Mid-cap stocks are often called the "sweet spot" of the stock market. Not too small to be reckless, not too big to be stagnant. But when you look at something like the MFS Mid Cap Value R6, things get a little more nuanced. People usually see "Value" and think of dusty, old companies that haven't moved since the nineties.
That isn't really the case here.
The MFS Mid Cap Value R6 (ticker: MVCKX) is a behemoth in its space, managing over $16 billion as of early 2026. It’s the kind of fund that pops up in 401(k) menus all the time. But honestly, most investors just check the past year's returns and move on. That's a mistake. You've got to look at how this thing is built if you want to know if it actually belongs in your portfolio.
What Is the MFS Mid Cap Value R6 Strategy?
Basically, the fund looks for companies that the market has snubbed. We're talking about businesses with market caps roughly between $2 billion and $35 billion, though that range fluctuates based on the Russell Midcap Value Index. The managers—currently Brooks Taylor, Kevin Schmitz, and Richard Offen—aren't just looking for "cheap" stocks. They want companies with durable business models that are just temporarily out of favor.
It’s about resilience.
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The fund typically holds between 140 and 150 stocks. That’s a lot. It means they aren't betting the farm on any single name. Instead, they spread the risk across a variety of sectors. As of late 2025 and into 2026, you’ll see a heavy emphasis on Industrials and Financial Services. These two sectors alone often make up over 35% of the total pie.
The Management Team Matters
Brooks Taylor and Kevin Schmitz have been at the helm since 2008. That’s a long time in the mutual fund world. Richard Offen joined them more recently in 2021. Having managers who survived the 2008 crash, the 2020 pandemic, and the inflation spikes of the early 2020s gives this fund a "steady hand" reputation. They don't churn the portfolio constantly; the turnover ratio usually hovers around 24% to 27%.
Breaking Down the Costs: Is 0.61% Too High?
Expense ratios are the silent killers of long-term wealth. The MFS Mid Cap Value R6 carries a net expense ratio of about 0.61% to 0.62%.
Is that good?
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Compared to a Vanguard index fund that might charge 0.05%, it looks expensive. But compared to the average actively managed mid-cap value fund, it’s actually quite competitive. The "R6" share class is specifically designed for institutional investors and retirement plans. This means there are no 12b-1 fees and no sales loads. If you see this in your 401(k), you’re getting the "clean" version of the fund without the extra marketing bloat.
What’s Actually Inside MVCKX Right Now?
You’d expect a value fund to be full of banks and oil companies. While those are there, the top holdings might surprise you. As of the most recent data heading into January 2026, the portfolio is a weird, interesting mix of tech-adjacent hardware and essential services.
- Agilent Technologies: A leader in life sciences and diagnostics.
- Flex Ltd: They do a lot of the behind-the-scenes manufacturing for global tech.
- The Hartford Financial Services Group: A classic insurance play.
- Corning Inc: The folks who make the glass for your smartphone and fiber optics.
- PG&E Corp: A utility play that provides a defensive cushion.
Notice something? It isn't just "old economy" stuff. There is a clear tilt toward companies that provide the infrastructure for the modern world. This is why the fund sometimes behaves differently than a pure "deep value" play that only buys distressed retailers or dying energy firms.
Performance: The 2025 Reality Check
Let’s talk numbers. In 2025, the MFS Mid Cap Value R6 posted a return of roughly 14.11%. That sounds great until you realize the S&P 500 was up over 25% in that same period.
This is where people get frustrated.
But you have to remember: this is a Value fund. When AI stocks and mega-cap tech go on a tear, mid-cap value is almost always going to lag. However, if you look at the 10-year trailing return, it sits comfortably around 11.4%. That’s a solid, double-digit annual return over a decade. It’s designed to provide "smoother" growth rather than the roller-coaster ride of high-growth tech.
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Risk and Volatility
The fund’s "Standard Deviation"—a fancy way of saying how much the price swings—is generally lower than its peers. Its 3-year standard deviation is around 14.77, compared to the category average which is often higher. If you hate seeing your account balance drop 5% in a single day, this fund’s structure is built to prevent some of those heart-stopping moments.
Who Should Actually Own This?
If you're 22 and just starting your first job, you might want something more aggressive. But for someone in their 40s or 50s looking to diversify away from the "Magnificent Seven" tech stocks, MFS Mid Cap Value R6 makes a lot of sense.
It’s a diversifier.
When the S&P 500 is dominated by five or six massive tech companies, a fund like MVCKX provides exposure to the "other" parts of the economy—the companies making the circuit boards, insuring the houses, and providing the electricity.
Actionable Insights for Investors
If you are considering adding this fund or already see it in your retirement plan, here is the "real talk" on how to handle it:
- Check your overlap: Use a tool like Morningstar’s "Instant X-Ray" to see if you already own these stocks through other funds. If you own a Total Stock Market fund, you already have these names, just in smaller weights.
- Don't chase the 1-year return: If you buy this because it had a good month, you'll sell it the moment it has a bad one. Buy it because you want exposure to mid-sized, undervalued companies.
- Look at the "R6" advantage: If you have a choice between Class A (MEIAX) and Class R6 (MVCKX), always take the R6. The lower expense ratio (0.61% vs. 1.15% for Class A) will save you thousands over twenty years.
- Watch the Industrials: Since nearly 19% of the fund is in Industrials, keep an eye on broader economic trends like manufacturing PMI. If the global economy slows down, this fund will feel it.
The MFS Mid Cap Value R6 isn't going to make you a millionaire overnight. It isn't the next Nvidia. But as a cornerstone for a diversified portfolio, it does exactly what it’s supposed to do: it finds value where others aren't looking and holds on until the rest of the market catches up.