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Waddell & Reed Advisors Accumulative Fund

  • $9.75 NAV as of 3/23/2017
  • ($-0.01) / -0.10% Daily NAV Change
  • 4.73% 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
  • 12 Years with Fund
  • 22 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 2/28/2017

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 3/23/2017

Net Asset Value (NAV) $9.75
Daily NAV Change ($) ($-0.01) -0.10%
Weekly NAV Change ($) $-0.16 -1.61%
Public Offering Price (POP) $9.75

Fund Facts

Ticker Symbol WAAYX
CUSIP 930057856
Fund Code 737
Fund Type Domestic Equity
Fund Inception 10/9/1940
Class Inception 7/11/1995
Fiscal Year End December
Dividends Paid June, December
Fund Assets (as of 2/28/2017) $1.4 bil
Total Equity Holdings (as of 2/28/2017) 103
Total Holdings (as of 2/28/2017) 117
Portfolio Turnover Rate (as of 12/31/2016) 46%
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.

Class Y shares are not subject to sales charges.

Monthly Rates of Return

Average Annual Total Returns as of 2/28/2017
(Returns for periods of less than 1-yr are not annualized)
Lipper Multi-Cap Core Funds 5.36% 23.46% 7.34% 12.07% 6.40% 8.52%
S&P 500 TR USD 5.94% 24.98% 10.63% 14.01% 7.62% 8.96%
Fund at NAV 6.01% 18.65% 7.81% 11.89% 6.88% 8.82%

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 3.41% 3.41% 6.91% 12.93% 6.20% 8.59%
Lipper Multi-Cap Core Funds 10.27% 10.27% 6.09% 13.08% 5.94% 8.30%
S&P 500 TR USD 11.96% 11.96% 8.87% 14.66% 6.95% 8.73%

Calendar Year Return

Class Y 12.31 33.80 13.89 3.77 3.41
S&P 500 TR USD 16.00 32.39 13.69 1.38 11.96

Morningstar Ratings as of 2/28/2017 Morningstar Logo

Category: Large Growth
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 Lipper Logo

Category: Multi-Cap Core Funds
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 655/749 88
3 Year 325/654 50
5 Year 342/577 60
10 Year 152/374 41

Expense Ratios as of 10/31/2016

Net 0.86%
Gross 0.86%

5-Year Standard Deviation as of 2/28/2017

S&P 500 TR USD 10.24

5-Year MPT* Statistics as of 2/28/2017

*Modern Portfolio Theory
Alpha -1.81
Beta 1.00
R-Squared 89.21
Sharpe Ratio 1.09
Capture Ratio Upside: 94.14%
Downside: 106.91%


Historical Prices Inception 7/11/1995

3/1/2017 $9.98 NO NO
3/2/2017 $9.92 NO NO
3/3/2017 $9.95 NO NO
3/6/2017 $9.88 NO NO
3/7/2017 $9.84 NO NO
3/8/2017 $9.82 NO NO
3/9/2017 $9.84 NO NO
3/10/2017 $9.88 NO NO
3/13/2017 $9.89 NO NO
3/14/2017 $9.85 NO NO
3/15/2017 $9.92 NO NO
3/16/2017 $9.91 NO NO
3/17/2017 $9.90 NO NO
3/20/2017 $9.89 NO NO
3/21/2017 $9.75 NO NO
3/22/2017 $9.76 NO NO
3/23/2017 $9.75 NO NO

Historical Distributions Inception 7/11/1995

12/8/2016 $0.0441 Long: $0.370 Short: $0.036 $9.32 12/8/2016
6/16/2016 $0.031 Long: $0.000 Short: $0.000 $9.28 6/16/2016
12/10/2015 $0.0771 Long: $0.916 Short: $0.515 $9.53 12/10/2015
12/11/2014 $0.048 Long: $1.490 Short: $0.318 $10.38 12/11/2014
12/12/2013 $0.0511 Long: $0.005 Short: $0.000 $10.53 12/12/2013
12/13/2012 $0.0568 Long: $0.000 Short: $0.000 $8.14 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 2/28/2017

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. 4.07%
Shire Pharmaceuticals Group plc ADR Shire plc (Shire) is a specialty biopharmaceutical company that focuses on meeting the needs of the specialist physician. 2.75%
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. 2.50%
Allergan plc Allergan, Inc. discovers, develops, and commercializes specialty pharmaceuticals, medical devices, and over-the-counter products for specialty markets worldwide. 2.11%
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. 2.05%
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. 1.78%
Wells Fargo & Co. Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage and consumer finance across North America and internationally. 1.70%
Mondelez International, Inc., Class A 1.67%
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. 1.65%
Schlumberger Ltd. Schlumberger Limited operates as an oilfield services company in the United States and internationally. 1.61%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 2/28/2017

Large 81.5%
Medium 16.1%
Small 2.4%
Median Market Cap (as of 2/28/2017) $29.4 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 2/28/2017

Biotechnology 11.2%
Packaged Foods & Meats 6.9%
Semiconductors 6.7%
Pharmaceuticals 6.4%
Restaurants 4.8%
Technology Hardware, Storage & Peripherals 4.1%
Health Care Equipment 3.7%
Other Diversified Financial Services 3.2%
Systems Software 3.1%
Diversified Banks 3.0%

Sector Allocation
as a % of equity assets as of 2/28/2017

Health Care 22.49%
Information Technology 20.33%
Consumer Discretionary 16.95%
Consumer Staples 15.19%
Financials 9.19%
Industrials 9.18%
Energy 5.58%
Utilities 1.09%

Portfolio Composition
as a % of net assets as of 2/28/2017

Domestic Common Stock 91.37%
Foreign Common Stock 7.96%
Cash and Cash Equivalents 0.65%
Other Financial Instruments 0.02%

Equity Country Allocation
as a % of equity assets as of 2/28/2017

United States 91.2%
Ireland 2.8%
Netherlands 1.9%
United Kingdom 1.3%
Belgium 1.2%
Canada 0.9%
Israel 0.8%

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. 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.

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: 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.

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.

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