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Ivy Value Fund

  • $22.01 NAV as of 1/20/2017
  • ($0.07) / 0.32% Daily NAV Change
  • 0.18% 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
  • 13 Years with Fund
  • 25 Years in Industry
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Matthew T. Norris is a Senior Vice President of Ivy Investment Management Company. 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. Before joining the Ivy Funds organization, Mr. Norris was affiliated with Advantus Capital Management, Inc. 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 joined the Ivy Funds organization as a senior vice president and portfolio manager in July 2003. He also served as director of equity research from 2005 to 2010. Mr. Norris is currently portfolio manager of the Ivy Value Fund, Ivy Funds VIP Value and large cap value institutional accounts. He is a CFA charterholder, a member of the Kansas City CFA Society and a member of the Finance Advisory Board for the University of Kansas School of Business.

Growth of a $10,000 Investment
through 12/31/2016

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 1/20/2017

Net Asset Value (NAV) $22.01
Daily NAV Change ($) ($0.07) 0.32%
Weekly NAV Change ($) $-0.16 -0.72%
Public Offering Price (POP) $22.01

Fund Facts

Ticker Symbol IYVYX
CUSIP 465898351
Fund Code 787
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 12/31/2016) $305.4 mil
Total Equity Holdings (as of 12/31/2016) 41
Total Holdings (as of 12/31/2016) 45
Portfolio Turnover Rate (as of 9/30/2016) 32%
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.

Class Y shares are not subject to sales charges.

Monthly Rates of Return

Average Annual Total Returns as of 12/31/2016
(Returns for periods of less than 1-yr are not annualized)
 
Fund at NAV 10.89% 10.89% 5.58% 13.41% 5.73% 7.34%
Lipper Large Cap Value Funds 14.64% 14.64% 6.77% 13.28% 5.03% 7.14%
Russell 1000 Value TR USD 17.34% 17.34% 8.59% 14.80% 5.72% 8.21%

Quarterly Rates of Return

Average Annual Total Returns as of 12/31/2016
(Returns for periods of less than 1-yr are not annualized)
 
Fund at NAV 10.89% 10.89% 5.58% 13.41% 5.73% 7.34%
Lipper Large Cap Value Funds 14.64% 14.64% 6.77% 13.28% 5.03% 7.14%
Russell 1000 Value TR USD 17.34% 17.34% 8.59% 14.80% 5.72% 8.21%

Calendar Year Return

  2012
Russell 1000 Value TR USD 17.51 32.53 13.45 -3.83 17.34
Class Y 18.48 34.53 10.64 -4.07 10.89

Morningstar Ratings as of 12/31/2016 Morningstar Logo

Category: Large Value
Ratings are based on risk-adjusted returns
Overall out of 1088
3 Year out of 1088
5 Year out of 934
10 Year out of 680

Lipper Ranking through 12/31/2016 Lipper Logo

Category: Large Cap Value Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 409/479 86
3 Year 347/413 84
5 Year 198/369 54
10 Year 88/255 35

Expense Ratios as of 7/31/2016

Net 1.22%
Gross 1.22%

5-Year Standard Deviation as of 12/31/2016

Russell 1000 Value TR USD 10.61

5-Year MPT* Statistics as of 12/31/2016

*Modern Portfolio Theory
Alpha -1.52
Beta 1.03
R-Squared 87.76
Sharpe Ratio 1.14
Capture Ratio Upside: 97.01%
Downside: 105.83%

Distributions

Historical Prices Inception 12/8/2003

1/3/2017 $22.22 NO NO
1/4/2017 $22.40 NO NO
1/5/2017 $22.33 NO NO
1/6/2017 $22.29 NO NO
1/9/2017 $22.23 NO NO
1/10/2017 $22.22 NO NO
1/11/2017 $22.31 NO NO
1/12/2017 $22.17 NO NO
1/13/2017 $22.21 NO NO
1/17/2017 $22.11 NO NO
1/18/2017 $22.10 NO NO
1/19/2017 $21.94 NO NO
1/20/2017 $22.01 NO NO

Historical Distributions Inception 12/8/2003

12/8/2016 $0.1265 Long: $0.000 Short: $0.154 $22 12/8/2016
9/15/2016 $0.06 Long: $0.000 Short: $0.000 $20.6 9/15/2016
6/16/2016 $0.171 Long: $0.000 Short: $0.000 $19.45 6/16/2016
12/10/2015 $0.03 Long: $2.244 Short: $0.426 $20.35 12/10/2015
12/11/2014 $0.069 Long: $1.191 Short: $0.551 $23.55 12/11/2014
12/12/2013 $0.06 Long: $0.715 Short: $0.211 $22.24 12/12/2013
12/13/2012 $0.0751 Long: $0.004 Short: $0.000 $17.9 12/13/2012
9/13/2012 $0.037 Long: $0.000 Short: $0.000 $17.86 9/13/2012
6/14/2012 $0.064 Long: $0.000 Short: $0.000 $16.25 6/14/2012
3/15/2012 $0.029 Long: $0.000 Short: $0.000 $17.5 3/15/2012

*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 12/31/2016

JPMorgan Chase & Co. JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. 5.54%
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. 4.26%
Synchrony Financial Synchrony Financial operates as a consumer financial services company in the U.S. 3.88%
American International Group, Inc. American International Group, Inc. (AIG) is an international insurance company with customers in over 130 countries. The Company serves commercial, institutional, individual customers through property-casualty networks of any insurer, and provides life insurance, retirement services in the U.S. 3.15%
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. 3.05%
Dow Chemical Co. (The) The Dow Chemical Company engages in the manufacture and sale of chemicals, plastic materials, agricultural, and other specialized products and services worldwide. 3.02%
Energy Transfer Partners L.P. Energy Transfer Partners, L.P. engages in the natural gas midstream, and intrastate transportation and storage businesses in the U.S. 2.97%
Micron Technology, Inc. Micron Technology, Inc., engages in the manufacture and marketing of semiconductor devices worldwide. 2.95%
MetLife, Inc. MetLife, Inc. (MetLife), is a provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. 2.94%
Hess Corp. 2.93%

Market Capitalization
as a % of equity assets as of 12/31/2016

Large 87.8%
Medium 10.0%
Small 2.2%
Median Market Cap (as of 12/31/2016) $35.2 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 12/31/2016

Other Diversified Financial Services 10.3%
Oil & Gas Storage & Transportation 7.9%
Consumer Finance 7.3%
Managed Health Care 5.4%
Semiconductors 4.7%
Pharmaceuticals 4.3%
Integrated Oil & Gas 4.2%
Multi-Line Insurance 3.3%
Diversified Chemicals 3.2%
Life & Health Insurance 3.1%

Sector Allocation
as a % of equity assets as of 12/31/2016

Financials 30.03%
Energy 15.04%
Health Care 14.84%
Information Technology 11.71%
Consumer Discretionary 8.42%
Consumer Staples 7.41%
Industrials 3.71%
Materials 3.19%
Utilities 3.03%
Real Estate 2.62%

Portfolio Composition
as a % of net assets as of 12/31/2016

Domestic Common Stock 88.31%
Cash and Cash Equivalents 5.11%
Foreign Common Stock 4.60%
Preferred Stock 1.98%

Equity Country Allocation
as a % of equity assets as of 12/31/2016

United States 93.1%
Israel 4.3%
United Kingdom 2.2%
Netherlands 0.5%

Documents

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Documents

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.

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 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.

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.

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 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.

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