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Ivy Tax-Managed Equity Fund

  • $19.27 NAV as of 12/7/2016
  • ($0.18) / 0.94% Daily NAV Change
  • -1.38% YTD (NAV)

Summary

Seeking growth while minimizing potential taxable gains

Process
Seeks to provide growth of capital while minimizing taxable gains and income to shareholders.
Approach
Invests in growth-oriented companies believed to have above-average levels of profitability and the ability to sustain growth over the long term.
Conviction
Typically invests with conviction, holding a limited number of stocks. This allows for greater opportunity for the Fund’s manager to interact with company management and for the best ideas to drive performance.

Morningstar Style Box

Growth
Large
Source: Morningstar

Portfolio Management

Bradley M. Klapmeyer, CFA

  • Ivy Investment Management Company
  • 2 Years with Fund
  • 16 Years in Industry
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Bradley M. Klapmeyer is a vice president of Ivy Investment Management Company and Waddell & Reed Investment Management Company. He joined the firm in June 2007 as an investment analyst and was appointed assistant vice president in January 2010. He became an assistant portfolio manager on the large-cap growth team in September 2011. In August 2014, Mr. Klapmeyer was appointed portfolio manager of the Ivy Tax-Managed Equity Fund and Waddell & Reed Advisors Tax-Managed Equity Fund. He was previously affiliated with Prudential Equity Group, LLC where he helped cover the airline sector from 2006 to 2007. From 2000 to 2006, he was an equity analyst for Commerce Bank where his research responsibilities focused on electronic and health technologies. He graduated from Truman State University in 1999 with a BS in finance and a minor in economics. Mr. Klapmeyer is a CFA charterholder and a member of the Kansas City CFA Society.

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 12/7/2016

Net Asset Value (NAV) $19.27
Daily NAV Change ($) ($0.18) 0.94%
Weekly NAV Change ($) $0.20 1.05%
Public Offering Price (POP) $20.45

Fund Facts

Ticker Symbol IYEAX
CUSIP 466001831
Fund Code 699
Fund Type Domestic Equity
Fund Inception 4/19/2000
Class Inception 5/18/2009
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 11/30/2016) $114.2 mil
Total Equity Holdings (as of 11/30/2016) 46
Total Holdings (as of 11/30/2016) 47
Portfolio Turnover Rate (as of 9/30/2016) 24%
Lipper Category Large-Cap Growth Funds
Morningstar Category Large Growth
Benchmark Russell 1000 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.

Performance at NAV does not include the effect of sales charges. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return

Average Annual Total Returns as of 11/30/2016
(Returns for periods of less than 1-yr are not annualized)
  YTD 1YR 3YR 5YR 10YR LIFE
Fund with 5.75% sales charge -8.01% -9.14% 4.36% 10.69% 11.28%
Fund at NAV -2.41% -3.59% 6.43% 12.02% 12.16%
Fund After Taxes Pre-Liquidation -2.41% -4.00% 5.88% 11.65% 11.92%
Fund After Taxes Post-Liquidation -1.36% -1.68% 4.93% 9.58% 9.96%
Russell 1000 Growth TR USD 5.77% 4.22% 9.13% 14.14% 8.24% 15.89%

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 5.75% sales charge -5.93% 0.83% 7.98% 13.25% 11.89%
Fund at NAV -0.20% 6.97% 10.13% 14.61% 12.80%
Fund After Taxes Pre-Liquidation -0.20% 6.52% 9.55% 14.23% 12.55%
Fund After Taxes Post-Liquidation -0.12% 4.32% 7.83% 11.74% 10.49%
Lipper Large-Cap Growth Funds 3.12% 10.80% 9.96% 15.27% 7.74% 14.18%
Russell 1000 Growth TR USD 6.00% 13.76% 11.83% 16.60% 8.85% 16.31%

Calendar Year Return

  2011 2012 2013 2014 2015
Class A -1.88 13.55 33.91 11.52 7.77
Russell 1000 Growth TR USD 2.64 15.26 33.48 13.05 5.67

Morningstar Ratings as of 11/30/2016 Morningstar Logo

Category: Large Growth
Ratings are based on risk-adjusted returns
Overall out of 1308
3 Year out of 1308
5 Year out of 1129
10 Year out of 797

Lipper Ranking through 11/30/2016 Lipper Logo

Category: Large-Cap Growth Funds
  Rank Percentile
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 563/659 86
3 Year 379/595 64
5 Year 330/522 64
10 Year

