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Ivy Mid Cap Income Opportunities Fund

  • $12.75 NAV as of 7/27/2017
  • ($-0.02) / -0.16% Daily NAV Change
  • 3.02% YTD (NAV)

Summary

Dividend income, not just for large caps

Total return potential with lower volatility
By focusing on dividend-paying stocks, the Fund has the potential to lower the volatility of a mid-cap portfolio and provide a growing stream of income while providing capital appreciation for the long-term.
Strategy
A concentrated, equally weighted portfolio focusing on mid-cap companies emphasizing investments in dividend-paying and other income-producing securities.
Experienced management
Portfolio management team has a combined 40+ years of industry experience and more than 20 years of mid-cap experience.

Morningstar Style Box

Blend
Medium
Source: Morningstar

Portfolio Management

Kimberly A. Scott, CFA

  • Ivy Investment Management Company
  • 2 Years with Fund
  • 30 Years in Industry
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Kim Scott is co-portfolio manager of the mid cap growth product suite of mutual funds and institutional accounts. She assumed co- portfolio manager responsibilities for the product suite in 2016. She has been portfolio manager of Ivy Mid Cap Growth Fund and Waddell & Reed Advisors New Concepts Fund since 2001, and of Ivy VIP Mid Cap Growth since 2005. She is co-portfolio manager of Ivy Mid Cap Income Opportunities Fund since its inception in 2014. Ms. Scott joined Waddell & Reed in 1999 as an equity investment analyst. She was appointed assistant vice president in 2000. She was appointed vice president in 2001 and senior vice president in 2004. Prior to joining Waddell & Reed, Ms. Scott served in various levels of research positions throughout her career affiliated with the following companies: Bartlett & Company, NBD Bank, Johnson Investment Counsel, Inc. and the University of Cincinnati Medical Center. Her primary responsibilities included fundamental analysis of companies and equities for mutual funds, separate accounts, and personal trusts. Through this experience, Ms. Scott provided sector coverage for consumer non-durables, technology, retail, food and beverage, and tobacco. Ms. Scott graduated from the University of Kansas in 1982 with a BS in Microbiology. She earned an MBA in Finance from the University of Cincinnati in 1987. Ms. Scott is a CFA charterholder. She is a member of the CFA Institute and the CFA Society of Kansas City.

Nathan A. Brown, CFA

  • Ivy Investment Management Company
  • 2 Years with Fund
  • 18 Years in Industry
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Nathan Brown is co-portfolio manager of the mid cap growth product suite of mutual funds and institutional accounts. He was named co-portfolio manager of the product suite in 2016. He had been assistant portfolio manager of Ivy Mid Cap Growth Fund, Ivy VIP Mid Cap Growth and Waddell & Reed Advisors New Concepts Fund since 2011. He is co-portfolio manager of Ivy Mid Cap Income Opportunities Fund since its inception in 2014. Mr. Brown joined Waddell & Reed in 2003 as an equity investment analyst. He was appointed assistant vice president in 2010 and vice president in 2014. Prior to joining Waddell & Reed, Mr. Brown interned with Morgan Keegan. From 1999 to 2001 he completed five rotations at General Electric-Aircraft Engine's financial management program. In 1999 he was a securities analyst for Krause Fund, where his responsibilities were concentrated in the utilities sector. 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. Mr. Brown is a CFA charterholder. He is a member of the CFA Institute and the CFA Society of Kansas City.

Growth of a $10,000 Investment
through 6/30/2017

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

MCIO
  • Ivy Mid Cap Income Opportunities Fund

An income fund focused on earnings growth

For most of calendar year 2016, the market favored equity strategies focused on high-dividend yields. However, the market changed direction after the U.S. election, when investors re-embraced risk and adopted a more pro-growth, pro-cyclical investment stance.

Quarterly Fund Commentary

Daily Prices as of 7/27/2017

Net Asset Value (NAV) $12.75
Daily NAV Change ($) ($-0.02) -0.16%
Weekly NAV Change ($) $-0.12 -0.93%
Public Offering Price (POP) $12.75

Fund Facts

Ticker Symbol IVOIX
CUSIP 46600B409
Fund Code 463
Fund Type Domestic Equity
Fund Inception 10/1/2014
Class Inception 10/1/2014
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 6/30/2017) $350.2 mil
Total Equity Holdings (as of 6/30/2017) 35
Total Holdings (as of 6/30/2017) 37
Portfolio Turnover Rate (as of 3/31/2017) 28%
Lipper Category Mid-Cap Core Funds
Morningstar Category Mid-Cap Value
Benchmark Russell Mid Cap 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 I shares are sold without any front-end sales load or contingent deferred sales charges.

