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Ivy Small Cap Value Fund

  • $17.22 NAV as of 10/25/2016
  • ($-0.10) / -0.58% Daily NAV Change
  • 18.03% YTD (NAV)


Seeking small companies with the potential for big value

Seeks stocks that the manager believes are undervalued or those trading at a significant discount relative to the intrinsic value of thecompany as estimated by the manager, and/or are out of favor in the financial markets but have an intermediate to long-term favorable outlook for capital appreciation.
Uses fundamental, bottom-up research while considering a top-down and quantitative analysis.
Typically invests with conviction, holding a limited number of stocks. This allows for greater opportunity for the Fund’s manager to interact with company management and for the best ideas to drive performance.

Morningstar Style Box

Source: Morningstar

Portfolio Management

Kenneth G. Gau

  • Ivy Investment Management Company
  • 2 Years with Fund
  • 22 Years in Industry
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Kenneth G. Gau is a vice president of Ivy Investment Management Company and Waddell & Reed Investment Management Company. Mr. Gau joined the firm in June 2000 as an investment analyst. He was appointed assistant vice president in February 2006 and joined the small-cap growth team as assistant portfolio manager in March 2006. Mr. Gau was appointed vice president in January 2009. He was named assistant portfolio manager of small-cap growth institutional accounts in February 2011. In August 2014, Mr. Gau was appointed portfolio manager of the Ivy Small Cap Value Fund and Ivy Funds VIP Small Cap Value. He graduated from The Pennsylvania State University Smeal College of Business Administration in May 1994 with a BS in finance. He earned an MBA from Cornell University Johnson Graduate School of Management in May 2000. While in business school, Mr. Gau participated in Chase Manhattan Bank’s summer associate program. Prior to returning for a graduate degree, he worked at Bankers Trust for approximately three and a half years.

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 10/25/2016

Net Asset Value (NAV) $17.22
Daily NAV Change ($) ($-0.10) -0.58%
Weekly NAV Change ($) $-0.05 -0.29%
Public Offering Price (POP) $17.22

Fund Facts

Ticker Symbol IYSYX
CUSIP 465898393
Fund Code 792
Fund Type Domestic Equity
Fund Inception 1/31/1997
Class Inception 12/8/2003
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 9/30/2016) $328.3 mil
Total Equity Holdings (as of 9/30/2016) 53
Total Holdings (as of 9/30/2016) 56
Portfolio Turnover Rate (as of 3/31/2016) 135%
Lipper Category Small-Cap Value Funds
Morningstar Category Small Value
Benchmark Russell 2000 Value TR 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)
Lipper Small-Cap Value Funds 12.83% 15.17% 5.54% 14.49% 6.46% 7.99%
Russell 2000 Value TR USD 15.49% 18.81% 6.77% 15.45% 5.78% 7.90%
Fund at NAV 20.22% 23.27% 9.43% 16.54% 7.70% 8.55%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2016
(Returns for periods of less than 1-yr are not annualized)
Lipper Small-Cap Value Funds 12.83% 15.17% 5.54% 14.49% 6.46% 7.99%
Russell 2000 Value TR USD 15.49% 18.81% 6.77% 15.45% 5.78% 7.90%
Fund at NAV 20.22% 23.27% 9.43% 16.54% 7.70% 8.55%

Calendar Year Return

  2011 2012 2013 2014 2015
Class Y -13.12 18.40 33.08 7.05 -5.84
Russell 2000 Value TR USD -5.50 18.05 34.52 4.22 -7.47

Morningstar Ratings as of 9/30/2016 Morningstar Logo

Category: Small Value
Ratings are based on risk-adjusted returns
Overall out of 371
3 Year out of 371
5 Year out of 334
10 Year out of 213

Lipper Ranking through 9/30/2016 Lipper Logo

Category: Small-Cap Value Funds
  Rank Percentile
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 12/293 5
3 Year 26/255 11
5 Year 50/231 22
10 Year 26/145 18

Expense Ratios as of 7/31/2016

Net 1.37%
Gross 1.37%

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

Russell 2000 Value TR USD 14.24

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

*Modern Portfolio Theory
Alpha 2.97
Beta 0.86
R-Squared 90.10
Sharpe Ratio 1.28
Capture Ratio Upside: 95.75%
Downside: 84.27%


