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Ivy International Core Equity Fund

  • $19.67 NAV as of 7/27/2017
  • ($-0.06) / -0.30% Daily NAV Change
  • 17.57% YTD (NAV)

Summary

A gateway to international opportunities

Broad Reach
Wide-range investment mandate, which allows the Fund to invest across the entire international landscape, including emerging markets.
True Flexibility
A core style approach with the ability to over- and underweight international growth or international value stocks as market cycles and research dictates.
Fundamental approach
Seeks companies with strong free cash flow in healthy industries that may benefit from global restructuring and growth.

2017 Award Winner

For the second consecutive year, Ivy International Core Equity Fund, Class I, has been recognized for strong risk-adjusted performance relative to its peers over the three- and Five-year period ended Nov. 30, 2016.

International Large-Cap Core category; 3- and 5-year periods, 107 and 101 funds in category, respectively.

The Lipper Fund Awards honor individual funds that have delivered stronger and more consistent risk-adjusted performance than their peers over a given measurement period. Lipper’s proprietary mutual fund rating methodology is used to determine the winners. To be considered for a fund award in the U.S., funds must have at least 36 months of performance history and must be classified in a peer group with at least 10 distinct portfolios. The fund with the highest Lipper Leader rating for Consistent Return value in each eligible classification determines the classification winner over three, five or 10 years. Other share classes may have different performance and expense characteristics. For a detailed explanation of the process, please review the Lipper Fund Awards methodology document (U.S.) here. Lipper, a Thomson Reuters company, is a mutual fund research and rating service. Although Lipper makes reasonable efforts to ensure accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Lipper awards are not intended to predict future results.

Morningstar Style Box

Blend
Large
Source: Morningstar

Portfolio Management

John C. Maxwell, CFA

  • Ivy Investment Management Company
  • 11 Years with Fund
  • 25 Years in Industry
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John Maxwell is co-portfolio manager of the international core equity product suite of mutual funds and institutional accounts. He has held portfolio manager responsibilities for the firm's international core equity strategy since 2006. Mr. Maxwell also has been a co-portfolio manager of the Ivy Managed International Opportunities Fund since 2016. Mr. Maxwell joined Waddell & Reed in 1998 as an equity investment analyst and has held several roles in the firm. As an equity analyst he followed industries in the consumer discretionary, consumer staples, information technology and telecom services sectors. He had been an assistant portfolio manager on the Value product suite, a portfolio manager of the Ivy Global Income Allocation Fund, and a co-portfolio manager of the Ivy Global Equity Income Fund. He joined the International team in 2004. Prior to joining Waddell & Reed, Mr. Maxwell held positions with Fort Washington Investment Advisors, Procter & Gamble, and the White House Special Programs Office. He was a U.S. Army Reserve Officer. Mr. Maxwell graduated from the University of Kentucky in 1985 with a BS in Mechanical Engineering. He earned an MBA with an emphasis in Finance from The Johnson School at Cornell University in 1992.

Catherine Murray

  • Ivy Investment Management Company
  • <1 Year with Fund
  • 26 Years in Industry
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Catherine Murray was named co-portfolio manager of the international core equity product suite of mutual funds and institutional accounts in January 2017. She had been the assistant portfolio manager on the product since January 2014. She remains the firm's international financial sector analyst, and previously was the firm's global financial sector analyst. Prior to joining Waddell & Reed in 2011, Ms. Murray had significant roles as both a sell-side and buy-side financial sector analyst. She was a managing director of JP Morgan and a senior sell-side banking industry analyst at JP Morgan Securities where she followed Latin American, U.S. regional and money center banks. She was an Institutional Investor (II) ranked analyst in two banking industry categories, and achieved the top II ranking as a Latin America banks analyst. Ms. Murray also was a managing director and senior financial services analyst at Neuberger Berman, and a financial sector strategist at WJB Capital. Ms. Murray graduated from the College of St. Catherine in St. Paul, Minnesota with a BA in French and Business Administration (accounting). She earned her MBA from the Wharton School, University of Pennsylvania, majoring in Finance. She has lived and studied in Mexico City and Paris, France.

