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Ivy Global Growth Fund

  • $43.53 NAV as of 4/28/2017
  • ($0.00) / 0.00% Daily NAV Change
  • 10.12% 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
  • 2 Years with Fund
  • 22 Years in Industry
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Sarah C. Ross, CFA is a vice president of Ivy Investment Management Company and Waddell & Reed Investment Management Company. Ms. Ross joined the firm in October 2003 as a health care investment analyst. She was appointed assistant vice president in 2006. In 2009, she was appointed vice president and portfolio manager of the Ivy Tax-Managed Equity Fund and Waddell & Reed Advisors Tax-Managed Equity Fund. She was also an assistant portfolio manager on the firm’s large-cap growth team. In August 2014, Ms. Ross was appointed portfolio manager of the Ivy International Growth Fund, Ivy Funds VIP International Growth and Waddell & Reed Advisors International Growth Fund. She was previously affiliated with Banc of America Capital anagement from 2001 to 2003 as a senior health care analyst and vice president. From 1997 to 2001 she was a senior health care analyst and limited partner for Edward Jones. 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, 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 St. Louis Society of Financial Analysts.

Growth of a $10,000 Investment
through 4/30/2017

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 4/28/2017

Net Asset Value (NAV) $43.53
Daily NAV Change ($) ($0.00) 0.00%
Weekly NAV Change ($) $0.90 2.11%
Public Offering Price (POP) $43.53

Fund Facts

Ticker Symbol IVIYX
CUSIP 465897114
Fund Code 728
Fund Type Global/International
Fund Inception 4/30/1986
Class Inception 7/24/2003
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 3/31/2017) $434.9 mil
Total Equity Holdings (as of 3/31/2017) 52
Total Holdings (as of 3/31/2017) 55
Portfolio Turnover Rate (as of 9/30/2016) 25%
Lipper Category Global Large-Cap Growth Funds
Morningstar Category World 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 Y shares are not subject to sales charges.

Monthly Rates of Return

Average Annual Total Returns as of 4/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund at NAV 10.12% 10.34% 3.05% 6.79% 3.08% 7.64%

Quarterly Rates of Return

Average Annual Total Returns as of 3/31/2017
(Returns for periods of less than 1-yr are not annualized)
 
MSCI World NR USD 6.38% 14.77% 5.52% 9.37% 4.21% 7.68%
Fund at NAV 8.42% 8.86% 2.55% 6.29% 3.25% 7.57%
Lipper Global Large-Cap Growth Funds 9.06% 12.83% 5.23% 8.43% 4.88% 8.30%

Calendar Year Return

  2012
MSCI World NR USD 15.83 26.68 4.94 -0.87 7.51
Class Y 17.77 18.93 0.75 3.16 -3.28

Morningstar Ratings as of 3/31/2017 Morningstar Logo

Category: World Stock
Ratings are based on risk-adjusted returns
Overall out of 839
3 Year out of 839
5 Year out of 673
10 Year out of 382

Lipper Ranking through 3/31/2017 Lipper Logo

Category: Global Large-Cap Growth Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 111/122 91
3 Year 93/101 92
5 Year 64/69 92
10 Year 45/53 84

Expense Ratios as of 7/31/2016

Net 1.36%
Gross 1.36%

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

MSCI World NR USD 10.95

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

*Modern Portfolio Theory
Alpha -2.56
Beta 0.97
R-Squared 87.27
Sharpe Ratio 0.54
Capture Ratio Upside: 86.07%
Downside: 101.23%

Distributions

Historical Prices Inception 7/24/2003

4/3/2017 $42.79 NO NO
4/4/2017 $42.80 NO NO
4/5/2017 $42.77 NO NO
4/6/2017 $42.72 NO NO
4/7/2017 $42.65 NO NO
4/10/2017 $42.76 NO NO
4/11/2017 $42.73 NO NO
4/12/2017 $42.70 NO NO
4/13/2017 $42.38 NO NO
4/17/2017 $42.67 NO NO
4/18/2017 $42.51 NO NO
4/19/2017 $42.33 NO NO
4/20/2017 $42.73 NO NO
4/21/2017 $42.63 NO NO
4/24/2017 $43.39 NO NO
4/25/2017 $43.65 NO NO
4/26/2017 $43.60 NO NO
4/27/2017 $43.53 NO NO
4/28/2017 $43.53 NO NO

Historical Distributions Inception 7/24/2003

12/10/2015 $0.0543 Long: $0.895 Short: $0.000 $40.71 12/10/2015
12/11/2014 $0.055 Long: $0.511 Short: $0.000 $40.63 12/11/2014
12/12/2013 $0.505 Long: $0.000 Short: $0.000 $39.01 12/12/2013
12/13/2012 $0.3426 Long: $0.000 Short: $0.000 $34.35 12/13/2012
12/9/2010 $0.665 Long: $0.000 Short: $0.000 $31.7 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 3/31/2017

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. 4.04%
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. 3.88%
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. 3.75%
European Aeronautic Defence and Space Co. European Aeronautic Defence and Space Company (EADS) is a major European aerospace company that builds commercial and military aircraft, space systems, propulsion systems, missiles, and other defense products. 3.39%
Amazon.com, Inc. Amazon.com, Inc. operates as an online retailer in North America and internationally. 3.02%
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. 2.83%
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. 2.80%
Tencent Holdings Ltd. An investment holding company, provides Internet and mobile value-added services (VAS), online advertising services, and e-commerce transactions services to users in China, the United States, Europe, and internationally. 2.71%
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. 2.67%
J.B. Hunt Transport Services, Inc. One of the largest transportation logistics companies in North America, providing customized freight movement, revenue equipment, labor and systems services tailored to individual requirements 2.41%

Total Portfolio Holdings

Updated quarterly, upon availability.

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

Large 97.2%
Medium 2.8%
Small 0.0%
Median Market Cap (as of 3/31/2017) $55.4 bil

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

Internet Software & Services 16.4%
Data Processing & Outsourced Services 6.7%
Life & Health Insurance 5.6%
Oil & Gas Equipment & Services 4.6%
Industrial Conglomerates 3.6%
Aerospace & Defense 3.5%
Building Products 3.4%
Tobacco 3.3%
Internet & Direct Marketing Retail 3.1%
Oil & Gas Exploration & Production 3.0%

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

Information Technology 27.64%
Industrials 14.68%
Consumer Discretionary 14.59%
Health Care 12.81%
Financials 12.81%
Energy 9.18%
Consumer Staples 8.29%

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

Domestic Common Stock 54.56%
Foreign Common Stock 43.68%
Cash and Cash Equivalents 1.76%

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

United States 54.4%
United Kingdom 8.0%
Germany 7.4%
France 7.2%
China 6.7%
Japan 6.0%
Netherlands 3.2%
Brazil 1.8%
Switzerland 1.8%
South Korea 1.6%
Mexico 1.0%
Canada 0.9%

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.

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 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, and includes the effects of sales charges, loads, and redemption fees, as applicable. 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. Certain information contained herein: (1) is proprietary to Morningstar and/or its content providers; (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.

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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