Waddell & Reed

Fund Detail

Ivy Cundill Global Value Fund
Class A Shares

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Fund Facts
Ticker Symbol ICDAX
CUSIP 465898880
Fund Code 615
Fund Type Global/International
Fund Inception 9/4/2001
Class Inception 9/4/2001
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 7/31/2015) $289.1 mil
Total Equity Holdings (as of 7/31/2015) 38
Total Holdings (as of 7/31/2015) 69
Portfolio Turnover Rate (as of 3/31/2015) 28%
Lipper Category Global Multicap Value
Morningstar Category World Stock
Benchmarks MSCI ACWI Value NR USD
Daily Prices
as of 8/28/2015
Net Asset Value (NAV) $15.37
NAV Change ($) $0.02
NAV Change (%) 0.13%
Weekly NAV Change ($) $0.28
Weekly NAV Change (%) 1.86%
Public Offering Price (POP) $16.31
Historical Prices & Distributions
Please select a date
Fund Description

Seeking to uncover value around the world

Focused approach
The Cundill approach to investing involves highly selective stock picking for a concentrated portfolio based on the time-honored, value recipe of investor Benjamin Graham.
Fundamentally sound
Applies a strong bottom-up fundamental stock selection process with no predetermined country, sector or industry exposure.
Potential benefits
Seeks to participate in the turnaround of undervalued companies through a contrarian, deep-value investment approach that may complement a global, growth-style equity portfolio.
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
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 7/31/2015
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -2.21% -9.86% 12.48% 6.47% 3.66% 5.41%
Fund with 5.75% sales charge -7.83% -15.05% 10.29% 5.22% 3.05% 4.96%
MSCI ACWI Value NR USD 0.42% -2.33% 11.38% 8.79% 5.14% 5.78%
Lipper Global Multicap Value 2.07% 0.06% 12.38% 9.66% 5.94% 6.93%
Quarterly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 6/30/2015
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -1.43% -10.67% 12.13% 7.97% 3.88% 5.50%
Fund with 5.75% sales charge -7.10% -15.82% 9.95% 6.69% 3.27% 5.05%
MSCI ACWI Value NR USD 0.45% -3.41% 11.80% 10.57% 5.46% 5.82%
Lipper Global Multicap Value 1.97% -2.16% 12.25% 10.66% 6.25% 6.95%
Expense Ratios
as of 7/31/2015
Net 1.56%
Gross 1.70%
Growth of a $10,000 Investment
through 7/31/2015
 Cundill Global Value A

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 7/31/2015
Category: Global Multicap Value
  Rank Percentile
1 Year 98 / 106 92
3 Year 34 / 71 48
5 Year 52 / 58 89
10 Year 30 / 33 89

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

Morningstar Ratings
as of 7/31/2015
Category: World Stock
Overall (out of 975 World Stock)
3 Year (out of 975 World Stock)
5 Year (out of 732 World Stock)
10 Year (out of 384 World Stock)

Ratings are based on risk-adjusted returns.

Portfolio Composition
(as a % of net assets as of 7/31/2015)
Foreign Common Stock 49.90%
Domestic Common Stock 34.36%
Cash and Cash Equivalents 9.94%
Corporate Bonds 3.25%
Preferred Stock 2.48%
Other Government Securities 0.07%
Sector Allocation
(as a % of equity holdings as of 7/31/2015)
Financials 34.8%
Consumer Discretionary 28.1%
Energy 14.8%
Industrials 11.7%
Materials 7.1%
Information Technology 3.5%
Country Allocation
(as a % of equity holdings as of 7/31/2015)
United States 42.5%
South Korea 9.7%
Japan 8.7%
Germany 7.9%
France 6.5%
Italy 5.5%
United Kingdom 4.8%
Hong Kong 4.7%
Canada 3.7%
Netherlands 1.7%
Luxembourg 1.6%
Greece 1.6%
Brazil 1.1%
Top 10 Equity Holdings
(as a % of net assets as of 7/31/2015)
American International Group, Inc. (AIG) is an international insurance company with customers in over 130 countries. The Company serves commercial, institutional, individual customers through property-casualty networks of any insurer, and provides life insurance, retirement services in the U.S.American International Group, Inc. 8.61%
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. 7.81%
Bank of America Corporation, a financial holding company, provides banking and nonbanking financial services and products to individual consumers.Bank of America Corp. 5.51%
Mediaset S.p.A. is engaged in the television, advertising, free and pay digital TV, broadcasting network infrastructure management, program contents production, Internet, and mobile TV businesses primarily in Italy and Spain.Mediaset S.p.A. 4.72%
Hyundai Motor Company manufactures and distributes motor vehicles and parts worldwide.Hyundai Motor Co. 4.12%
SANKYO Co., Ltd. manufactures and sells pachinko and pachislot machines and related parts in Japan. It operates in three segments: Pachinko Machines Business, Pachislot Machines Business, and Ball Bearing Supply Systems Business.SANKYO Co. Ltd. 3.96%
Munchener Ruckversicherungs-Gesellschaft AG is in the insurance business and one of the world's largest reinsurers. It is based in Munich, Germany.Munchener Ruckversicherungs-Gesellschaft AG, Registered Shares 3.73%
POSCO is a Korea-based company engaged in the manufacture of steel products.POSCO 3.55%
adidas AG is a Germany-based producer of sportswear and sports equipment, operating globally. adidas AG 3.10%
Microsoft Corporation is a multinational computer technology corporation that develops, manufactures, licenses and supports a wide range of software products for computing devices.Microsoft Corp. 3.07%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 6/30/2015)

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.

Index Description: MSCI ACWI Value is an unmanaged index comprised of securities that represent the securities markets around the world. 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. (www.msci.com) 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.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2016, Ivy Investment Management Company (IICO), the Fund’s investment manager, has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.14% of average daily net assets. Prior to that date, the reduction may not be terminated by IICO or the Board of Trustees.

Through July 31, 2016, IICO, 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 E shares at 1.45%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

Through July 31, 2016, IFDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IFDI, WISC or the Board of Trustees.

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.

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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