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Ivy Large Cap Growth Fund

  • $14.10 NAV as of 12/9/2016
  • ($0.04) / 0.28% Daily NAV Change
  • 1.60% YTD (NAV)

Summary

Seeking quality growth companies with competitive advantages

Strategic process
Primarily uses a bottom-up strategy focusing on companies believed to have dominant market positions and established competitive advantages. These characteristics can help to mitigate competition and lead to more sustainable revenue and earnings growth.
Management discipline
Places strict adherence to large-company growth style investing. Management team has managed large-cap growth strategies for more than a decade and has 25+ years of professional investment experience.
Potential benefits
Employs a consistent effort to provide the highest level of risk-adjusted results within multiple market environments.

Morningstar Style Box

Growth
Large
Source: Morningstar

Portfolio Management

Daniel P. Becker, CFA

  • Ivy Investment Management Company
  • 16 Years with Fund
  • 28 Years in Industry
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Daniel P. Becker is a senior vice president of Ivy Investment Management Company. Mr. Becker graduated from the University of Wisconsin at Madison in 1987 with a BS in mathematical economics. He earned an MS with an emphasis in finance, investments, and banking from the University of Wisconsin Graduate School of Business in 1989. He joined Waddell & Reed in October 1989 as an investment analyst. He was named portfolio manager of the Ivy Large Cap Growth Fund at its inception in July 2000. Mr. Becker is a member of the Association for Investment Management and Research.

Bradley M. Klapmeyer, CFA

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 16 Years in Industry
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Bradley M. Klapmeyer is a vice president of Ivy Investment Management Company and Waddell & Reed Investment Management Company. He joined the firm in June 2007 as an investment analyst and was appointed assistant vice president in January 2010. He became an assistant portfolio manager on the large-cap growth team in September 2011. In August 2014, Mr. Klapmeyer was appointed portfolio manager of the Ivy Tax-Managed Equity Fund and Waddell & Reed Advisors Tax-Managed Equity Fund. In August 2016, he was appointed co-portfolio manager of the Ivy Large Growth Fund, Waddell & Reed Advisors Vanguard Fund, Ivy Funds VIP Growth and large-cap growth equity institutional accounts. He was previously affiliated with Prudential Equity Group, LLC where he helped cover the airline sector from 2006 to 2007. From 2000 to 2006, he was an equity analyst for Commerce Bank where his research responsibilities focused on electronic and health technologies. He graduated from Truman State University in 1999 with a BS in finance and a minor in economics. Mr. Klapmeyer is a CFA charterholder and a member of the Kansas City CFA Society.

Growth of a $10,000 Investment
through 11/30/2016

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.

Documents

Perspectives

Quarterly Fund Commentary

Daily Prices as of 12/9/2016

Net Asset Value (NAV) $14.10
Daily NAV Change ($) ($0.04) 0.28%
Weekly NAV Change ($) $-0.54 -3.69%
Public Offering Price (POP) $14.10

Fund Facts

Ticker Symbol WLGBX
CUSIP 466000619
Fund Code 567
Fund Type Domestic Equity
Fund Inception 6/30/2000
Class Inception 7/6/2000
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 11/30/2016) $1.6 bil
Total Equity Holdings (as of 11/30/2016) 47
Total Holdings (as of 11/30/2016) 47
Portfolio Turnover Rate (as of 9/30/2016) 20%
Lipper Category Large-Cap Growth Funds
Morningstar Category Large Growth
Benchmark Russell 1000 Growth TR 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. Class B shares, including sales charge, reflects the applicable contingent deferred sales charge (CDSC), which declines from 5% at the time of purchase to zero at the beginning of the seventh year.

Monthly Rates of Return

Average Annual Total Returns as of 11/30/2016
(Returns for periods of less than 1-yr are not annualized)
  YTD 1YR 3YR 5YR 10YR LIFE
Fund with maximum 5.00% CDSC -4.93% -5.17% 5.67% 11.06% 6.53% 4.91%
Fund at NAV 0.07% -1.52% 6.47% 11.19% 6.53% 4.91%
Lipper Large-Cap Growth Funds 1.33% -0.03% 6.90% 12.68% 7.05%
Russell 1000 Growth TR USD 5.77% 4.22% 9.13% 14.14% 8.24% 2.61%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2016
(Returns for periods of less than 1-yr are not annualized)
  YTD 1YR 3YR 5YR 10YR LIFE
Fund with maximum 5.00% CDSC -3.38% 4.81% 8.88% 13.98% 7.26% 5.05%
Fund at NAV 1.62% 8.81% 9.70% 14.10% 7.26% 5.05%
Lipper Large-Cap Growth Funds 3.12% 10.80% 9.96% 15.27% 7.74%
Russell 1000 Growth TR USD 6.00% 13.76% 11.83% 16.60% 8.85% 2.65%

Calendar Year Return

  2011 2012 2013 2014 2015
Class B 0.87 9.42 34.20 10.37 5.86
Russell 1000 Growth TR USD 2.64 15.26 33.48 13.05 5.67

