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Ivy IG International Small Cap Fund

  • $12.14 NAV as of 9/19/2017
  • ($0.08) / 0.66% Daily NAV Change
  • YTD (NAV)

Summary

An international gateway to small cap opportunities

Sound philosophy
Seeks small-cap companies across the international landscape that exhibit perceived growth at a reasonable price.
Fundamental + Thematic
Fund employs a proprietary, fundamentally driven stock selection process while incorporating a top-down view for thematic drivers.
Proven manager
I.G. International Management Limited, the Fund's subadvisor, has managed international small cap strategies since 2002. The portfolio management team has more than 35 years industry experience.

Morningstar Style Box

Growth
Medium
Source: Morningstar

Portfolio Management

Martin Fahey, CFA

  • I.G. International Management Limited
  • <1 Year with Fund
  • 29 Years in Industry
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Martin Fahey brings more than 25 years of experience and a broad European and international scope to the investment decision making process and fund management at I.G. International Management Limited. Prior to joining the firm in 1993, Martin held various investment management positions at AMP Asset Management and United Friendly Insurance. As Head of European Equities, Martin is responsible for overseeing the investment process of all European mandates. Mr. Martin Fahey is the Portfolio Manager for Investors European Equity Fund, Investors European Mid-Cap Equity Fund, Investors International Small Cap Class and Ivy IG International Small Cap Fund. A native of Ireland, Martin is a Chartered Financial Analyst charterholder and has also successfully completed the International Investment Management Research exam. He earned his Bachelor of Commerce and Master of Business Studies (Honors) degree at University College Galway.

Bryan Mattei, CFA

  • I.G. International Management Limited
  • <1 Year with Fund
  • 11 Years in Industry
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Bryan Mattei brings more than 10 years of experience in the investment management industry to I.G. International Management Limited and is located in our Hong Kong office. Prior to joining I.G. International Management Limited in 2013, Bryan was Head of Research for Cantor Fitzgerald in Ireland. Before this he was Equity Fund Manager in the Wealth Management division of IBRC in Dublin where he managed the Japan Equity Fund and the European Equity Fund. He was Co-manager of both the Large Cap M&amp;A and Long/Short Equity funds. As Portfolio Manager, Bryan focuses on the Asian small cap sector with a particular emphasis on Japan. Bryan is Co-Portfolio manager for Investors International Small Cap Fund and Ivy IG International Small Cap Fund, where he is focused on developed markets in Asia, and Investors Pan Asian Equity Fund. Originally from the U.S., Mattei is a Chartered Financial Analyst. He earned his Bachelor of Science magna cum laude from Boston College, Carroll School of Management and also studied business, economics and social sciences at the University of Dublin, Trinity College.

Growth of a $10,000 Investment
through 8/31/2017

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 9/19/2017

Net Asset Value (NAV) $12.14
Daily NAV Change ($) ($0.08) 0.66%
Weekly NAV Change ($) $0.13 1.08%
Public Offering Price (POP) $12.14

Fund Facts

Ticker Symbol IVJIX
CUSIP 46600A666
Fund Code 468
Fund Type Global/International
Fund Inception 1/10/2017
Class Inception 1/10/2017
Fiscal Year End September
Dividends Paid December
Fund Assets (as of 8/31/2017) $40.2 mil
Total Equity Holdings (as of 8/31/2017) 90
Total Holdings (as of 8/31/2017) 91
Portfolio Turnover Rate (as of 3/31/2017) 13%
Lipper Category International Small-/Mid-Cap Growth Funds
Morningstar Category Foreign Small/Mid Blend
Benchmark MSCI EAFE Small Cap 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 8/31/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund at NAV 17.20%
MSCI EAFE Small Cap NR USD 21.94% 21.98% 8.07% 13.25% 4.45% 20.17%

Quarterly Rates of Return

Average Annual Total Returns as of 6/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund at NAV 12.20%
Lipper International Small-/Mid-Cap Growth Funds 16.25%
MSCI EAFE Small Cap NR USD 16.72% 23.18% 5.60% 12.94% 3.41% 15.03%

Expense Ratios as of 1/10/2017

Net 1.15%
Gross 1.30%

5-Year Standard Deviation as of

MSCI EAFE Small Cap NR USD N/A

Distributions

Historical Prices Inception 1/10/2017

9/1/2017 $11.76 NO NO
9/5/2017 $11.73 NO NO
9/6/2017 $11.74 NO NO
9/7/2017 $11.90 NO NO
9/8/2017 $11.95 NO NO
9/11/2017 $11.98 NO NO
9/12/2017 $12.01 NO NO
9/13/2017 $11.97 NO NO
9/14/2017 $12.05 NO NO
9/15/2017 $12.06 NO NO
9/18/2017 $12.06 NO NO
9/19/2017 $12.14 NO NO

Historical Distributions Inception 1/10/2017

No results found.

