Ivy Funds-Asset Strategy-A-606

Insights & Outlook

02.10.15

The efforts of global central bankers to fight the Great Recession have not resulted in the desired outcome of faster nominal GDP growth worldwide.

02.02.15

Developed economies were the bright spot in the global economy during 2014 and that may likely be the case again in 2015 as well.

FUND DETAIL

Ivy Asset Strategy fund
WASAX   /  CLASS A SHARES


FIND PRODUCTS

GO TO FUND
Summary

Manager Video

Our Approach

The Fund may invest in any market that we believe offers a high probability of return or, alternatively, that provides a high degree of relative safety in uncertain times. Dependent on the outlook for the U.S. and global economies, we identify investment themes and then make allocations among stocks, bonds, cash, precious metals, currency and derivatives instruments. After determining allocations, we seek attractive opportunities within each market by focusing generally on issuers in countries, sectors and companies with strong cash flow, the ability to return capital to shareholders and low balance sheet leverage. The manager may allocate the Fund's investments among these different types of securities in different proportions at different times, including up to 100% in stocks, bonds, or short-term investments, respectively.

Growth of a $10,000 Investment

through 2/28/2015

Morningstar Style Box

Portfolio Management

  • Michael L. Avery

    • — Ivy Investment Management Company
    • — 18 Years with Fund
    • — 36 Years in Industry
    Michael L. Avery is Executive Vice President of Ivy Investment Management Co. Mr. Avery graduated with a BS from the University of Missouri and earned an MBA with an emphasis in finance from Saint Louis University in 1981.
  • Cynthia P. Prince-Fox

    • — Ivy Investment Management Company
    • — <1 Years with Fund
    • — 32 Years in Industry
    Cynthia P. Prince-Fox is a senior vice president of Waddell & Reed Investment Management Company and Ivy Investment Management Company. Ms. Prince-Fox joined the firm in 1983 as an equity investment analyst. In 1991, she assumed the role of assistant portfolio manager. In 1993, she was appointed portfolio manager of Waddell & Reed Advisors Continental Income Fund. In July 2013, Ms. Prince-Fox was named portfolio manager of the Waddell & Reed Advisors Dividend Opportunities Fund. She graduated in 1982 from St. Mary's University at San Antonio, Texas with a BBA degree in finance. She earned an MBA with an emphasis in finance from Rockhurst College in 1989.
  • Chace Brundige, CFA

    • — Ivy Investment Management Company
    • — <1 Years with Fund
    • — 21 Years in Industry
    Chace Brundige, CFA is a Senior Vice President of Waddell & Reed Investment Management Company and Ivy Investment Management Company. Mr. Brundige graduated from Kansas State University in 1991 with a BS in finance. He earned an MBA with an emphasis in finance and accounting from the University of Chicago Graduate School of Business in 1996. Mr. Brundige began his investment career at UMB Financial Corp. in 1991. In 1996 he joined Waddell & Reed as an equity investment analyst. Mr. Brundige joined TCW/WestBridge Ventures LLC in San Francisco as a vice president and limited partner in 1999. Mr. Brundige rejoined Waddell & Reed in August 2003 as an assistant portfolio manager to the large cap growth team. He managed the Waddell & Reed Advisors Tax-Managed Equity Fund from February 2006 through December 2008. Mr. Brundige assumed portfolio manager responsibility for the Waddell & Reed Advisors International Growth Fund, Ivy Funds VIP International Growth (formerly W&R Target Funds International Growth Portfolio), and the Ivy International Growth Fund in January 2009. In August 2014, Mr. Brundige was appointed portfolio manager of the Ivy Asset Strategy Fund, Ivy Funds VIP Asset Strategy Fund and Waddell & Reed Advisors Asset Strategy Fund.

