Related Material

Fund Detail

Ivy Cundill Global Value Fund
Class A Shares

View another fund/share class

Fund Facts 
Ticker Symbol
ICDAX
CUSIP
465898880
Fund Code
615
Fund Type
Global/International
Fund Inception
09/04/2001
Class Inception
09/04/2001
Fiscal Year End
March
Dividends Paid
Annually
Net Assets (as of 06/30/2010)
$294.5 mil
Total Holdings (as of 06/30/2010)
34
Turnover Rate (as of 03/31/2010)
35 %
Lipper Category
Global Multi-Cap Value
Morningstar Category
World Stock
Benchmark
MSCI World

Daily Prices5

Updated 9/9/2010
Net Asset Value (NAV) $11.94
NAV Change ($) $0.04
NAV Change (%) 0.34%
Weekly NAV Change ($) $0.02
Weekly NAV Change (%) 0.17%
Public Offering Price (POP) $12.67

   Historical Prices & Distributions

   
   

Fund Description
Fund Objective 
To provide long-term capital growth. Any income realized will be incidental.
 
Investment Approach 
The Fund focuses on global value investing through the purchase of securities believed to be trading below their intrinsic value. To determine a company's intrinsic value, we focus primarily on the company's financial statements. We also consider factors such as earnings, dividends, business prospects, management capabilities, and potenetial catalysts (such as a change in management) to realize shareholder value. This strategy is entirely bottom-up and focused on selecting individual securities.
 
  Morningstar Style Box6

Returns and Expenses1, 2, 3, 4
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.

  Monthly Rates of Return

  Average Annual Total Returns
  as of 8/31/2010
  1yr 3yr 5yr 10yr Lifetime
Fund at NAV 1.33% -6.57% -0.31% N/A 4.29%
Fund with maximum 5.75% sales charge -4.50% -8.40% -1.49% N/A 3.61%

  Quarterly Rates of Return

  Average Annual Total Returns
  as of 6/30/2010
  1yr 3yr 5yr 10yr Lifetime
Fund at NAV 11.37% -9.63% -0.03% N/A 4.16%
Fund with maximum 5.75% sales charge 4.97% -11.39% -1.21% N/A 3.46%
MSCI World 10.20% -11.46% 0.06% -1.02% 2.23%
Lipper Global Multi-Cap Value 13.14% -8.80% 2.30% 4.49% 5.95%

Expense Ratios 
as of 07/31/2010
Net  1.92%
Gross  1.92%

Growth of a $10,000 Investment
through 06/30/2010

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.

1. Performance at NAV does not include the effect of sales charges. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

2. Consider All Factors. International investing involves additional risks, including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These risks are magnified in emerging markets.

3. MSCI World is an unmanaged index comprised of securities that represent the securities markets around the world. It is not possible to invest directly in an index.

4. The Total Annual Fund Operating Expenses shown reflect the annual fee payable; however, IFDI, the Fund's distributor, and WRSCO, the Fund's transfer agent, have voluntarily agreed to waive expenses for Class A, Class C and Class Y shares so that the total annual fund operating expenses do not exceed the following levels: Class A, 1.90%; Class C, 2.55% and Class Y, 1.20%. IFDI and WRSCO may change or terminate this waiver at any time.

Ratings & Rankings
Lipper Rankings
as of 06/30/2010
Category: Global Multi-Cap Value
  Rank Percentile
1 Year 42/75 56
3 Year 36/60 60
5 Year 30/40 74
Category: Global Sm./Mid-Cap
  Rank Percentile
1 Year 42/75 56
3 Year 36/60 60
5 Year 30/40 74

Rankings are based on average annual total returns, but do not consider sales charges.
Morningstar Ratings7
as of 06/30/2010
Category: World Stock
Overall   (out of 293 World Stock)
3 Year   (out of 293 World Stock)
5 Year   (out of 216 World Stock)

Rankings are based on risk-adjusted returns.

Holdings
Portfolio Composition8
(as a % of net assets as of 06/30/2010)
Foreign Stock 49.0%
Common Stock 39.0%
Cash 9.0%
Preferred Stock 3.0%
Sector Allocation8
(as a % of equity holdings as of 06/30/2010)
Financials 33.9%
Consumer Discretionary 18.1%
Energy 16.4%
Information Technology 13.0%
Consumer Staples 8.9%
Industrials 4.9%
Telecommunication Services 3.3%
Healthcare 1.5%
Country Allocation8
(as a % of equity holdings as of 06/30/2010)
U.S.A. 46.8%
Japan 13.5%
Italy 9.8%
South Korea 7.7%
Hong Kong 5.3%
U.K. 3.9%
Top 10 Equity Holdings8
(as a % of net assets as of 06/30/2010)
First Pacific Company Limited 4.8%
Viacom Inc., Class B 4.5%
Sega Sammy Holdings Inc. 4.5%
FedEx Corporation 4.4%
Fairfax Financial Holdings Limited 4.4%
ConocoPhillips 4.3%
Parmalat S.p.A. 3.9%
Microsoft Corporation 3.9%
Dell Inc. 3.8%
Bank of America Corporation 3.8%
Total Portfolio Holdings
(updated quarterly, upon availability)
 
View | Download (as of 06/30/2010)
Quality Breakdown
(as of 06/30/2010)
Gov't 0.0%
AAA 0.0%
AA 0.0%
A 0.0%
BBB 0.0%
BB 0.0%
B 0.0%
Below B 0.0%
Non-Rated 0.0%
Effective Duration years

Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
 James Thompson, Jr.  Mackenzie Financial Corporation (subadvisor)  23  1
 Andrew Massie  Mackenzie Financial Corporation (subadvisor)  25  <1

5. Per share values based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. Ivy Funds Class A and Class Y shares are subject to distribution and service fees of up to 0.25% of the average daily net assets, annually, pursuant to SEC Rule 12b-1, while Class B and Class C shares are subject to distribution and service fees of up to 1.00% of the average daily net assets, annually, pursuant to SEC Rule 12b-1. Class Y shares may be purchased only by certain institutional investors set forth in each fund's prospectus.

6. The style box reveals a fund's investment strategy by displaying the fund's investment style and the market capitalization of the stocks owned.

7. For each fund with at least a 3-year history, Morningstar calculates a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of all sales charges), placing emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. (Each share class is counted as a fraction of one fund and rated separately.) A fund's overall rating is derived from a weighted average of the 3-, 5- and 10-year (if applicable) rating metrics. Morningstar Rating is for the share classes specified; other classes may have different performance characteristics.

8. Information is subject to change and is not intended to represent any past or future investment recommendations. Quality ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings obtained from Moody's.