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Ivy Core Equity Fund

  • $14.12 NAV as of 10/19/2017
  • ($0.02) / 0.14% Daily NAV Change
  • 14.99% YTD (NAV)

Summary

Building a well-rounded portfolio

Strategy
Stock selection stems from uncovering multi-year earnings catalysts that appear underappreciated by the market in companies believed to have strong or strengthening competitive advantages. Fund focuses on both company-specific and thematic earnings catalysts.
Process
A concentrated portfolio of domestic companies that generally invests across the valuation and large- to mid-cap spectrum opportunistically. The goal is a portfolio of companies expected to produce long-term earnings power above expectations.
Experienced management
Each portfolio manager has more than 15 years of industry experience. Both managers began their careers as research analysts covering a wide range of industries from technology and transportation to aerospace/defense and retail/apparel.

Fund explores both company-specific and theme investing

Ivy Core Equity Fund Theme Investing

For illustration purposes only. This information contains the opinions of the firm, which are subject to change without notice and should not be considered as investment advice, a recommendation to purchase or sell a specific security or as indicative of the investment performance of the Ivy Core Equity Fund. Any securities discussed do not represent the entire portfolio, but rather a small percentage of the portfolio’s holdings. It should not be assumed that any securities transactions or holdings discussed are or will prove to be profitable or that investment decisions made in the future will be profitable. See back for a list of the Fund’s top 10 equity holdings as of 09/30/2015.

Morningstar Style Box

Growth
Large
Source: Morningstar

Portfolio Management

Gus C. Zinn, CFA

  • Ivy Investment Management Company
  • 11 Years with Fund
  • 19 Years in Industry
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Gus Zinn is co-portfolio manager of the core equity product suite of mutual funds and institutional accounts. He was named co-portfolio manager of the product suite in July 2006. He has been co-portfolio manager of Ivy Core Equity Fund since February 2006. Mr. Zinn joined Waddell & Reed in 1998 as an equity investment analyst. He was appointed assistant vice president in 2002. He assumed assistant portfolio manager responsibilities for the Ivy Science and Technology Fund, Ivy VIP Science and Technology and Waddell & Reed Advisors Science and Technology Fund 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. Prior to joining Waddell & Reed, Mr. Zinn was 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 of Kansas City.

Erik R. Becker, CFA

  • Ivy Investment Management Company
  • 11 Years with Fund
  • 19 Years in Industry
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Erik Becker is co-portfolio manager of the core equity product suite of mutual funds and institutional accounts. He was named co-portfolio manager of the product suite in July 2006. He has been co-portfolio manager of Ivy Core Equity Fund since February 2006. Mr. Becker joined Waddell & Reed in 1999 as an equity investment analyst. He assumed assistant portfolio manager responsibilities in 2003 for Ivy Core Equity Fund, Ivy VIP Core Equity and Waddell & Reed Advisors Core Investment Fund. He was appointed assistant vice president in 2004. He was appointed vice president in 2006 and senior vice president in 2009. Prior to joining Waddell & Reed, Mr. Becker was a teaching assistant with the University of Wisconsin-Madison. He taught undergraduate and graduate students in both introductory and advanced finance courses. He was affiliated with Nicholas Company, Inc. as a research analyst intern in 1998, where he developed buy and sell recommendations for equity securities, performed due diligence on existing holdings and interviewed management teams and analysts. Mr. Becker graduated from the University of Wisconsin-Madison with a BBA in Finance in 1997 and a Masters of Science in Finance in 1999. He was affiliated with the Applied Security Analysis Program as one of a group of students selected to manage a $1.9 million portfolio. Mr. Becker is a CFA charterholder. He is a member of the CFA Institute and the CFA Society of Kansas City.

Growth of a $10,000 Investment
through 9/30/2017

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 10/19/2017

Net Asset Value (NAV) $14.12
Daily NAV Change ($) ($0.02) 0.14%
Weekly NAV Change ($) $0.04 0.28%
Public Offering Price (POP) $14.48

Fund Facts

Ticker Symbol ICFEX
CUSIP 466000171
Fund Code 401
Fund Type Domestic Equity
Fund Inception 9/21/1992
Class Inception 4/2/2007
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 9/30/2017) $894.1 mil
Total Equity Holdings (as of 9/30/2017) 48
Total Holdings (as of 9/30/2017) 51
Portfolio Turnover Rate (as of 3/31/2017) 90%
Lipper Category Large-Cap Core Funds
Morningstar Category Large Growth
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.

Class E shares are subject to an initial sales charge of 5.75% when purchased for your InvestEd Plan account; it also features a step down structure of lowering the initial sales charge based on the amount of your investment. The Ivy Limited Term-Bond Fund, Class E share is subject to an initial sales charge of 2.50%. The Ivy Money Market Fund, Class E share does not include a sales charge.

