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Ivy Micro Cap Growth Fund

  • $22.55 NAV as of 4/21/2017
  • ($-0.04) / -0.18% Daily NAV Change
  • 1.12% YTD (NAV)

Summary

Searching for opportunity in the smallest of the small

Approach
Looks for smallest-sized companies, seeking to capitalize on those entering their greatest periods of growth acceleration. We seek to find premier, early-stage growth companies within large addressable markets.
Strategic process
Focuses on a bottom-up, research-driven approach concentrating on quality businesses based on fundamental financial strength, management vision and extraordinary earnings growth. This results in a portfolio broadly diversified by industry and sector with generally 50-70 holdings.
Experienced management
The Fund’s manager has nearly 20 years of investment industry experience. He also has 10+ years of experience managing small and micro-cap strategies and is supported by a team of more than 70 investment professionals.

Morningstar Style Box

Growth
Small
Source: Morningstar

Portfolio Management

John Bichelmeyer, CFA

  • Ivy Investment Management Company
  • 2 Years with Fund
  • 20 Years in Industry
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John Bichelmeyer, CFA is a vice president of Ivy Investment Management Company and Waddell & Reed Investment Management Company. Mr. Bichelmeyer joined Ivy Funds in June 2015 and has 18 years of investment industry experience. Prior to joining the firm, he was a portfolio manager at Kornitzer Capital Management (KCM) from April 2005 to May 2015. Prior to KCM, Mr. Bichelmeyer worked for BPI Global Asset Management (the company merged with Trilogy Global Advisors in March 2005) from June 1997 to February 2005. Mr. Bichelmeyer holds a BS in business administration from Creighton University. He is a member of the CFA Institute and 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) $22.55
Daily NAV Change ($) ($-0.04) -0.18%
Weekly NAV Change ($) $0.55 2.50%
Public Offering Price (POP) $22.55

Fund Facts

Ticker Symbol IGWCX
CUSIP 465899664
Fund Code 398
Fund Type Domestic Equity
Fund Inception 2/17/2009
Class Inception 2/17/2009
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 3/31/2017) $166.3 mil
Total Equity Holdings (as of 3/31/2017) 52
Total Holdings (as of 3/31/2017) 54
Portfolio Turnover Rate (as of 9/30/2016) 17%
Lipper Category Small-Cap Growth Funds
Morningstar Category Small Growth
Benchmark Russell Micro Cap Growth TR USD
Benchmark Russell 2000 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 0.26% 31.19% -1.69% 7.03% 14.68%
Fund at NAV 1.26% 31.19% -1.69% 7.03% 14.68%
Russell Micro Cap Growth TR USD 2.56% 20.17% 1.63% 10.71% 5.51% 15.88%
Russell 2000 Growth TR USD 5.35% 23.03% 6.72% 12.10% 8.06% 16.87%
Lipper Small-Cap Growth Funds 5.81% 22.09% 5.02% 10.49% 7.24% 16.78%

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 0.26% 31.19% -1.69% 7.03% 14.68%
Fund at NAV 1.26% 31.19% -1.69% 7.03% 14.68%
Russell Micro Cap Growth TR USD 2.56% 20.17% 1.63% 10.71% 5.51% 15.88%
Russell 2000 Growth TR USD 5.35% 23.03% 6.72% 12.10% 8.06% 16.87%
Lipper Small-Cap Growth Funds 5.81% 22.09% 5.02% 10.49% 7.24% 16.78%

Calendar Year Return

  2012
Class C 10.82 53.75 -3.16 -10.43 12.37
Russell 2000 Growth TR USD 14.59 43.30 5.60 -1.38 11.32
Russell Micro Cap Growth TR USD 15.17 52.84 4.30 -3.85 6.86

Morningstar Ratings as of 3/31/2017 Morningstar Logo

Category: Small Growth
Ratings are based on risk-adjusted returns
Overall out of 599
3 Year out of 599
5 Year out of 527
10 Year out of —

Lipper Ranking through 3/31/2017 Lipper Logo

Category: Small-Cap Growth Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 24/561 5
3 Year 489/501 98
5 Year 425/442 96
10 Year

Expense Ratios as of 7/31/2016

Net 2.42%
Gross 2.42%

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

Russell Micro Cap Growth TR USD N/A
Russell 2000 Growth TR USD 15.24

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

*Modern Portfolio Theory
Alpha -4.55
Beta 1.02
R-Squared 80.98
Sharpe Ratio 0.40
Capture Ratio Upside: 93.91%
Downside: 117.65%

Distributions

Historical Prices Inception 2/17/2009

4/3/2017 $22.34 NO NO
4/4/2017 $22.34 NO NO
4/5/2017 $22.08 NO NO
4/6/2017 $22.35 NO NO
4/7/2017 $22.45 NO NO
4/10/2017 $22.37 NO NO
4/11/2017 $22.49 NO NO
4/12/2017 $22.17 NO NO
4/13/2017 $22.00 NO NO
4/17/2017 $22.30 NO NO
4/18/2017 $22.37 NO NO
4/19/2017 $22.38 NO NO
4/20/2017 $22.59 NO NO
4/21/2017 $22.55 NO NO

