Select a Fund Family and Share Class
Go

Ivy LaSalle Global Risk-Managed Real Estate Fund

  • $10.33 NAV as of 12/2/2016
  • ($0.09) / 0.88% Daily NAV Change
  • -1.79% YTD (NAV)

Summary

A risk-aware approach to global real estate securities

Global portfolio
Seeks to provide total return through long-term capital appreciation and current income, primarily investing in global publicly traded real estate equity securities.
Investment focus
Refines the global real estate securities universe to focus on companies thought to have lower leverage, lower business risk or lower-risk property types; does not directly invest in real estate.
Risk-review process
Seek to manage risk using a proprietary risk-review process combined with top-down assessment of global real estate markets and bottom-up analysis of individual securities.

Refining the universe of potential securities into a risk--managed portfolio

Global Real Estate Securities

Diversification does not guarantee a profit or protect against loss in a declining market. It is a method to manage risk. There is no guarantee the Fund will not decline in value in comparison with funds that do not use a risk-managed approach.

Morningstar Style Box

Blend
Large
Source: Morningstar

Portfolio Management

Stanley J Kraska, Jr

  • LaSalle Investment Management Securities
  • 3 Years with Fund
  • 30 Years in Industry
Toggle Section

Stanley J. Kraska, Jr. is an International Managing Director of LaSalle Investment Management (Securities). His responsibilities include portfolio management and overall group management. He is a member of ULI and NAREIT. Mr. Kraska received his B.A. in Engineering Sciences from Dartmouth College and his M.B.A. from the Harvard Business School.

George J Noon, CFA

  • LaSalle Investment Management Securities
  • 3 Years with Fund
  • 28 Years in Industry
Toggle Section

George J. Noon, CFA, is an International Managing Director of LaSalle Investment Management (Securities). He is the portfolio manager of Global and Asia Pacific real estate securities programs. He is an associate member of NAREIT and a CFA charterholder. Mr. Noon is a graduate of the Wharton School of the University of Pennsylvania with a B.S. degree in Economics and a major in Finance.

Lisa Kaufman

  • LaSalle Investment Management Securities
  • 1 Year with Fund
  • 22 Years in Industry
Toggle Section

Lisa Kaufman has 22 years in the industry. She previously was a deputy portfolio manager at LaSalle. Kaufman has an MBA in Finance from Columbia Business School and an AB in Urban Studies and Political Science from Brown University.

Matthew Sgrizzi, CFA

  • LaSalle Investment Management Securities
  • 1 Year with Fund
  • 14 Years in Industry
Toggle Section

Matthew Sgrizzi, CFA, is a Managing Director of LaSalle Investment Management (Securities). Mr. Sgrizzi's responsibilities include managing separate account portfolios of public European property companies and the European portion of LaSalle Securities' global securities portfolio accounts. He graduated from Loyola University Maryland with a B.A. in Finance. Mr. Sgrizzi is a CFA Charterholder.

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 12/2/2016

Net Asset Value (NAV) $10.33
Daily NAV Change ($) ($0.09) 0.88%
Weekly NAV Change ($) $0.02 0.19%
Public Offering Price (POP) $10.33

Fund Facts

Ticker Symbol IVRCX
CUSIP 465899268
Fund Code 357
Fund Type Specialty Funds
Fund Inception 4/1/2013
Class Inception 4/1/2013
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 10/31/2016) $120.3 mil
Total Equity Holdings (as of 10/31/2016) 72
Total Holdings (as of 10/31/2016) 73
Portfolio Turnover Rate
Lipper Category Global Real Estate Funds
Morningstar Category Global Real Estate
Benchmark FTSE EPRA/NAREIT Developed 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. 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 11/30/2016
(Returns for periods of less than 1-yr are not annualized)
  YTD 1YR 3YR 5YR 10YR LIFE
Fund with maximum 1.00% CDSC -2.19% 0.56% 6.20% 2.74%
Fund at NAV -1.22% 0.56% 6.20% 2.74%

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 1.00% CDSC 8.24% 14.75% 8.77% 5.88%
Lipper Global Real Estate Funds 8.58% 12.90% 7.34% 11.89% 2.97% 5.76%
Fund at NAV 9.24% 14.75% 8.77% 5.88%
FTSE EPRA/NAREIT Developed TR USD 10.97% 15.85% 8.59% 13.16% 4.16% 6.92%

Calendar Year Return

  2011 2012 2013 2014 2015
FTSE EPRA/NAREIT Developed TR USD 4.39 15.89 0.05
Class C 18.82 2.57

Morningstar Ratings as of 10/31/2016 Morningstar Logo

Category: Global Real Estate
Ratings are based on risk-adjusted returns
Overall out of 208
3 Year out of 208
5 Year out of —
10 Year out of —

Lipper Ranking through 10/31/2016 Lipper Logo

Category: Global Real Estate Funds
  Rank Percentile
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 88/178 50
3 Year 19/134 15
5 Year
10 Year

Expense Ratios as of 7/31/2016

Net 2.35%
Gross 2.35%

5-Year Standard Deviation as of

FTSE EPRA/NAREIT Developed TR USD 13.78

Distributions

Historical Prices Inception 4/1/2013

Date Price Dividend Reinvest Date Capital Gain Reinvest Date
12/1/2016 $10.24 NO NO
12/2/2016 $10.33 NO NO

Historical Distributions Inception 4/1/2013

Ex-date Income Capital Gains Reinvest Gains Payment Date
6/16/2016 $0.235 Long: $0.000 Short: $0.000 $11.1 6/16/2016
3/10/2016 $0.009 Long: $0.000 Short: $0.000 $10.83 3/10/2016
12/10/2015 $0.015 Long: $0.084 Short: $0.020 $10.43 12/10/2015
12/11/2014 $0.164 Long: $0.000 Short: $0.000 $10.56 12/11/2014
6/12/2014 $0.012 Long: $0.000 Short: $0.000 $10.28 6/12/2014
12/12/2013 $0.1 Long: $0.000 Short: $0.000 $8.9 12/12/2013

*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.

