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Ivy Large Cap Growth Fund

  • $16.24 NAV as of 4/21/2017
  • ($-0.02) / -0.12% Daily NAV Change
  • 8.77% 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
  • 17 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 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 4/21/2017

Net Asset Value (NAV) $16.24
Daily NAV Change ($) ($-0.02) -0.12%
Weekly NAV Change ($) $0.28 1.75%
Public Offering Price (POP) $16.24

Fund Facts

Ticker Symbol WLGCX
CUSIP 466000593
Fund Code 367
Fund Type Domestic Equity
Fund Inception 6/30/2000
Class Inception 7/3/2000
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 3/31/2017) $1.6 bil
Total Equity Holdings (as of 3/31/2017) 49
Total Holdings (as of 3/31/2017) 52
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, if it had, performance shown would be lower. For Class C shares, a 1% CDSC applies to the lesser of amount invested or redemption value of shares redeemed within twelve months after the purchase date.

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 maximum 1.00% CDSC 7.64% 13.24% 8.72% 10.54% 7.45% 5.12%
Fund at NAV 8.64% 13.24% 8.72% 10.54% 7.45% 5.12%
Russell 1000 Growth TR USD 8.91% 15.76% 11.27% 13.32% 9.13% 3.00%
Lipper Large-Cap Growth Funds 9.29% 14.55% 9.18% 11.60% 7.94% 3.32%

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 maximum 1.00% CDSC 7.64% 13.24% 8.72% 10.54% 7.45% 5.12%
Fund at NAV 8.64% 13.24% 8.72% 10.54% 7.45% 5.12%
Russell 1000 Growth TR USD 8.91% 15.76% 11.27% 13.32% 9.13% 3.00%
Lipper Large-Cap Growth Funds 9.29% 14.55% 9.18% 11.60% 7.94% 3.32%

Calendar Year Return

  2012
Class C 9.61 34.55 10.54 5.96 0.40
Russell 1000 Growth TR USD 15.26 33.48 13.05 5.67 7.08

Morningstar Ratings as of 3/31/2017 Morningstar Logo

Category: Large Growth
Ratings are based on risk-adjusted returns
Overall out of 1306
3 Year out of 1306
5 Year out of 1154
10 Year out of 800

Lipper Ranking through 3/31/2017 Lipper Logo

Category: Large-Cap Growth Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 456/665 69
3 Year 376/596 63
5 Year 393/533 74
10 Year 259/383 68

Expense Ratios as of 7/31/2016

Net 1.86%
Gross 1.86%

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

Russell 1000 Growth TR USD 10.63

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

*Modern Portfolio Theory
Alpha -3.19
Beta 1.06
R-Squared 90.21
Sharpe Ratio 0.88
Capture Ratio Upside: 96.43%
Downside: 118.45%

Distributions

Historical Prices Inception 7/3/2000

4/3/2017 $16.18 NO NO
4/4/2017 $16.20 NO NO
4/5/2017 $16.16 NO NO
4/6/2017 $16.19 NO NO
4/7/2017 $16.18 NO NO
4/10/2017 $16.19 NO NO
4/11/2017 $16.14 NO NO
4/12/2017 $16.05 NO NO
4/13/2017 $15.96 NO NO
4/17/2017 $16.12 NO NO
4/18/2017 $16.08 NO NO
4/19/2017 $16.13 NO NO
4/20/2017 $16.26 NO NO
4/21/2017 $16.24 NO NO

Historical Distributions Inception 7/3/2000

12/8/2016 $0 Long: $0.914 Short: $0.000 $15.1 12/8/2016
12/10/2015 $0 Long: $1.178 Short: $0.000 $15.84 12/10/2015
12/11/2014 $0 Long: $1.389 Short: $0.000 $15.88 12/11/2014
12/12/2013 $0 Long: $1.984 Short: $0.000 $15.07 12/12/2013
12/13/2007 $0 Long: $0.121 Short: $0.000 $14.08 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 3/31/2017

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. 4.47%
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. 4.41%
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. 4.20%
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. 4.07%
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. 3.93%
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. 3.85%
Apple, Inc. Apple Inc., together with subsidiaries, designs, manufactures, and markets personal computers, mobile communication devices, and portable digital music and video players, as well as sells various related software, services, peripherals, and networking solutions worldwide. 3.74%
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. 3.69%
Microchip Technology, Inc. Microchip Technology Incorporated, together with its subsidiaries, develops and manufactures semiconductor products for various embedded control applications. 3.51%
Amazon.com, Inc. Amazon.com, Inc. operates as an online retailer in North America and internationally. 3.37%

Total Portfolio Holdings

Updated quarterly, upon availability.

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

Large 97.5%
Medium 2.5%
Small 0.0%
Median Market Cap (as of 3/31/2017) $56.3 bil

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

Internet Software & Services 9.5%
Data Processing & Outsourced Services 9.2%
Biotechnology 7.1%
Investment Banking & Brokerage 6.1%
Internet & Direct Marketing Retail 5.6%
Semiconductor Equipment 5.5%
Systems Software 4.4%
Application Software 4.4%
Health Care Equipment 4.2%
Home Improvement Retail 4.1%

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

Information Technology 42.12%
Consumer Discretionary 16.55%
Health Care 13.49%
Financials 10.04%
Industrials 8.98%
Energy 5.67%
Consumer Staples 3.15%

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

Domestic Common Stock 96.75%
Foreign Common Stock 2.82%
Cash and Cash Equivalents 0.43%

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

United States 97.2%
Ireland 1.4%
Canada 1.4%

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. 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).

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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