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Ivy Global Growth Fund

  • $48.42 NAV as of 10/19/2017
  • ($0.01) / 0.02% Daily NAV Change
  • 20.93% YTD (NAV)

Summary

Invest in the potential growth of global markets

Broad reach
Flexibility to invest in stocks trading in most countries across the globe in a variety of economic sectors and industries.
Fundamentally sound
Applies a strong fundamental stock selection process with an economic overlay; sector and country weightings are the result of bottom-up company selection.
Highly focused
Seeks leading companies with sustainable competitive advantages; invests when the manager believes fundamentals are under-appreciated, providing what she considers a long-term growth opportunity.

Morningstar Style Box

Growth
Large
Source: Morningstar

Portfolio Management

Sarah C. Ross, CFA

  • Ivy Investment Management Company
  • 3 Years with Fund
  • 22 Years in Industry
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Sarah Ross is portfolio manager of Ivy, Ivy VIP and Waddell & Reed Advisors Global Growth Funds. She was named portfolio manager of the Global Growth Funds in 2014. Ms. Ross joined Waddell & Reed in 2003 as an equity investment analyst. She was appointed assistant vice president in 2006. She was assistant portfolio manager on the Large Cap Growth team from 2006 to 2014. She was portfolio manager of Ivy and Waddell & Reed Advisors Tax-Managed Equity Funds from 2009 to 2014. She was appointed vice president in 2009 and senior vice president in 2015. Prior to joining Waddell & Reed, Ms. Ross was a senior health care analyst and vice president for Banc of America Capital Management from 2001 to 2003. Her responsibilities included equity analysis of pharmaceutical, medical device and health care service companies. Ms. Ross earned both a BS in Business Administration and a BA in French in 1995 from John M. Olin School of Business, Washington University, St. Louis, Missouri. She also studied at Ecole Europeene Des Affaires A Paris, Paris, France. The French curriculum included global finance, French society, international marketing and corporate law. Ms. Ross is a CFA charterholder. She is a member of the CFA Institute and the CFA Society of St. Louis.

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) $48.42
Daily NAV Change ($) ($0.01) 0.02%
Weekly NAV Change ($) $-0.05 -0.10%
Public Offering Price (POP) $48.42

Fund Facts

Ticker Symbol IGIIX
CUSIP 465898724
Fund Code 481
Fund Type Global/International
Fund Inception 4/30/1986
Class Inception 4/2/2007
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 9/30/2017) $440.4 mil
Total Equity Holdings (as of 9/30/2017) 56
Total Holdings (as of 9/30/2017) 59
Portfolio Turnover Rate (as of 3/31/2017) 66%
Lipper Category Global Large-Cap Growth Funds
Morningstar Category World Large Stock
Benchmark MSCI World 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.

Class I shares are sold without any front-end sales load or contingent deferred sales charges.

Monthly Rates of Return

Average Annual Total Returns as of 9/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
MSCI World NR USD 16.01% 18.17% 7.69% 10.99% 4.22% 4.87%
Fund at NAV 19.61% 16.46% 6.21% 8.57% 2.99% 4.40%
Lipper Global Large-Cap Growth Funds 21.15% 18.22% 8.27% 10.76% 4.64% 5.55%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
MSCI World NR USD 16.01% 18.17% 7.69% 10.99% 4.22% 4.87%
Fund at NAV 19.61% 16.46% 6.21% 8.57% 2.99% 4.40%
Lipper Global Large-Cap Growth Funds 21.15% 18.22% 8.27% 10.76% 4.64% 5.55%

Calendar Year Return

  2012
MSCI World NR USD 15.83 26.68 4.94 -0.87 7.51
Class I 18.05 19.26 1.01 3.44 -3.05

Morningstar Ratings as of 9/30/2017 Morningstar Logo

Category: World Large Stock
Ratings are based on risk-adjusted returns
Overall out of 703
3 Year out of 703
5 Year out of 583
10 Year out of 320

Lipper Ranking through 9/30/2017 Lipper Logo

Category: Global Large-Cap Growth Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 80/135 59
3 Year 92/113 81
5 Year 78/94 83
10 Year 46/59 77

Expense Ratios as of 7/5/2017

Net 1.11%
Gross 1.11%

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

MSCI World NR USD 9.86

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

*Modern Portfolio Theory
Alpha -1.67
Beta 0.95
R-Squared 84.13
Sharpe Ratio 0.82
Capture Ratio Upside: 87.41%
Downside: 97.93%