Expense Ratios as of 7/31/2016

Net 1.22%
Gross 1.22%

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

Russell 1000 Growth TR USD 11.65

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

*Modern Portfolio Theory
Alpha -2.44
Beta 1.05
R-Squared 93.29
Sharpe Ratio 1.15
Capture Ratio Upside: 99.76%
Downside: 118.71%

Distributions

Historical Prices Inception 5/18/2009

Date Price Dividend Reinvest Date Capital Gain Reinvest Date
12/1/2016 $18.82 NO NO
12/2/2016 $18.86 NO NO
12/5/2016 $19.09 NO NO
12/6/2016 $19.09 NO NO
12/7/2016 $19.27 NO NO

Historical Distributions Inception 5/18/2009

Ex-date Income Capital Gains Reinvest Gains Payment Date
12/10/2015 $0 Long: $0.294 Short: $0.061 $19.55 12/10/2015
12/11/2014 $0 Long: $0.372 Short: $0.000 $18.25 12/11/2014
12/12/2013 $0 Long: $0.429 Short: $0.043 $16.22 12/12/2013
12/13/2012 $0.055 Long: $0.000 Short: $0.000 $12.83 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

Amazon.com, Inc. Amazon.com, Inc. operates as an online retailer in North America and internationally. 4.98%
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. 4.35%
salesforce.com, Inc. Global customer relationship management company focused on sales, marketing and analytics. 4.08%
Alphabet, Inc., Class A Alphabet Inc through its subsidiary Google Inc is engaged in improving the ways people connect with information & products including Search, Android, YouTube, Apps, Maps & Ads. It also produces internet-connected home devices & provides internet services. 4.07%
Shire Pharmaceuticals Group plc ADR Shire plc (Shire) is a specialty biopharmaceutical company that focuses on meeting the needs of the specialist physician. 3.83%
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. 3.63%
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. 3.60%
Adobe Systems, Inc. Adobe Systems Incorporated operates as a diversified software company worldwide. It operates in three segments: Digital Media, Digital Marketing, and Print and Publishing. 3.42%
Halliburton Co. Halliburton Company provides various products and services to the energy industry for the exploration, development, and production of oil and gas properties worldwide. 3.41%
Lam Research Corp. Lam Research Corporation (Lam Research) is a supplier of wafer fabrication equipment and services to the worldwide semiconductor industry. The Company designs, manufactures, markets, and services semiconductor processing equipment used in the fabrication of integrated circuits. 3.30%

Total Portfolio Holdings

Updated quarterly, upon availability.

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

Large 91.3%
Medium 8.7%
Small 0.0%
Median Market Cap (as of 11/30/2016) $51.9 bil

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

Biotechnology 9.4%
Internet Software & Services 8.9%
Data Processing & Outsourced Services 8.3%
Application Software 7.6%
Internet & Direct Marketing Retail 7.6%
Oil & Gas Equipment & Services 4.9%
Cable & Satellite 4.7%
Pharmaceuticals 4.7%
Systems Software 4.4%
Railroads 4.0%

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

Information Technology 37.84%
Consumer Discretionary 17.99%
Industrials 15.74%
Health Care 15.45%
Consumer Staples 6.62%
Energy 4.92%
Real Estate 1.44%

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

Domestic Common Stock 93.36%
Foreign Common Stock 4.78%
Cash and Cash Equivalents 1.86%

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

United States 95.1%
Ireland 3.9%
Belgium 1.0%

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. Tax-management strategies may alter investment decisions and affect portfolio holdings, when compared to those of non tax-managed mutual funds. Market conditions may limit the Fund’s ability to realize tax losses or to generate dividend income that is taxed at favorable Federal income tax rates. In addition, the Fund’s tax-managed strategy may cause the Fund to hold a security in order to achieve more favorable tax-treatment or to sell a security in order to realize tax losses, which could result in losses that exceed any benefits of the tax-managed strategy. The Fund’s ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulations. While the fund seeks to minimize tax distributions to shareholders, it may realize capital gains and earn some dividends. 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: The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. 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 Class Y shares of Waddell & Reed Advisors Tax-Managed Equity Fund were reorganized as the Class I shares of Ivy Tax-Managed Equity Fund on May 18, 2009. The performance shown for periods prior to this date is that of the Class Y shares of Waddell & Reed Advisors Tax-Managed Equity Fund. Performance has not been restated to reflect the estimated annual operating expenses of the Ivy Tax-Managed Equity Fund. If those expenses were reflected, performance shown would differ. Ivy Tax-Managed Equity Fund Class I shares are not subject to sales charges.

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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