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Ivy Science and Technology Fund

  • $49.11 NAV as of 12/2/2016
  • ($0.03) / 0.06% Daily NAV Change
  • -1.90% YTD (NAV)

Summary

Focused on growth. Rooted in innovation.

Excellent track record
Strong historical results, managed by Zachary Shafran, with more than 20 years of experience.
Multiple, non-correlated sources of growth
Seeks opportunities within technology, health care, and applied science and technology.
Proven investment process
Built on a six-decade firm legacy of technology investing expertise.

Morningstar Style Box

Growth
Medium
Source: Morningstar

Portfolio Management

Zachary H. Shafran

  • Ivy Investment Management Company
  • 15 Years with Fund
  • 28 Years in Industry
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Zachary H. Shafran is a senior vice president of Ivy Investment Management Company. Mr. Shafran joined Waddell & Reed in June 1990 as an investment analyst. He was portfolio manager of the Ivy Mid Cap Growth Fund since its inception July 2000 until February 2001. Mr. Shafran was named portfolio manager of the Ivy Science and Technology Fund in February 2001. Prior to joining Waddell & Reed, Mr. Shafran was affiliated with Piper, Jaffray & Hopwood as an investment executive from 1988 through 1990. Mr. Shafran graduated from the University of Missouri at Kansas City in 1988 with a BSBA degree in Business Administration. He earned an MBA with an emphasis in Finance from the University of Missouri at Kansas City in 1992. Mr. Shafran is a member of the Kansas City Society of Financial Analysts.

Brad Warden

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 19 Years in Industry
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Mr. Warden graduated from Trinity University, San Antonio, Texas in May 1997 with a BS in business administration. He earned an MBA with an emphasis in finance from the University of Texas at Austin, McCombs School of Business in May 2003. From 1997 through 2001 he held defined benefit plan consulting roles, including project manager and unit manager, at AON Hewitt (formerly Hewitt Associates LLC). Mr. Warden joined the organization in June 2003 as an investment analyst. During his tenure at Waddell & Reed, he has covered health care services, software, hardware, IT services, semiconductor, and semiconductor capital equipment industries. Mr. Warden was named assistant portfolio manager of the Waddell & Reed Advisors, Ivy, Ivy Global Investors and Ivy Funds VIP Science and Technology Funds in 2014 and portfolio manager in October 2016.

Growth of a $10,000 Investment
through 11/30/2016

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 12/2/2016

Net Asset Value (NAV) $49.11
Daily NAV Change ($) ($0.03) 0.06%
Weekly NAV Change ($) $-2.42 -4.70%
Public Offering Price (POP) $52.11

Fund Facts

Ticker Symbol ISTEX
CUSIP 466001708
Fund Code 408
Fund Type Specialty Funds
Fund Inception 7/31/1997
Class Inception 4/2/2007
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 10/31/2016) $3.9 bil
Total Equity Holdings (as of 10/31/2016) 51
Total Holdings (as of 10/31/2016) 66
Portfolio Turnover Rate
Lipper Category Science & Technology Funds
Morningstar Category Technology
Benchmark S&P North American Technology TR

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 11/30/2016
(Returns for periods of less than 1-yr are not annualized)
  YTD 1YR 3YR 5YR 10YR LIFE
Fund with maximum 5.75% sales charge -5.42% -8.38% 0.01% 12.84% 8.93%
Fund at NAV 0.34% -2.79% 2.00% 14.19% 9.60%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2016
(Returns for periods of less than 1-yr are not annualized)
  YTD 1YR 3YR 5YR 10YR LIFE
Fund with maximum 5.75% sales charge -4.91% 1.52% 2.54% 14.22% 9.15%
Fund at NAV 0.88% 7.70% 4.58% 15.58% 9.84%
Lipper Science & Technology Funds 11.16% 21.15% 13.22% 16.51% 9.17% 8.86%
S&P North American Technology TR 13.10% 25.01% 17.33% 19.06% 11.13% 10.95%

Calendar Year Return

  2011 2012 2013 2014 2015
Class E -4.29 26.61 51.80 4.13 -3.30
S&P North American Technology TR -0.88 15.23 34.57 15.28 9.91

Morningstar Ratings as of 10/31/2016 Morningstar Logo

Category: Technology
Ratings are based on risk-adjusted returns
Overall out of 196
3 Year out of 196
5 Year out of 188
10 Year out of 151

Lipper Ranking through 10/31/2016 Lipper Logo

Category: Science & Technology Funds
  Rank Percentile
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 155/161 96
3 Year 144/150 96
5 Year 95/141 67
10 Year

Expense Ratios as of 7/31/2016

Net 1.30%
Gross 1.54%

5-Year Standard Deviation as of 9/30/2016

S&P North American Technology TR 14.47

5-Year MPT* Statistics as of 9/30/2016

*Modern Portfolio Theory
Alpha -0.94
Beta 0.89
R-Squared 74.17
Sharpe Ratio 1.03
Capture Ratio Upside: 92.86%
Downside: 106.76%

Distributions

Historical Prices Inception 4/2/2007

Date Price Dividend Reinvest Date Capital Gain Reinvest Date
12/1/2016 $49.08 NO NO
12/2/2016 $49.11 NO NO

