Ivy Balanced Fund
- $24.34 NAV as of 3/29/2017
- ($0.06) / 0.25% Daily NAV Change
- 4.24% YTD (NAV)
Balancing potential risk and reward in a complex world
- Straightforward approach
- A traditional balanced fund with predictable guardrails that generally invests two-thirds of its assets in U.S. equities and one-third of its assets in fixed-income securities.
- Management discipline
- Uses fundamental analysis and rigorous screening of stocks and bonds to determine portfolio composition.
- Competitive track record
- Seeks balanced, consistent growth and current income while managing risk. Manager utilizes a disciplined investment process that is designed to deliver consistent results.
Morningstar Style Box
Matthew A. Hekman
- Ivy Investment Management Company
- 2 Years with Fund
- 18 Years in Industry
Matthew A. Hekman is Vice President of Ivy Investment Management Company and Waddell & Reed Investment Management Company. Mr. Hekman joined the firm in June 2003 as a performance analyst. He was promoted to investment analyst in March 2005. He joined the large-cap growth team in January 2009. He was appointed assistant vice president and assistant portfolio manager in January 2010. Mr. Hekman joined the large-cap value team as assistant portfolio manager in September 2011. His research responsibilities were concentrated in large-cap value stocks, aerospace and defense, and chemicals. In August 2014, Mr. Hekman was appointed portfolio manager of the Ivy Balanced Fund, Ivy Funds VIP Balanced and Waddell & Reed Advisors Continental Income Fund. Prior to joining the firm, Mr. Hekman was a manager of custody administration and investment accounting with State Street Corporation. He was responsible for five client relationships as well as eight staff members. He oversaw and approved all custody and accounting activities for 26 mutual funds culminating in the submission of a NAV to NASDAQ. In that role, Mr. Hekman acted as a liaison between custody administration, accounting, and investment management personnel. Mr. Hekman graduated from Dordt College in 1998 with a BA in business administration. He earned an MBA with an emphasis in finance from the University of Kansas in 2003. Mr. Hekman is a member of the CFA Institute and the Kansas City CFA Society.
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.
Daily Prices as of 3/29/2017
|Net Asset Value (NAV)||$24.34|
|Daily NAV Change ($)||($0.06)||0.25%|
|Weekly NAV Change ($)||$0.18||0.75%|
|Public Offering Price (POP)||$24.34|
|Fund Type||Specialty Funds|
|Fiscal Year End||March|
|Dividends Paid||March, June, September, December|
|Fund Assets (as of 2/28/2017)||$2.3 bil|
|Total Equity Holdings (as of 2/28/2017)||61|
|Total Holdings (as of 2/28/2017)||226|
|Portfolio Turnover Rate (as of 9/30/2016)||23%|
|Lipper Category||Mixed-Asset Target Alloc Growth Funds|
|Morningstar Category||Allocation--50% to 70% Equity|
|Benchmark||S&P 500 TR USD|
|Benchmark||Bloomberg Barclays US Govt/Credit TR USD|
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 I shares are sold without any front-end sales load or contingent deferred sales charges.
