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Ivy Value Fund

  • $22.40 NAV as of 12/12/2017
  • ($0.06) / 0.27% Daily NAV Change
  • 10.39% YTD (NAV)

Summary

Finding opportunity in value

Focused approach
Focuses on long-term appreciation by seeking out companies that the manager feels are undervalued relative to management’s perceived longer-term potential.
Experienced management
Manager has more than 20 years of industry experience and insight into the value segment of the equities market.
Potential benefits
Offers portfolio diversification with exposure to the value sector of the market. Diversification cannot ensure a profit or protect against loss in a declining market.

Morningstar Style Box

Value
Large
Source: Morningstar

Portfolio Management

Matthew T. Norris, CFA

  • Ivy Investment Management Company
  • 14 Years with Fund
  • 26 Years in Industry
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Matthew Norris is portfolio manager of the large cap value product suite of mutual funds and institutional accounts. He has been portfolio manager of the product suite since 2003. He is portfolio manager of Ivy Focused Value NextShares, an exchange-traded managed fund, since the fund's inception in 2016. Mr. Norris joined Waddell & Reed in 2003 as senior vice president and portfolio manager. He served as Director of Equity Research from 2005 to 2010. He was portfolio manager of Ivy Small Cap Value Fund and Ivy VIP Small Cap Value from 2010 to 2011. Prior to joining Waddell & Reed, Mr. Norris was affiliated with Advantus Capital Management, Inc. in St. Paul, MN from 1997 to 2003. He joined Advantus as an equity analyst and was appointed a large cap value portfolio manager in 2000. Prior to joining Advantus, he was an equity analyst and portfolio manager for Norwest Investment Management, Inc. from 1994 to 1997. Mr. Norris received a BS in Cellular Biology in 1986 from the University of Kansas. He earned an MBA from the University of Nebraska in 1992. Mr. Norris is a CFA charterholder. He is a member of the CFA Institute and the CFA Society of Kansas City. He serves as a member of the Finance Advisory Board for the University of Kansas School of Business.

Growth of a $10,000 Investment
through 11/30/2017

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 12/12/2017

Net Asset Value (NAV) $22.40
Daily NAV Change ($) ($0.06) 0.27%
Weekly NAV Change ($) $0.20 0.90%
Public Offering Price (POP) $22.40

Fund Facts

Ticker Symbol IYVBX
CUSIP 465898377
Fund Code 532
Fund Type Domestic Equity
Fund Inception 9/16/1994
Class Inception 12/8/2003
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 11/30/2017) $1.2 bil
Total Equity Holdings (as of 11/30/2017) 33
Total Holdings (as of 11/30/2017) 38
Portfolio Turnover Rate (as of 9/30/2017) 31%
Lipper Category Large Cap Value Funds
Morningstar Category Large Value
Benchmark Russell 1000 Value 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 11/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 5.00% CDSC 4.45% 7.85% 3.35% 10.84% 5.39% 6.66%
Fund at NAV 9.45% 11.85% 4.20% 10.98% 5.39% 6.66%
Russell 1000 Value TR USD 12.03% 14.83% 8.35% 14.17% 6.84% 8.53%
Lipper Large Cap Value Funds 14.11% 16.53% 7.98% 13.43% 6.26% 7.82%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 5.00% CDSC 1.06% 9.02% 2.70% 10.47% 4.54% 6.49%
Fund at NAV 6.06% 13.02% 3.55% 10.61% 4.54% 6.49%
Russell 1000 Value TR USD 7.92% 15.12% 8.53% 13.20% 5.92% 8.34%
Lipper Large Cap Value Funds 9.57% 17.16% 7.75% 12.35% 5.42% 7.57%

Calendar Year Return

  2012
Class B 16.93 33.22 9.61 -5.08 9.65
Russell 1000 Value TR USD 17.51 32.53 13.45 -3.83 17.34

Morningstar Ratings as of 11/30/2017 Morningstar Logo

Category: Large Value
Ratings are based on risk-adjusted returns
Overall out of 1107
3 Year out of 1107
5 Year out of 966
10 Year out of 691

Lipper Ranking through 11/30/2017 Lipper Logo

Category: Large Cap Value Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 435/468 93
3 Year 410/417 99
5 Year 358/371 97
10 Year 209/266 79

Expense Ratios as of 7/5/2017

Net 2.36%
Gross 2.36%

5-Year Standard Deviation as of 11/30/2017

Russell 1000 Value TR USD 9.93

5-Year MPT* Statistics as of 11/30/2017

*Modern Portfolio Theory
Alpha -3.10
Beta 1.02
R-Squared 86.62
Sharpe Ratio 0.98
Capture Ratio Upside: 93.71%
Downside: 118.39%

