Ivy Emerging Markets Local Currency Debt Fund
- $8.73 NAV as of 12/7/2016
- ($0.05) / 0.58% Daily NAV Change
- 8.18% YTD (NAV)
Pursuing opportunities in emerging market debt
- Select economies
- Emerging market local currency issuers are about one-quarter of the world’s emerging economies.
- Total return objective
- Seeks to provide total return through a combination of current income and capital appreciation.
- Experienced management
- Subadvised by Pictet Asset Management, the investment management arm of Pictet & Cie, which launched its first emerging markets strategy in 1998.
Morningstar Style Box
- Pictet Asset Management (subadvisor)
- 2 Years with Fund
- 25 Years in Industry
Simon Lue-Fong joined Pictet Asset Management in 2005 as a senior investment manager and Head of the Emerging Debt Fixed Income team with responsibility for investment management, product development and client relations. He has been an investment manager since 1991. His first role was managing global bonds and currencies. In 1996, he set up an emerging markets debt business in external debt and local currency at Fischer Francis Trees & Watts. Before joining Pictet he worked for Standard Asset Management and INVESCO in their respective emerging markets debt teams. Simon graduated from Bournemouth University with a B.A. (Hons) degree in Finance.
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 12/7/2016
|Net Asset Value (NAV)||$8.73|
|Daily NAV Change ($)||($0.05)||0.58%|
|Weekly NAV Change ($)||$0.13||1.51%|
|Public Offering Price (POP)||$9.26|
|Fund Type||Fixed Income Funds|
|Fiscal Year End||September|
|Dividends Paid||March, June, September, December|
|Fund Assets (as of 11/30/2016)||$50.2 mil|
|Total Equity Holdings|
|Total Holdings (as of 11/30/2016)||94|
|Portfolio Turnover Rate (as of 9/30/2016)||75%|
|Lipper Category||Emerging Markets Local Currency Debt Fds|
|Morningstar Category||Emerging-Markets Local-Currency Bond|
|Benchmark||JPM GBI EM Global Diversified 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.
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
|Fund with 5.75% sales charge||0.47%||-1.38%||—||—||—||-7.18%|
|Fund at NAV||6.57%||4.62%||—||—||—||-5.03%|
|JPM GBI EM Global Diversified TR USD||7.92%||5.52%||-4.87%||-1.94%||3.86%||-6.33%|
Quarterly Rates of Return
|Fund with 5.75% sales charge||7.59%||7.09%||—||—||—||-5.00%|
|Fund at NAV||14.13%||13.56%||—||—||—||-2.65%|
|Lipper Emerging Markets Local Currency Debt Fds||15.27%||14.81%||-2.95%||-0.12%||—||-3.99%|
|JPM GBI EM Global Diversified TR USD||17.07%||17.06%||-2.58%||0.06%||5.52%||-3.56%|
Lipper Ranking through 11/30/2016
|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
|JPM GBI EM Global Diversified TR USD||12.11|
Historical Prices Inception 4/30/2014
|Date||Price||Dividend Reinvest Date||Capital Gain Reinvest Date|
Historical Distributions Inception 4/30/2014
|Ex-date||Income||Capital Gains||Reinvest Gains||Payment Date|
|12/11/2014||$0.159||Long: $0.003 Short: $0.000||$9.19||12/11/2014|
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 11/30/2016
|With Sales Charge||0.00%|
Annualized 30-Day SEC Yield as of 11/30/2016
|Subsidized - NAV||3.53%|
|Unsubsidized - NAV||2.69%|
Top 10 Holdings as a % of net assets 11/30/2016
|Thailand Government Bond, 3.3%, 6/16/2017||7.60%|
|Republic of Chile, 5.5%, 8/5/2020||6.67%|
|Republic of South Africa, 8.8%, 2/28/2048||4.10%|
|Republic of Philippines, 6.3%, 1/14/2036||3.43%|
|Russia Government Bond, 7.1%, 1/19/2028||3.25%|
|St. Jude Medical, Inc., 0.7%, 12/1/2016||2.79%|
|Sysco Corp., 0.6%, 12/1/2016||2.79%|
|Hungary Government Bond, 5.5%, 6/24/2025||2.20%|
|Republic of Peru, 6.9%, 8/12/2037||2.17%|
|Indonesia Government Bond, 9.0%, 3/15/2029||1.90%|
Total Portfolio Holdings
as a % of fixed income assets as of 10/31/2016
|Average Maturity||8.41 years|
|Effective Duration||4.94 years|
Fixed Income Country Allocation
as a % of bond holdings as of 11/30/2016
as a % of fixed income assets as of 11/30/2016
|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 11/30/2016
|Other Government Securities||80.26%|
|Cash and Cash Equivalents||19.74%|
|Other Financial Instruments||0.00%|
Total Portfolio HoldingsUpdated quarterly, upon availability.
Risk Factors: The value of a fund’s shares will change, and you could lose money on your investment. An investment in a 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. 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, especially securities with longer maturities. Investing in below investment grade securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. The Fund may seek to manage exposure to various foreign currencies, which may involve additional risks. The value of securities, as measured in U.S. dollars, may be unfavorably affected by changes in foreign currency exchange rates or exchange control regulations. Investing in foreign securities involves a number of risks that may not be associated with the U.S. markets and that could affect the Fund’s performance unfavorably, such as greater price volatility; comparatively weak supervision and regulation of securities exchanges, fluctuation in foreign currency exchange rates and related conversion costs, adverse foreign tax consequences, or different and/or less stringent financial reporting standards. Sovereign debt instruments are also subject to the risk that a government or agency issuing the debt may be unable to pay interest and/or principal due to cash flow problems, insufficient foreign currency reserves or political concerns. Risks of credit-linked notes include those risks associated with the underlying reference obligation, including but not limited to market risk, interest rate risk, credit risk, default risk and foreign currency risk. The buyer of a credit-linked note assumes the risk of default by the issuer and the underlying reference asset or entity. If the underlying investment defaults, the payments and principal received by the Fund will be reduced or eliminated. Also, in the event the issuer defaults or there is a credit event that relates to the reference asset, the recovery rate generally is less than the Fund’s initial investment, and the Fund may lose money. The use of derivatives presents several risks including the risk that fluctuation in the values of the derivatives may not correlate perfectly with the overall securities markets or with the underlying asset from which the derivative’s value is derived. Moreover, some derivatives are more sensitive to interest rate changes and market fluctuations than others, and the risk of loss may be greater than if the derivative technique(s) had not been used. Derivatives also may be subject to counterparty risk, which includes the risk that a loss may be sustained by the Fund as a result of the insolvency or bankruptcy of, or other non-compliance by, another party to the transaction. 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: The JP Morgan GBI-EM Global Diversified tracks the performance of emerging market debt. 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.
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 at1.25%, Class C shares at 2.00%, Class E shares at 1.40%, Class I shares at 1.00%, Class R shares at 1.50%, Class R6 shares at 1.00% and Class Y shares at1.25%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees of Ivy Funds (the “Trust”). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes below its respective expense cap.
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 subadvised by Pictet Asset Management Limited (Pictet UK). Pictet UK delegates to its affiliate, Pictet Asset Management (Singapore) PTE Ltd (Pictet Singapore, and collectively with Pictet UK, Pictet), portfolio management responsibilities for Fund assets allocated to Asian investments. References to Pictet Asset Management 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.