Monthly Rates of Return
|Bloomberg Barclays US Govt/Credit TR USD||1.05%||1.81%||2.69%||2.31%||4.33%||4.39%|
|Lipper Mixed-Asset Target Alloc Growth Funds||3.96%||16.45%||4.71%||7.86%||4.97%||4.90%|
|Fund at NAV||4.15%||12.71%||4.40%||8.23%||—||7.18%|
|S&P 500 TR USD||5.94%||24.98%||10.63%||14.01%||7.62%||7.56%|
Quarterly Rates of Return
|Fund at NAV||2.23%||2.23%||3.16%||8.69%||—||6.85%|
|Bloomberg Barclays US Govt/Credit TR USD||3.05%||3.05%||3.04%||2.29%||4.40%||4.35%|
|Lipper Mixed-Asset Target Alloc Growth Funds||7.02%||7.02%||3.85%||8.63%||4.62%||4.57%|
|S&P 500 TR USD||11.96%||11.96%||8.87%||14.66%||6.95%||7.06%|
Calendar Year Return
|Bloomberg Barclays US Govt/Credit TR USD||4.82||-2.35||6.01||0.15||3.05|
|S&P 500 TR USD||16.00||32.39||13.69||1.38||11.96|
Morningstar Ratings as of 2/28/2017
|Ratings are based on risk-adjusted returns|
|Overall out of 723|
|3 Year out of 723|
|5 Year out of 616|
|10 Year out of 429|
Lipper Ranking through 2/28/2017
|Rankings are based on average annual total returns, but do not consider sales charges.|
Expense Ratios as of 7/31/2016
5-Year Standard Deviation as of 2/28/2017
|S&P 500 TR USD||10.24|
|Bloomberg Barclays US Govt/Credit TR USD||N/A|
5-Year MPT* Statistics as of 2/28/2017
|*Modern Portfolio Theory|
Historical Prices Inception 4/2/2007
Historical Distributions Inception 4/2/2007
|12/8/2016||$0.188||Long: $0.277 Short: $0.000||$23.51||12/8/2016|
|9/15/2016||$0.063||Long: $0.000 Short: $0.000||$23.84||9/15/2016|
|6/16/2016||$0.055||Long: $0.000 Short: $0.000||$23.22||6/16/2016|
|12/10/2015||$0.189||Long: $0.938 Short: $0.239||$23.61||12/10/2015|
|9/10/2015||$0.071||Long: $0.000 Short: $0.000||$24.25||9/10/2015|
|6/11/2015||$0.049||Long: $0.000 Short: $0.000||$25.8||6/11/2015|
|3/12/2015||$0.035||Long: $0.000 Short: $0.000||$25.63||3/12/2015|
|12/11/2014||$0.1153||Long: $0.649 Short: $0.088||$24.64||12/11/2014|
|9/11/2014||$0.05||Long: $0.000 Short: $0.000||$25.3||9/11/2014|
|6/12/2014||$0.028||Long: $0.000 Short: $0.000||$25.05||6/12/2014|
|3/13/2014||$0.029||Long: $0.000 Short: $0.000||$24.11||3/13/2014|
|12/12/2013||$0.0744||Long: $0.399 Short: $0.126||$23.38||12/12/2013|
|9/12/2013||$0.029||Long: $0.000 Short: $0.000||$23.05||9/12/2013|
|6/13/2013||$0.029||Long: $0.000 Short: $0.000||$22.19||6/13/2013|
|3/14/2013||$0.022||Long: $0.000 Short: $0.000||$21.56||3/14/2013|
|12/13/2012||$0.115||Long: $0.119 Short: $0.033||$19.96||12/13/2012|
|9/13/2012||$0.038||Long: $0.000 Short: $0.000||$20.64||9/13/2012|
|6/14/2012||$0.039||Long: $0.000 Short: $0.000||$19.22||6/14/2012|
|3/15/2012||$0.043||Long: $0.000 Short: $0.000||$19.9||3/15/2012|
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 2/28/2017
|With Sales Charge||1.24%|
Annualized 30-Day SEC Yield as of 2/28/2017
|Subsidized - NAV||1.19%|
|Unsubsidized - NAV||1.19%|
Top 10 Equity Holdings as a % of net assets 2/28/2017
|Carnival Corp.||Carnival Corporation operates as a cruise and vacation company.||2.42%|
|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.||2.33%|
|JPMorgan Chase & Co.||JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company.||2.21%|
|Applied Materials, Inc.||Applied Materials, Inc. provides nanomanufacturing technology solutions for the semiconductor, flat panel display, solar, and related industries worldwide.||2.07%|
|Shire Pharmaceuticals Group plc ADR||Shire plc (Shire) is a specialty biopharmaceutical company that focuses on meeting the needs of the specialist physician.||1.96%|
|Comcast Corp., Class A||Comcast Corporation operates as a media and technology company worldwide. It operates through cable communications, cable networks, broadcast television, filmed entertainment, and theme parks segments.||1.88%|
|PNC Financial Services Group, Inc. (The)||The Company has businesses engaged in retail banking, corporate and institutional banking, asset management, and residential mortgage banking, providing its products and services nationally and others in its markets located in Pennsylvania, Virginia, Missouri, Wisconsin and Georgia. It also provides products and services internationally.||1.75%|
|Mead Johnson Nutrition Co.||Mead Johnson Nutrition Company (Mead Johnson) is a pediatric nutrition company that manufactures, distributes, sells infant formulas, children’s nutrition, other nutritional products. Their Enfa family of brands, including Enfamil infant formula, is the global brand franchise in pediatric nutrition.||1.69%|
