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Ivy Real Estate Securities Fund

  • $26.36 NAV as of 2/22/2017
  • ($-0.08) / -0.30% Daily NAV Change
  • 1.82% YTD (NAV)

Summary

Building a foundation for financial goals

Wide exposure
Seeks to provide total return through capital appreciation and current income via publicly traded real estate securities in North America; does not directly invest in real estate.
Investment focus
Investments are diversified by region, property sector and security with a focus on what portfolio managers consider high-quality, well-managed companies.
Disciplined process
A disciplined, bottom-up, fundamental process covers the spectrum of commercial real estate with a focus on risk management using proprietary systems and research.

Morningstar Style Box

Growth
Medium
Source: Morningstar

Portfolio Management

Lowell R. Bolken, CFA

  • Advantus Capital Management (subadvisor)
  • 10 Years with Fund
  • 26 Years in Industry
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Lowell R. Bolken has held his Fund responsibilities since April 2006. He has been an associate portfolio manager with Advantus Capital since September 2005. From April 2001 to September 2005, he was managing director and manager, corporate bond research, RBC Dain Rauscher, Inc.

Matthew K. Richmond

  • Advantus Capital Management (subadvisor)
  • 3 Years with Fund
  • 22 Years in Industry
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Matthew K. Richmond is vice president and portfolio manager of Advantus Capital Management, Inc. Mr. Richmond received a bachelor's degree from the University of Nebraska and an MBA from the University of Iowa. He is a member of NAREIT and serves on the Advisory Board of the University of Wisconsin's Applied Real Estate Securities Program. Mr. Richmond has been with Advantus Capital Management since 2013 and a portfolio manager on the Ivy Real Estate Securities Fund since January 2014.

Growth of a $10,000 Investment
through 1/31/2017

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 2/22/2017

Net Asset Value (NAV) $26.36
Daily NAV Change ($) ($-0.08) -0.30%
Weekly NAV Change ($) $0.34 1.31%
Public Offering Price (POP) $27.97

Fund Facts

Ticker Symbol IRSAX
CUSIP 465898476
Fund Code 648
Fund Type Specialty Funds
Fund Inception 2/25/1999
Class Inception 2/25/1999
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 1/31/2017) $643.9 mil
Total Equity Holdings (as of 1/31/2017) 53
Total Holdings (as of 1/31/2017) 54
Portfolio Turnover Rate (as of 9/30/2016) 29%
Lipper Category Real Estate Funds
Morningstar Category Real Estate
Benchmark Wilshire US Real Estate Securities Index

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. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return

Average Annual Total Returns as of 1/31/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund with 5.75% sales charge -6.41% 1.63% 8.64% 7.96% 2.35% 9.91%
Fund at NAV -0.70% 7.85% 10.81% 9.25% 2.95% 10.28%
Wilshire US Real Estate Securities Index -0.39% 11.52% 12.53% 10.74% 3.86% 11.15%
Lipper Real Estate Funds -0.19% 11.33% 10.46% 9.44% 3.47%

Quarterly Rates of Return

Average Annual Total Returns as of 12/31/2016
(Returns for periods of less than 1-yr are not annualized)
 
Fund with 5.75% sales charge -1.91% -1.91% 9.96% 9.44% 3.27% 10.00%
Fund at NAV 4.09% 4.09% 12.15% 10.74% 3.88% 10.37%
Lipper Real Estate Funds 7.03% 7.03% 11.74% 10.84% 4.30%
Wilshire US Real Estate Securities Index 7.60% 7.60% 14.05% 12.24% 4.80% 11.23%

Calendar Year Return

  2012
Class A 17.21 0.74 29.71 4.47 4.09
Wilshire US Real Estate Securities Index 2.14 31.53 4.81

Morningstar Ratings as of 1/31/2017 Morningstar Logo

Category: Real Estate
Ratings are based on risk-adjusted returns
Overall out of 238
3 Year out of 238
5 Year out of 208
10 Year out of 138

Lipper Ranking through 1/31/2017 Lipper Logo

Category: Real Estate Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 248/268 93
3 Year 115/238 49
5 Year 126/210 60
10 Year 94/135 70

Expense Ratios as of 7/31/2016

Net 1.47%
Gross 1.57%

5-Year Standard Deviation as of 1/31/2017

Wilshire US Real Estate Securities Index 14.08

5-Year MPT* Statistics as of 1/31/2017

*Modern Portfolio Theory
Alpha -1.24
Beta 0.99
R-Squared 99.17
Sharpe Ratio 0.66
Capture Ratio Upside: 96.40%
Downside: 103.03%

Distributions

Historical Prices Inception 2/25/1999

2/1/2017 $25.37 NO NO
2/2/2017 $25.65 NO NO
2/3/2017 $25.80 NO NO
2/6/2017 $25.74 NO NO
2/7/2017 $25.64 NO NO
2/8/2017 $25.88 NO NO
2/9/2017 $25.93 NO NO
2/10/2017 $26.12 NO NO
2/13/2017 $26.14 NO NO
2/14/2017 $26.02 NO NO
2/15/2017 $25.91 NO NO
2/16/2017 $26.07 NO NO
2/17/2017 $26.13 NO NO
2/21/2017 $26.44 NO NO

