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Ivy Energy Fund

  • $13.70 NAV as of 12/9/2016
  • ($-0.06) / -0.44% Daily NAV Change
  • 37.14% 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

Blend
Medium
Source: Morningstar

Portfolio Management

David P. Ginther, CPA

  • Ivy Investment Management Company
  • 10 Years with Fund
  • 21 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 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.

Documents

Perspectives

Energy
  • Ivy Energy Fund
  • November 30, 2016

OPEC puts floor under oil prices

OPEC has agreed to reduce production by 1.2 million barrels per day (bpd) to a total of 32.5 million, a meaningful reduction in supply.

Quarterly Fund Commentary

Daily Prices as of 12/9/2016

Net Asset Value (NAV) $13.70
Daily NAV Change ($) ($-0.06) -0.44%
Weekly NAV Change ($) $0.02 0.15%
Public Offering Price (POP) $13.70

Fund Facts

Ticker Symbol IEYCX
CUSIP 466000379
Fund Code 394
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 11/30/2016) $589.5 mil
Total Equity Holdings (as of 11/30/2016) 45
Total Holdings (as of 11/30/2016) 48
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. For Class C shares, a 1% CDSC applies to the lesser of amount invested or redemption value of shares redeemed within twelve months after the purchase date.

Monthly Rates of Return

Average Annual Total Returns as of 11/30/2016
(Returns for periods of less than 1-yr are not annualized)
  YTD 1YR 3YR 5YR 10YR LIFE
S&P 1500 Energy TR 25.05% 12.14% -3.01% 2.73% 3.67% 4.79%
Lipper Natural Resources Funds 28.03% 13.16% -5.98% -0.17% 1.19% 7.92%
Fund with maximum 1.00% CDSC 35.04% 18.79% -2.05% 2.11% 2.86% 2.92%
Fund at NAV 36.04% 18.79% -2.05% 2.11% 2.86% 2.92%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2016
(Returns for periods of less than 1-yr are not annualized)
  YTD 1YR 3YR 5YR 10YR LIFE
S&P 1500 Energy TR 18.52% 18.26% -3.22% 5.35% 4.45% 4.34%
Lipper Natural Resources Funds 20.33% 16.61% -7.18% 2.38% 1.56% 0.84%
Fund with maximum 1.00% CDSC 23.42% 19.06% -4.70% 4.68% 3.03% 2.09%
Fund at NAV 24.42% 19.06% -4.70% 4.68% 3.03% 2.09%

Calendar Year Return

  2011 2012 2013 2014 2015
Class C -10.39 0.17 26.33 -11.20 -23.62
S&P 1500 Energy TR 3.92 4.34 25.39 -9.16 -22.07

Morningstar Ratings as of 11/30/2016 Morningstar Logo

Category: Equity Energy
Ratings are based on risk-adjusted returns
Overall out of 100
3 Year out of 100
5 Year out of 81
10 Year out of 65

Lipper Ranking through 11/30/2016 Lipper Logo

Category: Natural Resources Funds
  Rank Percentile
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 27/90 30
3 Year 28/79 35
5 Year 29/65 44
10 Year 17/53 32

Expense Ratios as of 7/31/2016

Net 2.16%
Gross 2.16%

5-Year Standard Deviation as of 11/30/2016

S&P 1500 Energy TR 17.31

Distributions

Historical Prices Inception 4/3/2006

Date Price Dividend Reinvest Date Capital Gain Reinvest Date
12/1/2016 $13.61 NO NO
12/2/2016 $13.68 NO NO
12/5/2016 $13.74 NO NO
12/6/2016 $13.73 NO NO
12/7/2016 $13.65 NO NO
12/8/2016 $13.76 NO NO
12/9/2016 $13.70 NO NO

Historical Distributions Inception 4/3/2006

Ex-date Income Capital Gains Reinvest Gains Payment Date
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 11/30/2016

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. 4.94%
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. 4.55%
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.  4.55%
Schlumberger Ltd. Schlumberger Limited operates as an oilfield services company in the United States and internationally. 4.38%
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. 4.02%
U.S. Silica Holdings, Inc. 3.94%
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. 3.85%
Cimarex Energy Co. Cimarex Energy Company operates as an independent oil and gas exploration and production company primarily in Texas, Oklahoma, and New Mexico. The company owns interests in 4,160 net productive oil and gas wells. 3.80%
Baker Hughes, Inc. Baker Hughes Incorporated is engaged in the oilfield services industry. 3.79%
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. 3.79%

Market Capitalization
as a % of equity assets as of 11/30/2016

Large 50.5%
Medium 43.4%
Small 6.1%
Median Market Cap (as of 11/30/2016) $8.4 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 11/30/2016

Oil & Gas Exploration & Production 53.6%
Oil & Gas Equipment & Services 27.5%
Oil & Gas Storage & Transportation 5.6%
Integrated Oil & Gas 4.7%
Oil & Gas Drilling 4.0%
Data Processing & Outsourced Services 1.7%
Specialty Chemicals 1.6%
Oil & Gas Refining & Marketing 1.4%

Sector Allocation
as a % of equity assets as of 11/30/2016

Energy 96.75%
Information Technology 1.65%
Materials 1.60%

Portfolio Composition
as a % of net assets as of 11/30/2016

Domestic Common Stock 91.69%
Foreign Common Stock 6.44%
Cash and Cash Equivalents 1.87%

Equity Country Allocation
as a % of equity assets as of 11/30/2016

United States 93.4%
Netherlands 1.9%
Canada 1.8%
United Kingdom 1.4%
Bermuda 1.4%

Documents

Select a document below to view or download.

Documents

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.

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).

Morningstar Ratings: For each fund with at least a 3-year history, Morningstar calculates a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of all sales charges), placing emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. (Each share class is counted as a fraction of one fund and rated separately.) A fund's overall rating is derived from a weighted average of the 3-, 5- and 10-year (if applicable) rating metrics. Morningstar Rating is for the share classes specified; other classes may have different performance characteristics.

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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