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Ivy European Opportunities Fund

  • $32.62 NAV as of 10/19/2017
  • ($-0.20) / -0.61% Daily NAV Change
  • 19.79% YTD (NAV)

Summary

Overview

Ivy European Opportunities Fund invests, under normal circumstances, at least 80% of its net assets in the equity securities of European companies. While the Fund tends to favor securities issued by large capitalization European companies, it may invest in securities issued by European companies of any size that provide investment opportunities. The Fund's manager combines a top-down, macro approach with a bottom-up stock selection process, using a combination of industry dynamics, country analysis, and individual stock selection in comprising the portfolio.

Morningstar Style Box

Blend
Large
Source: Morningstar

Portfolio Management

Robert Nightingale

  • Ivy Investment Management Company
  • 4 Years with Fund
  • 22 Years in Industry
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Robert Nightingale is a Vice President at Ivy Investment Management Company. Mr. Nightingale graduated from the University of Wisconsin in May 1996 with an MS in finance. He also has an MS in urban and regional planning and a BS in economics from the University of Wisconsin. Mr. Nightingale joined Ivy in July 1996 as an investment analyst. He was appointed assistant vice president in July 2000. He assumed assistant portfolio manager responsibilities on the international team in February 2006. Mr. Nightingale was appointed vice president in January 2009. He was named Portfolio Manager for the Ivy European Opportunities Fund in October 2013.

Growth of a $10,000 Investment
through 9/30/2017

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

Quarterly Fund Commentary

Daily Prices as of 10/19/2017

Net Asset Value (NAV) $32.62
Daily NAV Change ($) ($-0.20) -0.61%
Weekly NAV Change ($) $-0.38 -1.15%
Public Offering Price (POP) $34.61

Fund Facts

Ticker Symbol IEOAX
CUSIP 465898815
Fund Code 614
Fund Type Global/International
Fund Inception 5/4/1999
Class Inception 5/4/1999
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 9/30/2017) $265.2 mil
Total Equity Holdings (as of 9/30/2017) 57
Total Holdings (as of 9/30/2017) 59
Portfolio Turnover Rate (as of 3/31/2017) 79%
Lipper Category European Region Funds
Morningstar Category Europe Stock
Benchmark MSCI Europe NR USD

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 A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return

Average Annual Total Returns as of 9/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund with 5.75% sales charge 13.26% 14.90% 3.62% 6.87% -0.34% 12.17%
Fund at NAV 20.16% 21.92% 5.69% 8.15% 0.25% 12.53%
Lipper European Region Funds 22.06% 21.80% 5.90% 9.10% 1.43% 5.50%
MSCI Europe NR USD 22.79% 22.30% 4.36% 8.36% 1.08% 4.22%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund with 5.75% sales charge 13.26% 14.90% 3.62% 6.87% -0.34% 12.17%
Fund at NAV 20.16% 21.92% 5.69% 8.15% 0.25% 12.53%
Lipper European Region Funds 22.06% 21.80% 5.90% 9.10% 1.43% 5.50%
MSCI Europe NR USD 22.79% 22.30% 4.36% 8.36% 1.08% 4.22%

Calendar Year Return

  2012
Class A 18.84 23.97 -5.83 3.20 -2.21
MSCI Europe NR USD 19.12 25.23 -6.18 -2.84 -0.40

Morningstar Ratings as of 9/30/2017 Morningstar Logo

Category: Europe Stock
Ratings are based on risk-adjusted returns
Overall out of 98
3 Year out of 98
5 Year out of 78
10 Year out of 59

Lipper Ranking through 9/30/2017 Lipper Logo

Category: European Region Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 71/157 45
3 Year 56/124 45
5 Year 63/98 64
10 Year 53/70 75

Expense Ratios as of 7/5/2017

Net 1.71%
Gross 1.71%

5-Year Standard Deviation as of 9/30/2017

MSCI Europe NR USD 12.83

5-Year MPT* Statistics as of 9/30/2017

*Modern Portfolio Theory
Alpha 1.12
Beta 0.83
R-Squared 89.15
Sharpe Ratio 0.71
Capture Ratio Upside: 84.69%
Downside: 78.15%

Distributions

Historical Prices Inception 5/4/1999

10/2/2017 $32.62 NO NO
10/3/2017 $32.69 NO NO
10/4/2017 $32.72 NO NO
10/5/2017 $32.68 NO NO
10/6/2017 $32.58 NO NO
10/9/2017 $32.66 NO NO
10/10/2017 $32.86 NO NO
10/11/2017 $33.01 NO NO
10/12/2017 $33.00 NO NO
10/13/2017 $32.89 NO NO
10/16/2017 $32.74 NO NO
10/17/2017 $32.64 NO NO
10/18/2017 $32.82 NO NO
10/19/2017 $32.62 NO NO