Morningstar Ratings as of 11/30/2016 Morningstar Logo

Category: Large Growth
Ratings are based on risk-adjusted returns
Overall out of 1308
3 Year out of 1308
5 Year out of 1129
10 Year out of 797

Lipper Ranking through 11/30/2016 Lipper Logo

Category: Large-Cap Growth Funds
  Rank Percentile
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 470/659 72
3 Year 369/595 62
5 Year 420/522 81
10 Year 273/379 72

Expense Ratios as of 7/31/2016

Net 2.07%
Gross 2.07%

5-Year Standard Deviation as of 11/30/2016

Russell 1000 Growth TR USD 10.91

Distributions

Historical Prices Inception 7/6/2000

Date Price Dividend Reinvest Date Capital Gain Reinvest Date
12/1/2016 $14.62 NO NO
12/2/2016 $14.64 NO NO
12/5/2016 $14.77 NO NO
12/6/2016 $14.77 NO NO
12/7/2016 $14.93 NO NO
12/8/2016 $14.06 YES YES
12/9/2016 $14.10 NO NO

Historical Distributions Inception 7/6/2000

Ex-date Income Capital Gains Reinvest Gains Payment Date
12/8/2016 $0 Long: $0.914 Short: $0.000 $14.06 12/8/2016
12/10/2015 $0 Long: $1.178 Short: $0.000 $14.84 12/10/2015
12/11/2014 $0 Long: $1.389 Short: $0.000 $14.98 12/11/2014
12/12/2013 $0 Long: $1.984 Short: $0.000 $14.3 12/12/2013
12/13/2007 $0 Long: $0.121 Short: $0.000 $13.68 12/13/2007

*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 11/30/2016

Lam Research Corp. Lam Research Corporation (Lam Research) is a supplier of wafer fabrication equipment and services to the worldwide semiconductor industry. The Company designs, manufactures, markets, and services semiconductor processing equipment used in the fabrication of integrated circuits. 4.58%
Celgene Corp. Celgene Corporation, a biopharmaceutical company, discovers, develops, and commercializes therapies to treat cancer and immune-inflammatory related diseases in the United States and internationally. 4.36%
Microsoft Corp. Microsoft Corporation is a multinational computer technology corporation that develops, manufactures, licenses and supports a wide range of software products for computing devices. 4.28%
MasterCard, Inc., Class A MasterCard Incorporated (MasterCard) is a global payments company that provides a economic link among financial institutions, businesses, merchants, cardholders and governments worldwide, enabling them to use electronic forms of payment instead of cash and checks. 4.27%
Visa, Inc., Class A Visa Inc. operates retail electronic payments network worldwide. It facilitates commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses, and government entities. 3.94%
Home Depot, Inc. (The) The Home Depot, Inc. (The Home Depot) is a home improvement retailer. The Home Depot stores sell an assortment of building materials, home improvement and lawn and garden products and provide a number of services. 3.82%
Facebook, Inc., Class A Facebook, Inc. operates as a social networking company worldwide. It builds various tools that enable users to connect, share, discover, and communicate with each other on mobile devices and computers. 3.47%
Microchip Technology, Inc. Microchip Technology Incorporated, together with its subsidiaries, develops and manufactures semiconductor products for various embedded control applications. 3.44%
Goldman Sachs Group, Inc. (The) The Goldman Sachs Group, Inc. (Goldman Sachs) is a bank holding and a global investment banking, securities and investment management company. The Company provides a range of financial services to customers, including corporations, financial institutions, governments and high-net-worth individuals. 3.41%
Alphabet, Inc., Class A Alphabet Inc through its subsidiary Google Inc is engaged in improving the ways people connect with information & products including Search, Android, YouTube, Apps, Maps & Ads. It also produces internet-connected home devices & provides internet services. 3.21%

Market Capitalization
as a % of equity assets as of 11/30/2016

Large 99.2%
Medium 0.8%
Small 0.0%
Median Market Cap (as of 11/30/2016) $52.6 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 11/30/2016

Biotechnology 9.1%
Data Processing & Outsourced Services 9.0%
Internet Software & Services 8.9%
Investment Banking & Brokerage 5.8%
Semiconductor Equipment 5.7%
Railroads 5.0%
Application Software 4.6%
Financial Exchanges & Data 4.6%
Aerospace & Defense 4.4%
Systems Software 4.3%

Sector Allocation
as a % of equity assets as of 11/30/2016

Information Technology 40.30%
Consumer Discretionary 14.70%
Health Care 13.44%
Industrials 10.96%
Financials 10.39%
Energy 5.56%
Consumer Staples 2.75%
Materials 1.22%
Real Estate 0.68%

Portfolio Composition
as a % of net assets as of 11/30/2016

Domestic Common Stock 94.48%
Foreign Common Stock 4.97%
Cash and Cash Equivalents 0.55%

Equity Country Allocation
as a % of equity assets as of 11/30/2016

United States 95.0%
Canada 2.5%
Ireland 2.5%

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. Investing in companies involved primarily in a single asset class (large cap) may be more risky and volatile than an investment with greater diversification. 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. 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: The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It is not possible to invest directly in an index.

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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