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Ivy Global Natural Resources Fund

  • $15.66 NAV as of 12/2/2016
  • ($0.01) / 0.06% Daily NAV Change
  • 24.48% YTD (NAV)

Summary

Tap the potential of natural resources companies worldwide

Investment universe
Can invest in international and domestic resource-related stocks, including oil and gas, precious metals, forest products, agribusiness, alternative energy and commodities.
Disciplined process
Portfolio manager uses a review of macroeconomic and global market environment plus a focus on fundamentals for stock selection in seeking long-term returns.
Potential benefits
Commodities as an asset class historically have not moved in tandem with stocks, offering diversification and potential inflation protection by investing in life’s essential elements.

Morningstar Style Box

Blend
Large
Source: Morningstar

Portfolio Management

David P. Ginther, CPA

  • Ivy Investment Management Company
  • 3 Years with Fund
  • 21 Years in Industry
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David P. Ginther is a senior vice president of Ivy Investment Management Company. Mr. Ginther joined Waddell & Reed in March 1995 as an investment analyst. He was named assistant vice president, senior investment analyst, and assistant portfolio manager in January 1999. Mr. Ginther was portfolio manager of Ivy Dividend Opportunities Fund from July 2003 to July 2013. He has been portfolio manager of the Ivy Energy Fund since April 2006 and was named portfolio manager of the Ivy Global Natural Resources Fund in July 2013. Prior to joining Waddell & Reed, Mr. Ginther was an executive with Amoco Corp. from 1986-1995. He graduated from Kansas State University in 1986 with a BS in accounting. He earned a Certified Public Accountant designation in 1992.

Michael T. Wolverton

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 12 Years in Industry
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Michael T. Wolverton is a vice president of Waddell & Reed Investment Management Company and Ivy Investment Management Company. Mr. Wolverton joined the organization in 2005 as an investment analyst. He was named assistant vice president in 2012. In 2013, Mr. Wolverton was named vice president and assistant portfolio manager of Ivy Energy Fund, Waddell & Reed Advisors Energy Fund, Ivy Funds VIP Energy, Ivy Global Natural Resources Fund and Ivy Funds VIP Global Natural Resources. In October 2016, he was named co-portfolio manager on those funds and portfolios. Prior to joining the firm, Mr. Wolverton was affiliated with the MBA Investment Fund, LLC as a portfolio manager. He graduated from William Jewell College in 1997 with a BS in Accounting. He earned an MBA with an emphasis in Finance from the University of Texas at Austin, McCombs School of Business in 2005.

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 12/2/2016

Net Asset Value (NAV) $15.66
Daily NAV Change ($) ($0.01) 0.06%
Weekly NAV Change ($) $0.61 4.05%
Public Offering Price (POP) $16.62

Fund Facts

Ticker Symbol IGNEX
CUSIP 465899409
Fund Code 412
Fund Type Specialty Funds
Fund Inception 1/2/1997
Class Inception 4/2/2007
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 10/31/2016) $708.5 mil
Total Equity Holdings (as of 10/31/2016) 38
Total Holdings (as of 10/31/2016) 47
Portfolio Turnover Rate
Lipper Category Global Natural Resources Funds
Morningstar Category Natural Resources
Benchmark MSCI ACWI IMI ENERGY 55 MATERIALS 45

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 E shares are subject to an initial sales charge of 5.75% when purchased for your InvestEd Plan account; it also features a step down structure of lowering the initial sales charge based on the amount of your investment. The Ivy Limited Term-Bond Fund, Class E share is subject to an initial sales charge of 2.50%. The Ivy Money Market Fund, Class E share does not include a sales charge.

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 with maximum 5.75% sales charge 16.10% 2.72% -7.05% -4.48% -3.54%
Fund at NAV 23.21% 9.00% -5.19% -3.35% -2.95%

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 with maximum 5.75% sales charge 9.81% 4.57% -8.52% -1.53% -4.17%
Fund at NAV 16.53% 10.98% -6.70% -0.36% -3.57%
Lipper Global Natural Resources Funds 18.23% 16.17% -6.92% -0.18% -0.32% -2.11%
MSCI ACWI IMI ENERGY 55 MATERIALS 45 20.03% 21.31% -3.60% 1.54% 2.22% 0.54%

Calendar Year Return

  2011 2012 2013 2014 2015
Class E -21.44 0.47 8.27 -13.13 -22.11
MSCI ACWI IMI ENERGY 55 MATERIALS 45 -11.58 6.32 7.57 -11.31 -19.71

Morningstar Ratings as of 10/31/2016 Morningstar Logo

Category: Natural Resources
Ratings are based on risk-adjusted returns
Overall out of 129
3 Year out of 129
5 Year out of 109
10 Year out of 61

Lipper Ranking through 10/31/2016 Lipper Logo

Category: Global Natural Resources Funds
  Rank Percentile
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 94/137 69
3 Year 62/130 48
5 Year 53/115 46
10 Year

