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 7/31/2016) $298.0 mil
Total Equity Holdings (as of 7/31/2016) 54
Total Holdings (as of 7/31/2016) 55
Portfolio Turnover Rate (as of 3/31/2016) 135%
Lipper Category Small-Cap Value Funds
Morningstar Category Small Value
Benchmarks Russell 2000 Value TR USD
Daily Prices
as of 8/23/2016
Net Asset Value (NAV) $16.69
NAV Change ($) $0.13
NAV Change (%) 0.79%
Weekly NAV Change ($) $0.27
Weekly NAV Change (%) 1.64%
Public Offering Price (POP) $17.71
Historical Prices & Distributions
Please select a date
Fund Description

Seeking small companies with the potential for big value

Seeks stocks that the manager believes are undervalued or those trading at a significant discount relative to the intrinsic value of thecompany as estimated by the manager, and/or are out of favor in the financial markets but have an intermediate to long-term favorable outlook for capital appreciation.
Uses fundamental, bottom-up research while considering a top-down and quantitative analysis.
Typically invests with conviction, holding a limited number of stocks. This allows for greater opportunity for the Fund’s manager to interact with company management and for the best ideas to drive performance.
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 7/31/2016
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 15.69% 8.11% 8.55% 10.47% 7.50% 8.90%
Fund with 5.75% sales charge 9.05% 1.90% 6.43% 9.17% 6.86% 8.57%
Russell 2000 Value TR USD 11.81% 5.59% 6.01% 10.03% 5.85% 8.98%
Lipper Small-Cap Value Funds 10.18% 3.49% 5.32% 9.33% 6.51% N/A
Quarterly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 6/30/2016
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 10.60% 3.48% 8.43% 8.74% 6.69% 8.69%
Fund with 5.75% sales charge 4.25% -2.47% 6.31% 7.46% 6.06% 8.36%
Russell 2000 Value TR USD 6.08% -2.58% 6.36% 8.15% 5.15% 8.72%
Lipper Small-Cap Value Funds 4.84% -4.20% 5.78% 7.60% 5.74% N/A
Expense Ratios
as of 7/31/2016
Net 1.56%
Gross 1.56%
Growth of a $10,000 Investment
through 7/31/2016
 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 7/31/2016
Category: Small-Cap Value Funds
  Rank Percentile
1 Year 28 / 291 10
3 Year 41 / 254 17
5 Year 76 / 227 34
10 Year 45 / 144 32

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

Morningstar Ratings
as of 7/31/2016
Category: Small Value
Overall (out of 372 Small Value)
3 Year (out of 372 Small Value)
5 Year (out of 333 Small Value)
10 Year (out of 213 Small Value)

Ratings are based on risk-adjusted returns.

Portfolio Composition
(as a % of net assets as of 7/31/2016)
Domestic Common Stock 95.47%
Cash and Cash Equivalents 2.98%
Foreign Common Stock 1.55%
Sector Allocation
(as a % of equity holdings as of 7/31/2016)
Industrials 20.8%
Financials 18.5%
Materials 14.8%
Consumer Staples 12.8%
Consumer Discretionary 11.3%
Information Technology 7.2%
Utilities 7.1%
Health Care 4.4%
Energy 2.7%
Telecommunication Services 0.6%
Equity Country Allocation
(as a % of equity holdings as of 7/31/2016)
United States 94.6%
Canada 3.8%
Panama 1.6%
Top 10 Equity Holdings
(as a % of net assets as of 7/31/2016)
Take-Two Interactive Software, Inc. is an American multinational publisher, developer, and distributor of video games and video game peripherals.Take-Two Interactive Software, Inc. 4.93%
Webster Financial Corp. 4.88%
Beacon Roofing Supply, Inc. 4.48%
Nu Skin Enterprises, Inc., Class A 4.32%
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. 3.61%
Woodward, Inc. 3.38%
Coca-Cola Bottling Co. Consolidated 3.00%
Continental Building Products, Inc. 2.74%
LifePoint Health, Inc. 2.71%
YRC Worldwide, Inc. 2.70%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 6/30/2016)
Top 10 Industry Allocation
(as a % of equity holdings as of 7/31/2016)
Regional Banks 9.7%
Specialty Chemicals 8.7%
Trading Companies & Distributors 5.9%
Home Entertainment Software 5.1%
Personal Products 4.5%
Specialized REITs 4.2%
Industrial Machinery 3.5%
Electric Utilities 3.1%
Soft Drinks 3.1%
Building Products 2.8%

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.

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.

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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