Historical Distributions Inception 5/4/1999

12/8/2016 $0.361 Long: $0.000 Short: $0.000 $26.77 12/8/2016
12/10/2015 $0.098 Long: $0.000 Short: $0.000 $28.18 12/10/2015
12/11/2014 $0.503 Long: $0.000 Short: $0.000 $27.67 12/11/2014
12/12/2013 $0.0787 Long: $0.000 Short: $0.000 $27.98 12/12/2013
12/13/2012 $0.0889 Long: $0.000 Short: $0.000 $23.83 12/13/2012

*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 9/30/2017

ING Groep N.V., Certicaaten Van Aandelen ING Groep N.V., a financial institution, provides various banking products and services to individuals, small and medium-sized enterprises, and mid-corporates. 3.43%
Royal Dutch Shell plc, Class A Royal Dutch Shell plc (Shell) is an independent oil and gas company. 3.24%
Thales Thales S.A. provides various solutions for customers in the aerospace, space, defense, security, and transportation markets. 2.94%
Total S.A. TOTAL is the world's fourth-largest integrated oil and petroleum company, engaged in oil and gas exploration, development, production, refining, marketing, trading and shipping. 2.56%
ENEL S.p.A. Enel SpA is a multinational power company and an integrated operator in the electricity and gas sectors, with a special focus on Europe and Latin America. The Company is active in the generation and distribution of energy from conventional and renewable sources. It also offers integrated solutions for electricity and gas products. 2.53%
HSBC Holdings plc HSBC Holdings plc is a global banking and financial services organization. It provided a range of financial services to around 95 million customers through two groups, Personal Financial Services and Commercial Banking, and two global businesses, Global Banking & Markets and Global Private Banking. 2.48%
Unilever N.V., Certicaaten Van Aandelen Unilever N.V. (NV) is a supplier of fast moving consumer goods with operations in more than 100 countries and sales in 180. The two parent companies, Unilever N.V. (NV) and PLC, together with their group companies, operate as the Unilever Group (Unilever). 2.44%
Prudential plc Prudential plc (Prudential) is United Kingdom-based international financial services company with its principal operations in the United Kingdom, the United States and Asia. 2.17%
Weir Group plc (The) The Weir Group PLC designs, manufactures, and sells highly-engineered products and services worldwide. 2.17%
Infineon Technologies AG Infineon Technologies AG designs, manufactures and markets semiconductors. The Company's products include power semiconductors, microcontrollers, security controllers, radio frequency products, and sensors. Infineon markets its products to the automotive, industrial, communications, and consumer and security electronics sectors. 2.15%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 9/30/2017

Large 81.4%
Medium 15.8%
Small 2.8%
Median Market Cap (as of 9/30/2017) $33.4 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 9/30/2017

Diversified Banks 12.9%
Integrated Oil & Gas 7.5%
Construction Materials 4.6%
Semiconductors 4.2%
Packaged Foods & Meats 4.2%
Electric Utilities 4.0%
Auto Parts & Equipment 3.6%
Construction & Engineering 3.3%
Automobile Manufacturers 3.3%
Pharmaceuticals 3.2%

Sector Allocation
as a % of equity assets as of 9/30/2017

Financials 18.60%
Industrials 16.96%
Consumer Staples 11.11%
Consumer Discretionary 11.05%
Information Technology 10.74%
Energy 10.19%
Health Care 7.07%
Materials 6.84%
Utilities 5.98%
Telecommunication Services 1.46%

Portfolio Composition
as a % of net assets as of 9/30/2017

Foreign Common Stock 97.97%
Cash and Cash Equivalents 2.03%

Equity Country Allocation
as a % of equity assets as of 9/30/2017

France 31.5%
United Kingdom 30.6%
Germany 9.8%
Netherlands 7.0%
Norway 4.2%
Italy 4.2%
Switzerland 3.4%
Ireland 2.7%
Russia 1.6%
Denmark 1.6%
Spain 1.5%
Sweden 1.3%
Malaysia 0.9%

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. Because the Fund is generally invested in a small number of stocks, the performance of any one security held by the Fund will have a greater impact that if the Fund were invested in a larger number of securities. 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. 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 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: MSCI Europe is an unmanaged index comprised of securities that represent the securities markets in Europe. It is not possible to invest directly in an index.

The MSCI information may only be used for your internal use, may not be reproduced or repurposed in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, salability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com) Source: MSCI.

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.

A large portion of the fund's since inception return is attributable to investments in initial public offerings, without which the fund's return 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.

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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