Massachusetts Investors Second Fund, Inc. Stock Certificate — L. Sherman Adams Signature (1946)

This historically significant stock certificate is signed by L. Sherman Adams, founder of MFS Investment Management, dating to 1946. Issued to Merrill Lynch, Pierce, Fenner and Beane, this artifact captures the early mutual fund era and the birth of accessible investing for small investors. Adams is widely recognized as the “Father of the Modern Mutual Fund,” and this certificate represents a tangible link to the founding of one of the longest-running fund families in American finance.

Key Highlights

• Historical Significance: Signed by L. Sherman Adams (1946)
• Issuer: Massachusetts Investors Second Fund, Inc. (MIT fund lineage)
• Original Holder: Merrill Lynch, Pierce, Fenner and Beane
• Legacy: Adams as founder of MFS; MIT as the world’s largest open-end mutual fund by retirement

Historical Context & Provenance

Sherman Adams founded MFS Investment Management in 1924 and is credited with creating the first mutual fund, Massachusetts Investors Trust, which remains operational today with well over $600 billion in assets under management. Adams was a founding trustee of Massachusetts Investors Trust (MIT) and instrumental in enabling small investors to participate in the markets, a cornerstone of long-term wealth building. This certificate reflects the early, transformative era of American mutual funds and the institutional growth that followed the 1929 Crash.

Great Crash Context (1929) & Research-Driven Growth

During the Great Crash of 1929, MIT was hit especially hard with an 83% loss. In response, MFS sought to restore investor confidence and, in 1932, created an in-house research department to build in-depth knowledge of portfolio securities. Analysts poured over financial statements, market reports, and performed site visits. Shortly after, they opened the Massachusetts Investors Second Fund, built on these new research principles.

Display & Collectibility

• Rare documentary artifact linking the origins of mutual funds to modern investing
• Ideal for display in offices, financial history libraries, museums, or investor-education collections
• Engaging centerpiece for collectors focused on finance history, asset management, and warrants/certificates

Specifications