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Ivy Cundill Global Value Fund

  • $16.73 NAV as of 1/23/2017
  • ($0.00) / 0.00% Daily NAV Change
  • 2.07% YTD (NAV)

Summary

Seeking to uncover value around the world

Focused approach
The Cundill approach to investing involves highly selective stock picking for a concentrated portfolio based on the time-honored, value recipe of investor Benjamin Graham.
Fundamentally sound
Applies a strong bottom-up fundamental stock selection process with no predetermined country, sector or industry exposure.
Potential benefits
Seeks to participate in the turnaround of undervalued companies through a contrarian, deep-value investment approach that may complement a global, growth-style equity portfolio.

Morningstar Style Box

Value
Large
Source: Morningstar

Portfolio Management

Richard Wong, CFA

  • Mackenzie Financial Corporation (subadvisor)
  • 1 Year with Fund
  • 22 Years in Industry
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Richard Wong, Portfolio Manager, is part of the Mackenzie Cundill Team with a focus on International Value Equity. Richard joined Mackenzie Investments in 2016 and has more than 20 years of investment experience. Prior to joining Mackenzie, Richard was a global portfolio manager at Lincluden Investment Management from 1997 to 2015. Richard has extensive experience in fundamental equity analysis and portfolio construction. He started his career in the corporate and investment banking group at TD Securities from 1994 to 1997. Richard has a B. Comm. (Finance) with honors from the University of British Columbia. He is a CFA charterholder.

Jonathan Norwood, CFA

  • Mackenzie Financial Corporation (subadvisor)
  • 1 Year with Fund
  • 18 Years in Industry
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Jonathan Norwood, Portfolio Manager, is part of the Mackenzie Cundill Team with a focus on U.S. Value Equity. Jonathan joined Mackenzie Investments in 2016. His investment career spans 18 years including significant tenure in portfolio management and equity research. Prior to joining Mackenzie, Jonathan was a Vice President and Portfolio Manager at Assumption Life/Louisbourg Investments from 2009 to 2016. From 2004 to 2009, he was a Vice President and Portfolio Manager at Seamark Asset Management. From 2000 to 2004, he was a Vice President of Equity Research - Special Situations at Beacon Securities Corp. From 1998 to 2000, he was an Analyst at Financial Models Corp. Jonathan has a B. Comm. (Finance/Economics) from Saint Mary's University, as well as an MBA from Dalhousie University. He is a CFA charterholder.

Growth of a $10,000 Investment
through 12/31/2016

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 1/23/2017

Net Asset Value (NAV) $16.73
Daily NAV Change ($) ($0.00) 0.00%
Weekly NAV Change ($) $-0.09 -0.54%
Public Offering Price (POP) $17.75

Fund Facts

Ticker Symbol ICDAX
CUSIP 465898880
Fund Code 615
Fund Type Global/International
Fund Inception 9/4/2001
Class Inception 9/4/2001
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 12/31/2016) $207.8 mil
Total Equity Holdings (as of 12/31/2016) 44
Total Holdings (as of 12/31/2016) 48
Portfolio Turnover Rate (as of 9/30/2016) 41%
Lipper Category Global Multicap Value
Morningstar Category World Stock
Benchmark MSCI ACWI Value NR 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. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return

Average Annual Total Returns as of 12/31/2016
(Returns for periods of less than 1-yr are not annualized)
 
Fund with 5.75% sales charge 5.57% 5.57% -4.47% 7.01% 1.17% 4.58%
Lipper Global Multicap Value 9.03% 9.03% 2.28% 8.74% 3.60% 6.58%
Fund at NAV 12.04% 12.04% -2.58% 8.28% 1.78% 4.98%
MSCI ACWI Value NR USD 12.57% 12.57% 2.77% 8.96% 2.56% 5.59%

Quarterly Rates of Return

Average Annual Total Returns as of 12/31/2016
(Returns for periods of less than 1-yr are not annualized)
 
Fund with 5.75% sales charge 5.57% 5.57% -4.47% 7.01% 1.17% 4.58%
Lipper Global Multicap Value 9.03% 9.03% 2.28% 8.74% 3.60% 6.58%
Fund at NAV 12.04% 12.04% -2.58% 8.28% 1.78% 4.98%
MSCI ACWI Value NR USD 12.57% 12.57% 2.77% 8.96% 2.56% 5.59%

Calendar Year Return

  2012
Class A 21.88 32.08 -6.69 -11.55 12.04
MSCI ACWI Value NR USD 22.43 2.86 -6.26 12.57

Morningstar Ratings as of 12/31/2016 Morningstar Logo

Category: World Stock
Ratings are based on risk-adjusted returns
Overall out of 848
3 Year out of 848
5 Year out of 669
10 Year out of 372

Lipper Ranking through 12/31/2016 Lipper Logo

Category: Global Multicap Value
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 22/101 22
3 Year 67/71 94
5 Year 37/54 68
10 Year 26/33 77

Expense Ratios as of 7/31/2016

Net 1.59%
Gross 1.75%

5-Year Standard Deviation as of 12/31/2016

MSCI ACWI Value NR USD 11.66

5-Year MPT* Statistics as of 12/31/2016

*Modern Portfolio Theory
Alpha -1.74
Beta 1.17
R-Squared 81.93
Sharpe Ratio 0.54
Capture Ratio Upside: 115.30%
Downside: 130.74%