Manager Video

Daily Prices

as of 3/5/2015

Net Asset Value (NAV) $26.27
Daily NAV Change ($0.02) -0.08%
Weekly NAV Change $0.02 0.08%
Public Offering Price (POP) $27.87

Fund Facts

Ticker Symbol WASAX
CUSIP 466000759
Fund Code 606
Fund Type Specialty Funds
Fund Inception 4/20/1995
Class Inception 7/10/2000
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets
(as of 1/31/2015)
$26.3 bil
Total Equity Holdings
(as of 1/31/2015)
60
Total Holdings
(as of 1/31/2015)
225
Portfolio Turnover Rate
Lipper Category Alternative Global Macro Funds
Morningstar Category World Allocation
Benchmarks S&P 500 TR USD / Barclays US Treasury Bill 1-3 Mon TR USD / Barclays US Agg Bond TR USD

Documents

Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
XBRL
 

Daily Prices

as of 3/5/2015

Net Asset Value (NAV) $26.27
Daily NAV Change ($0.02) -0.08%
Weekly NAV Change $0.02 0.08%
Public Offering Price (POP) $27.87

Fund Facts

Ticker Symbol WASAX
CUSIP 466000759
Fund Code 606
Fund Type Specialty Funds
Fund Inception 4/20/1995
Class Inception 7/10/2000
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets
(as of 1/31/2015)
$26.3 bil
Total Equity Holdings
(as of 1/31/2015)
60
Total Holdings
(as of 1/31/2015)
225
Portfolio Turnover Rate
Lipper Category Alternative Global Macro Funds
Morningstar Category World Allocation
Benchmarks S&P 500 TR USD / Barclays US Treasury Bill 1-3 Mon TR USD / Barclays US Agg Bond TR USD

Documents

Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
XBRL
Risk factors. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money on your investment. The Fund may allocate from 0 to 100% of its assets between stocks, bonds and short-term instruments of issuers around the globe, as well as investments in precious metals and investments with exposure to various foreign securities. 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. Fixed-income securities are subject to interest-rate risk and, as such, the net asset value of the Fund may fall as interest rates rise. Investing in high-income securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. The Fund may focus its investments in certain regions or industries, thereby increasing its potential vulnerability to market volatility. The Fund may seek to hedge market risk on various securities, increase exposure to various markets, manage exposure to various foreign currencies, precious metals and various markets, and seek to hedge certain event risks on positions held by the Fund via the use of derivative instruments. Such investments involve additional risks, as the fluctuations in the values of the derivatives may not correlate perfectly with the overall securities markets or with the underlying asset from which the derivative’s value is derived. Investing in commodities is generally considered speculative because of the significant potential for investment loss due to cyclical economic conditions, sudden political events, and adverse international monetary policies. Markets for commodities are likely to be volatile and the Fund may pay more to store and accurately value its commodity holdings than it does with the Fund’s other holdings. 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.

Index Description: The Barclays U.S. Treasury Bills: 1-3 Month Index - Includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. In addition, the securities are denominated in U.S. dollars and are fixed rate and non-convertible. It is not possible to invest directly in an index.

Index Description: Barclays U.S. Aggregate Bond TR USD Index - A market capitalization-weighted index, representing most U.S. traded investment grade bonds. 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 July 31, 2015, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Funds Distributor, Inc. (IFDI), 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 for the Fund’s Class E shares at 1.00%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

Fee Waiver and/or Expense Reimbursement:Through July 31, 2015, to the extent that the total annual ordinary fund operating expenses of the Class Y shares exceeds the total annual ordinary fund operating expenses of the Class A shares, IFDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IFDI, 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.

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).

Morningstar Ratings: 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.

Quality: Our preference is to always use ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

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.

