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Ivy Energy Fund

  • $10.71 NAV as of 6/23/2017
  • ($0.16) / 1.52% Daily NAV Change
  • -26.09% YTD (NAV)


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

Source: Morningstar

Portfolio Management

David P. Ginther, CPA

  • Ivy Investment Management Company
  • 11 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, CFA

  • 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 Natural Resources Fund and Ivy Funds VIP 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 5/31/2017

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.



  • Ivy Energy Fund

A time to be selective in the energy sector

We believe a selective approach to the energy sector is important now, but do not advocate broad exposure across the industry in the current environment.

Quarterly Fund Commentary

Daily Prices as of 6/23/2017

Net Asset Value (NAV) $10.71
Daily NAV Change ($) ($0.16) 1.52%
Weekly NAV Change ($) $-0.36 -3.25%
Public Offering Price (POP) $10.71

Fund Facts

Ticker Symbol IEYYX
CUSIP 466000361
Fund Code 794
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 5/31/2017) $481.2 mil
Total Equity Holdings (as of 5/31/2017) 43
Total Holdings (as of 5/31/2017) 44
Portfolio Turnover Rate (as of 3/31/2017) 39%
Lipper Category Natural Resources Funds
Morningstar Category Equity Energy
Benchmark S&P 1500 Energy TR


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 Y shares are not subject to sales charges.

Monthly Rates of Return

Average Annual Total Returns as of 5/31/2017
(Returns for periods of less than 1-yr are not annualized)
Fund at NAV -19.32% -4.88% -12.47% 1.08% -0.08% 1.44%
Lipper Natural Resources Funds -13.69% -0.54% -13.53% -0.67% -1.84% 0.04%
S&P 1500 Energy TR -13.52% -1.78% -10.15% 2.08% 1.09% 3.39%

Quarterly Rates of Return

Average Annual Total Returns as of 3/31/2017
(Returns for periods of less than 1-yr are not annualized)
S&P 1500 Energy TR -7.11% 13.94% -6.07% 1.07% 3.06% 4.11%
Fund at NAV -6.90% 23.87% -6.59% 1.10% 2.69% 2.79%
Lipper Natural Resources Funds -4.77% 19.62% -9.09% -1.57% 0.44% 0.96%

Calendar Year Return

Class Y 1.07 27.24 -10.54 -23.00 34.42
S&P 1500 Energy TR 4.34 25.39 -9.16 -22.07 27.31

Morningstar Ratings as of 5/31/2017 Morningstar Logo

Category: Equity Energy
Ratings are based on risk-adjusted returns
Overall out of 106
3 Year out of 106
5 Year out of 85
10 Year out of 67

Lipper Ranking through 5/31/2017 Lipper Logo

Category: Natural Resources Funds
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 64/93 69
3 Year 39/82 47
5 Year 26/67 39
10 Year 18/59 30

Expense Ratios as of 7/31/2016

Net 1.36%
Gross 1.36%

5-Year Standard Deviation as of 5/31/2017

S&P 1500 Energy TR 16.64

5-Year MPT* Statistics as of 5/31/2017

*Modern Portfolio Theory
Alpha -0.79
Beta 1.12
R-Squared 86.97
Sharpe Ratio 0.05
Capture Ratio Upside: 106.64%
Downside: 111.25%


Historical Prices Inception 4/3/2006

6/1/2017 $11.79 NO NO
6/2/2017 $11.59 NO NO
6/5/2017 $11.57 NO NO
6/6/2017 $11.81 NO NO
6/7/2017 $11.21 NO NO
6/8/2017 $11.12 NO NO
6/9/2017 $11.47 NO NO
6/12/2017 $11.50 NO NO
6/13/2017 $11.75 NO NO
6/14/2017 $11.28 NO NO
6/15/2017 $10.96 NO NO
6/16/2017 $11.07 NO NO
6/19/2017 $11.04 NO NO
6/20/2017 $10.90 NO NO
6/21/2017 $10.54 NO NO
6/22/2017 $10.55 NO NO
6/23/2017 $10.71 NO NO

Historical Distributions Inception 4/3/2006

12/13/2007 $0 Long: $0.000 Short: $0.043 $14.48 12/13/2007

*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.


Top 10 Equity Holdings as a % of net assets 5/31/2017

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. 4.85%
U.S. Silica Holdings, Inc. U.S. Silica Holdings, Inc. produces and sells commercial silica in the U.S. 4.65%
Schlumberger Ltd. Schlumberger Limited operates as an oilfield services company in the United States and internationally. 4.60%
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. 4.26%
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. 4.25%
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.  4.19%
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. 3.92%
Baker Hughes, Inc. Baker Hughes Incorporated is engaged in the oilfield services industry. 3.63%
RPC, Inc. RPC, Inc. provides a range of oilfield services and equipment for oil and gas companies involved in the exploration, production, and development of oil and gas properties in the U.S., Africa, Canada, Argentina, China, Mexico, Eastern Europe, Latin America, the Middle East and New Zealand. 3.61%
Concho Resources, Inc. Concho Resources Inc., an independent oil and natural gas company, acquires, develops, and explores for oil and natural gas properties in the U.S. 3.29%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 5/31/2017

Large 48.9%
Medium 40.9%
Small 10.3%
Median Market Cap (as of 5/31/2017) $7.3 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 5/31/2017

Oil & Gas Exploration & Production 46.5%
Oil & Gas Equipment & Services 34.3%
Oil & Gas Storage & Transportation 7.4%
Oil & Gas Drilling 4.1%
Integrated Oil & Gas 3.9%
Oil & Gas Refining & Marketing 1.8%
Data Processing & Outsourced Services 1.8%
Specialty Chemicals 0.3%

Sector Allocation
as a % of equity assets as of 5/31/2017

Energy 97.96%
Information Technology 1.75%
Materials 0.29%

Portfolio Composition
as a % of net assets as of 5/31/2017

Domestic Common Stock 90.63%
Foreign Common Stock 9.08%
Cash and Cash Equivalents 0.29%

Equity Country Allocation
as a % of equity assets as of 5/31/2017

United States 90.9%
Netherlands 2.3%
Switzerland 2.1%
Canada 2.0%
Bermuda 1.4%
United Kingdom 1.2%

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. 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.

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.

Fee Waiver and/or Expense Reimbursement: Through April 30, 2018, Ivy Investment Management Company (IICO), the Portfolio’s investment manager, Ivy Distributors, Inc. (IDI), the Portfolio’s distributor, and / or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Portfolio’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 portfolio operating expenses at 1.13%. Prior to that date, the expense limitation may not be terminated by WRIMCO, Waddell & Reed, 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.

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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