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Ivy Managed International Opportunities Fund

  • $9.28 NAV as of 12/18/2018
  • ($-0.74) / -7.39% Daily NAV Change
  • -15.66% YTD (NAV)

Summary

Improve your mix of overseas investments

Streamlined approach
Participate in potential growth around the world through international asset allocation in a single mutual fund.
Diversified portfolio
Seeks to provide a diversified portfolio of international equities and fixed-income securities by investing in six international and global mutual funds from Ivy Funds.
Investment discipline
May be right for long-term investors seeking to benefit from a well-defined, consistent investment mix for international portfolio diversification.

Morningstar Style Box

Blend
Large
LTD
Low
Source: Morningstar

Portfolio Management

John C. Maxwell, CFA

  • Ivy Investment Management Company
  • 2 Years with Fund
  • 26 Years in Industry
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John Maxwell is co-portfolio manager of the international core equity product suite of mutual funds and institutional accounts. He has held portfolio manager responsibilities for the firm's international core equity strategy since 2006. Mr. Maxwell also has been a co-portfolio manager of the Ivy Managed International Opportunities Fund since 2016. Mr. Maxwell joined Waddell & Reed in 1998 as an equity investment analyst and has held several roles in the firm. As an equity analyst he followed industries in the consumer discretionary, consumer staples, information technology and telecom services sectors. He had been an assistant portfolio manager on the Value product suite, a portfolio manager of the Ivy Global Income Allocation Fund, and a co-portfolio manager of the Ivy Global Equity Income Fund. He joined the International team in 2004. Prior to joining Waddell & Reed, Mr. Maxwell held positions with Fort Washington Investment Advisors, Procter & Gamble, and the White House Special Programs Office. He was a U.S. Army Reserve Officer. Mr. Maxwell graduated from the University of Kentucky in 1985 with a BS in Mechanical Engineering. He earned an MBA with an emphasis in Finance from The Johnson School at Cornell University in 1992.

Aaron D. Young

  • Ivy Investment Management Company
  • 2 Years with Fund
  • 13 Years in Industry
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Aaron Young has been co-portfolio manager of Ivy Managed International Opportunities Fund, Ivy VIP Pathfinder Portfolios and InvestEd Portfolios since 2016. Mr. Young is also a member of the firm’s Investment Risk Management group. Named to the team in 2017, his extensive quantitative research capabilities add depth to the firm’s risk management and portfolio analytics resources. Mr. Young joined the organization in 2005 as a fixed income investment analyst with an emphasis in credit research and derivative securities. He joined the Asset Strategy team as an investment analyst in 2007 and was named assistant portfolio manager of Ivy and Ivy VIP Asset Strategy Funds in 2012. He covered brokers, asset managers and exchanges as an equity investment analyst during 2008. He was appointed assistant vice president in 2012 and vice president in 2014. Mr. Young graduated with honors in 2000 with a BA in Philosophy from the University of Missouri. He earned an MBA with a concentration in Finance and Strategy from the Olin School of Business, Washington University in St. Louis in 2005.

Growth of a $10,000 Investment
through 11/30/2018

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 12/18/2018

Net Asset Value (NAV) $9.28
Daily NAV Change ($) ($-0.74) -7.39%
Weekly NAV Change ($) $-0.88 -8.66%
Public Offering Price (POP) $9.85

Fund Facts

Ticker Symbol IVTAX
CUSIP 465898229
Fund Code 695
Fund Type Global/International
Fund Inception 4/2/2007
Class Inception 4/2/2007
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 11/30/2018) $176.4 mil
Portfolio Turnover Rate (as of 9/30/2018) 34%
Morningstar Category Foreign Large Blend
Lipper Category International Multi-Cap Core
Benchmark MSCI ACWI Ex USA NR 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. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return

Average Annual Total Returns as of 11/30/2018
(Returns for periods of less than 1-yr are not annualized)
 
