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Ivy Emerging Markets Local Currency Debt Fund

  • $8.67 NAV as of 12/5/2016
  • ($0.05) / 0.58% Daily NAV Change
  • 7.17% 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

Source: Morningstar

Portfolio Management

Simon Lue-Fong

  • Pictet Asset Management (subadvisor)
  • 2 Years with Fund
  • 25 Years in Industry
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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
through 11/30/2016

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.



Quarterly Fund Commentary

Daily Prices as of 12/5/2016

Net Asset Value (NAV) $8.67
Daily NAV Change ($) ($0.05) 0.58%
Weekly NAV Change ($) $0.03 0.35%
Public Offering Price (POP) $8.67

Fund Facts

Ticker Symbol IECIX
CUSIP 465899185
Fund Code 451
Fund Type Fixed Income Funds
Fund Inception 4/30/2014
Class Inception 4/30/2014
Fiscal Year End September
Dividends Paid March, June, September, December
Fund Assets (as of 10/31/2016) $51.0 mil
Total Equity Holdings
Total Holdings (as of 10/31/2016) 109
Portfolio Turnover Rate
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.

Class I shares are sold without any front-end sales load or contingent deferred sales charges.

Monthly Rates of Return

Average Annual Total Returns as of 11/30/2016
(Returns for periods of less than 1-yr are not annualized)
Fund at NAV 6.80% 4.98% -4.80%
JPM GBI EM Global Diversified TR USD 7.92% 5.52% -4.87% -1.94% 3.86% -6.33%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2016
(Returns for periods of less than 1-yr are not annualized)
Fund at NAV 14.34% 13.92% -2.41%
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 10/31/2016 Lipper Logo

Category: Emerging Markets Local Currency Debt Fds
  Rank Percentile
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 66/90 73
3 Year
5 Year
10 Year

Expense Ratios as of 1/29/2016

Net 1.00%
Gross 1.62%

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
12/1/2016 $8.61 NO NO
12/2/2016 $8.62 NO NO

Historical Distributions Inception 4/30/2014

Ex-date Income Capital Gains Reinvest Gains Payment Date
12/11/2014 $0.174 Long: $0.003 Short: $0.000 $9.19 12/11/2014

*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 10/31/2016

NAV 0.00%
With Sales Charge 0.00%

Annualized 30-Day SEC Yield as of 10/31/2016

Subsidized - NAV 5.16%
Unsubsidized - NAV 4.24%


Top 10 Holdings as a % of net assets 10/31/2016

Republic of Chile, 5.5%, 8/5/2020 6.65%
Malaysia Government Bond, 3.4%, 3/15/2017 4.50%
Republic of South Africa, 8.8%, 2/28/2048 4.48%
Malaysia Government Bond, 3.8%, 2/15/2017 3.70%
Republic of Philippines, 6.3%, 1/14/2036 3.69%
Sonoco Products Co., 0.6%, 11/1/2016 3.47%
Russia Government Bond, 7.1%, 1/19/2028 3.01%
Republic of Peru, 6.9%, 8/12/2037 2.38%
Colombian TES, 6.0%, 4/28/2028 2.12%
Indonesia Government Bond, 9.0%, 3/15/2029 2.04%

as a % of fixed income assets as of 9/30/2016

<1 Year 24.7%
1-5 Years 20.3%
5-10 Years 22.0%
10-20 Years 20.2%
>20 Years 12.9%
Average Maturity 8.61 years
Effective Duration 5.06 years

Fixed Income Country Allocation
as a % of bond holdings as of 10/31/2016

Malaysia 16.9%
Brazil 8.6%
Chile 7.9%
Mexico 7.9%
Poland 6.6%
South Africa 6.2%
Indonesia 5.6%
Russia 5.5%
Peru 5.4%
Hungary 5.2%
Thailand 5.1%
Romania 5.1%
Columbia 4.9%
Philippines 4.4%
Turkey 4.0%
Venezuela 0.4%
Argentina 0.3%
South Korea 0.1%

as a % of fixed income assets as of 10/31/2016

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.
NonRated 23.40%
AA 8.00%
A 27.10%
BBB 32.50%
BB 8.60%
CCC 0.40%

Portfolio Composition
as a % of net assets as of 10/31/2016

Other Government Securities 83.72%
Cash and Cash Equivalents 16.28%
Other Financial Instruments 0.00%


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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.

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