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Ivy Tax-Managed Equity Fund

  • $20.66 NAV as of 4/28/2017
  • ($0.01) / 0.05% Daily NAV Change
  • 12.65% 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
  • 17 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 4/30/2017

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

Quarterly Fund Commentary

Daily Prices as of 4/28/2017

Net Asset Value (NAV) $20.66
Daily NAV Change ($) ($0.01) 0.05%
Weekly NAV Change ($) $0.44 2.18%
Public Offering Price (POP) $20.66

Fund Facts

Ticker Symbol IYEBX
CUSIP 466001823
Fund Code 599
Fund Type Domestic Equity
Fund Inception 4/19/2000
Class Inception 5/18/2009
Fiscal Year End December
Dividends Paid December
Fund Assets (as of 3/31/2017) $117.7 mil
Total Equity Holdings (as of 3/31/2017) 47
Total Holdings (as of 3/31/2017) 48
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, 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 4/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund After Taxes Post-Liquidation 7.16% 8.11% 7.39% 8.99% 10.29%
Fund with maximum 5.00% CDSC 7.65% 10.33% 8.69% 11.20% 12.51%
Fund at NAV 12.65% 14.33% 9.53% 11.33% 12.51%
Fund After Taxes Pre-Liquidation 12.65% 14.33% 9.22% 11.00% 12.30%

Quarterly Rates of Return

Average Annual Total Returns as of 3/31/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 5.00% CDSC 4.76% 7.65% 7.40% 10.53% 12.28%
Fund After Taxes Post-Liquidation 5.52% 6.59% 6.38% 8.45% 10.08%
Russell 1000 Growth TR USD 8.91% 15.76% 11.27% 13.32% 9.13% 16.61%
Lipper Large-Cap Growth Funds 9.29% 14.55% 9.18% 11.60% 7.94% 14.42%
Fund at NAV 9.76% 11.65% 8.26% 10.67% 12.28%
Fund After Taxes Pre-Liquidation 9.76% 11.65% 7.95% 10.34% 12.07%

Calendar Year Return

  2012
Class B 12.79 33.07 10.87 6.99 -2.96
Russell 1000 Growth TR USD 15.26 33.48 13.05 5.67 7.08

Morningstar Ratings as of 3/31/2017 Morningstar Logo

Category: Large Growth
Ratings are based on risk-adjusted returns
Overall out of 1306
3 Year out of 1306
5 Year out of 1154
10 Year out of 800

Lipper Ranking through 3/31/2017 Lipper Logo

Category: Large-Cap Growth Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 567/665 86
3 Year 431/596 73
5 Year 374/533 71
10 Year

Expense Ratios as of 7/31/2016

Net 1.92%
Gross 1.92%

5-Year Standard Deviation as of 3/31/2017

Russell 1000 Growth TR USD 10.63

5-Year MPT* Statistics as of 3/31/2017

*Modern Portfolio Theory
Alpha -3.00
Beta 1.06
R-Squared 91.86
Sharpe Ratio 0.90
Capture Ratio Upside: 95.45%
Downside: 114.96%

Distributions

Historical Prices Inception 5/18/2009

4/3/2017 $20.11 NO NO
4/4/2017 $20.12 NO NO
4/5/2017 $20.16 NO NO
4/6/2017 $20.17 NO NO
4/7/2017 $20.14 NO NO
4/10/2017 $20.18 NO NO
4/11/2017 $20.12 NO NO
4/12/2017 $20.03 NO NO
4/13/2017 $19.95 NO NO
4/17/2017 $20.11 NO NO
4/18/2017 $20.07 NO NO
4/19/2017 $20.09 NO NO
4/20/2017 $20.25 NO NO
4/21/2017 $20.22 NO NO
4/24/2017 $20.45 NO NO
4/25/2017 $20.59 NO NO
4/26/2017 $20.57 NO NO
4/27/2017 $20.65 NO NO
4/28/2017 $20.66 NO NO

Historical Distributions Inception 5/18/2009

12/10/2015 $0 Long: $0.294 Short: $0.000 $18.91 12/10/2015
12/11/2014 $0 Long: $0.372 Short: $0.000 $17.74 12/11/2014
12/12/2013 $0 Long: $0.429 Short: $0.000 $15.88 12/12/2013
12/13/2012 $0.007 Long: $0.000 Short: $0.000 $12.61 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 3/31/2017

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. 5.55%
Amazon.com, Inc. Amazon.com, Inc. operates as an online retailer in North America and internationally. 4.62%
salesforce.com, Inc. Global customer relationship management company focused on sales, marketing and analytics. 4.53%
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. 4.28%
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. 4.14%
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. 4.13%
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. 4.04%
Shire Pharmaceuticals Group plc ADR Shire plc (Shire) is a specialty biopharmaceutical company that focuses on meeting the needs of the specialist physician. 3.48%
Visa, Inc., Class A Visa Inc. operates retail electronic payments network worldwide. It facilitates commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses, and government entities. 3.18%
priceline.com, Inc. The Priceline Group is a provider of online travel and related services, provided to consumers and local partners in over 200 countries through six primary brands: Booking.com, priceline.com, KAYAK, agoda.com, rentalcars.com, and OpenTable. 3.03%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 3/31/2017

Large 92.0%
Medium 8.1%
Small 0.0%
Median Market Cap (as of 3/31/2017) $59.3 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 3/31/2017

Internet Software & Services 9.3%
Application Software 8.7%
Biotechnology 8.2%
Data Processing & Outsourced Services 8.0%
Internet & Direct Marketing Retail 7.7%
Systems Software 5.6%
Oil & Gas Equipment & Services 4.2%
Technology Hardware, Storage & Peripherals 4.2%
Health Care Equipment 4.1%
Pharmaceuticals 3.3%

Sector Allocation
as a % of equity assets as of 3/31/2017

Information Technology 39.17%
Consumer Discretionary 19.05%
Health Care 15.61%
Industrials 11.69%
Consumer Staples 5.33%
Energy 4.23%
Financials 3.48%
Real Estate 1.44%

Portfolio Composition
as a % of net assets as of 3/31/2017

Domestic Common Stock 95.86%
Foreign Common Stock 4.00%
Cash and Cash Equivalents 0.14%

Equity Country Allocation
as a % of equity assets as of 3/31/2017

United States 96.0%
Ireland 3.5%
Belgium 0.5%

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. Not all funds or fund classes may be offered at all broker/dealers. These and other risks are more fully described in the Fund’s prospectus.

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.

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 RatingTM 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 includes the effects of sales charges, loads, and redemption fees, as applicable. 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. Certain information contained herein: (1) is proprietary to Morningstar and/or its content providers; (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.

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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