensures a seamless continuation of the strategy. The team-based approach at MFS is a cornerstone of its investment process. All portfolio managers are supported by a robust global research platform and a culture of collaboration that enables smooth transitions and consistent execution. The MFS US Growth Fund will continue to follow its disciplined, bottom-up investment approach, focused on identifying companies with strong fundamentals and long-term growth potential. The strategy remains unchanged.
We recognize that Eric’s departure may prompt questions about the future direction of the fund. After meeting with Eric and the team, we are comfortable with the strength of the succession plan and the depth of the team. The long notice period and Eric’s continued presence at MFS provide additional reassurance.
GRS Investment Solutions team view
Fischman is highly experienced and at 23 years is by far the longest tenured PM on U.S. Growth. His contributions will be missed. Mak only joined U.S. Growth four years ago but has solid overall experience. Dittmer has some limited portfolio management experience and but strong overall experience at MFS.
The U.S. Growth strategy has had other recent PM turnover, when Paul Gordon, a co-Portfolio Manager, took personal leave in January 2023 and retired in March 2023 after a 20-year tenure with MFS. Fischman and Gordon’s departures leave the U.S. Growth team lighter on portfolio management experience. We also have a small concern about Mak and Dittmer’s similar backgrounds as technology sector analysts, though Dittmer also has experience with consumer cyclicals from earlier in his career.
MFS emphasizes continuity in its investment approach. The firm employs a team-based strategy that relies heavily on analyst recommendations, and MFS has stated that the investment philosophy and process for the U.S. Growth strategy will remain unchanged. The year-long transition period, Mak’s ongoing role, and Fischman’s continued presence within MFS provide some reassurance. We will continue to monitor the strategy and team, and we plan to meet with Mak and Dittmer some time over the next year.
Questions?
Please contact your Sun Life Group Retirement Services representative*.
*In Quebec, registered as a Group annuity plans advisor.