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Ivy European Opportunities Fund

  • $27.20 NAV as of 10/20/2016
  • ($-0.01) / -0.04% Daily NAV Change
  • -4.23% YTD (NAV)



Ivy European Opportunities Fund invests, under normal circumstances, at least 80% of its net assets in the equity securities of European companies. While the Fund tends to favor securities issued by large capitalization European companies, it may invest in securities issued by European companies of any size that provide investment opportunities. The Fund's manager combines a top-down, macro approach with a bottom-up stock selection process, using a combination of industry dynamics, country analysis, and individual stock selection in comprising the portfolio.

Morningstar Style Box

Source: Morningstar

Portfolio Management

Robert Nightingale

  • Ivy Investment Management Company
  • 3 Years with Fund
  • 21 Years in Industry
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Robert Nightingale is a Vice President at Ivy Investment Management Company. Mr. Nightingale graduated from the University of Wisconsin in May 1996 with an MS in finance. He also has an MS in urban and regional planning and a BS in economics from the University of Wisconsin. Mr. Nightingale joined Ivy in July 1996 as an investment analyst. He was appointed assistant vice president in July 2000. He assumed assistant portfolio manager responsibilities on the international team in February 2006. Mr. Nightingale was appointed vice president in January 2009. He was named Portfolio Manager for the Ivy European Opportunities Fund in October 2013.

Growth of a $10,000 Investment
through 9/30/2016

Assumes an investment over 10 years or life of the share class, reinvestment of dividends and capital gains, and does not include the effect of sales charges or taxes.



Quarterly Fund Commentary

Daily Prices as of 10/20/2016

Net Asset Value (NAV) $27.20
Daily NAV Change ($) ($-0.01) -0.04%
Weekly NAV Change ($) $0.40 1.49%
Public Offering Price (POP) $27.20

Fund Facts

Ticker Symbol IEOYX
CUSIP 465897130
Fund Code 724
Fund Type Global/International
Fund Inception 5/4/1999
Class Inception 7/24/2003
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 9/30/2016) $203.6 mil
Total Equity Holdings (as of 9/30/2016) 68
Total Holdings (as of 9/30/2016) 69
Portfolio Turnover Rate (as of 3/31/2016) 91%
Lipper Category European Region Funds
Morningstar Category Europe Stock
Benchmark MSCI Europe NR USD


Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Class Y shares are not subject to sales charges.

Monthly Rates of Return

Average Annual Total Returns as of 9/30/2016
(Returns for periods of less than 1-yr are not annualized)
Fund at NAV -3.52% -0.70% 1.43% 8.20% 1.20% 7.60%
Lipper European Region Funds -0.55% 2.71% 0.75% 8.56% 2.12% 7.27%
MSCI Europe NR USD 0.00% 2.49% -0.56% 7.46% 1.50% 6.50%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2016
(Returns for periods of less than 1-yr are not annualized)
Fund at NAV -3.52% -0.70% 1.43% 8.20% 1.20% 7.60%
Lipper European Region Funds -0.55% 2.71% 0.75% 8.56% 2.12% 7.27%
MSCI Europe NR USD 0.00% 2.49% -0.56% 7.46% 1.50% 6.50%

Calendar Year Return

  2011 2012 2013 2014 2015
Class Y -15.20 19.29 24.42 -5.60 3.37
MSCI Europe NR USD -11.06 19.12 25.23 -6.18 -2.84

Morningstar Ratings as of 9/30/2016 Morningstar Logo

Category: Europe Stock
Ratings are based on risk-adjusted returns
Overall out of 86
3 Year out of 86
5 Year out of 82
10 Year out of 63

Lipper Ranking through 9/30/2016 Lipper Logo

Category: European Region Funds
  Rank Percentile
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 105/157 67
3 Year 33/104 32
5 Year 52/91 57
10 Year 46/70 65

Expense Ratios as of 7/31/2016

Net 1.47%
Gross 1.47%

5-Year Standard Deviation as of 9/30/2016

MSCI Europe NR USD 15.43

5-Year MPT* Statistics as of 9/30/2016

*Modern Portfolio Theory
Alpha 1.79
Beta 0.83
R-Squared 91.34
Sharpe Ratio 0.60
Capture Ratio Upside: 85.18%
Downside: 75.90%


Historical Prices Inception 7/24/2003

Date Price Dividend Reinvest Date Capital Gain Reinvest Date
10/3/2016 $27.45 NO NO
10/4/2016 $27.64 NO NO
10/5/2016 $27.55 NO NO
10/6/2016 $27.49 NO NO
10/7/2016 $27.35 NO NO
10/10/2016 $27.54 NO NO
10/11/2016 $27.09 NO NO
10/12/2016 $26.95 NO NO
10/13/2016 $26.80 NO NO
10/14/2016 $26.95 NO NO
10/17/2016 $26.85 NO NO
10/18/2016 $27.15 NO NO
10/19/2016 $27.21 NO NO
10/20/2016 $27.20 NO NO

Historical Distributions Inception 7/24/2003

Ex-date Income Capital Gains Reinvest Gains Payment Date
12/10/2015 $0.131 Long: $0.000 Short: $0.000 $28.36 12/10/2015
12/11/2014 $0.583 Long: $0.000 Short: $0.000 $27.83 12/11/2014
12/12/2013 $0.1627 Long: $0.000 Short: $0.000 $28.14 12/12/2013
12/13/2012 $0.1806 Long: $0.000 Short: $0.000 $23.96 12/13/2012
12/8/2011 $0.1329 Long: $0.000 Short: $0.000 $20.34 12/8/2011

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this fund's selected share class. NAV is the amount per share you would receive if you sold shares that day.


