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Ivy Dividend Opportunities Fund

  • $19.18 NAV as of 12/12/2017
  • ($0.05) / 0.26% Daily NAV Change
  • 14.94% YTD (NAV)

Summary

Dividend growth: A path to compound opportunities

Strategy
Seeks financially sound large-cap companies from a diverse mix of sectors that has the potential to pay solid dividends or are likely to increase dividends over a 3- to 5-year time horizon.
Management discipline
Focuses on dividend growth using fundamental analysis and rigorous screening.
Potential benefits
Offers equity diversification through a portfolio of companies with proven cash flows and exposure to stocks that have the potential to hold up better in an economic downturn than non-dividend-paying stocks. Diversification cannot ensure a profit or protect against loss in a declining market.

Morningstar Style Box

Value
Large
Source: Morningstar

Portfolio Management

Christopher J. Parker, CFA

  • Ivy Investment Management Company
  • 3 Years with Fund
  • 22 Years in Industry
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Chris Parker is portfolio manager of Ivy, Ivy VIP and Waddell & Reed Advisors Dividend Opportunities Funds. He was named portfolio manager of the funds in 2014. Mr. Parker joined Waddell & Reed in 2008 as an equity investment analyst. He was named assistant portfolio manager of Ivy, Ivy VIP and Waddell & Reed Advisors Value Funds and of Ivy and Ivy VIP Small Cap Core Funds in 2010. He was portfolio manager of Ivy and Ivy VIP Small Cap Core Funds from 2011 to 2014. He was appointed assistant vice president in 2010 and vice president in 2011. Prior to joining Waddell & Reed, Mr. Parker was a private investment manager from 2006 through 2007. From 2001 through 2005 he was a vice president in the equity research department of Citigroup Asset Management. From 2001 through 2003 his research responsibilities included oil services, cruise companies and airlines, and from 2003 to 2005 his coverage focused on U.S. and European consumer staples companies. Mr. Parker graduated Magna Cum Laude from Boston College, Wallace E. Carroll School of Management, with a BS in Finance in 1995. He earned an MBA with distinction, concentrations in Finance and Management/Strategy, from Northwestern University, Kellogg Graduate School of Management in 2001. While at Kellogg, Mr. Parker was an F.C. Austin Scholar. Mr. Parker is a CFA charterholder and a member of the CFA Institute.

Growth of a $10,000 Investment
through 11/30/2017

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 12/12/2017

Net Asset Value (NAV) $19.18
Daily NAV Change ($) ($0.05) 0.26%
Weekly NAV Change ($) $0.25 1.32%
Public Offering Price (POP) $19.67

Fund Facts

Ticker Symbol IDIEX
CUSIP 465899102
Fund Code 424
Fund Type Domestic Equity
Fund Inception 6/30/2003
Class Inception 4/2/2007
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 11/30/2017) $901.1 mil
Total Equity Holdings (as of 11/30/2017) 41
Total Holdings (as of 11/30/2017) 48
Portfolio Turnover Rate (as of 9/30/2017) 12%
Lipper Category Equity Income Funds
Morningstar Category Large Blend
Benchmark Russell 1000 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 11/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 5.75% sales charge 11.06% 13.84% 4.80% 10.50% 4.56% 5.37%
Fund at NAV 13.92% 16.77% 5.70% 11.06% 4.83% 5.62%
Lipper Equity Income Funds 13.99% 16.44% 7.69% 12.22% 6.80% 6.75%
Russell 1000 TR USD 20.35% 22.61% 10.73% 15.69% 8.40% 8.37%

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 7.89% 11.81% 5.33% 9.61% 4.19% 5.17%
Lipper Equity Income Funds 9.46% 14.31% 7.68% 11.13% 6.07% 6.40%
Fund at NAV 10.67% 14.66% 6.21% 10.17% 4.45% 5.42%
Russell 1000 TR USD 14.17% 18.54% 10.63% 14.27% 7.55% 7.97%

Calendar Year Return

  2012
Class E 12.19 29.30 9.47 -2.27 6.72
Russell 1000 TR USD 16.42 33.11 13.24 0.92 12.05

Morningstar Ratings as of 11/30/2017 Morningstar Logo

Category: Large Blend
Ratings are based on risk-adjusted returns
Overall out of 1219
3 Year out of 1219
5 Year out of 1083
10 Year out of 797

Lipper Ranking through 11/30/2017 Lipper Logo

Category: Equity Income Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 298/538 56
3 Year 395/470 84
5 Year 295/367 81
10 Year 214/235 91

Expense Ratios as of 7/5/2017

Net 1.13%
Gross 1.56%

5-Year Standard Deviation as of 11/30/2017

Russell 1000 TR USD 9.59

5-Year MPT* Statistics as of 11/30/2017

*Modern Portfolio Theory
Alpha -4.03
Beta 1.00
R-Squared 93.91
Sharpe Ratio 1.10
Capture Ratio Upside: 88.57%
Downside: 122.87%

