Waddell & Reed

Fund Detail

Ivy Emerging Markets Equity Fund
Class A Shares

Please select a fund and share class

Fund Facts
Ticker Symbol IPOAX
CUSIP 465897866
Fund Code 611
Fund Type Global/International
Fund Inception 10/25/1993
Class Inception 10/25/1993
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 3/31/2014) $741.9 mil
Total Equity Holdings (as of 3/31/2014) 97
Total Holdings (as of 3/31/2014) 105
Portfolio Turnover Rate (as of 12/31/2013) 70%
Lipper Category Emerging Markets Funds
Benchmarks MSCI EM NR USD
Daily Prices
as of 4/17/2014
Net Asset Value (NAV) $14.98
NAV Change ($) $0.05
NAV Change (%) 0.33%
Weekly NAV Change ($) $0.01
Weekly NAV Change (%) 0.07%
Public Offering Price (POP) $15.89
Historical Prices & Distributions
Please select a date
Fund Description
Fund Objective
To seek to provide growth of capital.

Investment Approach
The Fund utilizes a top-down approach of worldwide analysis in order to identify the best countries and sectors for growth, and balances the top-down analysis with bottom-up stock selection to identify the best stocks for investment. The Fund uses an investment approach that focuses on analyzing a company's financial statements and taking advantage of overvalued or undervalued markets.
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 3/31/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -3.40% 8.95% -2.04% 12.44% 8.87% 4.34%
Fund with 5.75% sales charge -8.96% 2.66% -3.95% 11.12% 8.23% 4.04%
MSCI EM NR USD -0.43% -1.43% -2.86% 14.48% 10.11% N/A
Lipper Emerging Markets Funds -0.79% -0.71% -2.29% 14.37% 9.35% N/A
Quarterly Rates of Return Average Annual Total Returns
as of 3/31/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -3.40% 8.95% -2.04% 12.44% 8.87% 4.34%
Fund with 5.75% sales charge -8.96% 2.66% -3.95% 11.12% 8.23% 4.04%
Lipper Emerging Markets Funds -0.79% -0.71% -2.29% 14.37% 9.35% N/A
Expense Ratios
as of 3/17/2014
Net 1.74%
Gross 1.50%
Growth of a $10,000 Investment
through 3/31/2014

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 3/31/2014
Category: Emerging Markets Funds
  Rank Percentile
1 Year 46 / 630 8
3 Year 177 / 423 42
5 Year 243 / 312 78
10 Year 94 / 152 62

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

Portfolio Composition
(as a % of net assets as of 3/31/2014)
Foreign Common Stock 88.45%
Domestic Common Stock 6.69%
Cash and Cash Equivalents 4.05%
Other Assets 0.69%
Corporate Bonds 0.11%
Sector Allocation
(as a % of equity holdings as of 3/31/2014)
Information Technology 21.7%
Financials 17.6%
Consumer Discretionary 17.0%
Industrials 14.6%
Consumer Staples 11.2%
Materials 6.3%
Energy 5.4%
Health Care 3.6%
Utilities 1.7%
Telecommunication Services 0.8%
Country Allocation
(as a % of equity holdings as of 3/31/2014)
India 12.8%
South Korea 12.0%
China 11.1%
Taiwan 9.9%
Hong Kong 8.1%
United States 7.0%
Brazil 6.6%
Indonesia 5.5%
Philippines 2.9%
Russia 2.7%
Mexico 2.6%
Netherlands 2.4%
Japan 2.3%
Thailand 2.3%
Panama 2.1%
Singapore 2.1%
Malaysia 1.7%
South Africa 1.5%
Israel 1.2%
Cyprus 1.1%
Denmark 0.9%
Cayman Islands 0.8%
Norway 0.4%
Top 10 Equity Holdings
(as a % of net assets as of 3/31/2014)
Galaxy Entertainment Group Limited is an investment holding company. The Company, along with its subsidiaries, is engaged in operation in casino games of chance or games of other forms, provision of hospitality and related services in Macau, and the manufacture, sale and distribution of construction materials in Hong Kong, Macau and Mainland China.Galaxy Entertainment Group 2.9%
Larsen & Toubro Ltd. 2.3%
Chicago Bridge & Iron N.V. (CB&I) is an engineering, procurement and construction (EPC) company and process technology licensors, delivering solutions to customers in the energy and natural resource industries.Chicago Bridge & Iron Co. N.V., NY Shares 2.3%
HCL Technologies Limited (HCL) is primarily engaged in providing a range of software services, business process outsourcing and infrastructure services.HCL Technologies Ltd. 2.3%
Fosun International Ltd. 2.1%
PT Bank Mandiri (Persero) Tbk 2.1%
Hana Financial Group Inc., through its subsidiaries, provides financial services.Hana Financial Group, Inc. 2.0%
Hyundai Motor Company manufactures and distributes motor vehicles and parts worldwide.Hyundai Motor Co. 2.0%
Copa Holdings, S. A., through its subsidiaries, provides airline passenger and cargo services.Copa Holdings S.A., Class A 2.0%
Taiwan Semiconductor Manufacturing is the world's largest dedicated semiconductor foundry, offering advanced wafer production processes and manufacturing.Taiwan Semiconductor Manufacturing Co. Ltd. 2.0%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 12/31/2013)

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 Emerging Markets is an unmanaged index comprised of securities that represent large and mid-cap companies within emerging market countries. It is not possible to invest directly in an index.

Effective Feb. 11, 2014, Ivy Pacific Opportunities Fund was changed to Ivy Emerging Markets Equity Fund and its strategy was changed to reflect a concentration in emerging market equity securities. Performance prior to such time in part reflects the Ivy Pacific Opportunities Fund’s former strategy to invest primarily in Pacific region equity securities, and the Fund’s performance may have differed if the Ivy Emerging Markets Equity Fund’s current strategy had been in place.

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.

On March 17, 2014, Ivy Asset Strategy New Opportunities Fund merged into Ivy Emerging Markets Equity Fund. The Ivy Asset Strategy New Opportunities Fund has been liquidated and has terminated operations as a management investment company.

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.

Financial Advisor Opportunities
Corporate Careers