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Ivy Small Cap Growth Fund

  • $21.04 NAV as of 12/9/2016
  • ($-0.07) / -0.33% Daily NAV Change
  • 16.95% YTD (NAV)

Summary

Seeking small companies with large-cap opportunities

Sound philosophy
Seeks small-cap companies that are industry leaders, serving markets that are growing substantially and producing solid financial returns.
Experience & vision
Managed by an investment professional with more than 35 years of industry experience with previous roles as chief investment officer and head of growth funds at a major investment firm.
Consistent process
The manager’s expertise is coupled with additional personnel and resources associated with small-cap growth products at the firm since 2003.

Morningstar Style Box

Growth
Small
Source: Morningstar

Portfolio Management

Timothy J. Miller, CFA

  • Ivy Investment Management Company
  • 6 Years with Fund
  • 37 Years in Industry
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Timothy J. Miller has been portfolio manager of Ivy Small Cap Growth Fund and Waddell & Reed Advisors Small Cap Fund since April 2010. Mr. Miller joined Ivy Investment Management Co. and Waddell & Reed Investment Management Company in February 2008. He managed the Ivy Small Cap Value Fund and Ivy Funds VIP Small Cap Value from 2008 through March 2010. Previously, he served as the primary portfolio manager of the Invesco Dynamics Fund from December 1993 through mid-2004, as the chief investment officer of Invesco Funds Group, Inc. from July 2000 until July 2003, and as the chief investment officer of the Denver Investment Center of Invesco North America from July 2003 until May 2004. Mr. Miller holds an MBA from the University of Missouri-St. Louis and a BSBA from Saint Louis University. He is a CFA Charter holder.

Kenneth G. McQuade

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 21 Years in Industry
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Ken McQuade is a senior vice president of Ivy Investment Management Company and Waddell & Reed Investment Management Company. Mr. McQuade joined the firm in August 1997. He is currently a portfolio manager on the firm’s small-cap growth product line, which includes Ivy Small Cap Growth Fund, WRA Small Cap Fund, Ivy Funds VIP Small Cap Growth and institutional accounts. Prior to joining the firm, he was affiliated with A.G. Edwards & Sons. Mr. McQuade earned a BS degree in finance from Bradley University in 1992.

Bradley P. Halverson, CFA

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 14 Years in Industry
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Bradley P. Halverson is a vice president of Ivy Investment Management Company and Waddell & Reed Investment Management Company. Mr. Halverson joined the firm in 2008 as an investment analyst on the small-cap growth team. He is currently a portfolio manager on the firm’s small-cap growth product line, which includes Ivy Small Cap Growth Fund, WRA Small Cap Fund, Ivy Funds VIP Small Cap Growth and institutional accounts. Prior to joining the company, Mr. Halverson was associated with Northpointe Capital, A.G. Edwards & Sons, Inc. and PricewaterhouseCoopers, LLP. He graduated from Brigham Young University in 1995 with a BS and MS in accounting. He earned an MBA from the University of Michigan in 2002 with an emphasis in finance and corporate strategy. He is a CFA charterholder.

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 12/9/2016

Net Asset Value (NAV) $21.04
Daily NAV Change ($) ($-0.07) -0.33%
Weekly NAV Change ($) $-0.08 -0.38%
Public Offering Price (POP) $21.04

Fund Facts

Ticker Symbol IYSIX
CUSIP 466001872
Fund Code 471
Fund Type Domestic Equity
Fund Inception 9/21/1992
Class Inception 4/2/2007
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 11/30/2016) $904.8 mil
Total Equity Holdings (as of 11/30/2016) 75
Total Holdings (as of 11/30/2016) 83
Portfolio Turnover Rate (as of 9/30/2016) 19%
Lipper Category Small-Cap Growth Funds
Morningstar Category Small Growth
Benchmark Russell 2000 Growth TR USD

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 I shares are sold without any front-end sales load or contingent deferred sales charges.

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
Lipper Small-Cap Growth Funds 9.18% 4.49% 3.78% 11.82% 6.93% 15.04%
Russell 2000 Growth TR USD 9.82% 4.58% 5.29% 13.38% 7.59% 7.61%
Fund at NAV 13.46% 7.42% 5.93% 13.27% 9.15%

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
Lipper Small-Cap Growth Funds 6.84% 9.90% 4.87% 14.32% 7.53% 6.66%
Russell 2000 Growth TR USD 7.48% 12.12% 6.58% 16.15% 8.29% 7.51%
Fund at NAV 9.01% 12.46% 6.15% 14.78% 8.86%

Calendar Year Return

  2011 2012 2013 2014 2015
Class I -4.72 15.63 41.36 3.54 -1.81
Russell 2000 Growth TR USD -2.91 14.59 43.30 5.60 -1.38

