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Ivy International Core Equity Fund

  • $17.13 NAV as of 1/13/2017
  • ($0.13) / 0.76% Daily NAV Change
  • 2.88% 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%

Source: Morningstar
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

Source: Morningstar

Portfolio Management

John C. Maxwell, CFA

  • Ivy Investment Management Company
  • 10 Years with Fund
  • 25 Years in Industry
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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
through 12/31/2016

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.



Quarterly Fund Commentary

Daily Prices as of 1/13/2017

Net Asset Value (NAV) $17.13
Daily NAV Change ($) ($0.13) 0.76%
Weekly NAV Change ($) $0.13 0.76%
Public Offering Price (POP) $18.18

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 12/31/2016) $4.4 bil
Total Equity Holdings (as of 12/31/2016) 82
Total Holdings (as of 12/31/2016) 98
Portfolio Turnover Rate (as of 9/30/2016) 34%
Lipper Category International Large-Cap Core
Morningstar Category Foreign Large Blend


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. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly 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 5.75% sales charge -4.49% -4.49% -1.53% 6.17% 2.77% 4.59%
MSCI EAFE NR USD 1.00% 1.00% -1.60% 6.53% 0.75%
Lipper International Large-Cap Core 1.27% 1.27% -2.59% 5.18% 0.28%
Fund at NAV 1.35% 1.35% 0.43% 7.43% 3.39% 4.91%

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 5.75% sales charge -4.49% -4.49% -1.53% 6.17% 2.77% 4.59%
MSCI EAFE NR USD 1.00% 1.00% -1.60% 6.53% 0.75%
Lipper International Large-Cap Core 1.27% 1.27% -2.59% 5.18% 0.28%
Fund at NAV 1.35% 1.35% 0.43% 7.43% 3.39% 4.91%

Calendar Year Return

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 12/31/2016 Morningstar Logo

Category: Foreign Large Blend
Ratings are based on risk-adjusted returns
Overall out of 606
3 Year out of 606
5 Year out of 542
10 Year out of 329

Lipper Ranking through 12/31/2016 Lipper Logo

Category: International Large-Cap Core
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 67/129 52
3 Year 4/106 4
5 Year 8/100 8
10 Year 5/79 7

Expense Ratios as of 7/31/2016

Net 1.31%
Gross 1.31%

5-Year Standard Deviation as of 12/31/2016


5-Year MPT* Statistics as of 12/31/2016

*Modern Portfolio Theory
Alpha 1.36
Beta 0.91
R-Squared 94.49
Sharpe Ratio 0.58
Capture Ratio Upside: 94.42%
Downside: 86.98%


Historical Prices Inception 5/13/1997

1/3/2017 $16.68 NO NO
1/4/2017 $16.88 NO NO
1/5/2017 $17.10 NO NO
1/6/2017 $17.00 NO NO
1/9/2017 $16.99 NO NO
1/10/2017 $17.01 NO NO
1/11/2017 $17.04 NO NO
1/12/2017 $17.00 NO NO
1/13/2017 $17.13 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.


Top 10 Equity Holdings as a % of net assets 12/31/2016

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. 2.46%
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. 2.35%
Vinci Vinci Companies is a French construction and electrical engineering company, formerly called SociTtT GTnTrale d'Enterprises. 2.19%
Adecco S.A. Adecco Group AG, together with its subsidiaries, provides human resource services to businesses and organizations worldwide. 2.06%
Isuzu Motors Ltd. 2.02%
Nestle S.A., Registered Shares Nestle is the world's leading nutrition, health and wellness company. 2.02%
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. 1.99%
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. 1.94%
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. 1.94%
Shire Pharmaceuticals Group plc ADR Shire plc (Shire) is a specialty biopharmaceutical company that focuses on meeting the needs of the specialist physician. 1.90%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 12/31/2016

Large 93.7%
Medium 5.7%
Small 0.7%
Median Market Cap (as of 12/31/2016) $38.7 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 12/31/2016

Diversified Banks 8.6%
Pharmaceuticals 7.5%
Packaged Foods & Meats 5.2%
Integrated Oil & Gas 5.1%
Construction & Engineering 4.4%
Life & Health Insurance 4.1%
Internet Software & Services 3.7%
Integrated Telecommunication Services 3.5%
Automobile Manufacturers 3.2%
Aerospace & Defense 3.1%

Sector Allocation
as a % of equity assets as of 12/31/2016

Financials 17.85%
Industrials 14.25%
Consumer Discretionary 13.51%
Health Care 12.52%
Consumer Staples 12.21%
Energy 9.33%
Information Technology 8.12%
Telecommunication Services 5.45%
Materials 5.37%
Real Estate 1.39%

Portfolio Composition
as a % of net assets as of 12/31/2016

Foreign Common Stock 96.79%
Cash and Cash Equivalents 2.67%
Preferred Stock 0.54%

Equity Country Allocation
as a % of equity assets as of 12/31/2016

United Kingdom 17.7%
France 16.2%
Japan 16.1%
Switzerland 9.4%
Germany 8.7%
China 4.3%
Ireland 4.0%
Hong Kong 2.8%
Australia 2.7%
Spain 2.5%
Israel 2.0%
Finland 1.8%
Netherlands 1.7%
South Africa 1.3%
Brazil 1.2%
Italy 1.2%
South Korea 1.2%
Norway 1.2%
Luxembourg 1.2%
Taiwan 1.1%
Canada 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.

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. ( 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.

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.

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