Top 10 Equity Holdings

as a % of net assets as of 1/31/2015

Galaxy Entertainment Group
Galaxy Entertainment Group Limited is an investment holding company. The Company, along with its subsidiaries, is engaged in operation in casino games of chance or games of other forms, provision of hospitality and related services in Macau, and the manufacture, sale and distribution of construction materials in Hong Kong, Macau and Mainland China.
4.2%
AIA Group Ltd.
AIA Group Limited is an investment holding company. The Company and its subsidiaries are engaged in provision of products and services to individuals and businesses for their insurance, protection, savings, investment and retirement needs.
3.5%
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.
3.1%
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.
1.9%
Delta Topco Ltd.
Delta Topco Limited through its subsidiaries provides information relating to Formula One, controls the worldwide distribution and management rights of the Formula One circuit, and provides media distribution and promotion services to the FIA Formula One World Championship.
1.9%
SABMiller plc
SABMiller plc, through its subsidiaries, engages in the manufacture, distribution, and sale of beverages. It offers beer, soft drinks, and fruit juices. The company is also involved in brewing and hop farming activities. In addition, it bottles soft drinks for The Coca-Cola Company.
1.8%
Applied Materials, Inc.
Applied Materials, Inc. provides nanomanufacturing technology solutions for the semiconductor, flat panel display, solar, and related industries worldwide.
1.8%
Cognizant Technology Solutions Corp., Class A
Cognizant Technology Solutions Corporation is a provider of custom information technology (IT) consulting and technology services, and outsourcing services.
1.7%
Phillips 66
Phillips 66 is an independent downstream energy company that operates in refining & marketing, midstream and chemicals
1.7%
Wal-Mart Stores, Inc.
One of the largest discount retail stores in the world, providing consumer staples and recreational products in 27 countries.
1.7%

Quality

as a % of fixed income assets as of 1/31/2015

Gov't 0.10%
B 57.50%
CCC 12.00%
Non-Rated 30.30%
Quality: Our preference is to always use ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Maturity

as a % of fixed income assets as of 1/31/2015

<1 Year 69.40%
1-5 Years 13.00%
5-10 Years 0.00%
10-20 Years 0.00%
>20 Years 17.60%
Average Maturity 8.56 years
Effective Duration 2.20 years

Portfolio Composition

as a % of net assets as of 1/31/2015

Domestic Common Stock 54.53%
Foreign Common Stock 23.51%
Cash and Cash Equivalents 9.99%
Other Assets 7.46%
Corporate Bonds 4.37%
Preferred Stock 0.12%
Government Bonds 0.01%

Sector Allocation

as a % of equity assets as of 1/31/2015

Information Technology 27.34%
Consumer Discretionary 21.69%
Health Care 10.54%
Consumer Staples 9.84%
Financials 9.81%
Industrials 9.33%
Energy 8.81%
Materials 2.63%

Country Allocation

as a % of equity assets as of 1/31/2015

United States 69.90%
United Kingdom 6.00%
Macau 5.40%
Hong Kong 4.50%
China 4.30%
Japan 4.20%
Netherlands 2.30%
Germany 1.60%
Taiwan 1.10%
Switzerland 0.60%

Market Capitalization

as a % of equity assets as of 1/31/2015

Large 95.7%
Medium 4.3%
Small 0.0%
Median Market Cap (as of 1/31/2015) $61.1 bil
 

Portfolio Composition

as a % of net assets as of 1/31/2015

Domestic Common Stock 54.53%
Foreign Common Stock 23.51%
Cash and Cash Equivalents 9.99%
Other Assets 7.46%
Corporate Bonds 4.37%
Preferred Stock 0.12%
Government Bonds 0.01%

Sector Allocation

as a % of equity assets as of 1/31/2015

Information Technology 27.34%
Consumer Discretionary 21.69%
Health Care 10.54%
Consumer Staples 9.84%
Financials 9.81%
Industrials 9.33%
Energy 8.81%
Materials 2.63%

Country Allocation

as a % of equity assets as of 1/31/2015

United States 69.90%
United Kingdom 6.00%
Macau 5.40%
Hong Kong 4.50%
China 4.30%
Japan 4.20%
Netherlands 2.30%
Germany 1.60%
Taiwan 1.10%
Switzerland 0.60%

