Ivy International Core Equity Fund
- $16.80 NAV as of 12/9/2016
- ($0.04) / 0.24% Daily NAV Change
- 1.51% YTD (NAV)
Your 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.
- Fundamentally Sound
- Seeks companies with strong free cash flow in healthy industries that may benefit from global restructuring and growth.
Strong historical outperformance relative to benchmark
The Ivy International Core Equity Fund has outperformed the MSCI EAFE Index, on a rolling five-year basis, 100% of the time with relative outperformance averaging 2.29%
Past performance is not a guarantee of future results. Five-year rolling averages from 04/01/2006 through 03/31/2016 and represents Class A (NAV) performance, and does not reflect the effects of sales charges. If it had, performance characteristics would differ.
Morningstar Style Box
John C. Maxwell, CFA
- Ivy Investment Management Company
- 10 Years with Fund
- 24 Years in Industry
John C. Maxwell is a senior vice president of Ivy Investment Management Company. Mr. Maxwell graduated from the University of Kentucky in December 1985 with a BS in mechanical engineering. He earned an MBA with an emphasis in finance from the Johnson School at Cornell University in May 1992. Mr. Maxwell joined the Ivy organization in August 1998 as an investment analyst. He was appointed a vice president in January 2004 and joined the international team in October 2004. Mr. Maxwell was named co-portfolio manager of the Ivy International Core Equity Fund (formerly Ivy International Value Fund) in February 2006, and assumed sole management responsibilities for the Fund in January 2009.
Growth of a $10,000 Investment
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.
Daily Prices as of 12/9/2016
|Net Asset Value (NAV)||$16.80|
|Daily NAV Change ($)||($0.04)||0.24%|
|Weekly NAV Change ($)||$0.27||1.63%|
|Public Offering Price (POP)||$17.82|
|Fiscal Year End||March|
|Fund Assets (as of 11/30/2016)||$4.3 bil|
|Total Equity Holdings (as of 11/30/2016)||82|
|Total Holdings (as of 11/30/2016)||87|
|Portfolio Turnover Rate (as of 9/30/2016)||34%|
|Lipper Category||International Large-Cap Core|
|Morningstar Category||Foreign Large Blend|
|Benchmark||MSCI EAFE NR USD|
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
|Fund with maximum 5.75% sales charge||-7.58%||-9.13%||-1.98%||4.90%||—||2.01%|
|MSCI EAFE NR USD||-2.34%||-3.66%||-2.22%||5.62%||0.72%||0.01%|
|Fund at NAV||-1.96%||-3.58%||-0.02%||6.14%||—||2.64%|
|Lipper International Large-Cap Core||-0.90%||-3.04%||-2.79%||4.29%||0.41%||5.87%|
Quarterly Rates of Return
|Fund with maximum 5.75% sales charge||-4.60%||0.22%||0.74%||7.13%||—||2.39%|
|Fund at NAV||1.19%||6.32%||2.74%||8.40%||—||3.03%|
|MSCI EAFE NR USD||1.73%||6.52%||0.48%||7.39%||1.82%||0.44%|
|Lipper International Large-Cap Core||2.73%||5.78%||-0.40%||6.46%||1.45%||0.22%|
Calendar Year Return
|MSCI EAFE NR USD||-12.14||17.32||22.78||-4.90||-0.81|
Morningstar Ratings as of 11/30/2016
|Ratings are based on risk-adjusted returns|
|Overall out of 621|
|3 Year out of 621|
|5 Year out of 551|
|10 Year out of 332|
Lipper Ranking through 11/30/2016
|Rankings are based on average annual total returns, but do not consider sales charges.|
Expense Ratios as of 7/31/2016
5-Year Standard Deviation as of 11/30/2016
|MSCI EAFE NR USD||13.47|
Historical Prices Inception 4/2/2007
|Date||Price||Dividend Reinvest Date||Capital Gain Reinvest Date|
Historical Distributions Inception 4/2/2007
|Ex-date||Income||Capital Gains||Reinvest Gains||Payment Date|
|12/8/2016||$0.2537||Long: $0.000 Short: $0.000||$16.76||12/8/2016|
|12/10/2015||$0.1056||Long: $0.000 Short: $0.000||$16.67||12/10/2015|
|12/11/2014||$0.1997||Long: $1.347 Short: $0.440||$17.25||12/11/2014|
|12/12/2013||$0.3339||Long: $0.000 Short: $0.004||$18.14||12/12/2013|
|12/13/2012||$0.2108||Long: $0.000 Short: $0.000||$15.27||12/13/2012|
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.
Top 10 Equity Holdings as a % of net assets 11/30/2016
|BAE Systems plc||Global provider of defense and security products, including cyber services, military support, electronic systems and protection equipment.||2.16%|
|Vinci||Vinci Companies is a French construction and electrical engineering company, formerly called SociTtT GTnTrale d'Enterprises.||2.14%|
|Pernod Ricard||A French-based company that produces distilled beverages. The company offers cognac, spirits, champagne, vodka, gin and whiskey among others.||2.13%|
|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.||2.12%|
|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.||2.10%|
|SoftBank Group Corp.||2.04%|
|Deutsche Post AG||Deutsche Post AG is a Germany-based holding company and logistics services provider. The Company operates four business divisions: Mail; Express; Global Forwarding, Freight, and Supply Chain.||2.03%|
|Shire Pharmaceuticals Group plc ADR||Shire plc (Shire) is a specialty biopharmaceutical company that focuses on meeting the needs of the specialist physician.||2.03%|
as a % of equity assets as of 11/30/2016
|Median Market Cap (as of 11/30/2016)||$31.0 bil|
Top 10 Industry Allocation
as a % of Equity Holdings as of 11/30/2016
|Packaged Foods & Meats||4.9%|
|Life & Health Insurance||4.9%|
|Integrated Oil & Gas||4.3%|
|Construction & Engineering||4.0%|
|Internet Software & Services||3.5%|
|Aerospace & Defense||3.5%|
|Integrated Telecommunication Services||3.2%|
as a % of equity assets as of 11/30/2016
as a % of net assets as of 11/30/2016
|Foreign Common Stock||97.29%|
|Cash and Cash Equivalents||2.13%|
Equity Country Allocation
as a % of equity assets as of 11/30/2016
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.
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 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.
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 the Fund’s Class E shares at 1.40%. 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.