Distributions

Historical Prices Inception 9/4/2001

1/3/2017 $16.52 NO NO
1/4/2017 $16.69 NO NO
1/5/2017 $16.69 NO NO
1/6/2017 $16.70 NO NO
1/9/2017 $16.61 NO NO
1/10/2017 $16.69 NO NO
1/11/2017 $16.82 NO NO
1/12/2017 $16.75 NO NO
1/13/2017 $16.82 NO NO
1/17/2017 $16.66 NO NO
1/18/2017 $16.71 NO NO
1/19/2017 $16.67 NO NO
1/20/2017 $16.73 NO NO

Historical Distributions Inception 9/4/2001

12/8/2016 $0.058 Long: $0.000 Short: $0.000 $16.49 12/8/2016
12/10/2015 $0.127 Long: $0.000 Short: $0.000 $14.75 12/10/2015
12/12/2013 $0.01 Long: $0.000 Short: $0.000 $17.51 12/12/2013
12/8/2011 $0.0082 Long: $0.000 Short: $0.000 $11.29 12/8/2011
12/10/2009 $0.1062 Long: $0.000 Short: $0.000 $11.94 12/10/2009

*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 12/31/2016

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. 6.25%
American International Group, Inc. American International Group, Inc. (AIG) is an international insurance company with customers in over 130 countries. The Company serves commercial, institutional, individual customers through property-casualty networks of any insurer, and provides life insurance, retirement services in the U.S. 5.82%
Wells Fargo & Co. Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage and consumer finance across North America and internationally. 4.41%
Bank of America Corp. Bank of America Corporation, a financial holding company, provides banking and nonbanking financial services and products to individual consumers. 4.03%
Munchener Ruckversicherungs-Gesellschaft AG, Registered S Munchener Ruckversicherungs-Gesellschaft AG provides insurance and reinsurance services. The Company offers reinsurance and primary insurance including health and property-casualty insurance. 3.28%
International Business Machines Corp. International Business Machines Corp. is an information technology company, which provides integrated solutions that leverage information technology and knowledge of business processes 2.97%
Chesapeake Energy Corp., 5.750%, Cumulative 2.83%
Honda Motor Co. Ltd. Honda Motor Co., Ltd., develops, produces, and manufactures various motor products, ranging from small general-purpose engines and scooters to specialty sports cars. 2.62%
HCA Holdings, Inc. HCA Holdings, Inc., was one of the first hospital companies in the U.S., and now includes 165 hospitals and 115 freestanding surgery centers in 20 states and England. 2.47%
Apache Corp. Apache Corporation, together with its subsidiaries, engages in the exploration, development, and production of natural gas, crude oil, and natural gas liquids. 2.42%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 12/31/2016

Large 83.7%
Medium 12.8%
Small 3.6%
Median Market Cap (as of 12/31/2016) $30.0 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 12/31/2016

Diversified Banks 8.9%
Oil & Gas Exploration & Production 7.7%
Other Diversified Financial Services 6.6%
Multi-Line Insurance 6.1%
Construction Machinery & Heavy Trucks 4.0%
Pharmaceuticals 4.0%
Reinsurance 3.5%
IT Consulting & Other Services 3.1%
Automobile Manufacturers 2.8%
Health Care Facilities 2.6%

Sector Allocation
as a % of equity assets as of 12/31/2016

Financials 29.37%
Industrials 13.46%
Energy 12.44%
Health Care 11.24%
Information Technology 11.08%
Consumer Discretionary 10.32%
Materials 5.33%
Consumer Staples 2.83%
Telecommunication Services 2.17%
Real Estate 1.76%

Portfolio Composition
as a % of net assets as of 12/31/2016

Domestic Common Stock 54.09%
Foreign Common Stock 37.23%
Cash and Cash Equivalents 5.14%
Preferred Stock 3.54%

Equity Country Allocation
as a % of equity assets as of 12/31/2016

United States 60.8%
Japan 6.9%
France 6.1%
Canada 4.7%
South Korea 4.4%
Hong Kong 3.7%
Germany 3.5%
United Kingdom 2.6%
Luxembourg 2.1%
Switzerland 1.9%
China 1.8%
Italy 1.7%

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. 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. 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. 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.

Stylebox: The Morningstar Equity Style Box reveals a fund's investment strategy by displaying the fund's investment style and the market capitalization of the stocks owned.

The MSCI information may only be used for your internal use, may not be reproduced or repurposed in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, salability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com) Source: MSCI.

Index Description: MSCI ACWI Value is an unmanaged index comprised of securities that represent the securities markets around the world. It is not possible to invest directly in an index. The MSCI information may only be used for your internal use, may not be reproduced or repurposed in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an ''as is'' basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the ''MSCI Parties'') expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, salability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com) Source: MSCI

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 July 31, 2017, Ivy Investment Management Company (IICO), the Fund’s investment manager, has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.14% of average daily net assets. Prior to that date, the reduction may not be terminated by IICO or the Board of Trustees.

Through July 31, 2017, IICO, 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 Class E shares at 1.45%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees.

Through July 31, 2017, 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 by IDI, WISC or 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.

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 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.

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.

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