Fund with 5.75% sales charge -16.01% -14.49% 1.15% 1.24% 6.90% 1.79%
Fund at NAV -10.85% -9.27% 3.16% 2.43% 7.53% 2.30%
MSCI ACWI Ex USA NR USD -10.12% -8.12% 5.43% 1.79% 7.66%
Morningstar Foreign Large Blend -10.02% -8.61% 3.83% 1.51% 7.18%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2018
(Returns for periods of less than 1-yr are not annualized)
 
Fund with 5.75% sales charge -8.40% -4.95% 6.32% 4.31% 5.03% 2.58%
MSCI ACWI Ex USA NR USD -3.09% 1.76% 9.97% 4.12% 5.18%
Fund at NAV -2.78% 0.88% 8.45% 5.56% 5.66% 3.11%
Morningstar Foreign Large Blend -2.30% 1.55% 8.71% 4.05% 4.98%

Calendar Year Return

Indexes 2013
MSCI ACWI Ex USA NR USD 27.19 4.50 -5.66 -3.87 15.29
Class A 24.42 0.94 -1.77 -0.22 15.76

Morningstar Ratings as of 11/30/2018 Morningstar Logo

Category: Foreign Large Blend
Ratings are based on risk-adjusted returns
Overall out of 636
3 Year out of 636
5 Year out of 511
10 Year out of 380

Morningstar Ranking as of 11/30/2018 Morningstar Logo

Category: Foreign Large Blend
 
Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar Category based on average annual total return and number of Funds in that Category. The Morningstar Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same Category, where 1% = Best and 100% = Worst.
1 Year 386/748 63
3 Year 373/636 68
5 Year 81/511 17
10 Year 135/380 38

Expense Ratios as of 7/31/2018

Net 1.35%
Gross 1.35%

5-Year Standard Deviation as of 11/30/2018

MSCI ACWI Ex USA NR USD 11.73

5-Year MPT* Statistics as of 11/30/2018

*Modern Portfolio Theory
Alpha 0.74
Beta 0.90
R-Squared 92.27
Sharpe Ratio 0.17
Capture Ratio Upside: 91.73%
Downside: 86.83%

Distributions

Historical Prices Inception 4/2/2007

12/3/2018 $10.75 NO NO
12/4/2018 $10.49 NO NO
12/6/2018 $10.28 NO NO
12/7/2018 $10.23 NO NO
12/10/2018 $10.12 NO NO
12/11/2018 $10.16 NO NO
12/12/2018 $10.32 NO NO
12/13/2018 $10.34 NO NO
12/14/2018 $10.14 NO NO
12/17/2018 $10.02 NO NO
12/18/2018 $9.28 YES YES

Historical Distributions Inception 4/2/2007

12/18/2018 $0.1596 Long: $0.589 Short: $0.000 $9.28 12/18/2018
12/13/2016 $0.1026 Long: $0.000 Short: $0.000 $9.84 12/13/2016
12/15/2015 $0.071 Long: $0.000 Short: $0.000 $9.64 12/15/2015
12/16/2014 $0.143 Long: $0.000 Short: $0.000 $9.75 12/16/2014
12/17/2013 $0.1136 Long: $0.000 Short: $0.000 $9.86 12/17/2013

*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 11/30/2018

NAV 1.35%
With Sales Charge 1.27%

Portfolio

Total Portfolio Holdings

Updated quarterly, upon availability.

Top 10 Industry Allocation
as a % of Equity Holdings as of 11/30/2018

Diversified Banks 11.7%
Pharmaceuticals 6.4%
Integrated Oil & Gas 5.2%
Automobile Manufacturers 3.4%
Integrated Telecommunication Services 3.3%
Aerospace & Defense 2.4%
Internet & Direct Marketing Retail 2.3%
IT Consulting & Other Services 2.2%
Packaged Foods & Meats 2.2%
Technology Hardware, Storage & Peripherals 2.2%

Fixed Income Country Allocation
as a % of bond holdings as of 9/30/2018

United States 35.9%
United Kingdom 14.4%
Luxembourg 10.1%
France 9.2%
Mexico 5.7%
Netherlands 4.6%
Argentina 4.2%
Cayman Islands 3.9%
Uruguay 2.5%
Canada 2.4%
Italy 1.8%
Turkey 1.7%
Brazil 1.6%
Ireland 1.4%
Columbia 0.7%