Historical Prices Inception 12/8/2003

Date Price Dividend Reinvest Date Capital Gain Reinvest Date
10/3/2016 $17.47 NO NO
10/4/2016 $17.33 NO NO
10/5/2016 $17.41 NO NO
10/6/2016 $17.44 NO NO
10/7/2016 $17.27 NO NO
10/10/2016 $17.39 NO NO
10/11/2016 $17.10 NO NO
10/12/2016 $17.16 NO NO
10/13/2016 $17.06 NO NO
10/14/2016 $17.08 NO NO
10/17/2016 $17.12 NO NO
10/18/2016 $17.27 NO NO
10/19/2016 $17.33 NO NO
10/20/2016 $17.23 NO NO
10/21/2016 $17.28 NO NO
10/24/2016 $17.32 NO NO
10/25/2016 $17.22 NO NO

Historical Distributions Inception 12/8/2003

Ex-date Income Capital Gains Reinvest Gains Payment Date
12/10/2015 $0 Long: $2.154 Short: $0.000 $14.73 12/10/2015
12/11/2014 $0 Long: $1.596 Short: $0.246 $17.17 12/11/2014
12/12/2013 $0.077 Long: $1.708 Short: $0.601 $17.46 12/12/2013
12/13/2012 $0 Long: $0.424 Short: $0.172 $15.26 12/13/2012
12/8/2011 $0.0566 Long: $1.458 Short: $0.000 $13.4 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

Webster Financial Corp. 4.97%
Take-Two Interactive Software, Inc. Take-Two Interactive Software, Inc. is an American multinational publisher, developer, and distributor of video games and video game peripherals. 4.76%
Nu Skin Enterprises, Inc., Class A 4.62%
Coca-Cola Bottling Co. Consolidated 4.11%
Beacon Roofing Supply, Inc. 3.84%
Flotek Industries, Inc. Flotek Industries, Inc. develops and supplies oilfield products, services, and equipment to the oil, gas, and mining industries in the U.S. and internationally. 3.59%
Laredo Petroleum Holdings, Inc. 3.52%
Woodward, Inc. 3.36%
Pinnacle Foods, Inc. 3.27%
Communications Sales & Leasing, Inc. 3.21%

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

Large 0.0%
Medium 66.0%
Small 34.0%
Median Market Cap (as of 9/30/2016) $2.8 bil

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

Regional Banks 10.9%
Specialty Chemicals 7.8%
Personal Products 7.3%
Trading Companies & Distributors 5.5%
Home Entertainment Software 5.0%
Specialized REITs 4.7%
Oil & Gas Exploration & Production 4.6%
Soft Drinks 4.3%
Trucking 4.1%
Industrial Machinery 3.5%

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

Industrials 22.14%
Consumer Staples 15.57%
Financials 12.36%
Materials 11.94%
Consumer Discretionary 9.10%
Real Estate 7.63%
Information Technology 6.73%
Utilities 6.69%
Energy 4.60%
Health Care 1.89%
Telecommunication Services 1.35%

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

Domestic Common Stock 91.38%
Cash and Cash Equivalents 4.35%
Foreign Common Stock 4.27%

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

United States 95.5%
Canada 2.9%
Panama 1.5%


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Risk Factors: The value of the Fund's shares will change, and you could lose money on your investment. Investing in small-cap stocks may carry more risk than investing in stocks of larger, more well-established companies. The value of a security believed by the Fund's manager to be undervalued may never reach what the manager believes to be it's full value, or such security's value may decrease. 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: Russell 2000 Value is an unmanaged index comprised of securities that represent the small cap sector of the stock market. It is not possible to invest directly in an index.

The Advantus Venture Fund merged into the Ivy Small Cap Value Fund on Dec. 8, 2003. The performance shown for periods prior to this date is that of the Advantus Venture Fund Class A shares, restated to reflect current sales charges applicable to Ivy Small Cap Value Fund Class A shares. Performance has not been restated to reflect the fees and expenses applicable to the Ivy Small Cap Value Fund. If these expenses were reflected, performance shown would differ.

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.

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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