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Ivy Mid Cap Growth Fund

  • $20.83 NAV as of 4/28/2017
  • ($-0.06) / -0.29% Daily NAV Change
  • 9.29% YTD (NAV)

Summary

Finding opportunity in the middle

Focuses on fundamentals
Buys U.S. mid-cap companies with large-cap potential that demonstrate profitability, balance-sheet strength and sustainable earnings growth. It strives for consistency in an inconsistent market environment.
Strategic process
Applies a strong bottom-up fundamental stock selection process but recognizes those periodic environments when macroeconomic factors and strategic exposures are crucial.
Experienced management
The team has managed mid-cap growth strategies for 25+ years and has 45+ years of professional investment experience.

Morningstar Style Box

Growth
Medium
Source: Morningstar

Portfolio Management

Kimberly A. Scott, CFA

  • Ivy Investment Management Company
  • 16 Years with Fund
  • 30 Years in Industry
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Kimberly A. Scott is a senior vice president of Ivy Investment Management Company. Ms. Scott graduated from the University of Kansas in 1982 with a BS in microbiology. She earned an MBA from the University of Cincinnati in 1987. Prior to joining Waddell & Reed, she was an equity analyst for Bartlett & Company in Cincinnati, Ohio. Ms. Scott joined Waddell & Reed in April 1999 as an investment analyst. She was named portfolio manager of the Ivy Mid Cap Growth Fund in February 2001. Ms. Scott is a Chartered Financial Analyst.

Nathan A. Brown, CFA

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 18 Years in Industry
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Nathan A. Brown is a vice president of Ivy Investment Management Company. Mr. Brown graduated with honors from the University of Iowa, Henry B. Tippie School of Business in 1999 with a BBA in finance. He earned an MBA with an emphasis in finance and accounting from Vanderbilt University, Owen Graduate School of Management in 2003. Prior to joining Waddell & Reed, he interned with Morgan Keegan. From 1999-2001 he completed General Electric-Aircraft Engine's financial management program. In 1999 he was a securities analyst for Krause Fund. Mr. Brown joined Waddell & Reed in June 2003 as an investment analyst. He was named assistant portfolio manager of the Ivy Mid Cap Growth Fund in February 2011. He became co-portfolio manager of the Ivy Mid Cap Income Opportunities Fund at inception on October 1, 2014. On October 1, 2016, Mr. Brown was named co-portfolio manager of the firm's mid-cap growth strategies. He is a Chartered Financial Analyst.

Growth of a $10,000 Investment
through 4/30/2017

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 4/28/2017

Net Asset Value (NAV) $20.83
Daily NAV Change ($) ($-0.06) -0.29%
Weekly NAV Change ($) $0.56 2.76%
Public Offering Price (POP) $22.10

Fund Facts

Ticker Symbol IMCEX
CUSIP 466001500
Fund Code 421
Fund Type Domestic Equity
Fund Inception 6/30/2000
Class Inception 4/2/2007
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 3/31/2017) $2.2 bil
Total Equity Holdings (as of 3/31/2017) 62
Total Holdings (as of 3/31/2017) 66
Portfolio Turnover Rate (as of 9/30/2016) 4%
Lipper Category Mid-Cap Growth Funds
Morningstar Category Mid-Cap Growth
Benchmark Russell Mid Cap 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.

Class E shares are subject to an initial sales charge of 5.75% when purchased for your InvestEd Plan account; it also features a step down structure of lowering the initial sales charge based on the amount of your investment. The Ivy Limited Term-Bond Fund, Class E share is subject to an initial sales charge of 2.50%. The Ivy Money Market Fund, Class E share does not include a sales charge.

Monthly Rates of Return

Average Annual Total Returns as of 4/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 5.75% sales charge 3.02% 8.10% 3.76% 7.74% 7.01% 7.36%
Fund at NAV 9.29% 14.68% 5.82% 9.02% 7.65% 8.00%

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 5.75% sales charge 0.59% 7.49% 2.09% 6.78% 7.17%
Fund at NAV 6.72% 14.04% 4.11% 8.05% 7.80%
Russell Mid Cap Growth TR USD 6.89% 14.07% 7.88% 11.95% 8.13% 8.13%
Lipper Mid-Cap Growth Funds 7.43% 15.95% 6.15% 10.44% 7.18% 7.13%

Calendar Year Return

  2012
Class E 12.85 29.31 7.53 -6.26 6.06
Russell Mid Cap Growth TR USD 15.81 35.74 11.90 -0.20 7.33

Morningstar Ratings as of 3/31/2017 Morningstar Logo

Category: Mid-Cap Growth
Ratings are based on risk-adjusted returns
Overall out of 580
3 Year out of 580
5 Year out of 500
10 Year out of 368

Lipper Ranking through 3/31/2017 Lipper Logo

Category: Mid-Cap Growth Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 265/395 67
3 Year 316/361 88
5 Year 297/321 93
10 Year

Expense Ratios as of 7/31/2016

Net 1.30%
Gross 1.63%

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

Russell Mid Cap Growth TR USD 11.56

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

*Modern Portfolio Theory
Alpha -3.49
Beta 1.00
R-Squared 91.86
Sharpe Ratio 0.66
Capture Ratio Upside: 89.41%
Downside: 111.46%

