Select a Fund Family and Share Class
Go

Ivy Securian Real Estate Securities Fund

  • $22.06 NAV as of 12/18/2018
  • ($0.22) / 1.01% Daily NAV Change
  • -2.38% 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

Blend
Medium
Source: Morningstar

Portfolio Management

Lowell R. Bolken, CFA

  • Securian Asset Management, Inc. (Sub-Adviser)
  • 12 Years with Fund
  • 27 Years in Industry
Toggle Section

Lowell Bolken co-manages the Securian Real Estate Securities portfolios. His experience in the real estate market includes property management, leasing, negotiating sales and placement of financed debt. Mr. Bolken received a BA in Computer Science from the University of North Dakota in 1985. He earned an MBA in Real Estate and Financial Markets from Columbia University in 1989. He is a CFA charterholder and a member of the National Association of Real Estate Investment Trusts (NAREIT).

Matthew K. Richmond

  • Securian Asset Management, Inc. (Sub-Adviser)
  • 4 Years with Fund
  • 24 Years in Industry
Toggle Section

Matthew Richmond leads the Securian Real Estate Equity team and oversees the management of Securian real estate securities and passive equity portfolios. He is the lead portfolio manager for the Securian Real Estate Securities portfolios. He joined Securian in 2013. Mr. Richmond has been active in the industry since 1994, with a focus on real estate investment trusts (REITs) and private real estate equities throughout his career. Mr. Richmond received a BS in Business Administration, Finance from the University of Nebraska and an MBA in Finance from the University of Iowa. He is a member of the National Association of Real Estate Investment Trusts (NAREIT) and serves on the Advisory Board of the University of Wisconsin Applied Real Estate Securities Program.

Josh Klaetsch

  • Securian Asset Management, Inc. (Sub-Adviser)
  • <1 Year with Fund
  • 12 Years in Industry
Toggle Section

Josh Klaetsch provides fundamental and qualitative research on publicly traded real estate companies and related entities for the purpose of recommending purchase and sale of securities. As a member of the Real Estate Securities team, he is responsible for the investment performance of portfolios within the strategy. Mr. Klaetsch received a BA in Economics and Business Management from Luther College. He earned his MBA in Real Estate from the University of Wisconsin. He is a CFA charterholder, a member of the CFA Institute, the CFA Society of Minnesota and the University of Wisconsin Real Estate Alumni Association.

Growth of a $10,000 Investment
through 11/30/2018

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 12/18/2018

Net Asset Value (NAV) $22.06
Daily NAV Change ($) ($0.22) 1.01%
Weekly NAV Change ($) $-2.44 -9.96%
Public Offering Price (POP) $23.41

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 11/30/2018) $458.9 mil
Total Equity Holdings (as of 11/30/2018) 41
Total Holdings (as of 11/30/2018) 43
Portfolio Turnover Rate (as of 9/30/2018) 33%
Morningstar Category Real Estate
Lipper Category Real Estate Funds
Benchmark FTSE NAREIT Equity REITs Index
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 A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return

Average Annual Total Returns as of 11/30/2018
(Returns for periods of less than 1-yr are not annualized)
 
Fund with 5.75% sales charge -3.98% -3.82% 2.48% 7.51% 12.29% 9.38%
Fund at NAV 1.89% 2.06% 4.53% 8.80% 12.96% 9.71%
Morningstar Real Estate 2.07% 2.14% 5.68% 8.89% 13.96%
Wilshire US Real Estate Securities Index 3.87% 3.71% 6.11% 10.20% 15.24%
FTSE NAREIT Equity REITs Index 3.93% 3.70% 6.52% 9.82% 14.81%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2018
(Returns for periods of less than 1-yr are not annualized)
 
Fund with 5.75% sales charge -5.51% -3.61% 3.59% 6.94% 5.65% 9.37%
Fund at NAV 0.27% 2.28% 5.65% 8.21% 6.28% 9.71%
Morningstar Real Estate 1.22% 3.39% 7.24% 8.56% 7.13%
FTSE NAREIT Equity REITs Index 1.81% 3.35% 7.64% 9.16% 7.44%
Wilshire US Real Estate Securities Index 2.35% 4.11% 7.52% 9.58% 7.51%

Calendar Year Return

Indexes 2013
Class A 5.27 4.09 4.47 29.71 0.74
Wilshire US Real Estate Securities Index 4.81 31.53 2.14

Morningstar Ratings as of 11/30/2018 Morningstar Logo

Category: Real Estate
Ratings are based on risk-adjusted returns
Overall out of 222
3 Year out of 222
5 Year out of 187
10 Year out of 138

Morningstar Ranking as of 11/30/2018 Morningstar Logo

Category: Real Estate
 
Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar Category based on average annual total return and number of Funds in that Category. The Morningstar Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same Category, where 1% = Best and 100% = Worst.
1 Year 139/247 61
3 Year 150/222 74
5 Year 98/187 59
10 Year 116/138 84

