MFS Investment Management, the Boston firm that created America's first mutual fund, has introduced the MFS Sector Rotational Fund.
According to MFS, the sector rotational fund utilizes a disciplined quantitative model to select stocks across numerous sectors, styles, and market capitalizations.
MFS said it recently acquired the net assets of what was formerly known as the Penn Street Sector Rotational Fund, which was reorganized into the newly created MFS Sector Rotational Fund.
G. Michael Mara, who managed the Penn Street fund, will serve as portfolio manager of the MFS Sector Rotational Fund, MFS said.
"The addition of this fund to our firm's product menu provides investors with a unique and opportunistic investment approach with historically low relative correlation to the broad equity market and a strong track record," Martin E. Beaulieu, MFS director of global distribution, said in a statement.
(By Chris Reidy, Globe staff)