Historical Distributions Inception 2/25/1999

12/8/2016 $0.191 Long: $2.057 Short: $0.228 $25.59 12/8/2016
9/15/2016 $0.04 Long: $0.000 Short: $0.000 $28.97 9/15/2016
6/16/2016 $0.12 Long: $0.000 Short: $0.000 $28.94 6/16/2016
3/10/2016 $0.04 Long: $0.000 Short: $0.000 $26.83 3/10/2016
12/10/2015 $0.179 Long: $1.192 Short: $0.150 $26.35 12/10/2015
9/10/2015 $0.02 Long: $0.000 Short: $0.000 $25.67 9/10/2015
6/11/2015 $0.054 Long: $0.000 Short: $0.000 $26.91 6/11/2015
3/12/2015 $0.02 Long: $0.000 Short: $0.000 $28.53 3/12/2015
12/11/2014 $0.108 Long: $0.496 Short: $0.374 $27.72 12/11/2014
9/11/2014 $0.02 Long: $0.000 Short: $0.000 $26.38 9/11/2014
6/12/2014 $0.02 Long: $0.000 Short: $0.000 $25.58 6/12/2014
12/12/2013 $0.113 Long: $0.000 Short: $0.000 $21.69 12/12/2013
9/12/2013 $0.04 Long: $0.000 Short: $0.000 $22.36 9/12/2013
6/13/2013 $0.072 Long: $0.000 Short: $0.000 $23.43 6/13/2013
3/14/2013 $0.01 Long: $0.000 Short: $0.000 $23.53 3/14/2013
12/13/2012 $0.0915 Long: $0.000 Short: $0.000 $21.74 12/13/2012
9/13/2012 $0.02 Long: $0.000 Short: $0.000 $22.85 9/13/2012
6/14/2012 $0.027 Long: $0.000 Short: $0.000 $21.12 6/14/2012
3/15/2012 $0.015 Long: $0.000 Short: $0.000 $20.88 3/15/2012

*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.

12-Month Trailing Dist. Yield as of 1/31/2017

NAV 1.40%
With Sales Charge 1.32%

Annualized 30-Day SEC Yield as of 1/31/2017

Subsidized - NAV 1.20%
Unsubsidized - NAV 1.11%

Portfolio

Top 10 Equity Holdings as a % of net assets 1/31/2017

Simon Property Group, Inc. Simon Property Group, Inc. (Simon) is a United States real estate company. 7.60%
ProLogis, Inc. 4.54%
Equinix, Inc. Equinix, Inc. is an American public corporation that provides carrier-neutral data centers and internet exchanges to enable interconnection. 4.23%
Vornado Realty Trust Vornado Realty Trust is a fully integrated real estate investment trust (REIT) and one of the largest owners and managers of real estate in the United States. 3.69%
Public Storage, Inc. Public Storage (the Trust) is a real estate investment trust (REIT). The TrustÆs principal business activities include the acquisition, development, ownership and operation of self-storage facilities. 3.09%
Welltower, Inc. Welltower Inc is engaged in the transformation of healthcare infrastructure. The Company invests in seniors housing operators, post-acute providers and health systems to improve people's wellness and overall health care experience. 2.82%
Boston Properties, Inc. Boston Properties, Inc. is an integrated, self-administered and self-managed real estate investment trust. The Company owns and develops office properties in the United States. 2.81%
AvalonBay Communities, Inc. AvalonBay Communities, Inc. engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in the United States. 2.72%
Alexandria Real Estate Equities, Inc. Alexandria is the largest and leading office REIT uniquely focused on collaborative science and technology campuses in urban innovation clusters. 2.68%
Mid-America Apartment Communities, Inc. 2.66%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 1/31/2017

Large 52.2%
Medium 46.9%
Small 1.0%
Median Market Cap (as of 1/31/2017) $6.9 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 1/31/2017

Retail REITs 20.5%
Office REITs 20.4%
Residential REITs 17.2%
Specialized REITs 15.8%
Health Care REITs 9.7%
Industrial REITs 8.2%
Hotel & Resort REITs 5.9%
Diversified REITs 2.3%

Sector Allocation
as a % of equity assets as of 1/31/2017

Real Estate 100.00%

Portfolio Composition
as a % of net assets as of 1/31/2017

Domestic Common Stock 98.34%
Cash and Cash Equivalents 1.66%

Equity Country Allocation
as a % of equity assets as of 1/31/2017

United States 100.0%

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. 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. Investment risks associated with investing in real estate securities, in addition to other risks, include rental income fluctuation, depreciation, property tax value changes and differences in real estate market values. Because the Fund invests more than 25% of its total assets in the real estate industry, the Fund may be more susceptible to a single economic, regulatory, or technical occurrence than a fund that does not concentrate its investments in this industry. 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.

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.

The Advantus Real Estate Securities Fund merged into the Ivy Real Estate Securities Fund on Dec. 8, 2003. The performance shown for periods prior to this date is that of the Advantus Real Estate Securities Fund Class A shares, restated to reflect current sales charges applicable to Ivy Real Estate Securities Fund Class A shares. Performance has not been restated to reflect the fees and expenses applicable to the Ivy Real Estate Securities Fund. If these expenses were reflected, performance shown would differ.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2017, Ivy Investment Management Company (IICO), the Fund’s investment manager, has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.10% of average daily net assets. Prior to that date, the reduction may not be terminated by IICO or the Board of Trustees.

Through July 31, 2017, IICO, 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 E shares at 1.45%. 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.

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.

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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