Waddell & Reed

Portfolio Perspectives

Ivy Global Natural Resources Fund | Commodities again faced a difficult year in 2015. Potential headwinds from oversupply in many key commodities still are factors for 2016.
Dividend income isn’t just for large-cap funds. We believe that by focusing on companies that offer income distribution, we can potentially lower the volatility of a mid-cap portfolio and provide a growing stream of income while providing capital appreciation for the long-term.
WRA Energy Fund | Concerns about the pace of economic growth in emerging markets, slowing supply growth, increases in global inventories and the possibility of more Iranian crude oil coming to market have helped pressure prices.
WRA New Concepts Fund | In this commentary, Portfolio Manager Kimberly Scott provides deeper insight into factors leading to the Fund’s underperformance, which includes: underexposure to momentum; outsized exposure to energy; and weakness in many of the consumer names
WRA Asset Strategy Fund | Global economic growth is slow, central bank monetary policy is dominant, the stock market is driven by momentum and focused on safety – where can investors find opportunity in this uncertain environment?
WRA Energy Fund | Waddell & Reed Energy Fund Portfolio Manager David P. Ginther, CPA shares his thoughts on current trends in the energy marketplace, along with tips for investors.
Ivy Emerging Markets Equity Fund |We think a valuations gap versus developed markets means there are opportunities in high-quality, emerging market companies. We also see slower growth in China next year, but believe it will stay close to 2015's rate.
WRA Energy Fund| A strong U.S. dollar and an economic slowdown in China are adding to the pressure on oil prices.
WRA Asset Strategy Fund | Global markets have become more volatile this summer, reflecting investor uncertainty about global economic growth, the direction of interest rates and the opportunities to generate positive investment returns.
WRA Continental Income Fund's flexible mandate allows us to invest among a variety of different investment vehicles, and offers the opportunity to take advantage of volatility when it happens.

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