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Waddell & Reed Advisors Accumulative Fund

  • $10.26 NAV as of 11/20/2017
  • ($0.02) / 0.20% Daily NAV Change
  • 10.80% YTD (NAV)


Seeking companies with value and growth potential

Investment style based on a blend between bottom-up fundamental stock and sector analysis, coupled with a top-down macroeconomic perspective used to guide selection of industries and sector weightings.
Management approach
Emphasizes a blend of value and growth potential in selecting stocks.
Portfolio manager has more than 20 years of industry experience and has managed the Fund since 2004.

Morningstar Style Box

Source: Morningstar

Portfolio Management

Barry M. Ogden, CFA , CPA

  • Waddell & Reed Investment Management Company
  • 13 Years with Fund
  • 23 Years in Industry
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Barry M. Ogden is a Senior Vice President of Waddell & Reed Investment Management Company. Mr. Ogden graduated from the University of Kansas in July 1991 with a BS in accounting. He earned the Certified Public Accountant designation in November 1991. Prior to joining Waddell & Reed, he was affiliated with Arthur Andersen & Company as a senior accountant and business advisor in the Audit and Business Advisory Division. Mr. Ogden joined Waddell & Reed in July 1994 as an investment analyst. He was named assistant portfolio manager in February 2001 and portfolio manager in April 2004. Mr. Ogden is a Chartered Financial Analyst.

Growth of a $10,000 Investment
through 10/31/2017

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.



Quarterly Fund Commentary

Daily Prices as of 11/20/2017

Net Asset Value (NAV) $10.26
Daily NAV Change ($) ($0.02) 0.20%
Weekly NAV Change ($) $-0.01 -0.10%
Public Offering Price (POP) $10.89

Fund Facts

Ticker Symbol UNACX
CUSIP 930057880
Fund Code 623
Fund Type Domestic Equity
Fund Inception 10/9/1940
Class Inception 10/9/1940
Fiscal Year End June
Dividends Paid June, December
Fund Assets (as of 10/31/2017) $1.4 bil
Total Equity Holdings (as of 10/31/2017) 75
Total Holdings (as of 10/31/2017) 85
Portfolio Turnover Rate (as of 6/30/2017) 102%
Lipper Category Multi-Cap Core Funds
Morningstar Category Large Growth
Benchmark S&P 500 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 A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return

Average Annual Total Returns as of 10/31/2017
(Returns for periods of less than 1-yr are not annualized)
Fund with 5.75% sales charge 4.28% 9.34% 4.50% 11.51% 4.47% 10.13%
Fund at NAV 10.58% 15.96% 6.60% 12.83% 5.10% 10.22%
Lipper Multi-Cap Core Funds 14.83% 21.97% 8.30% 13.51% 6.18%
S&P 500 TR USD 16.91% 23.63% 10.77% 15.18% 7.51%

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 5.75% sales charge 3.67% 5.06% 5.27% 10.66% 4.64% 10.14%
Fund at NAV 9.93% 11.43% 7.37% 11.99% 5.26% 10.22%
Lipper Multi-Cap Core Funds 12.65% 17.08% 8.36% 12.81% 6.20%
S&P 500 TR USD 14.24% 18.61% 10.81% 14.22% 7.44%

Calendar Year Return

Class A 12.06 33.48 13.71 3.45 3.19
S&P 500 TR USD 16.00 32.39 13.69 1.38 11.96

Morningstar Ratings as of 10/31/2017 Morningstar Logo

Category: Large Growth
Ratings are based on risk-adjusted returns
Overall out of 1233
3 Year out of 1233
5 Year out of 1107
10 Year out of 782

Lipper Ranking through 10/31/2017 Lipper Logo

Category: Multi-Cap Core Funds
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 699/762 92
3 Year 513/638 81
5 Year 381/561 68
10 Year 296/380 78

Expense Ratios as of 10/31/2017

Net 1.11%
Gross 1.11%

5-Year Standard Deviation as of 10/31/2017

S&P 500 TR USD 9.46

5-Year MPT* Statistics as of 10/31/2017

*Modern Portfolio Theory
Alpha -1.98
Beta 1.00
R-Squared 88.47
Sharpe Ratio 1.26
Capture Ratio Upside: 91.49%
Downside: 104.03%