*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 8/31/2017

Teleperformance SE Teleperformance is a multinational company headquartered in France. The company specializes in outsourced omnichannel customer experience management. 2.11%
Ubisoft Entertainment S.A. UbiSoft Entertainment SA produces, edits, and distributes video games. The Company also produces educational software. UbiSoft's products are sold internationally on CD-Rom and through the Internet. The Company also licenses its games to Nintendo, Sega, and Sony. 2.03%
Dalata Hotel Group plc Dalata Hotel Group Public Limited Company owns and operates as a chain of hotels. The Company supports and develops hotels throughout Ireland and the United Kingdom. 1.95%
Rubis Group 1.93%
Matsumotokiyoshi Holdings Co. Ltd. Matsumotokiyoshi Holdings Co., Ltd. is a holding company established through reorganization of Matsumotokiyoshi. The Company operates a drug store chain, selling medicines, cosmetics, health foods, beauty care products, pets products, and household utensils in the Tokyo metropolitan area. The Company also operates supermarkets and home centers. 1.86%
TechnoPro Holdings, Inc. 1.73%
Sopra Steria Group S.A. 1.72%
GVC Holdings plc GVC Holdings PLC is an e-gaming operator in both B2C and B2B markets. The company's line of business includes the provision of internet gaming, sports betting, casino, poker and bingo services. 1.70%
Nifco, Inc. 1.70%
Ryohin Keikaku Co. Ltd. 1.66%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 8/31/2017

Large 3.8%
Medium 69.3%
Small 27.0%
Median Market Cap (as of 8/31/2017) $3.4 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 8/31/2017

Industrial Machinery 8.2%
Auto Parts & Equipment 5.0%
Regional Banks 3.4%
Internet Software & Services 3.4%
IT Consulting & Other Services 3.4%
Industrial REITs 3.3%
Commodity Chemicals 2.7%
Office REITs 2.3%
Research & Consulting Services 2.2%
Real Estate Operating Companies 2.2%

Sector Allocation
as a % of equity assets as of 8/31/2017

Consumer Discretionary 21.82%
Industrials 18.90%
Information Technology 15.57%
Materials 11.10%
Financials 9.16%
Real Estate 8.56%
Energy 5.27%
Health Care 5.03%
Consumer Staples 3.32%
Utilities 1.27%

Portfolio Composition
as a % of net assets as of 8/31/2017

Foreign Common Stock 93.96%
Cash and Cash Equivalents 6.04%

Equity Country Allocation
as a % of equity assets as of 8/31/2017

Japan 32.7%
Germany 12.0%
France 11.4%
United Kingdom 10.0%
Ireland 6.6%
Australia 6.5%
Isle Of Man 4.6%
China 2.5%
Netherlands 2.2%
Singapore 1.8%
Italy 1.7%
Spain 1.6%
Belgium 1.2%
Luxembourg 1.0%
Switzerland 1.0%
Jersey 0.9%
Austria 0.8%
Sweden 0.8%
Hong Kong 0.7%

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. 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 small-cap stocks may carry more risk than investing in stocks of larger more well-established companies. The value of a security believed by the Fund's manager to be undervalued may never reach what the manager believes to be its full value, or such security's value may decrease. 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.

The MSCI EAFE Small Cap Index is an equity index which captures small cap representation across developed markets and countries around the world, excluding the US and Canada. It is not possible to invest in an index.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2018, 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 (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.45% and Class I shares at 1.15%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees. Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes below its respective expense cap. Fee Waiver and/or Expense Reimbursement: Through January 31, 2018, 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 without the consent 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.

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.

When a fund's share class has less than a year of performance to report, the returns shown are cumulative.

Information is subject to change and is not intended to represent any past or future investment recommendations.

The Fund is sub-advised by I.G. International Management Limited, which delegates to its subsidiary, I.G. Investment Management (Hong Kong) Limited, for additional portfolio management responsibilities. References to I.G. International Management Limited include both entities.

YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

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