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Ivy Science and Technology Fund

  • $57.49 NAV as of 12/11/2017
  • ($0.14) / 0.24% Daily NAV Change
  • 33.20% YTD (NAV)

Summary

Focused on growth. Rooted in innovation.

Excellent track record
Strong historical results, managed by an investment team with more than 45 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
Large
Source: Morningstar

Portfolio Management

Zachary H. Shafran

  • Ivy Investment Management Company
  • 16 Years with Fund
  • 29 Years in Industry
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Zack Shafran is co-portfolio manager of Ivy, Ivy VIP and Waddell & Reed Advisors Science and Technology Funds. He assumed co-portfolio manager responsibilities for the funds in 2016. He has been portfolio manager of the Science and Technology Funds since 2001. Mr. Shafran joined Waddell & Reed in 1990 as an equity investment analyst. He was appointed assistant vice president in 1993 and vice president in 1996. He was appointed senior vice president in 2000. He was portfolio manager of Ivy VIP Small Cap Growth from 1996 to 1999. He had been portfolio manager of Waddell & Reed Advisors New Concepts Fund from 1999 to 2001, and of Ivy Mid Cap Growth Fund from 2000 to 2001. He served as Global Director of Equity and Fixed Income Research from 2010 to 2016. Mr. Shafran graduated from the University of Missouri-Kansas City (UMKC) in 1988 with a Bachelors in Business Administration. He earned an MBA from UMKC in 1992. He was previously affiliated with Piper, Jaffray & Hopwood as an investment executive from 1988 to 1990. Mr. Shafran is a member of the CFA Institute and the CFA Society of Kansas City.

Brad Warden

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 20 Years in Industry
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Brad Warden is co-portfolio manager of Ivy, Ivy VIP and Waddell & Reed Advisors Science and Technology Funds. He was named co-portfolio manager of the funds in 2016. He had been assistant portfolio manager of the Science and Technology Funds since 2014. Mr. Warden joined Waddell & Reed in 2003 as an equity investment analyst. He was appointed assistant vice president in 2010 and vice president in 2015. During his tenure as an analyst at Waddell & Reed, he covered health care services, software, hardware, IT services, semiconductor, and semiconductor capital equipment industries. Prior to joining Waddell & Reed, Mr. Warden was an equity analyst intern for AIM Management Group, Inc. during summer 2002. 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 graduated from Trinity University, San Antonio, Texas in 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 2003. During his time at the University of Texas, he was a portfolio manager for the MBA Investment Fund. Mr. Warden 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 11/30/2017

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

37153_Ivy-SciTech-Portfolio-Perspective-Banner-900x450
  • Ivy Science and Technology Fund
  • December 07, 2017

Looking for innovation on a broader scale

The technology and healthcare sectors have been standout performers in '17 -- hear our take on those sectors, and where we're finding opportunity in today's market environment.

Quarterly Fund Commentary

Daily Prices as of 12/11/2017

Net Asset Value (NAV) $57.49
Daily NAV Change ($) ($0.14) 0.24%
Weekly NAV Change ($) $1.27 2.26%
Public Offering Price (POP) $57.49

Fund Facts

Ticker Symbol WSTBX
CUSIP 466000692
Fund Code 508
Fund Type Specialty Funds
Fund Inception 7/31/1997
Class Inception 7/3/2000
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 11/30/2017) $4.3 bil
Total Equity Holdings (as of 11/30/2017) 38
Total Holdings (as of 11/30/2017) 49
Portfolio Turnover Rate (as of 9/30/2017) 11%
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.

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 11/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 5.00% CDSC 29.29% 31.90% 8.06% 15.68% 10.48% 7.27%
Fund at NAV 34.29% 35.90% 8.91% 15.79% 10.48% 7.27%
Lipper Science & Technology Funds 37.18% 37.53% 16.01% 19.58% 10.37% 2.48%
S&P North American Technology TR 37.80% 39.20% 19.38% 22.07% 12.38% 2.90%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 5.00% CDSC 22.64% 24.33% 7.05% 14.27% 9.99% 7.02%
S&P North American Technology TR 26.57% 27.07% 18.24% 19.12% 11.24% 2.42%
Fund at NAV 27.64% 28.33% 7.91% 14.39% 9.99% 7.02%
Lipper Science & Technology Funds 29.29% 27.95% 15.80% 17.40% 9.41% 2.27%

