Waddell & Reed

Fund Detail

Ivy Micro Cap Growth Fund
Class A Shares

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Fund Facts
Ticker Symbol IGWAX
CUSIP 465899680
Fund Code 698
Fund Type Domestic Equity
Fund Inception 2/17/2009
Class Inception 2/17/2009
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 5/31/2016) $160.3 mil
Total Equity Holdings (as of 5/31/2016) 55
Total Holdings (as of 5/31/2016) 57
Portfolio Turnover Rate (as of 3/31/2016) 84%
Lipper Category Small-Cap Growth Funds
Morningstar Category Small Growth
Benchmarks Russell Micro Cap Growth TR USD
Russell 2000 Growth TR USD
Daily Prices
as of 6/24/2016
Net Asset Value (NAV) $19.89
NAV Change ($) ($0.68)
NAV Change (%) -3.31%
Weekly NAV Change ($) ($0.20)
Weekly NAV Change (%) -1.00%
Public Offering Price (POP) $21.10
Historical Prices & Distributions
Please select a date
Fund Description

Searching for opportunity in the smallest of the small

Looks for the smallest-sized companies, seeking to capitalize on those entering their greatest periods of growth acceleration. Found in every sector of the economy, these companies have typically moved beyond the start-up phases of their corporate development.
Strategic process
Focuses on a bottom-up, research-driven approach concentrating on fundamental financial strength, management vision, earnings surprise potential and extraordinary earnings growth. This results in a portfolio broadly diversified by industry and sector with generally 90 to 110 holdings.
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 5/31/2016
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -4.12% -15.99% 2.96% 4.90% N/A 14.66%
Fund with 5.75% sales charge -9.62% -20.83% 0.94% 3.67% N/A 13.73%
Russell Micro Cap Growth TR USD -4.17% -14.55% 6.55% 7.20% 4.81% 15.70%
Russell 2000 Growth TR USD -1.14% -9.13% 7.68% 8.15% 7.20% 16.21%
Lipper Small-Cap Growth Funds -1.10% -8.91% 6.45% 6.83% 6.37% 16.23%
Quarterly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 3/31/2016
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -13.12% -23.51% 1.27% 3.27% N/A 13.45%
Fund with 5.75% sales charge -18.10% -27.91% -0.71% 2.05% N/A 12.51%
Russell Micro Cap Growth TR USD -8.84% -17.02% 6.72% 6.45% 3.38% 15.28%
Russell 2000 Growth TR USD -4.68% -11.84% 7.91% 7.70% 6.00% 16.03%
Lipper Small-Cap Growth Funds -4.79% -12.11% 6.29% 6.39% 5.25% 15.99%
Expense Ratios
as of 7/31/2015
Net 1.64%
Gross 1.64%
Growth of a $10,000 Investment
through 5/31/2016

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.

Ratings and Rankings
Lipper Rankings
as of 5/31/2016
Category: Small-Cap Growth Funds
  Rank Percentile
1 Year 485 / 549 89
3 Year 438 / 491 90
5 Year 363 / 440 83

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

Morningstar Ratings
as of 5/31/2016
Category: Small Growth
Overall (out of 656 Small Growth)
3 Year (out of 656 Small Growth)
5 Year (out of 591 Small Growth)

Ratings are based on risk-adjusted returns.

Portfolio Composition
(as a % of net assets as of 5/31/2016)
Domestic Common Stock 94.58%
Cash and Cash Equivalents 4.39%
Foreign Common Stock 1.03%
Sector Allocation
(as a % of equity holdings as of 5/31/2016)
Information Technology 27.3%
Health Care 25.7%
Consumer Discretionary 18.5%
Telecommunication Services 8.2%
Industrials 8.2%
Financials 3.6%
Consumer Staples 2.9%
Energy 2.9%
Materials 2.7%
Equity Country Allocation
(as a % of equity holdings as of 5/31/2016)
United States 98.9%
United Kingdom 1.1%
Top 10 Equity Holdings
(as a % of net assets as of 5/31/2016)
Global provider of secure enterprise cloud communications solutions8x8, Inc. 4.34%
Tile Shop Holdings, Inc. operates as a specialty retailer of manufactured and natural stone tiles, setting and maintenance materials, and related accessories in the United States.Tile Shop Holdings, Inc. 3.96%
Nautilus, Inc., together with its subsidiaries, operates as a consumer fitness products company in the United States, Canada, and internationally.Nautilus Group, Inc. (The) 3.39%
Cornerstone OnDemand offers cloud-based talent management software solutions. Cornerstone OnDemand, Inc. 3.17%
SPS Commerce, Inc., is a provider of on-demand supply chain management solutions, providing integration, collaboration, connectivity, visibility and data analytics. The Company provides its solutions through SPSCommerce.net, a hosted software suite.SPS Commerce, Inc. 3.00%
LogMeIn, Inc. provides cloud-based services for individuals and businesses to securely connect to their workplace, colleagues and customersLogMeIn, Inc. 2.90%
The corporation provides email encryption, data loss prevention and bring-your-own device solutions to the health care, financial services, insurance and government sectors in the U.S. Zix Corp. 2.63%
Flotek Industries, Inc. develops and supplies oilfield products, services, and equipment to the oil, gas, and mining industries in the U.S. and internationally.Flotek Industries, Inc. 2.61%
MYR Group, Inc. 2.58%
Imprivata, Inc. 2.47%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 3/31/2016)
Top 10 Industry Allocation
(as a % of equity holdings as of 5/31/2016)
Internet Software & Services 14.4%
Health Care Technology 6.1%
Pharmaceuticals 5.8%
Health Care Supplies 4.9%
Alternative Carriers 4.5%
Health Care Equipment 4.3%
Semiconductors 4.2%
Home Improvement Retail 4.1%
Leisure Products 3.5%
Health Care Services 3.3%

Risk Factors: 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.

Index Description: Russell Micro Cap Growth measures the performance of the micro cap growth segment of the U.S. Equity market. It includes those Russell Micro Cap Index companies with higher price-to-book ratios and higher forecasted growth values. It is not possible to invest directly in an index.

Index Description: Russell 2000 Growth 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.

Effective July 1, 2015, Ivy Investment Management Company assumed direct investment management responsibilities of Ivy Micro Cap Growth Fund from Wall Street Associates, LLC, the Fund's former investment subadviser. In addition, effective July 1, 2015, John Bichelmeyer assumed investment management responsibilities for Ivy Micro Cap Growth Fund.

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.

High recent returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

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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