|Intercontinental Exchange, Inc.||Intercontinental Exchange, Inc. operates regulated exchanges, clearing houses, and listings venues for financial and commodity markets in the U.S., U.K., Continental Europe, Asia, Israel and Canada||1.56%|
Total Portfolio Holdings
as a % of equity assets as of 2/28/2017
|Median Market Cap (as of 2/28/2017)||$36.0 bil|
Top 10 Industry Allocation
as a % of Equity Holdings as of 2/28/2017
|Managed Health Care||4.4%|
|Packaged Foods & Meats||4.0%|
|Other Diversified Financial Services||3.9%|
|Hotels, Resorts & Cruise Lines||3.6%|
|Oil & Gas Exploration & Production||3.5%|
|Technology Hardware, Storage & Peripherals||3.5%|
|Cable & Satellite||2.8%|
as a % of fixed income assets as of 2/28/2017
|Average Maturity||5.59 years|
|Effective Duration||4.25 years|
Fixed Income Country Allocation
as a % of bond holdings as of 2/28/2017
as a % of equity assets as of 2/28/2017
as a % of fixed income assets as of 2/28/2017
|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 2/28/2017
|Domestic Common Stock||55.74%|
|Foreign Common Stock||3.80%|
|Cash and Cash Equivalents||1.80%|
Equity Country Allocation
as a % of equity assets as of 2/28/2017
Total Portfolio HoldingsUpdated quarterly, upon availability.
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. Fixed-income securities are subject to interest rate risk and, as such, the net asset value of the Fund may fall as interest rates rise. The lower-rated securities in which the Fund may invest may carry greater risk of nonpayment of interest or principal then higher-rated bonds. In addition to the risks typically associated with fixed-income securities, loan participations in which the Fund may invest carry other risks, including the risk of insolvency of the lending bank or other intermediary. Loan participations may be unsecured or not fully collateralized may be subject to restrictions on resale and sometimes trade infrequently on the secondary market. The Fund’s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform non-dividend paying stocks and the market as a whole over any period of time. In addition, there is no guarantee that the companies in which the Fund invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time. The amount of any dividend the company may pay may fluctuate significantly. In addition, the value of dividend-paying common stocks can decline when interest rates rise as fixed-income investments become more attractive to investors. This risk may be greater due to the current period of historically low interest rates. The Fund typically holds a limited number of stocks (generally 50 to 65). As a result, the appreciation or depreciation of any one security held by the Fund will have a greater impact on the Fund’s net asset value than it would if the Fund invested in a large number of securities. 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. 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.
Index Description: The Barclays US Govt/Credit TR USD - The Barclays U.S. Government/Credit Index measures the performance of U.S. dollar-denominated United States Treasuries, government-related, and investment-grade U.S. corporate securities that have a remaining maturity of greater than or equal to one year. In addition, the securities have $250 million or more of outstanding face value and are fixed-rate and non-convertible securities. It is not possible to invest directly in an index.
The Advantus Spectrum Fund merged into the Ivy Balanced Fund on Dec. 8, 2003. The performance shown for periods prior to this date is that of the Advantus Spectrum Fund Class A shares, restated to reflect current sales charges applicable to Ivy Balanced Fund Class A shares. Performance has not been restated to reflect the fees and expenses applicable to the Ivy Balanced 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.
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.
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 RatingTM 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. 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.
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.
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.