Historical Distributions Inception 4/2/2007

Ex-date Income Capital Gains Reinvest Gains Payment Date
12/10/2015 $0 Long: $1.260 Short: $0.000 $50.46 12/10/2015
12/11/2014 $0 Long: $1.165 Short: $0.000 $52.77 12/11/2014
12/12/2013 $0 Long: $1.317 Short: $0.000 $49.52 12/12/2013
12/13/2012 $0 Long: $0.189 Short: $0.000 $34.68 12/13/2012
12/8/2011 $0 Long: $2.130 Short: $0.019 $27.69 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 10/31/2016

Micron Technology, Inc. Micron Technology, Inc., engages in the manufacture and marketing of semiconductor devices worldwide. 5.15%
Aspen Technology, Inc. Aspen Technology, Inc., together with its subsidiaries, develops and supplies integrated software and services that enable the process industries to design, operate, manage, and optimize their business processes. 4.74%
Euronet Worldwide, Inc. Euronet Worldwide, Inc. is an electronic payments provider of payment and transaction processing and distribution solutions to financial institutions, retailers, service providers, individual consumers. 4.69%
Microsoft Corp. Microsoft Corporation is a multinational computer technology corporation that develops, manufactures, licenses and supports a wide range of software products for computing devices. 4.69%
Alliance Data Systems Corp. Alliance Data Systems Corporation,provides data-driven and transaction-based marketing and customer loyalty solutions primarily in the United States and Canada. 4.67%
Microsemi Corp. Manufacturer of power-related applications including circuits and microchips for defense, aerospace, security and medical industries 4.55%
WNS (Holdings) Ltd. ADR WNS (Holdings) Limited provides business process management services comprising data, voice, analytical, and business transformation services worldwide 3.95%
ACI Worldwide, Inc. ACI Worldwide, Inc. engages in the development, marketing, installation, and support of software products and services to facilitate electronic payments worldwide. 3.80%
Cerner Corp. Cerner Corporation (Cerner) is a supplier of healthcare information technology (HIT) solutions, healthcare devices and related services. Cerner solutions optimize processes for healthcare organizations. 3.70%
NXP Semiconductors N.V. NXP Semiconductors N.V. provides high performance mixed signal and standard product solutions for radio frequency (RF), analog, power management, interface, security, and digital processing products worldwide. 3.50%

Market Capitalization
as a % of equity assets as of 11/30/2016

Large 40.1%
Medium 42.5%
Small 17.4%
Median Market Cap (as of 10/31/2016) $3.0 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 10/31/2016

Semiconductors 23.1%
Data Processing & Outsourced Services 14.2%
Application Software 12.6%
Internet Software & Services 11.5%
Biotechnology 6.9%
Systems Software 4.8%
Health Care Technology 3.8%
IT Consulting & Other Services 3.8%
Consumer Electronics 3.2%
Pharmaceuticals 2.6%

Sector Allocation
as a % of equity assets as of 10/31/2016

Information Technology 75.52%
Health Care 14.71%
Consumer Discretionary 3.16%
Telecommunication Services 2.21%
Real Estate 1.67%
Utilities 1.16%
Materials 0.72%
Industrials 0.71%
Consumer Staples 0.14%

Portfolio Composition
as a % of net assets as of 10/31/2016

Domestic Common Stock 81.26%
Foreign Common Stock 15.75%
Cash and Cash Equivalents 2.37%
Corporate Bonds 0.62%
Other Financial Instruments 0.00%

Equity Country Allocation
as a % of equity assets as of 10/31/2016

United States 81.4%
India 4.1%
Israel 3.7%
Netherlands 3.6%
China 1.7%
Germany 1.4%
Bermuda 1.4%
Luxembourg 1.2%
Spain 1.2%
Cyprus 0.5%

Documents

Select a document below to view or download.

Documents

Risk Factors: The value of the Fund’s shares will change, and you could lose money on your investment. Because the Fund invests more than 25% of its total assets in the science and technology industry, the Fund’s performance may be more susceptible to a single economic, regulatory or technological occurrence than a fund that does not concentrate its investments in this industry. Securities of companies within specific industries or sectors of the economy may periodically perform differently than the overall market. In addition, the Fund’s performance may be more volatile than an investment in a portfolio of broad market securities and may underperform the market as a whole, due to the relatively limited number of issuers of science and technology related securities. Investment risks associated with investing in science and technology securities, in addition to other risks, include: operating in rapidly changing fields, abrupt or erratic market movements, limited product lines, markets or financial resources, management that is dependent on a limited number of people, short product cycles, aggressive pricing of products and services, new market entrants and obsolescence of existing technology. These and other risks are more fully described in the Fund’s prospectus.

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.

The S&P North American Technology Sector Index is an unmanaged index comprised of U.S. securities classified under the GICS® technology sector and internet retail sub-industry. 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.

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).

Morningstar Ratings: For each fund with at least a 3-year history, Morningstar calculates a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of all sales charges), placing emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. (Each share class is counted as a fraction of one fund and rated separately.) A fund's overall rating is derived from a weighted average of the 3-, 5- and 10-year (if applicable) rating metrics. Morningstar Rating is for the share classes specified; other classes may have different performance characteristics.

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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