I was struck recently by a commercial for the MFS family of mutual funds. In its advertisement, MFS stated: “We believe in the power of active management.” They then went on to boast about the power of their global network, saying: “There’s no expertise without collaboration.”
To determine if there is any evidence to back up its claims, we’ll go back to my trusty videotape. But before checking the historical record, it’s worth noting that the first U.S. mutual fund was created by MFS Investment Management (formerly Massachusetts Financial Services) in 1924. The fund went public in 1928, allowing investors to pool their money together for the first time.
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