Waddell & Reed

Fund Detail

Ivy Core Equity Fund
Class A Shares

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Fund Facts
Ticker Symbol WCEAX
CUSIP 466000106
Fund Code 601
Fund Type Domestic Equity
Fund Inception 9/21/1992
Class Inception 7/3/2000
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 2/28/2015) $1.2 bil
Total Equity Holdings (as of 2/28/2015) 49
Total Holdings (as of 2/28/2015) 53
Lipper Category Large-Cap Core Funds
Morningstar Category Large Growth
Benchmarks S&P 500 TR USD
Daily Prices
as of 3/26/2015
Net Asset Value (NAV) $14.22
NAV Change ($) ($0.03)
NAV Change (%) -0.21%
Weekly NAV Change ($) ($0.51)
Weekly NAV Change (%) -3.46%
Public Offering Price (POP) $15.09
Historical Prices & Distributions
Please select a date
Fund Description

Building a well-rounded portfolio


Strategy
Stock selection stems from uncovering multi-year earnings catalysts that appear underappreciated by the market in companies believed to have strong or strengthening competitive advantages. Fund focuses on both company-specific and thematic earnings catalysts.
Process
A concentrated portfolio of domestic companies that generally invests across the valuation and large- to mid-cap spectrum opportunistically. The goal is a portfolio of companies expected to produce long-term earnings power above expectations.
Experienced management
Each portfolio manager has more than 15 years of industry experience. Both managers began their careers as research analysts covering a wide range of industries from technology and transportation to aerospace/defense and retail/apparel.
Morningstar Style Box
Source: Morningstar
Returns and Expenses

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.

Performance at NAV does not include the effect of sales charges. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return Average Annual Total Returns
as of 2/28/2015
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 3.13% 9.91% 17.08% 16.39% 8.94% 4.70%
Fund with 5.75% sales charge -2.82% 3.58% 14.79% 15.01% 8.30% 4.28%
S&P 500 TR USD 2.57% 15.51% 18.00% 16.18% 7.99% 4.48%
Lipper Large-Cap Core Funds 2.41% 13.05% 16.56% 14.58% 7.29% N/A
Quarterly Rates of Return Average Annual Total Returns
as of 12/31/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 9.11% 9.11% 19.49% 15.67% 8.83% 4.53%
Fund with 5.75% sales charge 2.82% 2.82% 17.17% 14.31% 8.19% 4.10%
S&P 500 TR USD 13.69% 13.69% 20.41% 15.45% 7.67% 4.35%
Lipper Large-Cap Core Funds 11.32% 11.32% 19.12% 13.90% 7.05% N/A
Expense Ratios
as of 7/31/2014
Net 1.15%
Gross 1.20%
Growth of a $10,000 Investment
through 2/28/2015
 Core Equity A
 S&P 500 TR USD

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.

Ratings and Rankings
Lipper Rankings
as of 2/28/2015
Category: Large-Cap Core Funds
  Rank Percentile
1 Year 766 / 857 90
3 Year 312 / 762 41
5 Year 87 / 693 13
10 Year 38 / 487 8

Rankings are based on average annual total returns, but do not consider sales charges.

Morningstar Ratings
as of 2/28/2015
Category: Large Growth
Overall (out of 1539 Large Growth)
3 Year (out of 1539 Large Growth)
5 Year (out of 1326 Large Growth)
10 Year (out of 909 Large Growth)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 2/28/2015)
Domestic Common Stock 86.00%
Foreign Common Stock 12.52%
Cash and Cash Equivalents 1.48%
Sector Allocation
(as a % of equity holdings as of 2/28/2015)
Consumer Discretionary 22.4%
Health Care 21.2%
Information Technology 20.2%
Financials 8.3%
Industrials 7.6%
Consumer Staples 6.7%
Energy 6.0%
Materials 3.8%
Telecommunication Services 3.7%
Top 10 Equity Holdings
(as a % of net assets as of 2/28/2015)
Citigroup Inc. (Citigroup) is a global diversified financial services holding company. Citigroup businesses provide consumers, corporations, governments and institutions with a range of financial products and services.Citigroup, Inc. 4.7%
Applied Materials, Inc. provides nanomanufacturing technology solutions for the semiconductor, flat panel display, solar, and related industries worldwide.Applied Materials, Inc. 4.5%
Actavis plc 3.1%
Shire plc (Shire) is a specialty biopharmaceutical company that focuses on meeting the needs of the specialist physician.Shire Pharmaceuticals Group plc ADR 3.1%
MasterCard Incorporated (MasterCard) is a global payments company that provides a economic link among financial institutions, businesses, merchants, cardholders and governments worldwide, enabling them to use electronic forms of payment instead of cash and checks.MasterCard, Inc., Class A 3.0%
Medtronic, Inc. 3.0%
The largest small-box discount consumer retailer in the U.S. Dollar General Corp. 2.8%
Anheuser-Busch InBev SA/NV is a brewing company which produces, markets, distributes, sells a balanced portfolio of approximately 200 beer brands. These include global flagship brands Budweiser, Stella Artois and Beck’s; multi-country brands, and many local champions, such as Bud Light, Skol, Brahma.Anheuser-Busch InBev S.A. ADR 2.6%
Humana Inc., a health care company, offers a range of insurance products, and health and wellness services that incorporate an integrated approach to lifelong well-being. Humana, Inc. 2.6%
Adobe Systems Incorporated operates as a diversified software company worldwide. It operates in three segments: Digital Media, Digital Marketing, and Print and Publishing. Adobe Systems, Inc. 2.5%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 12/31/2014)

Risk Factors: As with any mutual fund, the value of the Fund's shares will change, and you could lose money on your investment. 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. 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.

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.

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.

Risk Factors: As with any mutual fund, 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 than if the Fund were invested in a larger number of securities. Although larger companies tend to be less volatile than companies with smaller market capitalizations, returns on investments in securities of large capitalization companies could trail the returns on investments in securities of smaller companies. 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. 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.

Index Description: S&P 500 - An unmanaged index of common stocks. It is not possible to invest directly in an index.

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.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2015, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Funds Distributor, Inc. (IFDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses for Class A shares at 1.15%, Class E shares at 1.35%, Class I shares at 0.84% and Class Y shares at 0.84%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

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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