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Ivy Managed International Opportunities Fund

  • $10.34 NAV as of 4/21/2017
  • ($0.00) / 0.00% Daily NAV Change
  • 7.60% 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 five 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
MOD
Low
Source: Morningstar

Portfolio Management

John C. Maxwell, CFA

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 25 Years in Industry
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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. Mr. Maxwell joined Waddell & Reed in 1998 as an equity investment analyst. He was appointed assistant vice president in 2000. He was named assistant portfolio manager of Waddell & Reed Advisors Value Fund and Ivy VIP Value in 2003. Mr. Maxwell was appointed vice president in 2004 and joined the International team that same year. He was named co-portfolio manager of Ivy International Core Equity Fund in 2006. He held sole management responsibilities for Ivy International Core Equity Fund and Ivy VIP International Core Equity from 2009 to 2017. He was appointed senior vice president in 2010. Mr. Maxwell was named co-portfolio manager of Ivy Managed International Opportunities Fund in 2016. As of January 2017 he is co-portfolio manager of the international core equity product suite comprised of the Ivy International Core Equity Fund, Ivy VIP International Core Equity and institutional accounts. Mr. Maxwell is a CFA charterholder. He is a member of the CFA Institute and the CFA Society of Kansas City.

Aaron D. Young

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 11 Years in Industry
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Aaron D. Young is a vice president of Ivy Investment Management Company and Waddell & Reed Investment Management Company. Mr. Young joined the organization in 2005 as a fixed-income analyst. He joined the Asset Strategy team as an investment analyst in 2007. Mr. Young was named assistant portfolio manager of the Asset Strategy products in 2012 and continues in that role. He was appointed vice president in 2014. Mr. Young was named co-portfolio manager of InvestEd Portfolios, Ivy Funds VIP Pathfinder portfolios, Ivy Funds VIP Pathfinder Managed Volatility portfolios and Ivy Managed International Opportunities Fund in October 2016. Prior to joining the firm, he was a fixed-income analyst with NISA Investment Advisors, LLC. Mr. Young graduated with honors in 2000 with a BA in philosophy from the University of Missouri. He earned an MBA with an emphasis in finance and strategy from the Olin School of Business at Washington University in 2005.

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) $10.34
Daily NAV Change ($) ($0.00) 0.00%
Weekly NAV Change ($) $0.05 0.49%
Public Offering Price (POP) $10.34

Fund Facts

Ticker Symbol IVTCX
CUSIP 465898195
Fund Code 395
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 3/31/2017) $188.8 mil
Portfolio Turnover Rate (as of 9/30/2016) 3%
Lipper Category International Multi-Cap Core
Morningstar Category Foreign Large Blend
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. 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 7.01% 12.44% 1.71% 4.44% 1.67%
Lipper International Multi-Cap Core 7.58% 11.28% 0.66% 5.52% 1.10% 1.13%
MSCI ACWI Ex USA NR USD 7.86% 13.13% 0.56% 4.36% 1.35% 1.35%
Fund at NAV 8.01% 12.44% 1.71% 4.44% 1.67%

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 7.01% 12.44% 1.71% 4.44% 1.67%
Lipper International Multi-Cap Core 7.58% 11.28% 0.66% 5.52% 1.10% 1.13%
MSCI ACWI Ex USA NR USD 7.86% 13.13% 0.56% 4.36% 1.35% 1.35%
Fund at NAV 8.01% 12.44% 1.71% 4.44% 1.67%

Calendar Year Return

  2012
Class C 15.18 15.00 -1.00 -2.69 0.32
MSCI ACWI Ex USA NR USD 16.83 15.29 -3.87 -5.66 4.50

Morningstar Ratings as of 3/31/2017 Morningstar Logo

Category: Foreign Large Blend
Ratings are based on risk-adjusted returns
Overall out of 586
3 Year out of 586
5 Year out of 525
10 Year out of —

Lipper Ranking through 3/31/2017 Lipper Logo

Category: International Multi-Cap Core
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 133/432 31
3 Year 72/338 22
5 Year 233/289 81
10 Year

Expense Ratios as of 7/31/2016

Net 2.35%
Gross 2.35%

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

MSCI ACWI Ex USA NR USD 12.93

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

*Modern Portfolio Theory
Alpha 0.61
Beta 0.86
R-Squared 92.79
Sharpe Ratio 0.37
Capture Ratio Upside: 89.18%
Downside: 85.98%

Distributions

Historical Prices Inception 4/2/2007

4/3/2017 $10.36 NO NO
4/4/2017 $10.37 NO NO
4/5/2017 $10.38 NO NO
4/6/2017 $10.35 NO NO
4/7/2017 $10.35 NO NO
4/10/2017 $10.35 NO NO
4/11/2017 $10.35 NO NO
4/12/2017 $10.37 NO NO
4/13/2017 $10.29 NO NO
4/17/2017 $10.36 NO NO
4/18/2017 $10.30 NO NO
4/19/2017 $10.26 NO NO
4/20/2017 $10.34 NO NO
4/21/2017 $10.34 NO NO