Distributions

Historical Prices Inception 12/8/2003

12/1/2017 $22.21 NO NO
12/4/2017 $22.34 NO NO
12/5/2017 $22.20 NO NO
12/6/2017 $22.07 NO NO
12/7/2017 $22.18 NO NO
12/8/2017 $22.31 NO NO
12/11/2017 $22.34 NO NO
12/12/2017 $22.40 NO NO

Historical Distributions Inception 12/8/2003

10/10/2017 $0.04 Long: $0.140 Short: $0.000 $21.71 10/10/2017
12/8/2016 $0.0495 Long: $0.000 Short: $0.154 $20.5 12/8/2016
6/16/2016 $0.091 Long: $0.000 Short: $0.000 $18.12 6/16/2016
12/10/2015 $0 Long: $2.244 Short: $0.264 $18.99 12/10/2015
12/11/2014 $0 Long: $1.191 Short: $0.393 $22.2 12/11/2014
12/12/2013 $0 Long: $0.715 Short: $0.107 $21.06 12/12/2013

*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 11/30/2017

JPMorgan Chase & Co. JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. 5.02%
Energy Transfer Partners L.P. Energy Transfer Partners, L.P. (ETP) owns and operates a diversified portfolio of energy assets. The Company offers natural gas, natural gas liquids, crude oil, and refined products transportation and storage services. ETP serves customers in the United States. 4.99%
Citigroup, Inc. Citigroup Inc. (Citigroup) is a global diversified financial services holding company. Citigroup businesses provide consumers, corporations, governments and institutions with a range of financial products and services. 4.78%
Wal-Mart Stores, Inc. One of the largest discount retail stores in the world, providing consumer staples and recreational products in 27 countries. 4.30%
Synchrony Financial Synchrony Financial operates as a consumer financial services company in the U.S. 3.99%
Capital One Financial Corp. Capital One Financial Corporation operates as the bank holding company, provides various financial products and services to consumers, small businesses, and commercial clients in the United States, Canada, and the United Kingdom. 3.89%
State Street Corp. State Street Corporation services institutional investors and manages financial assets worldwide. The Company's products and services include custody, accounting, administration, daily pricing, international exchange services, cash management, financial asset management, securities lending, and investment advisory services. 3.79%
CVS Caremark Corp. CVS Caremark Corp (CVS Caremark) is a health care provider in the United States. It is a pharmacy services company, providing value for its customers by managing pharmaceutical costs and improving health care outcomes through its pharmacy benefit management, mail order, specialty pharmacy division. 3.24%
Welltower, Inc. Welltower Inc is engaged in the transformation of healthcare infrastructure. The Company invests in seniors housing operators, post-acute providers and health systems to improve people's wellness and overall health care experience. 3.20%
Dow Chemical Co. (The) 3.17%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 11/30/2017

Large 89.5%
Medium 10.5%
Small 0.0%
Median Market Cap (as of 11/30/2017) $35.4 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 11/30/2017

Other Diversified Financial Services 10.0%
Consumer Finance 8.0%
Managed Health Care 5.9%
Semiconductors 5.8%
Oil & Gas Storage & Transportation 5.3%
Hypermarkets & Super Centers 4.4%
Asset Management & Custody Banks 3.9%
Pharmaceuticals 3.3%
Drug Retail 3.3%
Health Care REITs 3.3%

Sector Allocation
as a % of equity assets as of 11/30/2017

Financials 35.23%
Health Care 15.32%
Consumer Discretionary 10.65%
Energy 10.42%
Information Technology 8.42%
Consumer Staples 7.67%
Industrials 5.81%
Real Estate 3.25%
Materials 3.23%

Portfolio Composition
as a % of net assets as of 11/30/2017

Domestic Common Stock 95.11%
Foreign Common Stock 3.10%
Cash and Cash Equivalents 1.79%

Equity Country Allocation
as a % of equity assets as of 11/30/2017

United States 96.9%
Bermuda 2.4%
Israel 0.8%

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. The value of a security believed by the Fund’s manager to be undervalued may never reach what the manager believes to be its full value, or such security’s value may decrease. 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. 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: Russell 1000 Value is an unmanaged index comprised of securities that represent the large cap sector of the stock market. It is not possible to invest directly in an index.

The Advantus Cornerstone Fund merged into the Ivy Value Fund on Dec. 8, 2003. The performance shown for periods prior to this date is that of the Advantus Cornerstone Fund Class A shares, restated to reflect current sales charges applicable to Ivy Value Fund Class A shares. Performance has not been restated to reflect the fees and expenses applicable to the Ivy Value Fund. If these expenses were reflected, performance shown would differ.

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.

Waddell & Reed Advisors Value Fund merged into Ivy Value Fund on Oct. 16, 2017.

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.

© 2017 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.

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