Waddell & Reed

Fund Detail

Ivy European Opportunities Fund
Class A Shares

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Fund Facts
Ticker Symbol IEOAX
CUSIP 465898815
Fund Code 614
Fund Type Global/International
Fund Inception 5/4/1999
Class Inception 5/4/1999
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 4/30/2015) $207.7 mil
Total Equity Holdings (as of 4/30/2015) 78
Total Holdings (as of 4/30/2015) 79
Portfolio Turnover Rate (as of 3/31/2015) 172%
Lipper Category European Region Funds
Morningstar Category Europe Stock
Benchmarks MSCI Europe NR USD
Daily Prices
as of 5/26/2015
Net Asset Value (NAV) $30.43
NAV Change ($) ($0.51)
NAV Change (%) -1.65%
Weekly NAV Change ($) ($0.51)
Weekly NAV Change (%) -1.65%
Public Offering Price (POP) $32.29
Historical Prices & Distributions
Please select a date
Fund Description

Overview


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
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 4/30/2015
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 9.62% 2.12% 10.14% 8.37% 4.31% 13.84%
Fund with 5.75% sales charge 3.33% -3.75% 7.99% 7.09% 3.69% 13.42%
MSCI Europe NR USD 7.94% -3.23% 11.80% 7.88% 5.62% 4.22%
Lipper European Region Funds 8.89% -2.01% 12.04% 8.46% 6.25% N/A
Quarterly Rates of Return Average Annual Total Returns
as of 3/31/2015
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 6.38% -0.13% 9.33% 7.01% 3.56% 13.70%
Fund with 5.75% sales charge 0.27% -5.89% 7.19% 5.75% 2.95% 13.28%
MSCI Europe NR USD 3.45% -4.94% 9.37% 6.38% 4.91% 3.97%
Lipper European Region Funds 5.21% -4.43% 10.05% 7.23% 5.56% N/A
Expense Ratios
as of 7/31/2014
Net 1.76%
Gross 1.76%
Growth of a $10,000 Investment
through 4/30/2015
 European Opportunities A
 MSCI Europe NR 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 4/30/2015
Category: European Region Funds
  Rank Percentile
1 Year 22 / 129 17
3 Year 82 / 102 80
5 Year 51 / 85 60
10 Year 59 / 71 82

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

Morningstar Ratings
as of 4/30/2015
Category: Europe Stock
Overall (out of 85 Europe Stock)
3 Year (out of 85 Europe Stock)
5 Year (out of 79 Europe Stock)
10 Year (out of 64 Europe Stock)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 4/30/2015)
Foreign Common Stock 95.34%
Domestic Common Stock 4.23%
Cash and Cash Equivalents 0.43%
Sector Allocation
(as a % of equity holdings as of 4/30/2015)
Financials 20.1%
Industrials 16.7%
Consumer Discretionary 14.8%
Health Care 13.7%
Consumer Staples 10.4%
Information Technology 10.1%
Energy 5.0%
Materials 4.5%
Utilities 2.6%
Telecommunication Services 2.4%
Country Allocation
(as a % of equity holdings as of 4/30/2015)
United Kingdom 28.3%
France 17.6%
Germany 11.4%
Switzerland 9.1%
Italy 8.3%
Ireland 6.0%
Netherlands 5.1%
United States 4.3%
Norway 3.6%
Denmark 2.2%
Austria 2.2%
Spain 2.1%

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 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. (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.

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.

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, 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 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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