Growth of a $10,000 Investment
through 6/30/2017

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 7/27/2017

Net Asset Value (NAV) $19.67
Daily NAV Change ($) ($-0.06) -0.30%
Weekly NAV Change ($) $0.00 0.00%
Public Offering Price (POP) $19.67

Fund Facts

Ticker Symbol ICEIX
CUSIP 465899706
Fund Code 478
Fund Type Global/International
Fund Inception 5/13/1997
Class Inception 4/2/2007
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 6/30/2017) $6.2 bil
Total Equity Holdings (as of 6/30/2017) 80
Total Holdings (as of 6/30/2017) 98
Portfolio Turnover Rate (as of 3/31/2017) 80%
Lipper Category International Large-Cap Core
Morningstar Category Foreign Large Blend
Benchmark MSCI EAFE 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 6/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
MSCI EAFE NR USD 13.81% 20.27% 1.15% 8.69% 1.03% 1.61%
Fund at NAV 14.23% 22.40% 2.55% 10.37% 3.98% 4.69%
Lipper International Large-Cap Core 14.35% 19.68% 0.54% 7.44% 0.63% 1.26%

Quarterly Rates of Return

Average Annual Total Returns as of 6/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
MSCI EAFE NR USD 13.81% 20.27% 1.15% 8.69% 1.03% 1.61%
Fund at NAV 14.23% 22.40% 2.55% 10.37% 3.98% 4.69%
Lipper International Large-Cap Core 14.35% 19.68% 0.54% 7.44% 0.63% 1.26%

Calendar Year Return

  2012
Class I 13.99 24.93 1.37 -0.73 1.66
MSCI EAFE NR USD 17.32 22.78 -4.90 -0.81 1.00

Morningstar Ratings as of 6/30/2017 Morningstar Logo

Category: Foreign Large Blend
Ratings are based on risk-adjusted returns
Overall out of 595
3 Year out of 595
5 Year out of 533
10 Year out of 342

Lipper Ranking through 6/30/2017 Lipper Logo

Category: International Large-Cap Core
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 23/115 20
3 Year 2/88 3
5 Year 3/81 4
10 Year 2/65 4

Expense Ratios as of 7/5/2017

Net 0.97%
Gross 0.97%

5-Year Standard Deviation as of 6/30/2017

MSCI EAFE NR USD 11.74

5-Year MPT* Statistics as of 6/30/2017

*Modern Portfolio Theory
Alpha 2.38
Beta 0.90
R-Squared 93.06
Sharpe Ratio 0.94
Capture Ratio Upside: 96.22%
Downside: 81.76%

Distributions

Historical Prices Inception 4/2/2007

7/3/2017 $19.13 NO NO
7/5/2017 $19.09 NO NO
7/6/2017 $18.98 NO NO
7/7/2017 $18.98 NO NO
7/10/2017 $19.01 NO NO
7/11/2017 $19.07 NO NO
7/12/2017 $19.30 NO NO
7/13/2017 $19.34 NO NO
7/14/2017 $19.46 NO NO
7/17/2017 $19.44 NO NO
7/18/2017 $19.46 NO NO
7/19/2017 $19.57 NO NO
7/20/2017 $19.67 NO NO
7/21/2017 $19.55 NO NO
7/24/2017 $19.48 NO NO
7/25/2017 $19.53 NO NO
7/26/2017 $19.73 NO NO
7/27/2017 $19.67 NO NO

Historical Distributions Inception 4/2/2007

12/8/2016 $0.3177 Long: $0.000 Short: $0.000 $16.73 12/8/2016
12/10/2015 $0.1936 Long: $0.000 Short: $0.000 $16.63 12/10/2015
12/11/2014 $0.2987 Long: $1.347 Short: $0.440 $17.22 12/11/2014
12/12/2013 $0.4159 Long: $0.000 Short: $0.004 $18.11 12/12/2013
12/13/2012 $0.28 Long: $0.000 Short: $0.000 $15.25 12/13/2012

