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Ivy European Opportunities Fund

  • $26.59 NAV as of 4/21/2017
  • ($-0.05) / -0.19% Daily NAV Change
  • 3.26% 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
  • 3 Years with Fund
  • 21 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 3/31/2017

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.

Documents

Perspectives

Quarterly Fund Commentary

Daily Prices as of 4/21/2017

Net Asset Value (NAV) $26.59
Daily NAV Change ($) ($-0.05) -0.19%
Weekly NAV Change ($) $0.07 0.26%
Public Offering Price (POP) $26.59

Fund Facts

Ticker Symbol IEOCX
CUSIP 465898831
Fund Code 314
Fund Type Global/International
Fund Inception 5/4/1999
Class Inception 10/24/1999
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 3/31/2017) $179.5 mil
Total Equity Holdings (as of 3/31/2017) 60
Total Holdings (as of 3/31/2017) 61
Portfolio Turnover Rate (as of 9/30/2016) 41%
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. 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 3/31/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 1.00% CDSC 3.62% 9.32% -0.88% 4.71% -0.96% 7.03%
Fund at NAV 4.62% 9.32% -0.88% 4.71% -0.96% 7.03%
MSCI Europe NR USD 7.44% 9.76% -1.51% 5.63% 0.70% 3.71%
Lipper European Region Funds 7.47% 9.76% -0.75% 6.28% 1.07% 7.04%

Quarterly Rates of Return

Average Annual Total Returns as of 3/31/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 1.00% CDSC 3.62% 9.32% -0.88% 4.71% -0.96% 7.03%
Fund at NAV 4.62% 9.32% -0.88% 4.71% -0.96% 7.03%
MSCI Europe NR USD 7.44% 9.76% -1.51% 5.63% 0.70% 3.71%
Lipper European Region Funds 7.47% 9.76% -0.75% 6.28% 1.07% 7.04%

Calendar Year Return

  2012
Class C 18.10 23.23 -6.45 2.53 -2.85
MSCI Europe NR USD 19.12 25.23 -6.18 -2.84 -0.40

Morningstar Ratings as of 3/31/2017 Morningstar Logo

Category: Europe Stock
Ratings are based on risk-adjusted returns
Overall out of 92
3 Year out of 92
5 Year out of 78
10 Year out of 58

Lipper Ranking through 3/31/2017 Lipper Logo

Category: European Region Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 85/160 53
3 Year 52/117 45
5 Year 73/98 74
10 Year 65/69 93

Expense Ratios as of 7/31/2016

Net 2.29%
Gross 2.29%

5-Year Standard Deviation as of 3/31/2017

MSCI Europe NR USD 14.37

5-Year MPT* Statistics as of 3/31/2017

*Modern Portfolio Theory
Alpha 0.05
Beta 0.81
R-Squared 90.30
Sharpe Ratio 0.37
Capture Ratio Upside: 78.95%
Downside: 78.02%

Distributions

Historical Prices Inception 10/24/1999

4/3/2017 $26.73 NO NO
4/4/2017 $26.77 NO NO
4/5/2017 $26.78 NO NO
4/6/2017 $26.80 NO NO
4/7/2017 $26.80 NO NO
4/10/2017 $26.75 NO NO
4/11/2017 $26.73 NO NO
4/12/2017 $26.82 NO NO
4/13/2017 $26.52 NO NO
4/17/2017 $26.68 NO NO
4/18/2017 $26.44 NO NO
4/19/2017 $26.46 NO NO
4/20/2017 $26.64 NO NO
4/21/2017 $26.59 NO NO

Historical Distributions Inception 10/24/1999

12/8/2016 $0.253 Long: $0.000 Short: $0.000 $25.33 12/8/2016
12/11/2014 $0.293 Long: $0.000 Short: $0.000 $26.34 12/11/2014
12/9/2010 $0.021 Long: $0.000 Short: $0.000 $22.48 12/9/2010
12/10/2009 $0.268 Long: $0.000 Short: $0.000 $20.8 12/10/2009
12/11/2008 $0.954 Long: $1.462 Short: $0.000 $16.18 12/11/2008

*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 3/31/2017

BNP Paribas S.A. BNP Paribas SA provides a range of banking and financial services worldwide. 3.95%
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. 3.19%
Royal Dutch Shell plc, Class A Royal Dutch Shell plc (Shell) is an independent oil and gas company. 2.96%
Paysafe Group plc Paysafe Group Plc delivers a full suite of payment solutions, offering payment processing, digital wallets, e-cash, mobile engagement, and card solutions. Paysafe Group serves customers in the United Kingdom. 2.80%
Thales Thales S.A. provides various solutions for customers in the aerospace, space, defense, security, and transportation markets. 2.73%
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. 2.66%
Axa S.A. [Note: AXA Group is what yahoo points to] AXA Group, through its subsidiaries, provides insurance and asset management services, primarily in Europe, North America and Asia. 2.65%
Roche Holdings AG, Genusscheine Roche Holdings AG is a Switzerland-based pharmaceuticals and diagnostics company. 2.56%
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. 2.54%
Shire plc Shire plc, a biopharmaceutical company, researches, develops, manufactures, sells, and distributes pharmaceutical products. It operates in three segments: Specialty Pharmaceuticals, Human Genetic Therapies and Regenerative Medicine. 2.53%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 3/31/2017

Large 78.2%
Medium 18.9%
Small 2.9%
Median Market Cap (as of 3/31/2017) $27.6 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 3/31/2017

Diversified Banks 13.8%
Integrated Oil & Gas 7.7%
Pharmaceuticals 5.4%
Aerospace & Defense 4.4%
Semiconductors 4.0%
Multi-Line Insurance 3.8%
Electric Utilities 3.6%
Auto Parts & Equipment 3.5%
Packaged Foods & Meats 3.4%
Biotechnology 3.4%

Sector Allocation
as a % of equity assets as of 3/31/2017

Financials 19.71%
Industrials 17.33%
Consumer Staples 11.37%
Information Technology 11.35%
Consumer Discretionary 10.91%
Energy 10.48%
Health Care 9.88%
Materials 3.83%
Utilities 3.60%
Telecommunication Services 1.54%

Portfolio Composition
as a % of net assets as of 3/31/2017

Foreign Common Stock 98.52%
Cash and Cash Equivalents 1.48%

Equity Country Allocation
as a % of equity assets as of 3/31/2017

France 30.2%
United Kingdom 29.0%
Germany 10.1%
Netherlands 7.4%
Switzerland 4.1%
Norway 3.4%
Italy 3.4%
Isle Of Man 2.8%
Ireland 2.6%
Russia 2.0%
Spain 1.8%
Israel 1.5%
Sweden 1.2%
Malaysia 0.6%

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. 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.

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: 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.

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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