Top 10 Equity Holdings as a % of net assets 9/30/2016

Shire plc Shire plc, a biopharmaceutical company, researches, develops, manufactures, sells, and distributes pharmaceutical products. It operates in three segments: Specialty Pharmaceuticals, Human Genetic Therapies and Regenerative Medicine. 3.53%
CRH plc 2.89%
Renault S.A. Renault SA designs, manufactures, markets, and repairs passenger cars and light commercial vehicles. The Company also provides financing and service solutions, including credit for new and used vehicles. 2.60%
NXP Semiconductors N.V. NXP Semiconductors N.V. provides high performance mixed signal and standard product solutions for radio frequency (RF), analog, power management, interface, security, and digital processing products worldwide. 2.46%
Thales 2.44%
Marine Harvest ASA Marine Harvest ASA, a seafood company, produces and sells farmed salmon products worldwide. It is engaged in the fish farming, processing, and smoking activities. 2.35%
Roche Holdings AG, Genusscheine Roche Holdings AG is a Switzerland-based pharmaceuticals and diagnostics company. 2.33%
BNP Paribas S.A. BNP Paribas SA provides a range of banking and financial services worldwide. 2.32%
Royal Dutch Shell plc, Class A Royal Dutch Shell plc (Shell) is an independent oil and gas company. 2.24%
Prudential plc Prudential plc (Prudential) is United Kingdom-based international financial services company with its principal operations in the United Kingdom, the United States and Asia. 2.23%

Market Capitalization
as a % of equity assets as of 9/30/2016

Large 83.5%
Medium 14.2%
Small 2.3%
Median Market Cap (as of 9/30/2016) $30.1 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 9/30/2016

Pharmaceuticals 10.9%
Packaged Foods & Meats 7.8%
Diversified Banks 7.7%
Integrated Oil & Gas 6.1%
Semiconductors 5.4%
Aerospace & Defense 5.1%
Multi-Utilities 3.7%
Oil & Gas Exploration & Production 3.3%
Construction Materials 2.9%
Auto Parts & Equipment 2.8%

Sector Allocation
as a % of equity assets as of 9/30/2016

Consumer Staples 15.32%
Health Care 14.74%
Industrials 12.50%
Consumer Discretionary 12.29%
Financials 11.52%
Information Technology 9.67%
Energy 9.39%
Materials 5.33%
Utilities 5.07%
Telecommunication Services 3.17%
Real Estate 1.00%

Portfolio Composition
as a % of net assets as of 9/30/2016

Foreign Common Stock 97.80%
Domestic Common Stock 1.41%
Cash and Cash Equivalents 0.79%

Equity Country Allocation
as a % of equity assets as of 9/30/2016

France 26.9%
United Kingdom 26.0%
Netherlands 12.1%
Germany 8.7%
Switzerland 7.6%
Ireland 5.0%
Spain 4.0%
Norway 3.3%
Russia 2.0%
Sweden 1.8%
United States 1.4%
Isle Of Man 1.0%
Malaysia 0.2%


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Risk Factors: The value of the Fund's shares will change, and you could lose money on your investment. Because the Fund is generally invested in a small number of stocks, the performance of any one security held by the Fund will have a greater impact that if the Fund were invested in a larger number of securities. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. International investing involves additional risks including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These and other risks are more fully described in the fund's prospectus. Not all funds or fund classes may be offered at all broker/ dealers.

Stylebox: The Morningstar Equity Style Box reveals a fund's investment strategy by displaying the fund's investment style and the market capitalization of the stocks owned.

Index Description: MSCI Europe is an unmanaged index comprised of securities that represent the securities markets in Europe. It is not possible to invest directly in an index.

The MSCI information may only be used for your internal use, may not be reproduced or repurposed in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, salability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. ( Source: MSCI.

Performance results for some funds may include the effect of expense reduction arrangements. If those arrangements had not been in place, the performance results would have been lower.

A large portion of the fund's since inception return is attributable to investments in initial public offerings, without which the fund's return would have been lower.

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the fund will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

12-Month Trailing Distribution Yield: at NAV refers to the 12-month historical cash flow paid over the past 12 months in dividends, divided by the past months ending NAV.

Alpha, Beta, R-Squared, Standard Deviation, Sharpe Ratio and Capture Ratio are 5 year statistics. Alpha is a measure of a fund's actual returns and expected performance, given its level of risk (as measured by beta). Beta reflects the sensitivity of the fund's return to fluctuations in the market index. R-squared indicates how much of a fund's fluctuations were attributable to movements in the fund's benchmark. Standard deviation is a measure of how volatile a fund's returns are. Sharpe ratio is a measure of a fund's risk-adjusted performance. Capture ratio reflects the annualized product of fund vs. index returns for all months in which the index had a positive return (upside capture) or negative return (downside capture).

Morningstar Ratings: For each fund with at least a 3-year history, Morningstar calculates a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of all sales charges), placing emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund and rated separately.) A fund's overall rating is derived from a weighted average of the 3-, 5- and 10-year (if applicable) rating metrics. Morningstar Rating is for the share classes specified; other classes may have different performance characteristics.

Information is subject to change and is not intended to represent any past or future investment recommendations.

Please remember that an investment in a mutual fund involves risk. Investment return and principal value of a mutual fund investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

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