Monthly Rates of Return

Average Annual Total Returns as of 6/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund at NAV 2.54% 11.17% 10.58%
Lipper Mid-Cap Core Funds 6.00% 17.17% 5.94% 13.03% 6.22% 8.35%
Russell Mid Cap TR USD 7.99% 16.48% 7.69% 14.72% 7.67% 9.09%

Quarterly Rates of Return

Average Annual Total Returns as of 6/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund at NAV 2.54% 11.17% 10.58%
Lipper Mid-Cap Core Funds 6.00% 17.17% 5.94% 13.03% 6.22% 8.35%
Russell Mid Cap TR USD 7.99% 16.48% 7.69% 14.72% 7.67% 9.09%

Calendar Year Return

  2012
Russell Mid Cap TR USD 13.22 -2.44 13.80
Class I -3.25 22.82

Lipper Ranking through 6/30/2017 Lipper Logo

Category: Mid-Cap Core Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 392/413 95
3 Year
5 Year
10 Year

Expense Ratios as of 7/5/2017

Net 1.05%
Gross 1.11%

5-Year Standard Deviation as of

Russell Mid Cap TR USD N/A

Distributions

Historical Prices Inception 10/1/2014

7/3/2017 $12.72 NO NO
7/5/2017 $12.68 NO NO
7/6/2017 $12.57 NO NO
7/7/2017 $12.66 NO NO
7/10/2017 $12.64 NO NO
7/11/2017 $12.63 NO NO
7/12/2017 $12.71 NO NO
7/13/2017 $12.72 NO NO
7/14/2017 $12.77 NO NO
7/17/2017 $12.75 NO NO
7/18/2017 $12.73 NO NO
7/19/2017 $12.85 NO NO
7/20/2017 $12.87 NO NO
7/21/2017 $12.80 NO NO
7/24/2017 $12.77 NO NO
7/25/2017 $12.85 NO NO
7/26/2017 $12.77 NO NO
7/27/2017 $12.75 NO NO

Historical Distributions Inception 10/1/2014

6/15/2017 $0.015 Long: $0.000 Short: $0.000 $12.69 6/15/2017
3/16/2017 $0.01 Long: $0.000 Short: $0.000 $12.85 3/16/2017
12/8/2016 $0.076 Long: $0.000 Short: $0.000 $12.54 12/8/2016
9/15/2016 $0.044 Long: $0.000 Short: $0.000 $11.62 9/15/2016
6/16/2016 $0.016 Long: $0.000 Short: $0.000 $11.37 6/16/2016
12/10/2015 $0.08 Long: $0.000 Short: $0.015 $10.25 12/10/2015
9/10/2015 $0.048 Long: $0.000 Short: $0.000 $10.22 9/10/2015
6/11/2015 $0.048 Long: $0.000 Short: $0.000 $11.02 6/11/2015
3/12/2015 $0.023 Long: $0.000 Short: $0.000 $10.97 3/12/2015
12/11/2014 $0.042 Long: $0.000 Short: $0.003 $10.59 12/11/2014