Distributions

Historical Prices Inception 4/2/2007

4/3/2017 $20.24 NO NO
4/4/2017 $20.17 NO NO
4/5/2017 $20.04 NO NO
4/6/2017 $20.16 NO NO
4/7/2017 $20.15 NO NO
4/10/2017 $20.23 NO NO
4/11/2017 $20.25 NO NO
4/12/2017 $20.05 NO NO
4/13/2017 $19.92 NO NO
4/17/2017 $20.04 NO NO
4/18/2017 $19.98 NO NO
4/19/2017 $20.09 NO NO
4/20/2017 $20.31 NO NO
4/21/2017 $20.27 NO NO
4/24/2017 $20.49 NO NO
4/25/2017 $20.60 NO NO
4/26/2017 $20.70 NO NO
4/27/2017 $20.89 NO NO
4/28/2017 $20.83 NO NO
4/3/2017 $20.24 NO NO
4/4/2017 $20.17 NO NO
4/5/2017 $20.04 NO NO
4/6/2017 $20.16 NO NO
4/7/2017 $20.15 NO NO
4/10/2017 $20.23 NO NO
4/11/2017 $20.25 NO NO
4/12/2017 $20.05 NO NO
4/13/2017 $19.92 NO NO
4/17/2017 $20.04 NO NO
4/18/2017 $19.98 NO NO
4/19/2017 $20.09 NO NO
4/20/2017 $20.31 NO NO
4/21/2017 $20.27 NO NO
4/24/2017 $20.49 NO NO
4/25/2017 $20.60 NO NO
4/26/2017 $20.70 NO NO
4/27/2017 $20.89 NO NO
4/28/2017 $20.83 NO NO

Historical Distributions Inception 4/2/2007

12/8/2016 $0 Long: $0.777 Short: $0.000 $19.69 12/8/2016
12/10/2015 $0 Long: $1.847 Short: $0.161 $18.67 12/10/2015
12/11/2014 $0 Long: $2.177 Short: $0.190 $21.63 12/11/2014
12/12/2013 $0 Long: $0.501 Short: $0.268 $21.82 12/12/2013
12/13/2012 $0 Long: $0.107 Short: $0.000 $17.89 12/13/2012

*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

Top 10 Equity Holdings as a % of net assets 3/31/2017

Fastenal Co. Fastenal Company operates as a wholesaler and retailer of industrial and construction supplies. 3.99%
Intuitive Surgical, Inc. Intuitive Surgical, Inc. designs, manufactures, and markets da Vinci surgical systems, and related instruments and accessories. 3.15%
Zoetis, Inc. Zoetis Inc. engages in the discovery, development, manufacture, and commercialization of animal health medicines and vaccines for livestock and companion animals worldwide 3.00%
CoStar Group, Inc. CoStar Group, Inc. provides information, analytics, and online marketplaces services to the commercial real estate industry in the U.S., Canada, the U.K., and France.  2.73%
Electronic Arts, Inc. Electronic Arts Inc. develops, markets, publishes, and distributes game software content and services for video game consoles, personal computers, mobile phones, and tablets. 2.65%
Tiffany & Co. Tiffany & Co., through its subsidiaries, designs, manufactures, and retails jewelry and other items worldwide. 2.56%
Microchip Technology, Inc. Microchip Technology Incorporated, together with its subsidiaries, develops and manufactures semiconductor products for various embedded control applications. 2.55%
CME Group, Inc. CME Group Inc., a U.S. company, is the world's leading and most diverse derivatives marketplace. It owns and operates large derivatives and futures exchanges in Chicago and New York, as well as online trading platforms.  2.45%
Trimble Navigation Ltd. Trimble Navigation offers advanced sensor solutions, application software and state-of-the-art recorders that provide integrated tools for monitoring and earth systems applications. The solutions allow organizations to monitor the integrity of a building, dam, mine, bridge and other structures, or natural hazards monitoring the seismic activity for a project and surrounding communities. 2.25%
Tractor Supply Co. Tractor Supply Company operates a retail farm store chain in the United States. The company provides farm maintenance products, animal products, general maintenance products, lawn and garden products, light truck equipment, work clothing, and other products. 2.16%

Total Portfolio Holdings

Updated quarterly, upon availability.

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

Large 44.6%
Medium 54.4%
Small 1.0%
Median Market Cap (as of 3/31/2017) $8.8 bil

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

Internet Software & Services 8.5%
Biotechnology 5.2%
Health Care Equipment 5.2%
Specialty Stores 4.8%
Apparel, Accessories & Luxury Goods 4.7%
Oil & Gas Exploration & Production 4.2%
Packaged Foods & Meats 4.1%
Systems Software 4.1%
Trading Companies & Distributors 4.0%
Semiconductors 4.0%

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

Information Technology 26.77%
Health Care 18.16%
Consumer Discretionary 17.43%
Industrials 15.56%
Financials 9.98%
Consumer Staples 6.22%
Energy 4.18%
Materials 1.70%

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

Domestic Common Stock 95.51%
Foreign Common Stock 3.82%
Cash and Cash Equivalents 0.67%

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

United States 96.2%
Brazil 2.2%
United Kingdom 1.7%

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. Investing in mid-cap stocks may carry more risk than investing in stocks of larger more well-established companies. 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. Not all funds or fund classes may be offered at all broker/dealers. These and other risks are more fully described in the Fund’s prospectus.

Index Description: Russell Midcap Growth is an unmanaged index comprised of securities that represent the mid-cap sector of the stock market. 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.

Effective Oct. 1, 2016 Nathan Brown was named a co-portfolio manager for Ivy Mid Cap Growth Fund.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2017, 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 for Class A shares at 1.31% and Class E shares at 1.30%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees.

Through July 31, 2017, 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 do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IDI, WISC or the Board of Trustees.

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 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, and includes the effects of sales charges, loads, and redemption fees, as applicable. 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.

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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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