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Ivy LaSalle Global Risk-Managed Real Estate Fund

  • $10.99 NAV as of 8/15/2018
  • ($0.05) / 0.46% Daily NAV Change
  • 2.02% 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
Medium
Source: Morningstar

Portfolio Management

Stanley J Kraska, Jr

  • LaSalle Investment Management Securities
  • 5 Years with Fund
  • 32 Years in Industry
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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
  • 5 Years with Fund
  • 30 Years in Industry
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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
  • 26 Years in Industry
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Lisa Kaufman 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
  • 3 Years with Fund
  • 16 Years in Industry
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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 7/31/2018

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 8/15/2018

Net Asset Value (NAV) $10.99
Daily NAV Change ($) ($0.05) 0.46%
Weekly NAV Change ($) $-0.04 -0.36%
Public Offering Price (POP) $10.99

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 7/31/2018) $80.9 mil
Total Equity Holdings (as of 7/31/2018) 64
Total Holdings (as of 7/31/2018) 64
Portfolio Turnover Rate (as of 3/31/2018) 35%
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, 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 7/31/2018
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 1.00% CDSC 0.84% 4.10% 3.67% 5.13% 3.82%
Lipper Global Real Estate Funds 1.08% 4.88% 4.69% 5.96% 5.10%
FTSE EPRA/NAREIT Developed TR USD 1.80% 5.67% 5.81% 6.82% 5.74%
Fund at NAV 1.83% 4.10% 3.67% 5.13% 3.82%

Quarterly Rates of Return

Average Annual Total Returns as of 6/30/2018
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 1.00% CDSC 0.02% 4.99% 4.74% 4.91% 3.72%
Lipper Global Real Estate Funds 0.28% 6.11% 5.45% 6.04% 5.08%
FTSE EPRA/NAREIT Developed TR USD 0.91% 6.70% 6.70% 6.89% 5.73%
Fund at NAV 1.00% 4.99% 4.74% 4.91% 3.72%

Calendar Year Return

  2013
FTSE EPRA/NAREIT Developed TR USD 4.39 15.89 0.05 4.99 11.42
Class C 18.82 2.57 2.03 5.13

Morningstar Ratings as of 7/31/2018 Morningstar Logo

Category: Global Real Estate
Ratings are based on risk-adjusted returns
Overall out of 196
3 Year out of 196
5 Year out of 164
10 Year out of —

Lipper Ranking through 7/31/2018 Lipper Logo

Category: Global Real Estate Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 125/179 70
3 Year 112/149 75
5 Year 93/118 79
10 Year

Expense Ratios as of 7/31/2018

Net 2.32%
Gross 2.37%

5-Year Standard Deviation as of

FTSE EPRA/NAREIT Developed TR USD 11.06

Distributions

Historical Prices Inception 4/1/2013

8/1/2018 $10.99 NO NO
8/2/2018 $10.92 NO NO
8/3/2018 $11.02 NO NO
8/6/2018 $11.01 NO NO
8/7/2018 $11.03 NO NO
8/8/2018 $11.03 NO NO
8/9/2018 $11.01 NO NO
8/10/2018 $10.92 NO NO
8/13/2018 $10.91 NO NO
8/14/2018 $10.94 NO NO
8/15/2018 $10.99 NO NO

Historical Distributions Inception 4/1/2013

12/14/2017 $0 Long: $0.012 Short: $0.000 $11.04 12/14/2017
12/8/2016 $0.061 Long: $0.064 Short: $0.055 $10.44 12/8/2016
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 7/31/2018

NAV 2.78%
With Sales Charge 2.78%

Annualized 30-Day SEC Yield as of 7/31/2018

Subsidized - NAV 0.44%
Unsubsidized - NAV 0.44%

Portfolio

Top 10 Equity Holdings as a % of net assets 7/31/2018

Simon Property Group, Inc. Simon Property Group, Inc. (Simon) is a United States real estate company. 6.34%
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. 4.82%
AvalonBay Communities, Inc. AvalonBay Communities, Inc. engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in the United States. 4.50%
Link (The) 4.29%
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. 4.15%
Welltower, Inc. Welltower Inc is engaged in the transformation of healthcare infrastructure. The Company invests in seniors housing operators, post-acute providers and health systems to improve people's wellness and overall health care experience. 3.99%
Swire Properties Ltd. Developer, owner and operator of commercial properties in Hong Kong and China 3.96%
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. 3.46%
Unibail-Rodamco-Westfield 3.03%
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. 2.89%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 7/31/2018

Large ( > $10 bil) 55.3%
Medium ($2 - $10 bil) 40.2%
Small ( < $2 bil) 4.5%
Median Market Cap (as of 7/31/2018) $5.4 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 7/31/2018

Retail REITs 26.8%
Office REITs 18.3%
Residential REITs 14.6%
Real Estate Operating Companies 10.5%
Diversified REITs 8.8%
Specialized REITs 7.4%
Health Care REITs 6.7%
Industrial REITs 6.3%
Diversified Real Estate Activities 0.6%

Sector Allocation
as a % of equity assets as of 7/31/2018

Real Estate 100.00%

Portfolio Composition
as a % of net assets as of 7/31/2018

Domestic Common Stock 55.36%
Foreign Common Stock 44.06%
Cash and Cash Equivalents 0.58%

Equity Country Allocation
as a % of equity assets as of 7/31/2018

United States 55.7%
Hong Kong 10.6%
Japan 9.0%
Australia 5.9%
United Kingdom 5.7%
France 4.1%
Germany 3.6%
Sweden 1.2%
Ireland 1.1%
Canada 1.1%
Spain 0.7%
Belgium 0.5%
Switzerland 0.5%
Singapore 0.3%

Total Portfolio Holdings

Updated quarterly, upon availability.

Ivy LaSalle Global Risk-Managed Real Estate Risk Factors. The value of the Fund's 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 Fund invests more than 25% of its total assets in the real estate industry, the Fund 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 Fund is non-diversified, meaning that it may invest a significant portion of its 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. 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.

Risk Factors. The value of the Fund's 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 Fund invests more than 25% of its total assets in the real estate industry, the Fund 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 Fund is non-diversified, meaning that it may invest a significant portion of its 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.

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.

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

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.51%; and Class I shares at 1.16%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares and the Class N shares do not exceed the total annual ordinary fund operating expenses of the Class A shares and the Class I shares, respectively, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

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.

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.

The Morningstar Rating™ 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 does not include the effects of sales charges. 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.

© 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (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. Past performance is no guarantee of future results.

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.

YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

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