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Ivy International Core Equity Fund

  • $18.42 NAV as of 4/27/2017
  • ($-0.02) / -0.11% Daily NAV Change
  • 10.63% 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.

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 3/31/2017

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 4/27/2017

Net Asset Value (NAV) $18.42
Daily NAV Change ($) ($-0.02) -0.11%
Weekly NAV Change ($) $0.54 3.02%
Public Offering Price (POP) $19.54

Fund Facts

Ticker Symbol IVIAX
CUSIP 465897353
Fund Code 613
Fund Type Global/International
Fund Inception 5/13/1997
Class Inception 5/13/1997
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 3/31/2017) $4.9 bil
Total Equity Holdings (as of 3/31/2017) 78
Total Holdings (as of 3/31/2017) 102
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.

Performance at NAV does not include the effect of sales charges, if it had, performance shown would be lower. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return

Average Annual Total Returns as of 3/31/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund with 5.75% sales charge 1.70% 7.77% 0.62% 5.63% 3.19% 4.94%
MSCI EAFE NR USD 7.25% 11.67% 0.50% 5.83% 1.05%
Lipper International Large-Cap Core 7.64% 11.34% -0.23% 4.42% 0.61% 4.50%
Fund at NAV 7.93% 14.31% 2.62% 6.88% 3.81% 5.25%

Quarterly Rates of Return

Average Annual Total Returns as of 3/31/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund with 5.75% sales charge 1.70% 7.77% 0.62% 5.63% 3.19% 4.94%
MSCI EAFE NR USD 7.25% 11.67% 0.50% 5.83% 1.05%
Lipper International Large-Cap Core 7.64% 11.34% -0.23% 4.42% 0.61% 4.50%
Fund at NAV 7.93% 14.31% 2.62% 6.88% 3.81% 5.25%

Calendar Year Return

  2012
Class A 13.45 24.54 0.98 -1.01 1.35
MSCI EAFE NR USD 17.32 22.78 -4.90 -0.81 1.00

Morningstar Ratings as of 3/31/2017 Morningstar Logo

Category: Foreign Large Blend
Ratings are based on risk-adjusted returns
Overall out of 586
3 Year out of 586
5 Year out of 525
10 Year out of 327

Lipper Ranking through 3/31/2017 Lipper Logo

Category: International Large-Cap Core
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 24/135 18
3 Year 4/107 4
5 Year 6/99 6
10 Year 3/78 4

Expense Ratios as of 7/31/2016

Net 1.31%
Gross 1.31%

5-Year Standard Deviation as of 3/31/2017

MSCI EAFE NR USD 13.21

5-Year MPT* Statistics as of 3/31/2017

*Modern Portfolio Theory
Alpha 1.47
Beta 0.91
R-Squared 94.25
Sharpe Ratio 0.55
Capture Ratio Upside: 94.64%
Downside: 86.49%

Distributions

Historical Prices Inception 5/13/1997

4/3/2017 $17.92 NO NO
4/4/2017 $17.91 NO NO
4/5/2017 $17.93 NO NO
4/6/2017 $17.89 NO NO
4/7/2017 $17.87 NO NO
4/10/2017 $17.90 NO NO
4/11/2017 $17.92 NO NO
4/12/2017 $17.93 NO NO
4/13/2017 $17.77 NO NO
4/17/2017 $17.89 NO NO
4/18/2017 $17.80 NO NO
4/19/2017 $17.73 NO NO
4/20/2017 $17.88 NO NO
4/21/2017 $17.87 NO NO
4/24/2017 $18.31 NO NO
4/25/2017 $18.44 NO NO
4/26/2017 $18.44 NO NO
4/27/2017 $18.42 NO NO

Historical Distributions Inception 5/13/1997

12/8/2016 $0.2647 Long: $0.000 Short: $0.000 $16.65 12/8/2016
12/10/2015 $0.1366 Long: $0.000 Short: $0.000 $16.56 12/10/2015
12/11/2014 $0.2337 Long: $1.347 Short: $0.440 $17.14 12/11/2014
12/12/2013 $0.3509 Long: $0.000 Short: $0.004 $18.03 12/12/2013
12/13/2012 $0.22 Long: $0.000 Short: $0.000 $15.19 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 3/31/2017

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. 2.27%
Nestle S.A., Registered Shares Nestle is the world's leading nutrition, health and wellness company. 2.08%
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. 2.02%
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. 1.98%
Bayer AG Bayer Aktiengersellschaft offers materials research and discovery services for companies in the chemical and pharmaceuticals industries using high-throughput experimentation equipment. 1.93%
Vinci Vinci Companies is a French construction and electrical engineering company, formerly called SociTtT GTnTrale d'Enterprises. 1.89%
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. 1.81%
Adecco S.A. Adecco Group AG, together with its subsidiaries, provides human resource services to businesses and organizations worldwide. 1.80%
BAE Systems plc Global provider of defense and security products, including cyber services, military support, electronic systems and protection equipment. 1.75%
Shire Pharmaceuticals Group plc ADR Shire plc (Shire) is a specialty biopharmaceutical company that focuses on meeting the needs of the specialist physician. 1.74%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 3/31/2017

Large 92.7%
Medium 6.6%
Small 0.7%
Median Market Cap (as of 3/31/2017) $41.3 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 3/31/2017

Diversified Banks 10.7%
Construction & Engineering 5.3%
Integrated Oil & Gas 5.2%
Pharmaceuticals 5.2%
Life & Health Insurance 4.6%
Oil & Gas Exploration & Production 4.1%
Internet Software & Services 3.9%
Packaged Foods & Meats 3.8%
Auto Parts & Equipment 3.4%
Tobacco 3.4%

Sector Allocation
as a % of equity assets as of 3/31/2017

Financials 19.88%
Industrials 17.97%
Consumer Discretionary 13.81%
Consumer Staples 11.68%
Health Care 10.74%
Energy 10.39%
Information Technology 5.64%
Materials 5.23%
Telecommunication Services 4.66%

Portfolio Composition
as a % of net assets as of 3/31/2017

Foreign Common Stock 96.51%
Cash and Cash Equivalents 2.92%
Preferred Stock 0.57%

Equity Country Allocation
as a % of equity assets as of 3/31/2017

United Kingdom 17.8%
Japan 15.3%
France 15.1%
Germany 10.2%
Switzerland 8.0%
China 5.2%
Spain 4.0%
Canada 3.6%
Ireland 3.6%
Hong Kong 3.1%
Australia 3.0%
Netherlands 1.9%
Israel 1.9%
Brazil 1.2%
South Korea 1.2%
Norway 1.2%
South Africa 1.1%
Luxembourg 1.1%
India 1.1%
United States 0.6%

Total Portfolio Holdings

Updated quarterly, upon availability.

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.

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 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, and includes the effects of sales charges, loads, and redemption fees, as applicable. 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. Certain information contained herein: (1) is proprietary to Morningstar and/or its content providers; (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.

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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