Historical Prices Inception 10/9/1940

11/1/2017 $10.21 NO NO
11/2/2017 $10.23 NO NO
11/3/2017 $10.31 NO NO
11/6/2017 $10.33 NO NO
11/7/2017 $10.32 NO NO
11/8/2017 $10.32 NO NO
11/9/2017 $10.27 NO NO
11/10/2017 $10.27 NO NO
11/13/2017 $10.27 NO NO
11/14/2017 $10.22 NO NO
11/15/2017 $10.17 NO NO
11/16/2017 $10.26 NO NO
11/17/2017 $10.24 NO NO
11/20/2017 $10.26 NO NO

Historical Distributions Inception 10/9/1940

12/8/2016 $0.0341 Long: $0.370 Short: $0.036 $9.27 12/8/2016
6/16/2016 $0.02 Long: $0.000 Short: $0.000 $9.23 6/16/2016
12/10/2015 $0.0521 Long: $0.916 Short: $0.515 $9.48 12/10/2015
12/11/2014 $0.021 Long: $1.490 Short: $0.318 $10.33 12/11/2014
12/12/2013 $0.0261 Long: $0.005 Short: $0.000 $10.49 12/12/2013
12/13/2012 $0.0458 Long: $0.000 Short: $0.000 $8.11 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.


Top 10 Equity Holdings as a % of net assets 10/31/2017

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. 6.10%
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. 4.81%
JPMorgan Chase & Co. JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. 2.80%
Costco Wholesale Corp. Costco Wholesale Corporation operates membership warehouses that offer a selection of branded and private label products in a range of merchandise categories in no-frills, self-service warehouse facilities. 2.15%
Bank of America Corp. Bank of America Corporation, a financial holding company, provides banking and nonbanking financial services and products to individual consumers. 2.13%
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. 2.12%
Walt Disney Co. (The) The Walt Disney Company, together with its subsidiaries, operates as an entertainment company worldwide. The company operates in five segments: Media Networks, Parks and Resorts, Studio Entertainment, Consumer Products, and Interactive. 1.98%
Starbucks Corp. Starbucks Corporation (Starbucks) is a roaster and retailer of specialty coffee, operating in more than 50 countries. Starbucks purchases, roasts, and sells whole bean coffees, as well as handcrafted coffee and tea beverages and a variety of fresh food items, through Company-operated retail stores. 1.94%
Texas Instruments, Inc. Texas Instruments Incorporated (TI) is engaged in the designing and making of semiconductors that it sells to electronics designers and manufacturers worldwide. 1.92%
Intel Corp. Intel Corporation is a semiconductor chip maker, developing advanced integrated digital technology products, primarily integrated circuits, for industries, such as computing and communications. 1.92%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 10/31/2017

Large 80.0%
Medium 17.5%
Small 2.5%
Median Market Cap (as of 10/31/2017) $25.5 bil

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

Semiconductors 10.2%
Biotechnology 8.5%
Systems Software 6.4%
Technology Hardware, Storage & Peripherals 6.4%
Restaurants 5.7%
Packaged Foods & Meats 5.4%
Other Diversified Financial Services 5.1%
Pharmaceuticals 4.4%
Health Care Equipment 3.8%
Construction Machinery & Heavy Trucks 3.6%

Sector Allocation
as a % of equity assets as of 10/31/2017

Information Technology 29.71%
Health Care 18.10%
Consumer Staples 12.56%
Industrials 11.74%
Consumer Discretionary 11.69%
Financials 9.38%
Energy 5.63%
Utilities 1.19%

Portfolio Composition
as a % of net assets as of 10/31/2017

Domestic Common Stock 94.50%
Cash and Cash Equivalents 3.89%
Foreign Common Stock 1.60%
Other Financial Instruments 0.01%

Equity Country Allocation
as a % of equity assets as of 10/31/2017

United States 98.3%
Ireland 1.7%

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. 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. 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.

Index Description: S&P 500 - An unmanaged index of common stocks. 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.

Fee Waiver and/or Expense Reimbursement: Through October 31, 2017, Waddell & Reed Investment Management Company (WRIMCO), the Fund’s investment manager, Waddell & Reed, Inc. (Waddell & Reed), the Fund’s distributor, and / or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and / or shareholder servicing fees to cap the total annual ordinary fund operating expenses as follows: Class B shares at 2.29%, Class C shares at 2.07%, and Class Y shares at 0.87%. Prior to that date, the expense limitation may not be terminated by WRIMCO, Waddell & Reed, WISC or the Board of Trustees.

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 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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