12-Month Trailing Dist. Yield as of 10/31/2016

NAV 2.40%
With Sales Charge 2.40%

Annualized 30-Day SEC Yield as of 10/31/2016

Subsidized - NAV 0.28%
Unsubsidized - NAV 0.28%

Portfolio

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

Simon Property Group, Inc. Simon Property Group, Inc. (Simon) is a United States real estate company. 7.65%
Equity Residential Equity Residential (EQR) is a real estate investment trust (REIT). The Company is focused on the acquisition, development and management of apartment properties in United States markets. 5.12%
Welltower, Inc. 4.22%
Boston Properties, Inc. Boston Properties, Inc. is an integrated, self-administered and self-managed real estate investment trust. The Company owns and develops office properties in the United States. 3.88%
Swire Properties Ltd. Developer, owner and operator of commercial properties in Hong Kong and China 3.81%
Hongkong Land Holdings Ltd. Hongkong Land Holdings Limited invests in and develops commercial properties. It primarily owns and manages prime office and retail space in Hong Kong. 3.74%
Public Storage, Inc. Public Storage (the Trust) is a real estate investment trust (REIT). The TrustÆs principal business activities include the acquisition, development, ownership and operation of self-storage facilities. 3.61%
AvalonBay Communities, Inc. AvalonBay Communities, Inc. engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in the United States. 3.16%
ProLogis Prologis, Inc., formerly AMB Property Corporation, incorporated in 1997, operates as a real estate investment trust (REIT) and invests in properties located in the infill submarkets of its targeted markets. 2.86%
Vornado Realty Trust Vornado Realty Trust is a fully integrated real estate investment trust (REIT) and one of the largest owners and managers of real estate in the United States. 2.70%

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

Large 57.1%
Medium 36.5%
Small 6.5%
Median Market Cap (as of 10/31/2016) $4.3 bil

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

Retail REITs 29.9%
Office REITs 18.4%
Residential REITs 12.7%
Diversified REITs 11.4%
Real Estate Operating Companies 9.1%
Specialized REITs 6.7%
Health Care REITs 6.3%
Industrial REITs 5.5%

Sector Allocation
as a % of equity assets as of 10/31/2016

Real Estate 100.00%

Portfolio Composition
as a % of net assets as of 10/31/2016

Domestic Common Stock 55.46%
Foreign Common Stock 43.01%
Cash and Cash Equivalents 1.53%

Equity Country Allocation
as a % of equity assets as of 10/31/2016

United States 56.3%
Japan 10.3%
Hong Kong 9.3%
Australia 6.0%
United Kingdom 5.9%
France 3.4%
Germany 3.0%
Canada 1.8%
Singapore 1.3%
Sweden 0.9%
Spain 0.7%
Netherlands 0.6%
Switzerland 0.6%

Documents

Select a document below to view or download.

Documents

Risk Factors. As with any mutual fund, the value of the Funds' shares will change, and you could lose money on your investment. Investment risks associated with investing in real estate securities, in addition to other risks, include rental income fluctuation, depreciation, property tax value changes and differences in real estate market values. Because the Funds invest more than 25% of their total assets in the real estate industry, the Funds may be more susceptible to a single economic, regulatory, or technical occurrence than a fund that does not concentrate its investments in this industry. 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 risks are magnified in emerging markets. The Funds are non-diversified, meaning that they may invest a significant portion of their total assets in a limited number of issuers, and a decline in value of those investments would cause the Fund's overall value to decline greater than that of a more diversified portfolio. There is no guarantee that the Ivy LaSalle Global Risk-Managed Real Estate Fund will not decline in value in comparison with funds that do not use a risk-managed approach. 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.

Diversification does not guarantee a profit or protect against loss in a declining market. It is a method to manage risk.

The FTSE EPRA/NAREIT Developed Index is an unmanaged index that tracks the performance of listed real estate companies and REITs worldwide. It is not possible to invest directly in an index.

The Ivy Global Risk-Managed Real Estate Fund was renamed Ivy LaSalle Global Risk-Managed Real Estate Fund on Feb. 1, 2016

Keith R. Pauley was a portfolio manager on the Fund until Sept. 1, 2016.

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.

30-Day SEC Yield: is calculated based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.

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.

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.

The Fund is sub-advised by LaSalle Investment Management Securities, LLC, which delegates to its affiliate, LaSalle Investment Management Securities, B.V., for portfolio management responsibilities of Fund assets allocated to European investments. References to LaSalle Investment Management Securities include both entities.

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.

Market Data powered by Wikinvest. Data is provided as-is, delayed, and subject to Terms