*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 6/30/2017

NAV 1.14%
With Sales Charge 1.14%

Annualized 30-Day SEC Yield as of 6/30/2017

Subsidized - NAV 1.76%
Unsubsidized - NAV 1.71%

Portfolio

Top 10 Equity Holdings as a % of net assets 6/30/2017

V.F. Corp. VF Corporation is an international apparel company. The Company owns a broad portfolio of brands in the jeanswear, outerwear, packs, footwear, sportswear, and occupational apparel categories. VF products are marketed to consumers shopping in specialty stores, upscale, traditional department stores, national chains, and mass merchants. 3.07%
Polaris Industries, Inc. Polaris Industries Inc. designs, engineers, and manufactures off-road and on-road vehicles. The Company produces vehicles including snowmobiles, terrain vehicles, and motorcycles. Polaris Industries markets its products and related replacement parts and accessories through dealers and distributors located in the United States, Canada, and Europe. 3.05%
Avery Dennison Corp. Avery Dennison Corporation produces pressure-sensitive materials and a variety of tickets, tags, labels, and other converted products. The Company's pressure sensitive products are used in labeling, decorating, and specialty applications. Avery Dennison's non-pressure sensitive products include tickets, tags, RFID inlays, and services for retailers, apparel manufacturers, and brand owners. 3.04%
National Instruments Corp. National Instruments Corporation supplies computer-based instrumentation hardware and software products for engineers and scientists. The Company provides flexible application software and modular hardware that users combine with computers, networks, and the internet to create computer-based measurement and automation systems. 3.03%
Rockwell Automation, Inc. A global provider of industrial automation, power, control and information solutions. 2.93%
Scotts Miracle-Gro Co. (The) U.S.-based lawn, garden and outdoor living products including the Scotts, Miracle Gro, Ortho and Roundup brands. 2.91%
Sonoco Products Co. Sonoco Products Company manufactures industrial and consumer packaging solutions for customers around the world. The Company's products include flexible packaging, high density film products, and folding cartons. Sonoco Products also has an integrated network of global technology centers focused on materials science, packaging engineering, and process improvement. 2.91%
Republic Services, Inc., Class A Republic Services, Inc., together with its subsidiaries, provides non-hazardous solid waste collection, transfer, recycling, and disposal services for commercial, industrial, municipal, and residential customers in the United States. 2.91%
Leggett & Platt, Inc. Leggett & Platt conceives, designs, and produces a diverse array of products that can be found in most homes, offices, and vehicles. Leggett & Platt, which pioneered sleep technology when it introduced its bedspring more than 125 years ago, is a diversified manufacturer, serving a broad suite of customers and U.S. companies. 2.91%
Arthur J. Gallagher & Co. Arthur J. Gallagher & Co. and its subsidiaries provide insurance brokerage, risk management, employee benefit, and other related services to clients in the United States and abroad. 2.90%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 6/30/2017

Large 39.9%
Medium 57.5%
Small 2.6%
Median Market Cap (as of 6/30/2017) $7.8 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 6/30/2017

Paper Packaging 6.0%
Leisure Products 5.9%
Data Processing & Outsourced Services 5.7%
Regional Banks 5.7%
Oil & Gas Storage & Transportation 5.4%
Semiconductors 5.3%
Apparel, Accessories & Luxury Goods 3.1%
Electronic Equipment & Instruments 3.1%
Electrical Components & Equipment 3.0%
Environmental & Facilities Services 3.0%

Sector Allocation
as a % of equity assets as of 6/30/2017

Consumer Discretionary 20.37%
Information Technology 19.73%
Materials 11.81%
Industrials 11.31%
Financials 8.60%
Health Care 8.57%
Energy 8.11%
Consumer Staples 5.69%
Utilities 2.91%
Real Estate 2.90%

Portfolio Composition
as a % of net assets as of 6/30/2017

Domestic Common Stock 98.87%
Cash and Cash Equivalents 1.13%

Equity Country Allocation
as a % of equity assets as of 6/30/2017

United States 100.0%

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. 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. Investing in mid-cap stocks may carry more risk than investing in stocks of larger, more well-established companies. The Fund’s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform non-dividend paying stocks and the market as a whole over any period of time. In addition, there is no guarantee that the companies in which the Fund invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time. The amount of any dividend the company may pay may fluctuate significantly. In addition, the value of dividend-paying common stocks can decline when interest rates rise as fixed-income investments become more attractive to investors. This risk may be greater due to the current period of historically low interest rates. The Fund typically holds a limited number of stocks (generally 35 to 50). As a result, the appreciation or depreciation of any one security held by the Fund will have a greater impact on the Fund’s net asset value than it would if the Fund invested in a large number of securities. 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 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.

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

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 tocap the total annual ordinary fund operating expenses for Class A shares at 1.35%, Class C shares at 2.07%, Class E shares at 1.30%, Class I shares at 1.05%, Class R shares at 1.80%, Class N shares at 1.05% and Class Y shares at 1.35%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees (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.

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

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

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