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Ivy Energy Fund

  • $11.52 NAV as of 3/27/2017
  • ($-0.05) / -0.43% Daily NAV Change
  • -11.93% YTD (NAV)

Summary

Take a long-term, diversified approach to energy investing

Experience that counts
Portfolio Manager David Ginther, CPA, has more than two decades of industry experience and has managed the Fund since inception in 2006. He also has 10 years of international experience with a major oil company.
Focus on fundamentals
A disciplined process focuses on long-term fundamentals that drive stock performance and investment in long-term secular change.
Long-term view
The Fund’s long-term approach seeks potential opportunities around the world including demand in developing markets, such as China and India. Current themes include a focus on U.S. shale oil and supporting companies.

Morningstar Style Box

Growth
Medium
Source: Morningstar

Portfolio Management

David P. Ginther, CPA

  • Ivy Investment Management Company
  • 10 Years with Fund
  • 22 Years in Industry
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David P. Ginther is a senior vice president of Ivy Investment Management Company. Mr. Ginther joined Waddell & Reed in March 1995 as an investment analyst. He was named assistant vice president, senior investment analyst, and assistant portfolio manager in January 1999. Mr. Ginther was portfolio manager of Ivy Dividend Opportunities Fund from July 2003 to July 2013. He has been portfolio manager of the Ivy Energy Fund since April 2006 and was named portfolio manager of the Ivy Global Natural Resources Fund in July 2013. Prior to joining Waddell & Reed, Mr. Ginther was an executive with Amoco Corp. from 1986-1995. He graduated from Kansas State University in 1986 with a BS in accounting. He earned a Certified Public Accountant designation in 1992.

Michael T. Wolverton

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 12 Years in Industry
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Michael T. Wolverton is a vice president of Waddell & Reed Investment Management Company and Ivy Investment Management Company. Mr. Wolverton joined the organization in 2005 as an investment analyst. He was named assistant vice president in 2012. In 2013, Mr. Wolverton was named vice president and assistant portfolio manager of Ivy Energy Fund, Waddell & Reed Advisors Energy Fund, Ivy Funds VIP Energy, Ivy Global Natural Resources Fund and Ivy Funds VIP Global Natural Resources. In October 2016, he was named co-portfolio manager on those funds and portfolios. Prior to joining the firm, Mr. Wolverton was affiliated with the MBA Investment Fund, LLC as a portfolio manager. He graduated from William Jewell College in 1997 with a BS in Accounting. He earned an MBA with an emphasis in Finance from the University of Texas at Austin, McCombs School of Business in 2005.

Growth of a $10,000 Investment
through 2/28/2017

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

Oil drills
  • Ivy Energy Fund
  • January 18, 2017

Five reasons to choose energy in 2017

We think there are five key ideas to keep in mind as we enter 2017.

Quarterly Fund Commentary

Daily Prices as of 3/27/2017

Net Asset Value (NAV) $11.52
Daily NAV Change ($) ($-0.05) -0.43%
Weekly NAV Change ($) $-0.43 -3.60%
Public Offering Price (POP) $11.52

Fund Facts

Ticker Symbol IEYBX
CUSIP 466000387
Fund Code 594
Fund Type Specialty Funds
Fund Inception 4/3/2006
Class Inception 4/3/2006
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 2/28/2017) $583.2 mil
Total Equity Holdings (as of 2/28/2017) 44
Total Holdings (as of 2/28/2017) 46
Portfolio Turnover Rate (as of 9/30/2016) 26%
Lipper Category Natural Resources Funds
Morningstar Category Equity Energy
Benchmark S&P 1500 Energy TR

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, if it had, performance shown would be lower. Class B shares, including sales charge, reflects the applicable contingent deferred sales charge (CDSC), which declines from 5% at the time of purchase to zero at the beginning of the seventh year.

Monthly Rates of Return

Average Annual Total Returns as of 2/28/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 5.00% CDSC -9.43% 37.70% -6.80% -0.58% 2.56% 2.27%
S&P 1500 Energy TR -5.94% 26.76% -4.91% 0.61% 3.80% 4.27%
Fund at NAV -4.66% 41.70% -5.85% -0.38% 2.56% 2.27%
Lipper Natural Resources Funds -3.10% 35.99% -7.99% -2.14% 1.17% 1.13%

Quarterly Rates of Return

Average Annual Total Returns as of 12/31/2016
(Returns for periods of less than 1-yr are not annualized)
 
S&P 1500 Energy TR 27.31% 27.31% -3.41% 3.35% 4.10% 4.93%
Lipper Natural Resources Funds 28.35% 28.35% -6.35% 0.73% 1.64% 1.52%
Fund with maximum 5.00% CDSC 29.20% 29.20% -4.44% 2.36% 3.06% 2.75%
Fund at NAV 33.20% 33.20% -3.47% 2.54% 3.06% 2.75%