*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 6/30/2017

Total S.A. TOTAL is the world's fourth-largest integrated oil and petroleum company, engaged in oil and gas exploration, development, production, refining, marketing, trading and shipping. 2.16%
Bayer AG Bayer Aktiengersellschaft offers materials research and discovery services for companies in the chemical and pharmaceuticals industries using high-throughput experimentation equipment. 2.13%
Nestle S.A., Registered Shares Nestle is the world's leading nutrition, health and wellness company. 2.11%
Danone S.A. Danone SA is a food processing company. The Company produces dairy products, beverages, baby food, and medical nutrition products. 1.99%
Isuzu Motors Ltd. Isuzu Motors Limited manufactures and markets trucks and automobile parts. The company's products include pickup trucks, light and heavy duty trucks, medium and large-sized buses, recreational vehicles, and sport utility vehicles. 1.93%
Orange S.A. Orange SA provides telecommunications services to residential, professional, and large business customers. The Company offers public fixed-line telephone, leased lines and data transmission, mobile telecommunications, cable television, Internet and wireless applications, and broadcasting services, and telecommunications equipment sales and rentals. 1.87%
AIA Group Ltd. AIA Group Limited is an investment holding company. The Company and its subsidiaries are engaged in provision of products and services to individuals and businesses for their insurance, protection, savings, investment and retirement needs. 1.83%
Nippon Telegraph and Telephone Corp. NIPPON TELEGRAPH AND TELEPHONE CORPORATION (NTT) provides a variety of telecommunication services, including telephone, telegraph, leased circuits, data communication, terminal equipment sales, and related services. The Company provides both local and long distance telephone services within Japan. 1.82%
SoftBank Group Corp. SoftBank Group Corp along with its subsidiaries provides mobile telecommunication services, sale of mobile handsets and accessories, fixed-line telecommunication services, internet-based advertising and data and broadband services. 1.68%
Teva Pharmaceutical Industries Ltd. ADR Teva Pharmaceutical Industries Ltd (Teva) is a global pharmaceutical and drug company. It develops, produces and markets generic drugs in all treatment categories. 1.66%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 6/30/2017

Large 92.2%
Medium 7.3%
Small 0.5%
Median Market Cap (as of 6/30/2017) $34.4 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 6/30/2017

Diversified Banks 8.1%
Integrated Oil & Gas 5.6%
Pharmaceuticals 5.0%
Automobile Manufacturers 4.7%
Packaged Foods & Meats 4.2%
Construction & Engineering 4.2%
Internet Software & Services 4.0%
Integrated Telecommunication Services 3.8%
Oil & Gas Exploration & Production 3.7%
Life & Health Insurance 3.6%

Sector Allocation
as a % of equity assets as of 6/30/2017

Industrials 18.06%
Financials 16.45%
Consumer Discretionary 14.67%
Consumer Staples 12.39%
Energy 10.18%
Health Care 10.13%
Materials 6.43%
Information Technology 6.15%
Telecommunication Services 5.54%

Portfolio Composition
as a % of net assets as of 6/30/2017

Foreign Common Stock 97.02%
Cash and Cash Equivalents 2.95%
Domestic Common Stock 0.03%

Equity Country Allocation
as a % of equity assets as of 6/30/2017

Japan 17.6%
United Kingdom 16.8%
France 13.6%
Germany 12.4%
Switzerland 7.8%
China 5.1%
Netherlands 4.0%
Canada 3.8%
Ireland 3.3%
Hong Kong 3.2%
Australia 2.5%
Israel 1.7%
Spain 1.5%
Norway 1.4%
India 1.2%
South Korea 1.2%
South Africa 1.1%
Brazil 1.1%
Luxembourg 0.9%

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. 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 EAFE is an unmanaged index comprised of securities that represent the securities markets in Europe, Australasia and the Far East. 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.

Class T shares were launched on July 5, 2017.

Fee Waiver and/or Expense Reimbursement: Through July 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 E shares at 1.28%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 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 of the Board.

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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