Waddell & Reed

Fund Detail

Ivy Small Cap Value Fund
Class A Shares

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Fund Facts
Ticker Symbol IYSAX
CUSIP 465898435
Fund Code 645
Fund Type Domestic Equity
Fund Inception 1/31/1997
Class Inception 1/31/1997
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 7/31/2014) $298.3 mil
Total Equity Holdings (as of 7/31/2014) 62
Total Holdings (as of 7/31/2014) 70
Lipper Category Small-Cap Value Funds
Morningstar Category Small Value
Benchmarks Russell 2000 Value TR USD
Daily Prices
as of 8/22/2014
Net Asset Value (NAV) $18.71
NAV Change ($) ($0.04)
NAV Change (%) -0.21%
Weekly NAV Change ($) $0.30
Weekly NAV Change (%) 1.63%
Public Offering Price (POP) $19.85
Historical Prices & Distributions
Please select a date
Fund Description
Fund Objective
To seek to provide capital appreciation.

Investment Approach
The Fund's manager primarily uses fundamental, bottom-up research while considering a top-down and quantitative analysis. The Fund seeks stocks that the manager believes are undervalued or those trading at a significant discount relative to the intrinsic value of the company, and/or are out of favor in the financial markets but have a favorable outlook for capital appreciation.
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 7/31/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 1.12% 11.41% 12.74% 14.62% 8.23% 9.10%
Fund with 5.75% sales charge -4.67% 5.01% 10.53% 13.27% 7.59% 8.73%
Russell 2000 Value TR USD -2.10% 8.18% 13.55% 15.83% 8.07% 9.44%
Lipper Small-Cap Value Funds -1.08% 10.18% 13.88% 16.55% 8.62% N/A
Quarterly Rates of Return Average Annual Total Returns
as of 6/30/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 6.02% 21.77% 13.24% 17.40% 8.04% 9.44%
Fund with 5.75% sales charge -0.05% 14.74% 11.03% 16.02% 7.41% 9.07%
Russell 2000 Value TR USD 4.20% 22.54% 14.65% 19.88% 8.24% 9.88%
Lipper Small-Cap Value Funds 4.39% 23.67% 14.73% 20.28% 8.71% N/A
Expense Ratios
as of 7/31/2014
Net 1.68%
Gross 1.68%
Growth of a $10,000 Investment
through 7/31/2014
 Small Cap Value A
 Russell 2000 Value TR 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 7/31/2014
Category: Small-Cap Value Funds
  Rank Percentile
1 Year 86 / 281 31
3 Year 181 / 242 75
5 Year 162 / 190 85
10 Year 83 / 130 64

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

Morningstar Ratings
as of 7/31/2014
Category: Small Value
Overall (out of 334 Small Value)
3 Year (out of 334 Small Value)
5 Year (out of 261 Small Value)
10 Year (out of 170 Small Value)

Ratings are based on risk-adjusted returns.

Portfolio Composition
(as a % of net assets as of 7/31/2014)
Domestic Common Stock 85.54%
Cash and Cash Equivalents 10.58%
Foreign Common Stock 3.88%
Sector Allocation
(as a % of equity holdings as of 7/31/2014)
Financials 29.4%
Industrials 19.8%
Consumer Discretionary 13.3%
Energy 11.4%
Information Technology 10.4%
Materials 8.2%
Health Care 6.4%
Utilities 1.2%
Top 10 Equity Holdings
(as a % of net assets as of 7/31/2014)
LifePoint Hospitals, Inc. (LifePoint), through its subsidiaries, operates general acute care hospitals in non-urban communities in the United States. As of December 31, 2010, the Company operated 52 hospital campuses in 17 states, having a total of 5,915 licensed beds.LifePoint Hospitals, Inc. 2.8%
Matson, Inc., together with its subsidiaries, operates as an ocean freight carrier in the Pacific. It operates in two segments, ocean transportation and logistics.Matson, Inc. 2.8%
Saia, Inc., through its subsidiaries, operates as a transportation company in the United States. It provides regional and interregional less-than-truckload, truckload, guaranteed, expedited, and logistics services.Saia, Inc. 2.7%
Atlas Pipeline Partners, L.P. provides natural gas gathering and processing services in the Anadarko and Permian Basins located in the southwestern and mid-continent regions of the United States, as well as other natural gas services in the Appalachian Basin and southwestern region of the U.S.Atlas Pipeline Partners L.P. 2.7%
Teradyne, Inc. provides automatic test equipment worldwide. The company operates in three segments: Semiconductor Test, Systems Test Group, and Wireless Test.Teradyne, Inc. 2.6%
Carmike Cinemas, Inc., together with its subsidiaries, operates as a motion picture exhibitor in the United States. The company operates digital cinema and 3-D cinema theatres that show films on a first-run basis; and discount theatres primarily serving small to mid-size non-urban markets.Carmike Cinemas, Inc. 2.5%
Western Alliance Bancorporation 2.5%
Armstrong is a market leader in the design and manufacture of floors and ceilings, serving residential and commercial markets.Armstrong World Industries, Inc. 2.4%
SunCoke Energy Partners, L.P. manufactures and sells coke used in the blast furnace production of steel in the United States. It also provides metallurgical and thermal coal blending and handling terminal services. SunCoke Energy Partners L.P. 2.3%
Western Refining, Inc. 2.2%
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: Russell 2000 Value 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.

The Advantus Venture Fund merged into the Ivy Small Cap Value Fund on Dec. 8, 2003. The performance shown for periods prior to this date is that of the Advantus Venture Fund Class A shares, restated to reflect current sales charges applicable to Ivy Small Cap Value Fund Class A shares. Performance has not been restated to reflect the fees and expenses applicable to the Ivy Small Cap Value Fund. If these expenses were reflected, performance shown would differ.

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.

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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