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Ivy Accumulative Fund

  • $8.60 NAV as of 12/18/2018
  • ($0.03) / 0.35% Daily NAV Change
  • -2.03% YTD (NAV)

Summary

Seeking companies with value and growth potential

Strategy
Investment style based on a blend between bottom-up fundamental stock and sector analysis, coupled with a top-down macroeconomic perspective used to guide selection of industries and sector weightings.
Management approach
Emphasizes a blend of value and growth potential in selecting stocks.
Experience
Fund manager has more than 20 years of industry experience and has managed the strategy since 2004.

Morningstar Style Box

Growth
Large
Source: Morningstar

Portfolio Management

Gus C. Zinn, CFA

  • Ivy Investment Management Company
  • <1 Year with Fund
  • 20 Years in Industry
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Gus Zinn is co-portfolio manager of Ivy Accumulative Fund, serving as co-portfolio manager since 2018. He had been coportfolio manager of Ivy Core Equity Fund, Ivy VIP Core Equity and core equity institutional accounts from 2006 to 2018. Mr. Zinn joined the organization in 1998 as an equity investment analyst. He was appointed assistant vice president in 2002. He was named assistant portfolio manager of Ivy Science and Technology Fund and Ivy VIP Science and Technology in 2003. He was appointed vice president in 2004 and senior vice president in 2009. Mr. Zinn graduated from the University of Wisconsin-Madison with a BBA in Finance in 1996 and a Masters in Finance in 1998. He had been affiliated with the Applied Security Analysis Program as one of a group of students selected to manage a $1.9 million portfolio. Mr. Zinn is a CFA charterholder. He is a member of the CFA Institute and the CFA Society Kansas City.

John Bichelmeyer, CFA

  • Ivy Investment Management Company
  • <1 Year with Fund
  • 21 Years in Industry
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John Bichelmeyer is co-portfolio manager of Ivy Accumulative Fund, serving as co-portfolio manager since 2018. He had been portfolio manager of the former Ivy Micro Cap Growth Fund and Ivy VIP Micro Cap Growth from 2015 to 2018. Prior to joining the organization in 2015 as vice president and portfolio manager, Mr. Bichelmeyer was affiliated with Kornitzer Capital Management (KCM) as an equity analyst and portfolio manager from 2005 to 2015. Prior to joining KCM, he was an equity analyst and portfolio manager with Trilogy Global Advisors (formerly BPI Global Asset Management) in Orlando, Florida. Mr. Bichelmeyer graduated from Creighton University in 1997 with a BSBA in Finance. Mr. Bichelmeyer is a CFA charterholder. He is a member of the CFA Institute and the CFA Society Kansas City.

Growth of a $10,000 Investment
through 11/30/2018

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.

Documents

Perspectives

Quarterly Fund Commentary

Daily Prices as of 12/18/2018

Net Asset Value (NAV) $8.60
Daily NAV Change ($) ($0.03) 0.35%
Weekly NAV Change ($) $-1.51 -14.94%
Public Offering Price (POP) $9.12

Fund Facts

Ticker Symbol IATAX
CUSIP 46600G879
Fund Code 682
Fund Type Domestic Equity
Fund Inception 10/9/1940
Class Inception 10/9/1940
Fiscal Year End June
Dividends Paid June, December
Fund Assets (as of 11/30/2018) $1.3 bil
Total Equity Holdings (as of 11/30/2018) 90
Total Holdings (as of 11/30/2018) 106
Portfolio Turnover Rate (as of 6/30/2018) 79%
Morningstar Category Large Growth
Lipper Category Multi-Cap Core Funds
Benchmark S&P 500 TR USD

Performance

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, if it had, performance shown would be lower. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return

Average Annual Total Returns as of 11/30/2018
(Returns for periods of less than 1-yr are not annualized)
 
Fund with 5.75% sales charge 0.48% 1.91% 5.31% 7.49% 11.62% 10.13%
S&P 500 TR USD 5.11% 6.27% 12.16% 11.12% 14.32%
Fund at NAV 6.57% 8.12% 7.41% 8.76% 12.30% 10.21%
Morningstar Large Growth 6.95% 7.63% 11.60% 10.76% 14.98%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2018
(Returns for periods of less than 1-yr are not annualized)
 