Market Capitalization

as a % of equity assets as of 1/31/2015

Large 95.7%
Medium 4.3%
Small 0.0%
Median Market Cap (as of 1/31/2015) $61.1 bil
Risk factors. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money on your investment. The Fund may allocate from 0 to 100% of its assets between stocks, bonds and short-term instruments of issuers around the globe, as well as investments in precious metals and investments with exposure to various foreign securities. 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. Fixed-income securities are subject to interest-rate risk and, as such, the net asset value of the Fund may fall as interest rates rise. Investing in high-income securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. The Fund may focus its investments in certain regions or industries, thereby increasing its potential vulnerability to market volatility. The Fund may seek to hedge market risk on various securities, increase exposure to various markets, manage exposure to various foreign currencies, precious metals and various markets, and seek to hedge certain event risks on positions held by the Fund via the use of derivative instruments. Such investments involve additional risks, as the fluctuations in the values of the derivatives may not correlate perfectly with the overall securities markets or with the underlying asset from which the derivative’s value is derived. Investing in commodities is generally considered speculative because of the significant potential for investment loss due to cyclical economic conditions, sudden political events, and adverse international monetary policies. Markets for commodities are likely to be volatile and the Fund may pay more to store and accurately value its commodity holdings than it does with the Fund’s other holdings. 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.

Index Description: The Barclays U.S. Treasury Bills: 1-3 Month Index - Includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. In addition, the securities are denominated in U.S. dollars and are fixed rate and non-convertible. It is not possible to invest directly in an index.

Index Description: Barclays U.S. Aggregate Bond TR USD Index - A market capitalization-weighted index, representing most U.S. traded investment grade bonds. 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 July 31, 2015, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Funds Distributor, Inc. (IFDI), 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 for the Fund’s Class E shares at 1.00%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

Fee Waiver and/or Expense Reimbursement:Through July 31, 2015, to the extent that the total annual ordinary fund operating expenses of the Class Y shares exceeds the total annual ordinary fund operating expenses of the Class A shares, IFDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IFDI, 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.

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).

Morningstar Ratings: 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.

Quality: Our preference is to always use ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

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.

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. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

View Quarterly Rates Of Return

Monthly Rates of Return

Average Annual Total Returns as of 2/28/2015

  YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 2.98% -3.84% 8.33% 8.59% 10.19% 8.66%
Fund with 5.75% sales charge -2.96% -9.37% 6.21% 7.31% 9.54% 8.22%
SWIPE TO VIEW COMPLETE TABLE

Monthly Rates of Return

Average Annual Total Returns as of 2/28/2015

Fund at NAV
Fund with 5.75% sales charge
YTD 1YR 3YR 5YR 10YR LIFE
2.98% -3.84% 8.33% 8.59% 10.19% 8.66%
-2.96% -9.37% 6.21% 7.31% 9.54% 8.22%
SWIPE TO VIEW COMPLETE TABLE

Quarterly Rates Of Return

Average Annual Total Returns as of 12/31/2014

Fund at NAV
Fund with 5.75% sales charge
S&P 500 TR USD
Barclays US Treasury Bill 1-3 Mon TR USD
Barclays US Agg Bond TR USD
Lipper Alternative Global Macro Funds
YTD 1YR 3YR 5YR 10YR LIFE
-5.02% -5.02% 12.11% 7.38% 10.48% 8.52%
-10.47% -10.47% 9.92% 6.12% 9.82% 8.08%
13.69% 13.69% 20.41% 15.45% 7.67% 4.32%
0.03% 0.03% 0.05% 0.07% 1.47% 1.78%
5.97% 5.97% 2.66% 4.45% 4.71% 5.60%
0.87% 0.87% 4.67% 4.83% 5.41% N/A
SWIPE TO VIEW COMPLETE TABLE