Calendar Year Return

  2012
S&P North American Technology TR 15.23 34.57 15.28 9.91 13.56
Class B 25.47 50.85 3.51 -3.87 0.89

Morningstar Ratings as of 11/30/2017 Morningstar Logo

Category: Technology
Ratings are based on risk-adjusted returns
Overall out of 187
3 Year out of 187
5 Year out of 178
10 Year out of 142

Lipper Ranking through 11/30/2017 Lipper Logo

Category: Science & Technology Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 114/168 68
3 Year 137/147 93
5 Year 112/137 82
10 Year 74/120 62

Expense Ratios as of 7/5/2017

Net 2.06%
Gross 2.06%

5-Year Standard Deviation as of 11/30/2017

S&P North American Technology TR 12.31

5-Year MPT* Statistics as of 11/30/2017

*Modern Portfolio Theory
Alpha -3.99
Beta 0.94
R-Squared 70.16
Sharpe Ratio 1.12
Capture Ratio Upside: 91.72%
Downside: 131.38%

Distributions

Historical Prices Inception 7/3/2000

12/1/2017 $57.51 NO NO
12/4/2017 $56.22 NO NO
12/5/2017 $56.34 NO NO
12/6/2017 $56.45 NO NO
12/7/2017 $57.05 NO NO
12/8/2017 $57.35 NO NO

Historical Distributions Inception 7/3/2000

12/10/2015 $0 Long: $1.260 Short: $0.000 $43.14 12/10/2015
12/11/2014 $0 Long: $1.165 Short: $0.000 $45.56 12/11/2014
12/12/2013 $0 Long: $1.317 Short: $0.000 $43.16 12/12/2013
12/13/2012 $0 Long: $0.189 Short: $0.000 $30.54 12/13/2012
12/8/2011 $0 Long: $2.130 Short: $0.000 $24.62 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 11/30/2017

Micron Technology, Inc. Micron Technology, Inc., engages in the manufacture and marketing of semiconductor devices worldwide. 6.62%
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. 6.21%
Apple, Inc. Apple Inc., together with subsidiaries, designs, manufactures, and markets personal computers, mobile communication devices, and portable digital music and video players, as well as sells various related software, services, peripherals, and networking solutions worldwide. 5.52%
Universal Display Corp. 5.11%
Microsemi Corp. Manufacturer of power-related applications including circuits and microchips for defense, aerospace, security and medical industries 4.59%
Vertex Pharmaceuticals, Inc. Vertex Pharmaceuticals Incorporated engages in the discovery, development, and commercialization of small molecule drugs for the treatment of serious diseases worldwide. 4.53%
Facebook, Inc., Class A Facebook, Inc. operates as a social networking company worldwide. It builds various tools that enable users to connect, share, discover, and communicate with each other on mobile devices and computers. 4.43%
WNS (Holdings) Ltd. ADR WNS (Holdings) Limited provides business process management services comprising data, voice, analytical, and business transformation services worldwide 4.35%
ACI Worldwide, Inc. ACI Worldwide, Inc. engages in the development, marketing, installation, and support of software products and services to facilitate electronic payments worldwide. 4.17%
Alibaba Group Holding Ltd. ADR Alibaba Group Holding Limited, through its subsidiaries, operates as an online and mobile commerce company in the People's Republic of China and internationally. 4.13%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 11/30/2017

Large 56.0%
Medium 40.9%
Small 3.2%
Median Market Cap (as of 11/30/2017) $8.6 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 11/30/2017

Semiconductors 21.5%
Internet Software & Services 14.3%
Data Processing & Outsourced Services 11.4%
Biotechnology 9.4%
Application Software 8.4%
Technology Hardware, Storage & Peripherals 8.4%
Systems Software 6.4%
Electronic Components 5.2%
Health Care Technology 3.6%
Internet & Direct Marketing Retail 2.1%

Sector Allocation
as a % of equity assets as of 11/30/2017

Information Technology 79.35%
Health Care 12.99%
Consumer Discretionary 2.12%
Telecommunication Services 1.95%
Real Estate 1.62%
Utilities 1.09%
Industrials 0.81%
Materials 0.07%

Portfolio Composition
as a % of net assets as of 11/30/2017

Domestic Common Stock 84.54%
Foreign Common Stock 13.10%
Cash and Cash Equivalents 1.80%
Corporate Bonds 0.56%

Equity Country Allocation
as a % of equity assets as of 11/30/2017

United States 84.7%
China 5.0%
India 4.5%
Netherlands 2.1%
Bermuda 2.1%
Spain 1.1%
Germany 0.4%
Israel 0.1%

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. 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.

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.

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 Rating™ 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 does not include the effects of sales charges. 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.

© 2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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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