Historical Distributions Inception 4/2/2007

12/13/2016 $0.0506 Long: $0.000 Short: $0.000 $9.66 12/13/2016
12/15/2015 $0.013 Long: $0.000 Short: $0.000 $9.47 12/15/2015
12/16/2014 $0.086 Long: $0.000 Short: $0.000 $9.62 12/16/2014
12/17/2013 $0.0636 Long: $0.000 Short: $0.000 $9.75 12/17/2013
12/18/2012 $0.0748 Long: $0.000 Short: $0.000 $8.79 12/18/2012

*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

Total Portfolio Holdings

Updated quarterly, upon availability.

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

Diversified Banks 10.9%
Internet Software & Services 6.2%
Integrated Oil & Gas 4.8%
Pharmaceuticals 3.8%
Life & Health Insurance 3.4%
Oil & Gas Exploration & Production 3.0%
Construction & Engineering 2.9%
Aerospace & Defense 2.9%
Packaged Foods & Meats 2.8%
Tobacco 2.8%

Fixed Income Country Allocation
as a % of bond holdings as of 3/31/2017

United States 38.7%
Netherlands 11.0%
United Kingdom 9.8%
Luxembourg 9.6%
France 7.4%
Spain 5.6%
Canada 4.4%
Argentina 3.8%
Italy 3.0%
Mexico 1.8%
Mauritius 1.2%
Norway 1.1%
Brazil 0.9%
Columbia 0.5%
Barbados 0.4%
Ireland 0.3%
Malaysia 0.3%
Singapore 0.1%

Underlying Fund Composition
as a % of net assets as of 3/31/2017

Ivy International Core Equity 42.3 %
Ivy Emerging Markets Equity 17.4 %
Ivy European Opportunities 15.1 %
Ivy Global Income Allocation 15.0 %
Ivy Global Growth 10.0 %

Portfolio Allocation Ranges
(as of the most recent prospectus)

  Low High
Ivy Global Growth 10.0 % 60.0 %
Ivy Global Income Allocation 10.0 % 60.0 %
Ivy European Opportunities 10.0 % 60.0 %
Ivy Emerging Markets Equity 10.0 % 60.0 %
Ivy International Core Equity 10.0 % 60.0 %

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

Financials 19.39%
Information Technology 14.42%
Industrials 14.22%
Consumer Discretionary 13.75%
Consumer Staples 9.92%
Energy 9.39%
Health Care 8.93%
Materials 4.85%
Telecommunication Services 3.02%
Real Estate 1.11%
Utilities 1.00%

Quality
as a % of fixed income assets as of 3/31/2017

Quality: Ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.
NonRated 10.40%
Government Bonds 5.50%
AA 1.30%
A 1.50%
BBB 9.40%
BB 20.80%
B 32.00%
CCC 19.10%

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

Foreign Common Stock 82.74%
Domestic Common Stock 9.10%
Corporate Bonds 4.15%
Cash and Cash Equivalents 2.31%
Preferred Stock 0.61%
Senior Loans 0.43%
Other Government Securities 0.37%
Government Bonds 0.29%

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

United Kingdom 14.4%
France 12.9%
United States 10.0%
Germany 7.8%
Japan 7.6%
China 6.8%
Switzerland 4.8%
Brazil 3.4%
South Korea 3.4%
India 2.9%
Netherlands 2.8%
Spain 2.6%
Hong Kong 2.3%
Ireland 2.2%
Canada 2.1%
Australia 2.0%
Russia 1.5%
Taiwan 1.5%
Norway 1.2%
Israel 1.2%
South Africa 1.1%
Italy 0.8%
Mexico 0.7%
Luxembourg 0.5%
Finland 0.5%
Isle Of Man 0.5%
Turkey 0.4%
Macau 0.4%
Indonesia 0.4%
Chile 0.3%
Malaysia 0.3%
Argentina 0.2%
Thailand 0.2%
Sweden 0.2%
New Zealand 0.1%
Singapore 0.1%

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. 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.

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: MSCI AC World Ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 23 Emerging Markets (EM) countries. 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.

On March 17, 2014, Ivy Managed European/Pacific Fund merged into Ivy Managed International Opportunities Fund. The Ivy Managed European/Pacific Fund has been liquidated and has terminated operations as a management investment company.

Effective Feb. 11, 2014, the name of one of the Fund's underlying funds, Ivy Pacific Opportunities Fund, was changed to Ivy Emerging Markets Equity Fund and its strategy was changed to reflect a concentration in emerging market equity securities. Performance prior to such time in part reflects the Ivy Pacific Opportunities Fund's former strategy to invest primarily in Pacific region equity securities, and the Fund's performance may have differed if the Ivy Emerging Markets Equity Fund's current strategy had been in place.

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.

Quality: Ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. 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.

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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