Expense Ratios as of 7/31/2016

Net 1.27%
Gross 2.21%

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

MSCI ACWI IMI ENERGY 55 MATERIALS 45 18.25

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

*Modern Portfolio Theory
Alpha -1.67
Beta 1.10
R-Squared 90.28
Sharpe Ratio -0.02
Capture Ratio Upside: 105.69%
Downside: 113.40%

Distributions

Historical Prices Inception 4/2/2007

Date Price Dividend Reinvest Date Capital Gain Reinvest Date
12/1/2016 $15.65 NO NO
12/2/2016 $15.66 NO NO

Historical Distributions Inception 4/2/2007

Ex-date Income Capital Gains Reinvest Gains Payment Date
12/13/2012 $0.0581 Long: $0.000 Short: $0.000 $16.66 12/13/2012
12/11/2008 $0 Long: $2.960 Short: $1.248 $10.3 12/11/2008
12/13/2007 $0.349 Long: $1.571 Short: $1.644 $38.09 12/13/2007

*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 10/31/2016

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. 7.13%
Schlumberger Ltd. Schlumberger Limited operates as an oilfield services company in the United States and internationally. 6.07%
EOG Resources, Inc. EOG Resources, Inc., explores, develops, produces and markets natural gas and crude oil primarily in producing basins in the United States, Canada, The Republic of Trinidad and Tobago, the United Kingdom, and The People's Republic of China. 4.45%
Chevron Corp. 3.96%
Concho Resources, Inc. Concho Resources Inc., an independent oil and natural gas company, acquires, develops, and explores for oil and natural gas properties in the U.S. 3.75%
BHP Billiton plc BHP Billiton Plc is a diversified natural resources company that operates worldwide. 3.54%
Pioneer Natural Resources Co. Pioneer Natural Resources Company (Pioneer) is an independent oil and gas exploration and production company with operations in the United States and South Africa. 3.39%
Cimarex Energy Co. Cimarex Energy Company operates as an independent oil and gas exploration and production company primarily in Texas, Oklahoma, and New Mexico. The company owns interests in 4,160 net productive oil and gas wells. 3.30%
Enterprise Products Partners L.P. 3.28%
Rio Tinto plc Rio Tinto Plc is an international business involved in each stage of metal and mineral production. The company produces aluminum, copper, diamonds, coal, iron ore, uranium, gold and industrial minerals (borates, titanium dioxide, salt, talc and zircon). 2.93%

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

Large 79.5%
Medium 20.5%
Small 0.0%
Median Market Cap (as of 10/31/2016) $20.1 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 10/31/2016

Oil & Gas Exploration & Production 24.9%
Oil & Gas Equipment & Services 19.0%
Integrated Oil & Gas 9.4%
Oil & Gas Storage & Transportation 7.7%
Diversified Metals & Mining 7.0%
Gold 5.3%
Oil & Gas Refining & Marketing 5.3%
Oil & Gas Drilling 5.2%
Industrial Machinery 3.0%
Fertilizers & Agricultural Chemicals 2.9%

Sector Allocation
as a % of equity assets as of 10/31/2016

Energy 71.51%
Materials 23.71%
Industrials 4.78%
Utilities 0.00%

Portfolio Composition
as a % of net assets as of 10/31/2016

Domestic Common Stock 77.11%
Foreign Common Stock 15.83%
Cash and Cash Equivalents 7.06%
Preferred Stock 0.00%

Equity Country Allocation
as a % of equity assets as of 10/31/2016

United States 83.0%
United Kingdom 9.7%
Canada 6.5%
Netherlands 0.9%
China 0.0%

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. 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. Investing in companies involved in one specified sector may be more risky and volatile than an investment with greater diversification. 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 risks are magnified in emerging markets. Investing in natural resources can be riskier than other types of investment activities because of a range of factors, including price fluctuation caused by real and perceived inflationary trends and political developments; and the cost assumed by natural resource companies in complying with environmental and safety regulations. Investing in physical commodities, such as gold, exposes the fund to other risk considerations such as potentially severe price fluctuations over short periods of time. The Fund may use a range of derivative instruments in seeking to hedge market risk on equity securities, increase exposure to specific sectors or companies, and manage exposure to various foreign currencies and precious metals. Such hedging involves additional risks, as the fluctuations in the values of the derivatives may not correlate perfectly with the overall securities markets or with the underlying asset from which the derivative’s value is derived. These and other risks are more fully described in the 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 ACWI (All Country World Index) 55% Energy and 45% Materials Index is a custom index that is a free float-adjusted market capitalization weighted index that is designed to measure the energy and materials equity market performance of developed and emerging markets. It is not possible to invest directly in an index.

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.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2017, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s Distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses for Class E shares at 1.27%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees.

Through July 31, 2017, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IDI, WISC or the Board of Trustees.

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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