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Ivy International Core Equity Fund

  • $17.79 NAV as of 2/22/2017
  • ($0.08) / 0.45% Daily NAV Change
  • 6.15% YTD (NAV)

Summary

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 1.74%

Source: Morningstar
Past performance is not a guarantee of future results. Five-year rolling averages from 09/30/2006 through 12/31/2016 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

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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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. Mr. Maxwell joined Waddell & Reed in 1998 as an equity investment analyst. He was appointed assistant vice president in 2000. He was named assistant portfolio manager of Waddell & Reed Advisors Value Fund and Ivy VIP Value in 2003. Mr. Maxwell was appointed vice president in 2004 and joined the International team that same year. He was named co-portfolio manager of Ivy International Core Equity Fund in 2006. He held sole management responsibilities for Ivy International Core Equity Fund and Ivy VIP International Core Equity from 2009 to 2017. He was appointed senior vice president in 2010. Mr. Maxwell was named co-portfolio manager of Ivy Managed International Opportunities Fund in 2016. As of January 2017 he is co-portfolio manager of the international core equity product suite comprised of the Ivy International Core Equity Fund, Ivy VIP International Core Equity and institutional accounts. Mr. Maxwell is a CFA charterholder. He is a member of the CFA Institute and the CFA Society of Kansas City.

Catherine Murray

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 26 Years in Industry
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Catherine Murray is co-portfolio manager of the international core equity product suite comprised of the Ivy International Core Equity Fund, Ivy VIP International Core Equity and institutional accounts. She was named co-portfolio manager of the product in 2017. She has served as assistant portfolio manager of the product since 2014. She provides research analysis on international financial stocks. Ms. Murray was appointed vice president in 2012. 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.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 1/31/2017

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 2/22/2017

Net Asset Value (NAV) $17.79
Daily NAV Change ($) ($0.08) 0.45%
Weekly NAV Change ($) $0.29 1.66%
Public Offering Price (POP) $18.88

Fund Facts

Ticker Symbol IICEX
CUSIP 465899607
Fund Code 413
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 1/31/2017) $4.6 bil
Total Equity Holdings (as of 1/31/2017) 78
Total Holdings (as of 1/31/2017) 92
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

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 1/31/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 5.75% sales charge -2.76% 6.12% 0.66% 5.57% 2.64%
MSCI EAFE NR USD 2.90% 12.03% 0.71% 6.04% 0.97% 0.65%
Fund at NAV 3.16% 12.58% 2.67% 6.83% 3.26%
Lipper International Large-Cap Core 3.43% 11.55% 0.21% 4.72% 0.54% 6.23%

Quarterly Rates of Return

Average Annual Total Returns as of 12/31/2016
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 5.75% sales charge -4.52% -4.52% -1.65% 6.08% 2.33%
MSCI EAFE NR USD 1.00% 1.00% -1.60% 6.53% 0.75% 0.36%
Fund at NAV 1.27% 1.27% 0.30% 7.34% 2.96%
Lipper International Large-Cap Core 1.27% 1.27% -2.59% 5.18% 0.28% 5.98%

Calendar Year Return

  2012
Class E 13.54 24.34 0.85 -1.19 1.27
MSCI EAFE NR USD 17.32 22.78 -4.90 -0.81 1.00

Morningstar Ratings as of 1/31/2017 Morningstar Logo

Category: Foreign Large Blend
Ratings are based on risk-adjusted returns
Overall out of 600
3 Year out of 600
5 Year out of 533
10 Year out of 329

Lipper Ranking through 1/31/2017 Lipper Logo

Category: International Large-Cap Core
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 54/132 41
3 Year 7/108 7
5 Year 9/102 9
10 Year

Expense Ratios as of 7/31/2016

Net 1.31%
Gross 1.69%

5-Year Standard Deviation as of 1/31/2017

MSCI EAFE NR USD 13.38

5-Year MPT* Statistics as of 1/31/2017

*Modern Portfolio Theory
Alpha 1.23
Beta 0.91
R-Squared 94.47
Sharpe Ratio 0.54
Capture Ratio Upside: 94.08%
Downside: 87.30%

Distributions

Historical Prices Inception 4/2/2007

2/1/2017 $17.39 NO NO
2/2/2017 $17.35 NO NO
2/3/2017 $17.40 NO NO
2/6/2017 $17.40 NO NO
2/7/2017 $17.32 NO NO
2/8/2017 $17.37 NO NO
2/9/2017 $17.37 NO NO
2/10/2017 $17.48 NO NO
2/13/2017 $17.57 NO NO
2/14/2017 $17.50 NO NO
2/15/2017 $17.64 NO NO
2/16/2017 $17.68 NO NO
2/17/2017 $17.65 NO NO
2/21/2017 $17.71 NO NO

Historical Distributions Inception 4/2/2007

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

*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 1/31/2017

Bridgestone Corp. The Bridgestone Corporation is a multinational auto and truck parts manufacturer founded in 1931 by Shojiro Ishibashi in the city of Kurume, Fukuoka, Japan. 2.39%
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. 2.24%
Vinci Vinci Companies is a French construction and electrical engineering company, formerly called SociTtT GTnTrale d'Enterprises. 2.15%
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. 2.15%
Adecco S.A. Adecco Group AG, together with its subsidiaries, provides human resource services to businesses and organizations worldwide. 2.14%
Isuzu Motors Ltd. 2.06%
Nestle S.A., Registered Shares Nestle is the world's leading nutrition, health and wellness company. 1.97%
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. 1.88%
Bayer AG Bayer Aktiengersellschaft offers materials research and discovery services for companies in the chemical and pharmaceuticals industries using high-throughput experimentation equipment. 1.87%
Shire Pharmaceuticals Group plc ADR Shire plc (Shire) is a specialty biopharmaceutical company that focuses on meeting the needs of the specialist physician. 1.79%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 1/31/2017

Large 93.2%
Medium 6.2%
Small 0.7%
Median Market Cap (as of 1/31/2017) $39.0 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 1/31/2017

Diversified Banks 7.8%
Pharmaceuticals 7.3%
Packaged Foods & Meats 5.2%
Integrated Oil & Gas 5.1%
Construction & Engineering 4.5%
Life & Health Insurance 4.5%
Internet Software & Services 4.1%
Integrated Telecommunication Services 3.7%
Automobile Manufacturers 3.2%
Tobacco 3.2%

Sector Allocation
as a % of equity assets as of 1/31/2017

Financials 16.72%
Industrials 14.91%
Consumer Discretionary 14.45%
Consumer Staples 12.50%
Health Care 12.04%
Energy 9.11%
Information Technology 7.64%
Telecommunication Services 5.96%
Materials 5.25%
Real Estate 1.42%

Portfolio Composition
as a % of net assets as of 1/31/2017

Foreign Common Stock 95.99%
Cash and Cash Equivalents 3.43%
Preferred Stock 0.58%

Equity Country Allocation
as a % of equity assets as of 1/31/2017

United Kingdom 17.9%
France 16.4%
Japan 15.7%
Germany 9.8%
Switzerland 9.6%
China 4.7%
Ireland 3.8%
Hong Kong 3.2%
Spain 2.8%
Australia 2.7%
Israel 1.8%
Netherlands 1.7%
Finland 1.7%
Brazil 1.4%
South Africa 1.4%
South Korea 1.3%
Norway 1.3%
Canada 1.2%
Luxembourg 1.1%
United States 0.6%

Total Portfolio Holdings

Updated quarterly, upon availability.

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. 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).

The Morningstar RatingTM 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. 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.

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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