Monthly Rates of Return

Average Annual Total Returns as of 9/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 5.75% sales charge 10.43% 10.19% 5.19% 10.31% 6.39% 7.41%
Fund at NAV 13.26% 12.98% 6.09% 10.88% 6.66% 7.67%
Lipper Large-Cap Core Funds 13.49% 17.65% 9.12% 12.88% 6.55% 7.04%
S&P 500 TR USD 14.24% 18.61% 10.81% 14.22% 7.44% 7.90%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 5.75% sales charge 10.43% 10.19% 5.19% 10.31% 6.39% 7.41%
Fund at NAV 13.26% 12.98% 6.09% 10.88% 6.66% 7.67%
Lipper Large-Cap Core Funds 13.49% 17.65% 9.12% 12.88% 6.55% 7.04%
S&P 500 TR USD 14.24% 18.61% 10.81% 14.22% 7.44% 7.90%

Calendar Year Return

  2012
S&P 500 TR USD 16.00 32.39 13.69 1.38 11.96
Class E 18.17 32.00 8.91 -0.90 3.46

Morningstar Ratings as of 9/30/2017 Morningstar Logo

Category: Large Growth
Ratings are based on risk-adjusted returns
Overall out of 1259
3 Year out of 1259
5 Year out of 1125
10 Year out of 800

Lipper Ranking through 9/30/2017 Lipper Logo

Category: Large-Cap Core Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 725/790 92
3 Year 672/713 95
5 Year 566/640 89
10 Year 234/492 48

Expense Ratios as of 7/5/2017

Net 1.13%
Gross 1.42%

5-Year Standard Deviation as of 9/30/2017

S&P 500 TR USD 9.55

5-Year MPT* Statistics as of 9/30/2017

*Modern Portfolio Theory
Alpha -3.70
Beta 1.06
R-Squared 89.79
Sharpe Ratio 1.00
Capture Ratio Upside: 95.34%
Downside: 127.14%

Distributions

Historical Prices Inception 4/2/2007

10/2/2017 $14.66 NO NO
10/3/2017 $14.69 NO NO
10/4/2017 $14.70 NO NO
10/5/2017 $14.80 NO NO
10/6/2017 $14.78 NO NO
10/9/2017 $14.76 NO NO
10/10/2017 $14.06 YES YES
10/11/2017 $14.10 NO NO
10/12/2017 $14.08 NO NO
10/13/2017 $14.08 NO NO
10/16/2017 $14.07 NO NO
10/17/2017 $14.08 NO NO
10/18/2017 $14.10 NO NO
10/19/2017 $14.12 NO NO

Historical Distributions Inception 4/2/2007

10/10/2017 $0.011 Long: $0.700 Short: $0.000 $14.06 10/10/2017
12/8/2016 $0.0415 Long: $0.435 Short: $0.009 $13.12 12/8/2016
12/10/2015 $0 Long: $0.804 Short: $0.155 $13 12/10/2015
12/11/2014 $0 Long: $0.960 Short: $0.121 $13.81 12/11/2014
12/12/2013 $0.023 Long: $0.573 Short: $0.214 $13.25 12/12/2013

*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 9/30/2017

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. 4.40%
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. 4.38%
Morgan Stanley Morgan Stanley, a bank holding company, provides diversified financial services worldwide. The company operates a global securities business which serves individual and institutional investors and investment banking clients. Morgan Stanley also operates a global asset management business. 3.19%
Alphabet, Inc., Class A Alphabet Inc through its subsidiary Google Inc is engaged in improving the ways people connect with information & products including Search, Android, YouTube, Apps, Maps & Ads. It also produces internet-connected home devices & provides internet services. 3.18%
JPMorgan Chase & Co. JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. 2.92%
UnitedHealth Group, Inc. UnitedHealth Group is a diversified health and well-being company offering a spectrum of products and services serving consumers, employers, physicians, providers, hospitals and other caregivers. 2.85%
PayPal, Inc. 2.72%
Blackstone Group L.P. (The) 2.68%
Applied Materials, Inc. Applied Materials, Inc. provides nanomanufacturing technology solutions for the semiconductor, flat panel display, solar, and related industries worldwide. 2.59%
Monster Beverage Corp. 2.44%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 9/30/2017

Large 98.4%
Medium 1.6%
Small 0.0%
Median Market Cap (as of 9/30/2017) $73.7 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 9/30/2017

Data Processing & Outsourced Services 6.8%
Internet Software & Services 5.3%
Semiconductor Equipment 5.0%
Investment Banking & Brokerage 5.0%
Other Diversified Financial Services 5.0%
Managed Health Care 4.8%
Aerospace & Defense 4.6%
Semiconductors 4.6%
Technology Hardware, Storage & Peripherals 4.5%
Systems Software 4.5%

Sector Allocation
as a % of equity assets as of 9/30/2017

Information Technology 34.96%
Financials 18.20%
Health Care 11.76%
Industrials 9.91%
Consumer Staples 9.59%
Consumer Discretionary 7.47%
Energy 4.32%
Materials 3.79%

Portfolio Composition
as a % of net assets as of 9/30/2017

Domestic Common Stock 94.58%
Foreign Common Stock 3.40%
Cash and Cash Equivalents 2.02%

Equity Country Allocation
as a % of equity assets as of 9/30/2017

United States 96.5%
Netherlands 2.4%
France 1.1%

Total Portfolio Holdings

Updated quarterly, upon availability.

Risk Factors: The value of the Fund’s shares will change, and you could lose money on your investment. Because the Fund is generally invested in a small number of stocks, the performance of any one security held by the Fund will have a greater impact than if the Fund were invested in a larger number of securities. Although larger companies tend to be less volatile than companies with smaller market capitalizations, returns on investments in securities of large capitalization companies could trail the returns on investments in securities of smaller companies. 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.

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.

Waddell & Reed Advisors Core Equity Fund merged into Ivy Core Equity Fund on Oct. 16, 2017.

Fee Waiver and/or Expense Reimbursement: Through April 30, 2018, Ivy Investment Management Company (IICO), the Portfolio’s investment manager, Ivy Distributors, Inc. (IDI), the Portfolio’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Portfolio’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 portfolio operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) for Class II shares at 0.95%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees.

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.

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.

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.

© 2017 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.

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

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