Morningstar Ratings as of 11/30/2016 Morningstar Logo

Category: Small Growth
Ratings are based on risk-adjusted returns
Overall out of 590
3 Year out of 590
5 Year out of 529
10 Year out of 383

Lipper Ranking through 11/30/2016 Lipper Logo

Category: Small-Cap Growth Funds
  Rank Percentile
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 124/553 23
3 Year 120/497 25
5 Year 116/439 27
10 Year

Expense Ratios as of 7/31/2016

Net 1.06%
Gross 1.06%

5-Year Standard Deviation as of 11/30/2016

Russell 2000 Growth TR USD 15.54

Distributions

Historical Prices Inception 4/2/2007

Date Price Dividend Reinvest Date Capital Gain Reinvest Date
12/1/2016 $21.08 NO NO
12/2/2016 $21.12 NO NO
12/5/2016 $21.48 NO NO
12/6/2016 $21.64 NO NO
12/7/2016 $21.86 NO NO
12/8/2016 $21.11 YES YES

Historical Distributions Inception 4/2/2007

Ex-date Income Capital Gains Reinvest Gains Payment Date
12/8/2016 $0 Long: $1.031 Short: $0.000 $21.11 12/8/2016
12/10/2015 $0.009 Long: $2.327 Short: $0.000 $19.33 12/10/2015
12/11/2014 $0 Long: $1.182 Short: $0.000 $20.88 12/11/2014
12/12/2013 $0 Long: $1.598 Short: $0.120 $20.7 12/12/2013
12/13/2012 $0 Long: $0.388 Short: $0.000 $16.29 12/13/2012

*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.

Portfolio

Top 10 Equity Holdings as a % of net assets 11/30/2016

SVB Financial Group SVB Financial Group (SVBFG) is a financial services company, a bank holding company and financial holding company. Through its subsidiaries and divisions it offers a range of banking and financial products and services to clients across the U.S., as well as in international entrepreneurial markets. 3.64%
Ultimate Software Group, Inc. (The) The Ultimate Software Group, Inc. (Ultimate) provides unified human capital management (HCM) software-as-a-service (SaaS) solutions for global businesses. Ultimate’s UltiPro software (UltiPro) is a SaaS-based solution designed to deliver the functionality needed to manage the employment life cycle. 3.43%
Watsco, Inc. North American distributor of air conditioning, heating and refrigeration equipment, operating in the U.S., Canada, Mexico and Puero Rico. 3.05%
AMN Healthcare Services, Inc. U.S. health care staffing, recruitment and workforce solutions company 2.78%
Booz Allen Hamilton Holding Corp. 2.64%
Pool Corp. POOLCORP is the largest wholesale distributor of swimming pool and related backyard products. 2.37%
Science Applications International Corp. 2.20%
Dave & Buster's Entertainment, Inc. 2.08%
Vail Resorts, Inc. Vail Resorts, Inc. is a holding company operating in three business segments: Mountain, Lodging and Real Estate. Its Mountain segment operates six ski resort properties, ancillary services including ski school, dining and retail/rental operations, which provide a resort experience to clients. 2.08%
RE/MAX Holdings, Inc., Class A 2.02%

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

Large 0.0%
Medium 64.3%
Small 35.7%
Median Market Cap (as of 11/30/2016) $2.6 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 11/30/2016

Application Software 12.6%
Health Care Equipment 7.3%
Regional Banks 7.1%
IT Consulting & Other Services 6.1%
Electronic Manufacturing Services 4.9%
Restaurants 4.8%
Trading Companies & Distributors 4.5%
Semiconductors 4.0%
Distributors 4.0%
Oil & Gas Exploration & Production 3.4%

Sector Allocation
as a % of equity assets as of 11/30/2016

Information Technology 35.99%
Consumer Discretionary 18.79%
Health Care 15.84%
Industrials 10.72%
Financials 8.28%
Energy 4.24%
Materials 2.36%
Real Estate 2.13%
Consumer Staples 1.65%

Portfolio Composition
as a % of net assets as of 11/30/2016

Domestic Common Stock 91.02%
Cash and Cash Equivalents 4.94%
Foreign Common Stock 4.04%

Equity Country Allocation
as a % of equity assets as of 11/30/2016

United States 94.9%
Canada 2.5%
Thailand 1.6%
Israel 1.1%

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. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Investing in small-cap stocks may carry more risk than investing in stocks of larger, more well-established companies. 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.

Index Description: Russell 2000 Growth is an unmanaged index comprised of securities that represent the small cap sector of the stock market. 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.

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.

Tim Miller is the Portfolio Manager of Ivy Small Cap Growth Fund and has held his fund responsibilities since April 1, 2010.

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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