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Ivy Global Growth Fund

  • $39.13 NAV as of 12/6/2016
  • ($0.03) / 0.08% Daily NAV Change
  • -4.26% 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
  • 21 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 11/30/2016

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 12/6/2016

Net Asset Value (NAV) $39.13
Daily NAV Change ($) ($0.03) 0.08%
Weekly NAV Change ($) $0.23 0.59%
Public Offering Price (POP) $39.13

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 11/30/2016) $450.7 mil
Total Equity Holdings (as of 11/30/2016) 55
Total Holdings (as of 11/30/2016) 60
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 11/30/2016
(Returns for periods of less than 1-yr are not annualized)
  YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV -4.70% -6.15% 0.41% 6.39% 2.95% 7.00%
MSCI World NR USD 5.00% 3.15% 3.71% 9.88% 3.79% 7.19%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2016
(Returns for periods of less than 1-yr are not annualized)
  YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV -0.64% 6.39% 3.57% 9.29% 4.15% 7.43%
Lipper Global Large-Cap Growth Funds 4.23% 10.43% 5.55% 11.32% 5.21% 8.02%
MSCI World NR USD 5.55% 11.36% 5.85% 11.63% 4.47% 7.33%

Calendar Year Return

  2011 2012 2013 2014 2015
Class Y -7.63 17.77 18.93 0.75 3.16
MSCI World NR USD -5.54 15.83 26.68 4.94 -0.87

Morningstar Ratings as of 11/30/2016 Morningstar Logo

Category: World Stock
Ratings are based on risk-adjusted returns
Overall out of 840
3 Year out of 840
5 Year out of 648
10 Year out of 357

Lipper Ranking through 11/30/2016 Lipper Logo

Category: Global Large-Cap Growth Funds
  Rank Percentile
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 114/123 92
3 Year 99/105 94
5 Year 64/69 92
10 Year 39/50 77

Expense Ratios as of 7/31/2016

Net 1.36%
Gross 1.36%

5-Year Standard Deviation as of 9/30/2016

MSCI World NR USD 12.00

5-Year MPT* Statistics as of 9/30/2016

*Modern Portfolio Theory
Alpha -2.00
Beta 0.99
R-Squared 90.21
Sharpe Ratio 0.73
Capture Ratio Upside: 90.72%
Downside: 101.03%

Distributions

Historical Prices Inception 7/24/2003

Date Price Dividend Reinvest Date Capital Gain Reinvest Date
12/1/2016 $38.77 NO NO
12/2/2016 $38.77 NO NO
12/5/2016 $39.10 NO NO
12/6/2016 $39.13 NO NO

Historical Distributions Inception 7/24/2003

Ex-date Income Capital Gains Reinvest Gains Payment Date
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 11/30/2016

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. 3.98%
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. 3.38%
Alibaba Group Holding Ltd. ADR 3.33%
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 3.28%
Allergan plc 3.13%
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. 2.95%
Amazon.com, Inc. Amazon.com, Inc. operates as an online retailer in North America and internationally. 2.61%
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. 2.51%
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. 2.45%
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. 2.45%

Market Capitalization
as a % of equity assets as of 11/30/2016

Large 97.1%
Medium 2.9%
Small 0.0%
Median Market Cap (as of 11/30/2016) $39.3 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 11/30/2016

Internet Software & Services 13.3%
Data Processing & Outsourced Services 6.2%
Oil & Gas Equipment & Services 6.2%
Biotechnology 5.5%
Pharmaceuticals 5.3%
Life & Health Insurance 4.7%
Auto Parts & Equipment 3.6%
Aerospace & Defense 3.5%
Trucking 3.5%
Internet & Direct Marketing Retail 2.8%

Sector Allocation
as a % of equity assets as of 11/30/2016

Information Technology 23.01%
Consumer Discretionary 22.57%
Health Care 18.67%
Industrials 11.36%
Financials 9.36%
Energy 8.47%
Consumer Staples 6.56%

Portfolio Composition
as a % of net assets as of 11/30/2016

Domestic Common Stock 58.59%
Foreign Common Stock 35.19%
Cash and Cash Equivalents 6.22%

Equity Country Allocation
as a % of equity assets as of 11/30/2016

United States 61.5%
United Kingdom 6.4%
China 6.2%
France 6.1%
Germany 5.4%
Japan 3.6%
Netherlands 2.7%
Israel 2.0%
South Korea 1.8%
Brazil 1.8%
Switzerland 1.3%
Mexico 0.8%
Canada 0.5%

Documents

Select a document below to view or download.

Documents

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 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.

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).

Morningstar Ratings: For each fund with at least a 3-year history, Morningstar calculates a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of all sales charges), placing emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. (Each share class is counted as a fraction of one fund and rated separately.) A fund's overall rating is derived from a weighted average of the 3-, 5- and 10-year (if applicable) rating metrics. Morningstar Rating is for the share classes specified; other classes may have different performance characteristics.

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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