Calendar Year Return

  2012
Class B 0.00 26.00 -11.35 -23.82 33.20
S&P 1500 Energy TR 4.34 25.39 -9.16 -22.07 27.31

Morningstar Ratings as of 2/28/2017 Morningstar Logo

Category: Equity Energy
Ratings are based on risk-adjusted returns
Overall out of 105
3 Year out of 105
5 Year out of 85
10 Year out of 64

Lipper Ranking through 2/28/2017 Lipper Logo

Category: Natural Resources Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 23/93 25
3 Year 39/81 48
5 Year 29/67 43
10 Year 22/54 40

Expense Ratios as of 7/31/2016

Net 2.36%
Gross 2.36%

5-Year Standard Deviation as of 2/28/2017

S&P 1500 Energy TR 17.24

5-Year MPT* Statistics as of 2/28/2017

*Modern Portfolio Theory
Alpha -0.61
Beta 1.12
R-Squared 88.29
Sharpe Ratio -0.02
Capture Ratio Upside: 104.30%
Downside: 108.26%

Distributions

Historical Prices Inception 4/3/2006

3/1/2017 $12.84 NO NO
3/2/2017 $12.56 NO NO
3/3/2017 $12.57 NO NO
3/6/2017 $12.60 NO NO
3/7/2017 $12.50 NO NO
3/8/2017 $11.91 NO NO
3/9/2017 $11.90 NO NO
3/10/2017 $11.90 NO NO
3/13/2017 $11.94 NO NO
3/14/2017 $11.69 NO NO
3/15/2017 $12.08 NO NO
3/16/2017 $12.00 NO NO
3/17/2017 $11.98 NO NO
3/20/2017 $11.95 NO NO
3/21/2017 $11.73 NO NO
3/22/2017 $11.63 NO NO
3/23/2017 $11.59 NO NO
3/24/2017 $11.57 NO NO
3/27/2017 $11.52 NO NO

Historical Distributions Inception 4/3/2006

No results found.

*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 2/28/2017

U.S. Silica Holdings, Inc. U.S. Silica Holdings, Inc. produces and sells commercial silica in the U.S. 4.82%
Halliburton Co. Halliburton Company provides various products and services to the energy industry for the exploration, development, and production of oil and gas properties worldwide. 4.81%
Schlumberger Ltd. Schlumberger Limited operates as an oilfield services company in the United States and internationally. 4.45%
Continental Resources, Inc. Continental Resources, Inc. is an independent crude oil and natural gas exploration and production company with operations in the North, South and East regions of the United States. 4.16%
Pioneer Natural Resources Co. Pioneer Natural Resources Company (Pioneer) is an independent oil and gas exploration and production company with operations in the United States and South Africa. 3.80%
EOG Resources, Inc. EOG Resources, Inc., explores, develops, produces and markets natural gas and crude oil primarily in producing basins in the United States, Canada, The Republic of Trinidad and Tobago, the United Kingdom, and The People's Republic of China. 3.66%
Parsley Energy, Inc., Class A Parsley Energy is an independent oil and natural gas company with operations in the Permian Basin that develops unconventional oil and natural gas reserves.  3.57%
Superior Energy Services, Inc. 3.45%
Anadarko Petroleum Corp. Anadarko Petroleum Corporation is an independent oil/gas exploration/production company, with 2.3 billion barrels of oil equivalent of proved reserves as of 12.31.09, utilizing 3 operating segments: Oil/gas exploration/production, Midstream and Marketing. 3.41%
Baker Hughes, Inc. Baker Hughes Incorporated is engaged in the oilfield services industry. 3.32%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 2/28/2017

Large 48.0%
Medium 47.6%
Small 4.4%
Median Market Cap (as of 2/28/2017) $8.3 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 2/28/2017

Oil & Gas Exploration & Production 46.4%
Oil & Gas Equipment & Services 32.7%
Oil & Gas Storage & Transportation 6.5%
Oil & Gas Drilling 5.0%
Integrated Oil & Gas 3.8%
Oil & Gas Refining & Marketing 2.5%
Data Processing & Outsourced Services 1.6%
Specialty Chemicals 1.6%

Sector Allocation
as a % of equity assets as of 2/28/2017

Energy 96.83%
Information Technology 1.60%
Materials 1.57%

Portfolio Composition
as a % of net assets as of 2/28/2017

Domestic Common Stock 89.84%
Foreign Common Stock 9.16%
Cash and Cash Equivalents 1.00%

Equity Country Allocation
as a % of equity assets as of 2/28/2017

United States 90.7%
Netherlands 2.2%
Bermuda 2.0%
Switzerland 1.9%
Canada 1.8%
United Kingdom 1.4%

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. Investing in companies involved in one specified sector may be more risky and volatile than an investment with greater diversification. Investing in the energy sector can be riskier than other types of investment activities because of a range of factors, including price fluctuation caused by real and perceived inflationary trends and political developments, and the cost assumed by energy companies in complying with environmental safety regulations. These and other risks are more fully describe 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.

Index Description: S&P 1500 Energy Sector is an unmanaged index comprised of securities that represent the energy sector of 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.

High recent returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

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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