Ivy Apollo Strategic Income Fund
- $10.15 NAV as of 12/2/2016
- ($0.01) / 0.10% Daily NAV Change
- 6.88% YTD (NAV)
Combining strategies to focus on providing solutions
- A partnership of world class asset managers investing in a wide range of credit instruments across the fixed income landscape including alternative credit strategies.
- Potential risk mitigation with allocations across the fixed income market including corporate and sovereign debt in the U.S. and internationally, investment-grade and high-yield securities.
- Flexible allocations offer the potential for duration management as well as additional potential sources of yield.
Morningstar Style Box
- Ivy Investment Management Company
- 1 Year with Fund
- 29 Years in Industry
Mr. Zelter has held his Fund responsibilities since October 2015. Mr. Zelter joined Apollo Global in 2006 and is Managing Partner and ChiefInvestment Officer of Apollo Capital Management, L.P., Apollo Global’s credit asset management business. He is also the Chief Executive Officer and director of Apollo Investment Corporation. Prior to joining Apollo Global, Mr. Zelter was with Citigroup Inc. and its predecessor companies from 1994 to 2006. From 2003 to 2005, Mr. Zelter was Chief Investment Officer of Citigroup Alternative Investments, and prior to that, he was responsible for the firm’s Global High Yield franchise. Mr. Zelter is a board member of DUMAC, the investment management company that oversees the Duke Endowment and Duke Foundation, and a Director of the Dalton School. Mr. Zelter has a degree in economics from Duke University.
Mark G. Beischel, CFA
- Ivy Investment Management Company
- 1 Year with Fund
- 23 Years in Industry
Mark G. Beischel has worked in the industry since 1993. He joined the firm 10 years ago as an analyst specializing in taxable investment-grade corporate and emerging market credits. He has a BBA in management from the University of Wisconsin-Eau Claire and an MBA with an emphasis in finance from the University of Denver.
- Ivy Investment Management Company
- 1 Year with Fund
- 18 Years in Industry
Chad Gunther graduated from the University of Kansas in 1993 with a BS in business administration with an emphasis in economics. He earned an MBA with an emphasis in finance from Washington University/St. Louis Olin Graduate School of Business in 2000. He joined the firm in 2003 as a fixed income investment analyst. He was appointed assistant vice president and assistant portfolio manager of the Ivy High Income Fund, Waddell & Reed Advisors High Income Fund and Ivy Funds VIP High Income in 2008. He was appointed vice president in 2013. He was appointed portfolio manager in 2014. Prior to joining the firm, he was affiliated with Piper Jaffray, George K. Baum & Company and Dialpad Communications.
Growth of a $10,000 Investment
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.
Markets expect interest rates to rise, leaving many income-seeking investors with difficult decisions. The Ivy Apollo funds, which just passed their one-year anniversary, offer potential solutions.
Daily Prices as of 12/2/2016
|Net Asset Value (NAV)||$10.15|
|Daily NAV Change ($)||($0.01)||0.10%|
|Weekly NAV Change ($)||$0.02||0.20%|
|Public Offering Price (POP)||$10.15|
|Fund Type||Fixed Income Funds|
|Fiscal Year End||September|
|Fund Assets (as of 10/31/2016)||$322.6 mil|
|Total Equity Holdings|
|Total Holdings (as of 10/31/2016)||525|
|Portfolio Turnover Rate|
|Lipper Category||Multi-Sector Income Funds|
|Morningstar Category||Multisector Bond|
|Benchmark||Bloomberg Barclays Multiverse TR USD|
|Benchmark||BofAML US HY Master II TR USD|
|Benchmark||50% Bloomberg Barclays Multiverse + 50% BofAML US HY|
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.
Class Y shares are not subject to sales charges.
Monthly Rates of Return
|Fund at NAV||6.88%||5.45%||—||—||—||4.19%|
Quarterly Rates of Return
|Lipper Multi-Sector Income Funds||7.25%||6.76%||3.60%||4.97%||5.04%||6.73%|
|Fund at NAV||7.38%||—||—||—||—||5.39%|
|50% Bloomberg Barclays Multiverse + 50% BofAML US HY||12.78%||11.07%||—||—||—||11.03%|
Calendar Year Return
|BofAML US HY Master II TR USD||4.38||15.59||7.42||2.50||-4.64|
|Bloomberg Barclays Multiverse TR USD||5.55||4.84||-2.19||0.48||-3.29|
Lipper Ranking through 10/31/2016
|Rankings are based on average annual total returns, but do not consider sales charges.|
Expense Ratios as of 1/29/2016
5-Year Standard Deviation as of
|Bloomberg Barclays Multiverse TR USD||4.22|
|BofAML US HY Master II TR USD||6.15|
|50% Bloomberg Barclays Multiverse + 50% BofAML US HY||N/A|
Historical Prices Inception 10/1/2015
|Date||Price||Dividend Reinvest Date||Capital Gain Reinvest Date|
Historical Distributions Inception 10/1/2015
|Ex-date||Income||Capital Gains||Reinvest Gains||Payment Date|
|11/10/2016||$0.031||Long: $0.000 Short: $0.000||$10.14||11/10/2016|
|10/13/2016||$0.031||Long: $0.000 Short: $0.000||$10.24||10/13/2016|
|9/15/2016||$0.03||Long: $0.000 Short: $0.000||$10.22||9/15/2016|
|8/11/2016||$0.03||Long: $0.000 Short: $0.000||$10.2||8/11/2016|
|7/14/2016||$0.026||Long: $0.000 Short: $0.000||$10.17||7/14/2016|
|6/16/2016||$0.025||Long: $0.000 Short: $0.000||$10.04||6/16/2016|
|5/12/2016||$0.026||Long: $0.000 Short: $0.000||$10||5/12/2016|
|4/14/2016||$0.025||Long: $0.000 Short: $0.000||$9.96||4/14/2016|
|3/10/2016||$0.025||Long: $0.000 Short: $0.000||$9.81||3/10/2016|
|2/11/2016||$0.026||Long: $0.000 Short: $0.000||$9.61||2/11/2016|
|1/14/2016||$0.01||Long: $0.000 Short: $0.000||$9.74||1/14/2016|
|12/10/2015||$0.037||Long: $0.000 Short: $0.000||$9.83||12/10/2015|
|11/12/2015||$0.008||Long: $0.000 Short: $0.000||$9.97||11/12/2015|
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.