Fund with 5.75% sales charge 6.95% 11.89% 10.31% 10.42% 9.13% 10.24%
S&P 500 TR USD 10.56% 17.91% 17.31% 13.95% 11.97%
Fund at NAV 13.43% 18.71% 12.51% 11.74% 9.78% 10.33%
Morningstar Large Growth 15.64% 23.18% 17.68% 14.02% 12.60%

Calendar Year Return

Indexes 2013
S&P 500 TR USD 21.83 11.96 1.38 13.69 32.39

Morningstar Ratings as of 11/30/2018 Morningstar Logo

Category: Large Growth
Ratings are based on risk-adjusted returns
Overall out of 1252
3 Year out of 1252
5 Year out of 1115
10 Year out of 804

Morningstar Ranking as of 11/30/2018 Morningstar Logo

Category: Large Growth
 
Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar Category based on average annual total return and number of Funds in that Category. The Morningstar Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same Category, where 1% = Best and 100% = Worst.
1 Year 613/1417 43
3 Year 1185/1252 94
5 Year 919/1115 82
10 Year 748/804 91

Expense Ratios as of 10/31/2018

Net 1.10%
Gross 1.10%

5-Year Standard Deviation as of 11/30/2018

S&P 500 TR USD 10.03

5-Year MPT* Statistics as of 11/30/2018

*Modern Portfolio Theory
Alpha -2.02
Beta 0.99
R-Squared 89.59
Sharpe Ratio 0.78
Capture Ratio Upside: 90.32%
Downside: 103.29%

Distributions

Historical Prices Inception 10/9/1940

12/3/2018 $10.67 NO NO
12/4/2018 $10.32 NO NO
12/6/2018 $10.32 NO NO
12/7/2018 $10.04 NO NO
12/10/2018 $10.10 NO NO
12/11/2018 $10.11 NO NO
12/12/2018 $10.15 NO NO
12/13/2018 $8.96 YES YES
12/14/2018 $8.77 NO NO
12/17/2018 $8.57 NO NO
12/18/2018 $8.60 NO NO

Historical Distributions Inception 10/9/1940

12/13/2018 $0.0506 Long: $0.583 Short: $0.512 $8.96 12/13/2018
12/14/2017 $0.0469 Long: $0.000 Short: $0.000 $9.77 12/14/2017
12/8/2016 $0.0341 Long: $0.370 Short: $0.036 $9.27 12/8/2016
6/16/2016 $0.02 Long: $0.000 Short: $0.000 $9.23 6/16/2016
12/10/2015 $0.0521 Long: $0.916 Short: $0.515 $9.48 12/10/2015
12/11/2014 $0.021 Long: $1.490 Short: $0.318 $10.33 12/11/2014

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this fund's selected share class. NAV is the amount per share you would receive if you sold shares that day.

Portfolio

Top 10 Equity Holdings as a % of net assets 11/30/2018

Microsoft Corp. Microsoft Corporation is a multinational computer technology corporation that develops, manufactures, licenses and supports a wide range of software products for computing devices. 6.01%
Apple, Inc. Apple Inc., together with subsidiaries, designs, manufactures, and markets personal computers, mobile communication devices, and portable digital music and video players, as well as sells various related software, services, peripherals, and networking solutions worldwide. 4.27%
Walt Disney Co. (The) The Walt Disney Company, together with its subsidiaries, operates as an entertainment company worldwide. The company operates in five segments: Media Networks, Parks and Resorts, Studio Entertainment, Consumer Products, and Interactive. 3.81%
JPMorgan Chase & Co. JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. 2.70%
Alphabet, Inc., Class C Alphabet Inc. operates as a holding company that, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce and hardware products. 2.41%
Broadcom Corp., Class A Broadcom Corporation was an American fabless semiconductor company that made products for the wireless and broadband communication industry. It was acquired by Avago Technologies in 2016 and currently operates as a wholly owned subsidiary of the merged entity Broadcom Inc. 2.24%
Citigroup, Inc. Citigroup Inc. (Citigroup) is a global diversified financial services holding company. Citigroup businesses provide consumers, corporations, governments and institutions with a range of financial products and services. 2.04%
Gilead Sciences, Inc. Gilead Sciences, Inc., a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for the treatment of life-threatening infectious diseases. 1.85%
Home Depot, Inc. (The) The Home Depot, Inc. (The Home Depot) is a home improvement retailer. The Home Depot stores sell an assortment of building materials, home improvement and lawn and garden products and provide a number of services. 1.78%
Wal-Mart Stores, Inc. One of the largest discount retail stores in the world, providing consumer staples and recreational products in 27 countries. 1.59%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 11/30/2018

