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Ivy Advantus Real Estate Securities Fund

  • $25.33 NAV as of 4/27/2017
  • ($-0.05) / -0.20% Daily NAV Change
  • 0.84% 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 (Sub-adviser)
  • 11 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 (Sub-adviser)
  • 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 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 4/27/2017

Net Asset Value (NAV) $25.33
Daily NAV Change ($) ($-0.05) -0.20%
Weekly NAV Change ($) $-0.50 -1.94%
Public Offering Price (POP) $25.33

Fund Facts

Ticker Symbol IRSBX
CUSIP 465898468
Fund Code 548
Fund Type Specialty Funds
Fund Inception 2/25/1999
Class Inception 12/8/2003
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 3/31/2017) $624.5 mil
Total Equity Holdings (as of 3/31/2017) 50
Total Holdings (as of 3/31/2017) 52
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, if it had, performance shown would be lower. Class B shares, including sales charge, reflects the applicable contingent deferred sales charge (CDSC), which declines from 5% at the time of purchase to zero at the beginning of the seventh year.

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 5.00% CDSC -5.04% -4.49% 7.11% 7.34% 2.66% 7.57%
Fund at NAV -0.04% -0.88% 7.98% 7.49% 2.66% 7.57%
Wilshire US Real Estate Securities Index 0.51% 2.75% 10.67% 10.05% 4.47% 9.73%
Lipper Real Estate Funds 1.01% 3.29% 9.00% 8.85% 4.07% 8.79%

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 5.00% CDSC -5.04% -4.49% 7.11% 7.34% 2.66% 7.57%
Fund at NAV -0.04% -0.88% 7.98% 7.49% 2.66% 7.57%
Wilshire US Real Estate Securities Index 0.51% 2.75% 10.67% 10.05% 4.47% 9.73%
Lipper Real Estate Funds 1.01% 3.29% 9.00% 8.85% 4.07% 8.79%

Calendar Year Return

  2012
Class B 15.93 -0.32 28.40 3.57 3.13
Wilshire US Real Estate Securities Index 2.14 31.53 4.81

Morningstar Ratings as of 3/31/2017 Morningstar Logo

Category: Real Estate
Ratings are based on risk-adjusted returns
Overall out of 234
3 Year out of 234
5 Year out of 205
10 Year out of 137

Lipper Ranking through 3/31/2017 Lipper Logo

Category: Real Estate Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 261/266 98
3 Year 186/233 80
5 Year 189/206 92
10 Year 120/134 89

Expense Ratios as of 7/31/2016

Net 2.37%
Gross 2.47%

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

Wilshire US Real Estate Securities Index 14.05

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

*Modern Portfolio Theory
Alpha -2.27
Beta 0.99
R-Squared 99.17
Sharpe Ratio 0.53
Capture Ratio Upside: 94.34%
Downside: 106.21%

Distributions

Historical Prices Inception 12/8/2003

4/3/2017 $25.17 NO NO
4/4/2017 $25.16 NO NO
4/5/2017 $25.20 NO NO
4/6/2017 $25.33 NO NO
4/7/2017 $25.35 NO NO
4/10/2017 $25.52 NO NO
4/11/2017 $25.67 NO NO
4/12/2017 $25.62 NO NO
4/13/2017 $25.54 NO NO
4/17/2017 $25.85 NO NO
4/18/2017 $25.88 NO NO
4/19/2017 $25.83 NO NO
4/20/2017 $25.83 NO NO
4/21/2017 $25.73 NO NO
4/24/2017 $25.46 NO NO
4/25/2017 $25.59 NO NO
4/26/2017 $25.38 NO NO
4/27/2017 $25.33 NO NO

Historical Distributions Inception 12/8/2003

12/8/2016 $0.064 Long: $2.057 Short: $0.228 $24.85 12/8/2016
6/16/2016 $0.074 Long: $0.000 Short: $0.000 $28.13 6/16/2016
12/10/2015 $0.034 Long: $1.192 Short: $0.147 $25.65 12/10/2015
12/11/2014 $0 Long: $0.496 Short: $0.338 $27.03 12/11/2014
12/9/2010 $0.021 Long: $0.000 Short: $0.000 $17.45 12/9/2010
3/11/2010 $0.005 Long: $0.000 Short: $0.000 $15.38 3/11/2010
12/10/2009 $0.0033 Long: $0.000 Short: $0.000 $13.76 12/10/2009
6/11/2009 $0.002 Long: $0.000 Short: $0.000 $10.51 6/11/2009
3/12/2009 $0.052 Long: $0.000 Short: $0.000 $8.78 3/12/2009

*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 3/31/2017

NAV 0.50%
With Sales Charge 0.50%

Annualized 30-Day SEC Yield as of 3/31/2017

Subsidized - NAV 0.18%
Unsubsidized - NAV 0.07%

Portfolio

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

Simon Property Group, Inc. Simon Property Group, Inc. (Simon) is a United States real estate company. 8.48%
Equinix, Inc. Equinix, Inc. is an American public corporation that provides carrier-neutral data centers and internet exchanges to enable interconnection. 5.42%
ProLogis, Inc. Prologis, Inc., is a real estate investment trust (REIT) company. The company is engaged in logistics real estate business. The company's segments include Real Estate Operations and Strategic Capital with a focus on markets across the United States, the Americas, Europe and Asia. 5.09%
Mid-America Apartment Communities, Inc. Mid-America Apartment Communities, Inc. is a self-administered and self-managed real estate investment trust which owns, develops, acquires, and operates multi family apartment communities in the southeast and midwest United States and Texas. 3.25%
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. 3.20%
Equity Residential Equity Residential (EQR) is a real estate investment trust (REIT). The Company is focused on the acquisition, development and management of apartment properties in United States markets. 3.12%
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. 3.04%
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. 2.92%
AvalonBay Communities, Inc. AvalonBay Communities, Inc. engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in the United States. 2.90%
Regency Centers Corp. Regency Centers Corporation is a self-administered and self-managed real estate investment trust that owns and operates grocery anchored neighborhood retail centers. The Company currently owns and operates properties in various states located throughout the United States. 2.87%

Total Portfolio Holdings

Updated quarterly, upon availability.

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

Large 59.2%
Medium 39.8%
Small 1.0%
Median Market Cap (as of 3/31/2017) $8.2 bil

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

Residential REITs 21.8%
Specialized REITs 18.3%
Retail REITs 18.0%
Office REITs 17.4%
Health Care REITs 10.1%
Industrial REITs 7.9%
Hotel & Resort REITs 4.4%
Diversified REITs 1.9%
Hotels, Resorts & Cruise Lines 0.2%

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

Real Estate 99.80%
Consumer Discretionary 0.20%

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

Domestic Common Stock 98.93%
Cash and Cash Equivalents 1.07%

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

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.

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.

The Ivy Real Estate Securities Fund was renamed Ivy Advantus Real Estate Securities Fund on April 3, 2017.

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.

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.

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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