12-Month Trailing Dist. Yield as of 10/31/2016
|With Sales Charge||2.92%|
Annualized 30-Day SEC Yield as of 10/31/2016
|Subsidized - NAV||3.56%|
|Unsubsidized - NAV||3.48%|
Top 10 Holdings as a % of net assets 10/31/2016
|U.S. Treasury Notes, 0.6%, 9/30/2017||1.81%|
|U.S. Treasury Notes, 1.4%, 9/30/2020||1.67%|
|St. Jude Medical, Inc., 0.6%, 11/1/2016||1.63%|
|U.S. Treasury Bonds, 2.3%, 11/15/2025||1.30%|
|BC Luxco 1 S.A., 7.4%, 1/29/2020||1.20%|
|U.S. Treasury Notes, 1.1%, 1/15/2019||1.17%|
|Banco Latinoamericano de Comercio Exterior S.A., 3.8%, 4/4/2017||0.70%|
|Federal Home Loan Mortgage Corp. Agency REMIC/CMO, 4.9%, 7/25/2044||0.69%|
|Laureate Education, Inc., 10.0%, 9/1/2019||0.67%|
|Bre Diamond Mezz 1 LLC and Bre Diamond Lessee Mezz 1 LLC, 7.0%, 12/8/2017||0.66%|
as a % of fixed income assets as of 9/30/2016
|Average Maturity||3.55 years|
|Effective Duration||2.99 years|
Fixed Income Country Allocation
as a % of bond holdings as of 10/31/2016
|United Arab Emirates||0.5%|
|British Virgin Islands||0.5%|
as a % of fixed income assets as of 10/31/2016
|Quality: Ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.|
as a % of net assets as of 10/31/2016
|Cash and Cash Equivalents||13.67%|
|Other Government Securities||2.29%|
|Foreign Common Stock||0.06%|
Risk factors. The value of the Fund’s shares will change, and you could lose money on your investment. Although asset allocation among different sleeves and asset categories generally tends to limit risk and exposure to any one sleeve, the risk remains that the allocation of assets may skew toward a sleeve that performs poorly relative to the fund’s other sleeves, or to the market as a whole, which would result in the Funds performing poorly. While Ivy Investment Management Company (IICO) monitors the investments of Apollo in addition to the overall management of the Funds, including rebalancing the Fund’s target allocations, IICO and Apollo make investment decisions for their investment sleeves independently from one another. It is possible that the investment styles used by Apollo or IICO will not always complement each other, which could adversely affect the performance of the Funds. As a result, the Fund’s aggregate exposure to a particular industry or group of industries, or to a single issuer, could unintentionally be larger or smaller than intended. International investing involves additional risks, including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These risks are magnified in emerging markets.
Investment risks associated with investing in real estate securities, in addition to other risks, include rental income fluctuation, depreciation, property tax value changes and differences in real estate market values. Fixed income securities are subject to interest rate risk and, as such, the net asset value of the Funds may fall as interest rates rise. Investing in below investment grade securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. Loans (including loan assignments, loan participations and other loan instruments) carry other risks, including the risk of insolvency of the lending bank or other intermediary. Loans may be unsecured or not fully collateralized may be subject to restrictions on resale and sometimes trade infrequently on the secondary market. 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. Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. For a prospectus, or, if available, a summary prospectus, containing this and other valuable information for the Ivy Funds, all your financial advisor or visit us online at www.ivyfunds.com. Please read the prospectus and summary prospectus carefully before investing
Index Description: The Barclays Multiverse TR USD - The Barclays Multiverse Index is an unmanaged index comprised of securities that represent the global bond market. It is not possible to invest directly in an index.
Index Description: The BofAML U.S. HY Master II TR USD tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. It is not possible to invest directly in an index
Index Description: Strategic Income Custom Benchmark is a blend of 50% of BofAML US Master II TR USD, which tracks the performance of U.S. dollar-denominated, below-investment-grade corporate debt publicly issued in the U.S. domestic market, and 50% Barclays Multiverse TR USD, which is an unmanaged index comprised of securities that represent the global bond market.
Fee Waiver and/or Expense Reimbursement: Through January 31, 2017, 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 for the Fund’s Class A shares at1.15%, Class C shares at 1.85%, Class I shares and Class R6 shares at 0.85% and Class Y shares at 1.10%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees of the Trust (Board).
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.
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.
30-Day SEC Yield: is calculated based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.
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.
Quality: Ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.
Information is subject to change and is not intended to represent any past or future investment recommendations.
The Fund is managed by Ivy Investment Management Company (IICO). The total return strategy is subadvised by Apollo Credit Management, LLC (Apollo) and the global real estate strategy is subadvised by LaSalle Investment Management Securities, LLC (LaSalle).
The Fund is sub-advised by LaSalle Investment Management Securities, LLC, which delegates to its affiliate, LaSalle Investment Management Securities, B.V., for portfolio management responsibilities of Fund assets allocated to European investments. References to LaSalle Investment Management Securities include both entities.
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.