Underlying Fund Composition
as a % of net assets as of 11/30/2018

Ivy International Core Equity 33.9 %
Ivy Pzena International Value 20.4 %
Ivy Emerging Markets Equity 15.4 %
Ivy Global Equity Income 10.4 %
Ivy Global Growth 10.0 %
Ivy IG International Small Cap 9.9 %

Portfolio Allocation Ranges
(as of the most recent prospectus)

  Low High
Ivy International Core Equity Fund 0.0 % 60.0 %
Ivy Pzena International Value Fund 0.0 % 60.0 %
Ivy Global Growth Fund 0.0 % 60.0 %
Ivy Global Equity Income Fund 0.0 % 60.0 %
Ivy IG International Small Cap Fund 0.0 % 60.0 %
Ivy Emerging Markets Equity Fund 0.0 % 60.0 %

Sector Allocation
as a % of equity assets as of 11/30/2018

Financials 19.02%
Industrials 12.55%
Consumer Discretionary 11.55%
Information Technology 11.47%
Health Care 9.85%
Energy 9.60%
Consumer Staples 8.46%
Communication Services 8.01%
Materials 5.20%
Real Estate 2.51%
Utilities 1.78%

Quality
as a % of fixed income assets as of 9/30/2018

Quality: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.
NonRated 6.80%
Government Bonds 3.40%
AA 2.40%
A 1.10%
BBB 9.20%
BB 40.00%
B 30.10%
CCC 7.00%

Portfolio Composition
as a % of net assets as of 11/30/2018

Foreign Common Stock 85.59%
Domestic Common Stock 10.98%
Cash and Cash Equivalents 3.43%

Equity Country Allocation
as a % of equity assets as of 11/30/2018

Japan 13.1%
United Kingdom 12.7%
United States 11.3%
France 10.4%
China 8.3%
Switzerland 6.3%
Germany 5.5%
South Korea 2.9%
Hong Kong 2.8%
India 2.7%
Netherlands 2.7%
Brazil 2.6%
Italy 1.9%
Canada 1.8%
Taiwan 1.6%
Australia 1.6%
Ireland 1.4%
Russia 1.3%
Denmark 1.3%
Singapore 1.2%
Sweden 1.1%
South Africa 1.0%
Luxembourg 0.9%
Spain 0.7%
Norway 0.6%
Vietnam 0.3%
Mexico 0.3%
Belgium 0.3%
Austria 0.2%
Thailand 0.2%
Isle Of Man 0.2%
Indonesia 0.2%
Macau 0.2%
Argentina 0.1%
Malaysia 0.1%
Estonia 0.1%

Total Portfolio Holdings

Updated quarterly, upon availability.

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. 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 performance of the Fund will depend on the success of the allocations among the chosen underlying funds. Investing in a single region involves greater risk and potential reward than investing in a more diversified fund. 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.

Effective May 15, 2017, the Ivy Managed International Opportunities Fund will invest in Class N shares of the underlying funds instead of Class I.

The MSCI ACWI ex USA Index captures large and mid-cap representation across 22 of 23 Developed Markets (DM) countries (excluding the U.S.) and 24 Emerging Markets (EM) countries. The index covers approximately 85% of the global equity opportunity set outside the U.S. 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. (www.msci.com) 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.

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 0.49%; Class B shares at 1.40%; Class C shares at 1.29%; Class I shares at 0.16%; Class R shares at 0.72%; and Class Y shares at 0.38%. 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.

Effective July 31, 2018, the Fund may invest its assets in three additional underlying funds with the following target allocation ranges: Ivy IG International Small Cap Fund 0-60%, Ivy Global Equity Income Fund 0-60% and Ivy Pzena International Value Fund 0-60%.

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.

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 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.

Quality: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Information is subject to change and is not intended to represent any past or future investment recommendations.

Co-Portfolio Manager Cynthia Prince-Fox retired from the firm on April 30, 2018.

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