Historical Distributions Inception 2/17/2009

12/8/2016 $0 Long: $0.315 Short: $0.000 $22.78 12/8/2016
12/10/2015 $0 Long: $0.896 Short: $0.000 $20.17 12/10/2015
12/11/2014 $0 Long: $0.989 Short: $0.245 $22.25 12/11/2014
12/12/2013 $0 Long: $1.420 Short: $0.000 $23.87 12/12/2013
12/8/2011 $0 Long: $0.771 Short: $0.432 $15.51 12/8/2011

*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

8x8, Inc. Global provider of secure enterprise cloud communications solutions 4.21%
Tile Shop Holdings, Inc. Tile Shop Holdings, Inc. operates as a specialty retailer of manufactured and natural stone tiles, setting and maintenance materials, and related accessories in the United States. 4.01%
MYR Group, Inc. MYR Group Inc., through its subsidiaries, provides electrical construction services in the U.S. and Canada. 3.85%
Aerie Pharmaceuticals, Inc. Aerie Pharmaceuticals, Inc., a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of first-in-class therapies for the treatment of patients with glaucoma and other diseases of the eye. 3.83%
PDF Solutions, Inc. PDF Solutions, Inc. provides infrastructure technologies and services to enhance yield and optimize performance of integrated circuits (IC) in the U.S., Germany, South Korea, and rest of the world. 3.21%
NVE Corp. NVE is a developer of spintronics, a nanotechnology. NVE licenses MRAM intellectual property and sells Giant Magnetoresistive (GMR) sensors and isolators. 3.15%
SPS Commerce, Inc. SPS Commerce, Inc., is a provider of on-demand supply chain management solutions, providing integration, collaboration, connectivity, visibility and data analytics. The Company provides its solutions through SPSCommerce.net, a hosted software suite. 3.10%
Kornit Digital Ltd. Kornit Digital Ltd. develops, designs and markets digital printing solutions for the global printed textile industry. The company's solutions include digital printing systems, ink and other consumables, associated software and value-added services. Its customers include custom decorators, online businesses, brand owners and contract printers. 3.09%
Q2 Holdings, Inc. Q2 Holdings, Inc., through its subsidiary, is engaged in providing secure, cloud-based virtual banking solutions. Its software suite includes integrated modules for online banking, telephone banking, mobile banking, and core account management 3.08%
Nautilus Group, Inc. (The) Nautilus, Inc., together with its subsidiaries, operates as a consumer fitness products company in the United States, Canada, and internationally. 3.02%

Total Portfolio Holdings

Updated quarterly, upon availability.

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

Large 0.0%
Medium 4.4%
Small 95.6%
Median Market Cap (as of 3/31/2017) $714.0 mil

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

Internet Software & Services 17.3%
Health Care Equipment 10.9%
Pharmaceuticals 5.9%
Application Software 5.7%
Health Care Technology 4.9%
Home Improvement Retail 4.2%
Construction & Engineering 4.1%
Semiconductor Equipment 3.4%
Building Products 3.4%
Semiconductors 3.3%

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

Information Technology 33.73%
Health Care 25.16%
Industrials 14.23%
Consumer Discretionary 13.22%
Energy 4.89%
Materials 3.85%
Consumer Staples 2.18%
Real Estate 1.70%
Financials 1.04%

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

Domestic Common Stock 93.17%
Cash and Cash Equivalents 5.34%
Foreign Common Stock 1.49%

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

United States 95.2%
Israel 3.3%
United Kingdom 1.6%

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. Investment return and principal value will fluctuate, and it is possible to lose money by investing. Market risk for small-sized companies may be greater than that for medium or large companies. Smaller companies are more likely to have limited financial resources and inexperienced management. Stocks of smaller companies, as well as stocks of companies with high-growth expectations reflected in their stock price, may experience volatile trading and price fluctuations. Furthermore, when the economy enters a recession, there tends to be a “flight to quality,” which may exacerbate the increased risk and greater price volatility normally associated with smaller companies. The Fund’s performance may be more susceptible to a single economic, regulatory, or technological occurrence than if it had a more diversified investment portfolio. The Fund may invest in Initial Public Offerings (IPOs), which can have a significant positive impact on the Fund’s performance that may not be sustainable. 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.

Index Description: Russell Micro Cap Growth measures the performance of the micro cap growth segment of the U.S. Equity market. It includes those Russell Micro Cap Index companies with higher price-to-book ratios and higher forecasted growth values. It is not possible to invest directly in an index.

Index Description: Russell 2000 Growth is an unmanaged index comprised of securities that represent the small cap sector of the stock market. It is not possible to invest directly in an index.

Effective July 1, 2015, Ivy Investment Management Company assumed direct investment management responsibilities of Ivy Micro Cap Growth Fund from Wall Street Associates, LLC, the Fund's former investment subadviser. In addition, effective July 1, 2015, John Bichelmeyer assumed investment management responsibilities for Ivy Micro Cap Growth Fund.

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.

High recent returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

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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