Expense Ratios as of 7/31/2018

Net 1.42%
Gross 1.52%

5-Year Standard Deviation as of 11/30/2018

Wilshire US Real Estate Securities Index 13.30
FTSE NAREIT Equity REITs Index 13.29

5-Year MPT* Statistics as of 11/30/2018

*Modern Portfolio Theory
Alpha -0.86
Beta 0.99
R-Squared 98.19
Sharpe Ratio 0.62
Capture Ratio Upside: 96.31%
Downside: 100.69%

Distributions

Historical Prices Inception 2/25/1999

12/3/2018 $24.69 NO NO
12/4/2018 $24.30 NO NO
12/6/2018 $24.95 NO NO
12/7/2018 $24.64 NO NO
12/10/2018 $24.49 NO NO
12/11/2018 $24.50 NO NO
12/12/2018 $23.99 NO NO
12/13/2018 $22.75 YES YES
12/14/2018 $22.69 NO NO
12/17/2018 $21.84 NO NO
12/18/2018 $22.06 NO NO

Historical Distributions Inception 2/25/1999

12/13/2018 $0.173 Long: $1.243 Short: $0.040 $22.75 12/13/2018
9/13/2018 $0.05 Long: $0.000 Short: $0.000 $24.7 9/13/2018
6/14/2018 $0.073 Long: $0.000 Short: $0.000 $23.39 6/14/2018
3/15/2018 $0.02 Long: $0.000 Short: $0.000 $22.38 3/15/2018
12/14/2017 $0.11 Long: $2.915 Short: $0.000 $24.28 12/14/2017
9/14/2017 $0.04 Long: $0.000 Short: $0.000 $27.19 9/14/2017
6/15/2017 $0.01 Long: $0.000 Short: $0.000 $27.13 6/15/2017
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

*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 11/30/2018

NAV 0.92%
With Sales Charge 0.88%

Annualized 30-Day SEC Yield as of 11/30/2018

Subsidized - NAV 1.07%
Unsubsidized - NAV 0.93%

Portfolio

Top 10 Equity Holdings as a % of net assets 11/30/2018

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. 5.90%
Simon Property Group, Inc. Simon Property Group, Inc. (Simon) is a United States real estate company. 5.80%
Digital Realty Trust, Inc. Digital Realty Trust, Inc., a real estate investment trust (REIT), through its controlling interest in Digital Realty Trust, L.P., engages in the ownership, acquisition, development, redevelopment, and management of technology-related real estate. 4.83%
AvalonBay Communities, Inc. AvalonBay Communities, Inc. engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in the United States. 4.70%
Equinix, Inc. Equinix, Inc. is an American public corporation that provides carrier-neutral data centers and internet exchanges to enable interconnection. 4.59%
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. 4.53%
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. 4.52%
Camden Property Trust Camden Property Trust is a real estate investment trust (REIT) engaged in the ownership, management, development, acquisition, and construction of multi-family apartment communities. 3.29%
HCP, Inc. HCP, Inc. (HCP) is a real estate investment trust (REIT). The Company invests primarily in real estate serving the healthcare industry in the United States. 3.25%
Sun Communities, Inc. Sun Communities, Inc. is a real estate investment trust that currently owns and operates a portfolio of manufactured housing communities primarily in the midwest and southeast U.S. 2.99%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 11/30/2018

Large ( > $10 bil) 66.9%
Medium ($2 - $10 bil) 30.8%
Small ( < $2 bil) 2.3%
Median Market Cap (as of 11/30/2018) $10.2 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 11/30/2018

Residential REITs 21.1%
Specialized REITs 19.7%
Retail REITs 17.8%
Office REITs 14.9%
Health Care REITs 9.5%
Industrial REITs 8.9%
Hotel & Resort REITs 4.5%
Diversified REITs 3.7%

Sector Allocation
as a % of equity assets as of 11/30/2018

Real Estate 100.00%

Portfolio Composition
as a % of net assets as of 11/30/2018

Domestic Common Stock 98.91%
Cash and Cash Equivalents 1.09%

Equity Country Allocation
as a % of equity assets as of 11/30/2018

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. 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.

Effective, April 30, 2018, the Fund's benchmark changed from the Wilshire U.S. Real Estate Securities Index to the FTSE NAREIT Equity REITs Index. Both the prior and current benchmark indexes will be shown for a period of one year for comparison purposes.

Index Description: The FTSE NAREIT Equity REITs Index is designed to present investors with a comprehensive family of REIT performance indexes that spans the commercial real estate space across the U.S. economy. The FTSE NAREIT Equity REITs index contains all Equity REITs not designated as Timber REITs or Infrastructure REITs. 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.

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, 2019, 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 without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, 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 (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class E shares at 1.42%. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, 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 without the consent of the Board.

Effective April 30, 2018, the name of Ivy Advantus Real Estate Securities Fund changed to Ivy Securian Real Estate Securities Fund.

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 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.

© 2018 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.