You’ve probably seen the ticker MFEKX pop up in your 401(k) lineup and wondered if it’s actually worth the space in your portfolio. Most people just see the word "Growth" and assume it’s a rocket ship to early retirement. Honestly? It's a bit more nuanced than that. The MFS Growth Fund Class R6 is one of those institutional-grade workhorses that big companies love to offer, but if you don't understand how it's built, you might be surprised by how it moves.
Basically, this fund is like a high-end sports car that’s been tuned for a very specific type of track. It’s managed by MFS Investment Management—the folks in Boston who literally invented the mutual fund back in 1924. They aren't exactly "new" to the game. But even with all that history, MFEKX has some quirks that make it stand out from your average S&P 500 tracker.
What MFS Growth Fund Class R6 Actually Does
At its core, the fund is hunting for capital appreciation. It's a large-cap growth fund, which is financial speak for "we buy big, expensive companies that we think will get even bigger."
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The managers—currently a team led by Eric Fischman, Bradford Mak, and Timothy Dittmer—don't just buy everything. They are picky. They look for businesses with what they call "durable growth." We're talking about companies with high barriers to entry and massive pricing power. If a company can raise its prices and customers still say, "take my money," MFS is probably interested.
It’s important to realize this fund is non-diversified. That’s a term that scares some people, but it just means they can put more money into their "best" ideas rather than spreading it thin across 500 different stocks. As of early 2026, the fund holds about 64 to 66 securities. That sounds like a lot until you realize the top 10 holdings usually account for over 60% of the total assets.
The Heavy Hitters in the Portfolio
If you own MFEKX, you effectively own a massive slice of Silicon Valley. The portfolio is incredibly heavy on Information Technology—nearly 50% of the fund is packed into that one sector.
- NVIDIA (NVDA): Usually the top dog lately, making up around 14% of the fund.
- Microsoft (MSFT): A close second at roughly 13.5%.
- Alphabet (GOOGL): Bringing up the rear of the "Big Three" at about 7.7%.
- Apple and Amazon: These two round out the top five, making the fund feel very "Magnificent Seven" heavy.
It’s a concentrated bet. If tech thrives, you win big. If there’s a massive chip shortage or a regulatory crackdown on AI, MFEKX is going to feel the punch much harder than a total market index fund.
Why the R6 Share Class Matters
You might see other versions of this fund, like Class A (MFEGX) or Class I (MFEIX). Forget those for a second. The MFS Growth Fund Class R6 is designed specifically for retirement plans and institutional investors.
The big win here is the cost. Mutual funds aren't free, and the "expense ratio" is the fee they shave off your returns every year.
- Class A: Often has a "load" (a sales charge) and an expense ratio around 0.84%.
- Class R6 (MFEKX): Has no sales charge and a net expense ratio of just 0.49%.
That might not sound like much, but over 30 years of retirement saving, that 0.35% difference can be the difference between a new car and a used one. The R6 class is the "clean" version—it doesn't pay out "12b-1" marketing fees to brokers. It’s just the raw cost of managing the money.
Performance: The Bitter Truth
Let’s talk numbers. In 2024, the fund returned roughly 31.8%. Sounds amazing, right? But the Russell 1000 Growth Index—its main benchmark—was up 33.3% in the same period. In 2025, MFEKX returned about 12.4%, while the index climbed over 18%.
The fund has a habit of slightly underperforming its benchmark during massive bull runs. Why? Because the managers are often looking for "quality" growth rather than "growth at any price." When the market goes absolutely crazy for speculative junk, MFS stays disciplined, which can make them look like they're lagging.
However, they often make up for it by holding up slightly better when things get ugly. It’s a "smooth out the edges" strategy, though "smooth" is a relative term when you're 50% invested in tech.
Risk Factors You Can't Ignore
- Concentration Risk: Since it's non-diversified, a bad year for Microsoft or NVIDIA is a bad year for you. Period.
- Management Changes: Eric Fischman, a veteran with over 20 years on this fund, is expected to step back from his responsibilities in mid-2026. Transitioning to newer managers like Timothy Dittmer (who joined the team recently) always introduces a bit of "manager risk."
- Valuation: The average Price-to-Earnings (P/E) ratio for this fund is north of 37. That is expensive. You are paying a premium for these companies.
Is MFEKX Right For You?
If you are 25 years old and have 40 years until retirement, the MFS Growth Fund Class R6 is a solid aggressive core. It gets you exposure to the biggest winners in the global economy at a relatively low price.
But if you’re five years from retirement? You might find the volatility stomach-churning. The fund's standard deviation (a measure of how much the price swings) is higher than the average large-cap fund. It's a bumpy ride.
Actionable Next Steps
- Check your overlap: If you already own a Nasdaq-100 ETF (like QQQ), you might be doubling up on the exact same stocks. Check your top 10 holdings to ensure you aren't over-leveraged in NVIDIA and Microsoft.
- Verify the Expense Ratio: Ensure your plan actually offers the R6 class. Sometimes plans swap them out for more expensive share classes without making it obvious.
- Watch the 2026 Transition: Keep an eye on the fund's performance in the latter half of 2026 as the management shift happens. If the "investment style" starts drifting away from high-quality growth toward more speculative bets, it might be time to re-evaluate.
- Rebalance: If MFEKX has a massive year, it might end up making up 80% of your portfolio. Don't be afraid to trim the gains and move them into something more stable like a value fund or bonds.
The MFS Growth Fund Class R6 isn't a "set it and forget it" index fund. It's a calculated, high-conviction bet on the future of the American tech giants. Know what you own.