Ivy Tax-Managed Equity Fund
- $19.96 NAV as of 3/24/2017
- ($0.03) / 0.15% Daily NAV Change
- 8.83% YTD (NAV)
Seeking growth while minimizing potential taxable gains
- Seeks to provide growth of capital while minimizing taxable gains and income to shareholders.
- Invests in growth-oriented companies believed to have above-average levels of profitability and the ability to sustain growth over the long term.
- 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
Bradley M. Klapmeyer, CFA
- Ivy Investment Management Company
- 2 Years with Fund
- 17 Years in Industry
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
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.
Daily Prices as of 3/24/2017
|Net Asset Value (NAV)||$19.96|
|Daily NAV Change ($)||($0.03)||0.15%|
|Weekly NAV Change ($)||$-0.25||-1.24%|
|Public Offering Price (POP)||$19.96|
|Fund Type||Domestic Equity|
|Fiscal Year End||December|
|Fund Assets (as of 2/28/2017)||$118.9 mil|
|Total Equity Holdings (as of 2/28/2017)||48|
|Total Holdings (as of 2/28/2017)||49|
|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|
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
|Fund with maximum 5.00% CDSC||4.43%||13.64%||6.05%||11.46%||—||12.38%|
|Fund After Taxes Post-Liquidation||5.34%||9.99%||5.34%||9.21%||—||10.16%|
|Russell 1000 Growth TR USD||7.66%||22.15%||10.47%||13.79%||9.07%||16.63%|
|Lipper Large-Cap Growth Funds||7.95%||19.85%||7.69%||12.14%||7.89%||14.39%|
|Fund at NAV||9.43%||17.64%||6.93%||11.59%||—||12.38%|
|Fund After Taxes Pre-Liquidation||9.43%||17.64%||6.63%||11.25%||—||12.17%|
Quarterly Rates of Return
|Fund with maximum 5.00% CDSC||-6.84%||-6.84%||3.88%||11.43%||—||11.33%|
|Fund at NAV||-2.96%||-2.96%||4.80%||11.56%||—||11.33%|
|Fund After Taxes Pre-Liquidation||-2.96%||-2.96%||4.50%||11.22%||—||11.12%|
|Fund After Taxes Post-Liquidation||-1.68%||-1.68%||3.70%||9.20%||—||9.26%|
|Lipper Large-Cap Growth Funds||1.81%||1.81%||5.96%||13.04%||7.11%||13.58%|
|Russell 1000 Growth TR USD||7.08%||7.08%||8.55%||14.50%||8.33%||15.89%|
Calendar Year Return
|Russell 1000 Growth TR USD||15.26||33.48||13.05||5.67||7.08|
Morningstar Ratings as of 2/28/2017
|Ratings are based on risk-adjusted returns|
|Overall out of 1315|
|3 Year out of 1315|
|5 Year out of 1161|
|10 Year out of 805|
Lipper Ranking through 2/28/2017
|Rankings are based on average annual total returns, but do not consider sales charges.|
Expense Ratios as of 7/31/2016
5-Year Standard Deviation as of 2/28/2017
|Russell 1000 Growth TR USD||10.68|
5-Year MPT* Statistics as of 2/28/2017
|*Modern Portfolio Theory|
Historical Prices Inception 5/18/2009
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|
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.
Top 10 Equity Holdings as a % of net assets 2/28/2017
|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.||5.03%|
|salesforce.com, Inc.||Global customer relationship management company focused on sales, marketing and analytics.||4.44%|
|Amazon.com, Inc.||Amazon.com, Inc. operates as an online retailer in North America and internationally.||4.43%|
|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.||4.26%|
|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.||3.90%|
|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.||3.85%|
|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.||3.76%|
|Shire Pharmaceuticals Group plc ADR||Shire plc (Shire) is a specialty biopharmaceutical company that focuses on meeting the needs of the specialist physician.||3.26%|
|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.||3.20%|
|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.||3.16%|
Total Portfolio Holdings
as a % of equity assets as of 2/28/2017
|Median Market Cap (as of 2/28/2017)||$58.9 bil|
Top 10 Industry Allocation
as a % of Equity Holdings as of 2/28/2017
|Internet Software & Services||9.2%|
|Data Processing & Outsourced Services||8.3%|
|Internet & Direct Marketing Retail||7.6%|
|Oil & Gas Equipment & Services||4.6%|
|Technology Hardware, Storage & Peripherals||3.9%|
|Aerospace & Defense||3.4%|
|Cable & Satellite||3.4%|
as a % of equity assets as of 2/28/2017
as a % of net assets as of 2/28/2017
|Domestic Common Stock||95.02%|
|Foreign Common Stock||4.22%|
|Cash and Cash Equivalents||0.76%|
Equity Country Allocation
as a % of equity assets as of 2/28/2017
Total Portfolio HoldingsUpdated 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.
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).
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. 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.
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.