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 8/31/2014) $386.3 mil
Total Equity Holdings (as of 8/31/2014) 33
Total Holdings (as of 8/31/2014) 70
Lipper Category Global Multicap Value
Morningstar Category World Stock
Benchmarks MSCI ACWI Value NR USD
Daily Prices
as of 9/19/2014
Net Asset Value (NAV) $18.33
NAV Change ($) ($0.05)
NAV Change (%) -0.27%
Weekly NAV Change ($) ($0.03)
Weekly NAV Change (%) -0.16%
Public Offering Price (POP) $19.45
Historical Prices & Distributions
Please select a date
Fund Description
Fund Objective
To seek to provide capital appreciation.

Investment Approach
The Fund focuses on global value investing through the purchase of securities believed to be trading below their intrinsic value. To determine a company's intrinsic value, we focus primarily on the company's financial statements. We also consider factors such as earnings, cash flows, dividends, business prospects, management capabilities, and potential catalysts (such as a change in management) to realize shareholder value. This strategy is entirely bottom-up and focused on selecting individual securities with no index, sector or country allocation constraints.
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 8/31/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 2.45% 12.83% 14.16% 10.21% 6.00% 6.75%
Fund with 5.75% sales charge -3.41% 6.37% 11.94% 8.91% 5.38% 6.26%
MSCI ACWI Value NR USD 7.61% 20.92% 14.26% 10.76% 7.39% 6.53%
Quarterly Rates of Return Average Annual Total Returns
as of 6/30/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 2.95% 17.49% 10.47% 12.84% 6.22% 6.90%
Fund with 5.75% sales charge -2.94% 10.73% 8.30% 11.51% 5.59% 6.40%
MSCI World NR USD 6.18% 24.05% 11.81% 14.99% 7.25% 6.38%
Lipper Global Multicap Value 6.29% 21.81% 10.23% 13.72% 6.39% 6.65%
Expense Ratios
as of 7/31/2014
Net 1.61%
Gross 1.75%
Growth of a $10,000 Investment
through 8/31/2014
 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 8/31/2014
Category: Global Multicap Value
  Rank Percentile
1 Year 99 / 106 93
3 Year 34 / 80 42
5 Year 40 / 60 66
10 Year 21 / 31 66

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

Morningstar Ratings
as of 8/31/2014
Category: World Stock
Overall (out of 827 World Stock)
3 Year (out of 827 World Stock)
5 Year (out of 678 World Stock)
10 Year (out of 335 World Stock)

Ratings are based on risk-adjusted returns.

Portfolio Composition
(as a % of net assets as of 8/31/2014)
Foreign Common Stock 51.61%
Domestic Common Stock 24.88%
Cash and Cash Equivalents 18.06%
Preferred Stock 3.26%
Corporate Bonds 2.09%
Other Government Securities 0.09%
Sector Allocation
(as a % of equity holdings as of 8/31/2014)
Financials 33.0%
Consumer Discretionary 19.4%
Industrials 17.9%
Energy 15.1%
Materials 7.6%
Consumer Staples 4.3%
Information Technology 2.8%
Country Allocation
(as a % of equity holdings as of 8/31/2014)
United States 35.3%
South Korea 16.0%
Japan 8.7%
Hong Kong 6.7%
France 6.7%
United Kingdom 5.4%
Germany 5.0%
Canada 4.7%
Netherlands 4.1%
Greece 2.9%
Italy 2.9%
Russia 1.6%
Brazil 0.1%
Top 10 Equity Holdings
(as a % of net assets as of 8/31/2014)
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. 5.8%
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. 5.2%
POSCO is a Korea-based company engaged in the manufacture of steel products.POSCO 4.9%
Bank of America Corporation, a financial holding company, provides banking and nonbanking financial services and products to individual consumers.Bank of America Corp. 4.1%
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 4.0%
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. 3.9%
News Corporation, a media and information services company, focuses on creating and distributing authoritative and engaging content to consumers and businesses worldwide. The company operates through five segments: News and Information Services, Cable Network Programming, Digital Real Estate Services, Book Publishing, and Other. News Corp., Class A 3.7%
Encana Corporation and its subsidiaries engage in the exploration for, development, production, and marketing of natural gas, oil, and natural gas liquids in Canada and the United States.EnCana Corp. 3.7%
Henderson Land Development Company Limited is an investment holding company whose subsidiaries are engaged in property development and investment, construction, infrastructure, hotel operation, department store operation, finance, project management, investment holding, and property management.Henderson Land Development Co. Ltd. 3.5%
The Laclede Group, Inc. (Laclede Group) is a public utility holding company. The Company provides natural gas service through its regulated core utility operations, while engaging in non-regulated activities.LG Corp. 3.3%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 6/30/2014)

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.

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, 2015, 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.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2015, 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 1.59%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2015, to the extent that the total annual ordinary fund operating expenses of the Class Y shares exceeds the total annual ordinary fund operating expenses of the Class A shares, 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.

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.

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