Distributions

Historical Prices Inception 4/2/2007

12/1/2017 $18.97 NO NO
12/4/2017 $18.99 NO NO
12/5/2017 $18.93 NO NO
12/6/2017 $18.93 NO NO
12/7/2017 $18.99 NO NO
12/8/2017 $19.06 NO NO
12/11/2017 $19.13 NO NO
12/12/2017 $19.18 NO NO

Historical Distributions Inception 4/2/2007

10/10/2017 $0.061 Long: $0.558 Short: $0.094 $18.72 10/10/2017
9/14/2017 $0.07 Long: $0.000 Short: $0.000 $18.86 9/14/2017
6/15/2017 $0.044 Long: $0.000 Short: $0.000 $18.49 6/15/2017
3/16/2017 $0.044 Long: $0.000 Short: $0.000 $18.21 3/16/2017
12/8/2016 $0.089 Long: $0.675 Short: $0.041 $17.45 12/8/2016
9/15/2016 $0.058 Long: $0.000 Short: $0.000 $17.56 9/15/2016
6/16/2016 $0.069 Long: $0.000 Short: $0.000 $17.36 6/16/2016
12/10/2015 $0.08 Long: $1.497 Short: $0.049 $17.25 12/10/2015
9/10/2015 $0.021 Long: $0.000 Short: $0.000 $18.01 9/10/2015
6/11/2015 $0.03 Long: $0.000 Short: $0.000 $19.64 6/11/2015
3/12/2015 $0.003 Long: $0.000 Short: $0.000 $19.57 3/12/2015
12/11/2014 $0.127 Long: $1.887 Short: $0.221 $19.12 12/11/2014
9/11/2014 $0.027 Long: $0.000 Short: $0.000 $21.14 9/11/2014
6/12/2014 $0.039 Long: $0.000 Short: $0.000 $20.74 6/12/2014
3/13/2014 $0.005 Long: $0.000 Short: $0.000 $19.81 3/13/2014
12/12/2013 $0.098 Long: $0.292 Short: $0.000 $18.91 12/12/2013
9/12/2013 $0.026 Long: $0.000 Short: $0.000 $18.29 9/12/2013
6/13/2013 $0.017 Long: $0.000 Short: $0.000 $17.92 6/13/2013

*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.

12-Month Trailing Dist. Yield as of 11/30/2017

NAV 1.51%
With Sales Charge 1.48%

Annualized 30-Day SEC Yield as of 11/30/2017

Subsidized - NAV 1.35%
Unsubsidized - NAV 1.04%

Portfolio

Top 10 Equity Holdings as a % of net assets 11/30/2017

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. 4.92%
Pfizer, Inc. Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. The Company manages its operations through five segments: Primary Care; Specialty Care and Oncology; Established Products and Emerging Markets; Animal Health and Consumer Healthcare, and Nutrition. 4.86%
Chevron Corp. Chevron Corp., through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. 4.08%
Exelon Corp. Exelon Corp. is one of the largest competitive U.S. power generators. Exelon's companies participate in every stage of the energy business, including generation, sales, transmission and delivery. 4.04%
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. 3.99%
JPMorgan Chase & Co. JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. 3.90%
Dow Chemical Co. (The) 3.66%
Lockheed Martin Corp. Lockheed Martin Corporation, a security and aerospace company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services. 3.58%
MetLife, Inc. MetLife, Inc. (MetLife), is a provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. 3.56%
Suncor Energy, Inc. Suncor Energy Inc. operates as an integrated energy company. 3.56%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 11/30/2017

Large 97.6%
Medium 2.4%
Small 0.0%
Median Market Cap (as of 11/30/2017) $57.6 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 11/30/2017

Pharmaceuticals 10.5%
Integrated Oil & Gas 7.9%
Aerospace & Defense 7.4%
Semiconductors 6.6%
Diversified Chemicals 5.7%
Diversified Banks 5.1%
Electric Utilities 4.2%
Systems Software 4.1%
Electrical Components & Equipment 4.1%
Other Diversified Financial Services 4.0%

Sector Allocation
as a % of equity assets as of 11/30/2017

Financials 17.26%
Industrials 15.68%
Information Technology 14.89%
Health Care 11.95%
Energy 8.95%
Materials 8.88%
Consumer Discretionary 7.13%
Consumer Staples 5.61%
Real Estate 5.46%
Utilities 4.19%

Portfolio Composition
as a % of net assets as of 11/30/2017

Domestic Common Stock 87.69%
Foreign Common Stock 8.89%
Cash and Cash Equivalents 3.42%

Equity Country Allocation
as a % of equity assets as of 11/30/2017

United States 90.8%
Canada 3.7%
United Kingdom 1.8%
Ireland 1.5%
France 1.3%
Belgium 1.0%

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. 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. 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 40 to 60). 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. Not all funds or fund classes may be offered at all broker/dealers. These and other risks are more fully described in the Fund’s prospectus.

Index Description: Russell 1000 is an unmanaged index comprised of securities that represent the stock market. 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 Dividend Opportunities Fund merged into Ivy Dividend Opportunities Fund on Oct. 16, 2017.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, 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 Class E shares at 1.23%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustee.

Through July 31, 2018, 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.

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.

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 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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