Large ( > $10 bil) 87.1%
Medium ($2 - $10 bil) 10.4%
Small ( < $2 bil) 2.4%
Median Market Cap (as of 11/30/2018) $44.1 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 11/30/2018

Biotechnology 7.1%
Semiconductors 6.7%
Health Care Equipment 6.5%
Systems Software 6.4%
Other Diversified Financial Services 5.0%
Technology Hardware, Storage & Peripherals 4.5%
Movies & Entertainment 4.0%
Pharmaceuticals 3.7%
Aerospace & Defense 3.6%
Restaurants 3.5%

Sector Allocation
as a % of equity assets as of 11/30/2018

Information Technology 22.12%
Health Care 20.82%
Consumer Discretionary 12.05%
Industrials 11.25%
Financials 10.17%
Consumer Staples 9.76%
Communication Services 8.33%
Energy 4.58%
Utilities 0.92%

Portfolio Composition
as a % of net assets as of 11/30/2018

Domestic Common Stock 92.23%
Cash and Cash Equivalents 5.25%
Foreign Common Stock 2.52%
Other Financial Instruments 0.00%

Equity Country Allocation
as a % of equity assets as of 11/30/2018

United States 98.3%
Ireland 1.4%
Croatia 0.3%
United Kingdom 0.0%

Total Portfolio Holdings

Updated quarterly, upon availability.

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.

Risk Factors: The value of the Fund’s shares will change, and you could lose money on your investment. The large-cap companies of which the Fund emphasizes tend to be less volatile than companies with smaller market capitalizations, and returns on investments in securities of large capitalization companies could trail the returns on investments in securities of smaller companies. The Fund, however, may invest in companies of all sizes, and across the valuation spectrum in seeking to achieve its objective. The value of a security believed by the Fund’s manager to be undervalued may never reach what the manager believes to be its full value, or such security’s value may decrease. The Fund’s use of derivatives presents several risks, including the risk that these instruments may change in value in a manner that adversely affects the Fund’s net asset value and the risk that fluctuations in the value of the derivatives may not correlate with the reference instrument underlying the derivative. 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.

Index Description: S&P 500 - An unmanaged index of common stocks. It is not possible to invest directly in an index.

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.

Fee Waiver and/or Expense Reimbursement: Through October 31, 2020, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), the Fund's distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund's transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows Class B shares at 2.29%, Class C shares at 2.06% and Class I shares at 0.87%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of the Ivy Trust (the Ivy Trust Board).

Through October 31, 2020, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Ivy Trust Board.

Waddell & Reed Advisors (WRA) Accumulative Fund merged into Ivy Accumulative Fund on Feb. 26, 2018. The returns shown prior to this date reflect the performance of WRA Accumulative Fund, which was incepted on October 9, 1940. Ivy Accumulative Fund adopted that performance as the result of a reorganization in which it acquired all assets and liabilities of WRA Accumulative Fund.

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. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

Style Analysis: The Morningstar Style Box reveals a fund's investment style. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

Alpha, Beta, R-Squared, Standard Deviation, Sharpe Ratio and Capture Ratio are 5 year statistics. Alpha is a measure of a fund's actual returns and expected performance, given its level of risk (as measured by beta). Beta reflects the sensitivity of the fund's return to fluctuations in the market index. R-squared indicates how much of a fund's fluctuations were attributable to movements in the fund's benchmark. Standard deviation is a measure of how volatile a fund's returns are. Sharpe ratio is a measure of a fund's risk-adjusted performance. Capture ratio reflects the annualized product of fund vs. index returns for all months in which the index had a positive return (upside capture) or negative return (downside capture).

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance, and does not include the effects of sales charges. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

© 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Information is subject to change and is not intended to represent any past or future investment recommendations.

Barry Ogden, CFA, CPA, left the firm effective Dec. 3, 2018.

YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.