Distributions

Historical Prices Inception 4/2/2007

10/2/2017 $47.95 NO NO
10/3/2017 $48.10 NO NO
10/4/2017 $48.18 NO NO
10/5/2017 $48.28 NO NO
10/6/2017 $48.24 NO NO
10/9/2017 $48.24 NO NO
10/10/2017 $48.41 NO NO
10/11/2017 $48.49 NO NO
10/12/2017 $48.47 NO NO
10/13/2017 $48.44 NO NO
10/16/2017 $48.37 NO NO
10/17/2017 $48.36 NO NO
10/18/2017 $48.41 NO NO
10/19/2017 $48.42 NO NO

Historical Distributions Inception 4/2/2007

12/10/2015 $0.0873 Long: $0.895 Short: $0.000 $41.14 12/10/2015
12/11/2014 $0.134 Long: $0.511 Short: $0.000 $40.96 12/11/2014
12/12/2013 $0.602 Long: $0.000 Short: $0.000 $39.3 12/12/2013
12/13/2012 $0.4811 Long: $0.000 Short: $0.000 $34.6 12/13/2012
12/9/2010 $0.725 Long: $0.000 Short: $0.000 $31.9 12/9/2010

*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

MasterCard, Inc., Class A MasterCard Incorporated (MasterCard) is a global payments company that provides a economic link among financial institutions, businesses, merchants, cardholders and governments worldwide, enabling them to use electronic forms of payment instead of cash and checks. 4.45%
Airbus SE Airbus SE manufactures airplanes and military equipment. The Company produces military fighter aircraft, military and commercial helicopters, missiles, satellites, and telecommunications and defense systems, as well as offers military and commercial aircraft conversion and maintenance services. 4.08%
Microsoft Corp. Microsoft Corporation is a multinational computer technology corporation that develops, manufactures, licenses and supports a wide range of software products for computing devices. 3.53%
Koninklijke Philips Electronics N.V., Ordinary Shares Koninklijke Philips N.V., (commonly known as Philips) is a technology company headquartered in Amsterdam, Netherlands, with primary divisions in the areas of electronics, healthcare and lighting. 3.51%
Alibaba Group Holding Ltd. ADR Alibaba Group Holding Limited, through its subsidiaries, operates as an online and mobile commerce company in the People's Republic of China and internationally. 3.44%
Visa, Inc., Class A Visa Inc. operates retail electronic payments network worldwide. It facilitates commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses, and government entities. 3.18%
Facebook, Inc., Class A Facebook, Inc. operates as a social networking company worldwide. It builds various tools that enable users to connect, share, discover, and communicate with each other on mobile devices and computers. 3.04%
Amazon.com, Inc. Amazon.com, Inc. operates as an online retailer in North America and internationally. 2.91%
Home Depot, Inc. (The) The Home Depot, Inc. (The Home Depot) is a home improvement retailer. The Home Depot stores sell an assortment of building materials, home improvement and lawn and garden products and provide a number of services. 2.90%
Celgene Corp. Celgene Corporation, a biopharmaceutical company, discovers, develops, and commercializes therapies to treat cancer and immune-inflammatory related diseases in the United States and internationally. 2.67%

Total Portfolio Holdings

Updated quarterly, upon availability.

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

Large 93.7%
Medium 6.3%
Small 0.0%
Median Market Cap (as of 9/30/2017) $59.1 bil

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

Internet Software & Services 9.7%
Data Processing & Outsourced Services 7.8%
Life & Health Insurance 6.3%
Industrial Conglomerates 6.0%
Biotechnology 5.4%
Automobile Manufacturers 5.1%
Internet & Direct Marketing Retail 4.6%
Aerospace & Defense 4.2%
Human Resource & Employment Services 4.1%
Home Improvement Retail 4.0%

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

Information Technology 26.67%
Consumer Discretionary 20.13%
Industrials 15.71%
Health Care 13.80%
Financials 11.79%
Energy 6.35%
Consumer Staples 5.55%

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

Domestic Common Stock 50.73%
Foreign Common Stock 47.24%
Cash and Cash Equivalents 2.03%

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

United States 51.8%
France 8.3%
Japan 8.0%
China 7.9%
Germany 7.1%
United Kingdom 4.9%
Netherlands 3.9%
Switzerland 2.7%
India 1.6%
Macau 1.3%
Mexico 0.9%
Spain 0.9%
Canada 0.8%

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 World is an unmanaged index comprised of securities that represent the securities markets around the world. 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.

In November 2014, the Fund filed a prospectus supplement reflecting the Fund’s increased emphasis on investments in the stocks of U.S. companies. Effective January 1, 2015, the Fund changed its name and investment strategy to reflect a global focus. Performance prior to January 2015 reflects the Fund’s former international strategy and may have differed if the Fund’s current strategy that includes investing globally had been in place.

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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