Calendar Year Return

Previous Five Years
Class A
S&P 500 TR USD
Barclays US Treasury Bill 1-3 Mon TR USD
Barclays US Agg Bond TR USD
2010 2011 2012 2013 2014
9.77 -7.68 19.33 24.32 -5.02
15.06 2.11 16.00 32.39 13.69
0.13 0.07 0.08 0.05 0.02
6.54 7.84 4.21 -2.02 5.97
Previous Five Years 2010 2011 2012 2013 2014
Class A
S&P 500 TR USD
Barclays US Treasury Bill 1-3 Mon TR USD
Barclays US Agg Bond TR USD
9.77 -7.68 19.33 24.32 -5.02
15.06 2.11 16.00 32.39 13.69
0.13 0.07 0.08 0.05 0.02
6.54 7.84 4.21 -2.02 5.97

Morningstar Ratings

as of 1/31/2015

Category: World Allocation

Overall  out of 444
3 Year  out of 444
5 Year  out of 315
10 Year  out of 164
Ratings are based on risk-adjusted returns

Growth of a $10,000 Investment

through 2/28/2015

Standard Deviation

1/31/2015

Fund 15.01
S&P 500 TR USD 12.95
Barclays US Treasury Bill 1-3 Mon TR USD N/A
Barclays US Agg Bond TR USD 2.75

Lipper Rankings

through 1/31/2015

Category: Alternative Global Macro Funds

  RANK PERCENTILE
1 Year 265/310 86
3 Year 16/203 8
5 Year 19/116 17
10 Year 4/46 9
Rankings are based on average annual total returns, but do not consider sales charges.

Expense Ratios

as of 7/31/2014

Net 0.96%
Gross 0.96%

Risk Values

as of 1/31/2015

Alpha -6.11
Beta 0.95
R-Squared 67.75
Sharpe Ratio 0.51
Capture Ratio

Upside: 74.26%

Downside: 103.08%

 

Lipper Rankings

through 1/31/2015

Category: Alternative Global Macro Funds

  RANK PERCENTILE
1 Year 265/310 86
3 Year 16/203 8
5 Year 19/116 17
10 Year 4/46 9
Rankings are based on average annual total returns, but do not consider sales charges.

Expense Ratios

as of 7/31/2014

Net 0.96%
Gross 0.96%

Risk Values

as of 1/31/2015

Alpha -6.11
Beta 0.95
R-Squared 67.75
Sharpe Ratio 0.51
Capture Ratio

Upside: 74.26%

Downside: 103.08%

Risk factors. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money on your investment. The Fund may allocate from 0 to 100% of its assets between stocks, bonds and short-term instruments of issuers around the globe, as well as investments in precious metals and investments with exposure to various foreign securities. 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. Fixed-income securities are subject to interest-rate risk and, as such, the net asset value of the Fund may fall as interest rates rise. Investing in high-income securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. The Fund may focus its investments in certain regions or industries, thereby increasing its potential vulnerability to market volatility. The Fund may seek to hedge market risk on various securities, increase exposure to various markets, manage exposure to various foreign currencies, precious metals and various markets, and seek to hedge certain event risks on positions held by the Fund via the use of derivative instruments. Such investments involve additional risks, as the fluctuations in the values of the derivatives may not correlate perfectly with the overall securities markets or with the underlying asset from which the derivative’s value is derived. Investing in commodities is generally considered speculative because of the significant potential for investment loss due to cyclical economic conditions, sudden political events, and adverse international monetary policies. Markets for commodities are likely to be volatile and the Fund may pay more to store and accurately value its commodity holdings than it does with the Fund’s other holdings. 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.

Index Description: The Barclays U.S. Treasury Bills: 1-3 Month Index - Includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. In addition, the securities are denominated in U.S. dollars and are fixed rate and non-convertible. It is not possible to invest directly in an index.

Index Description: Barclays U.S. Aggregate Bond TR USD Index - A market capitalization-weighted index, representing most U.S. traded investment grade bonds. 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 July 31, 2015, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Funds Distributor, Inc. (IFDI), 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 for the Fund’s Class E shares at 1.00%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

Fee Waiver and/or Expense Reimbursement:Through July 31, 2015, to the extent that the total annual ordinary fund operating expenses of the Class Y shares exceeds the total annual ordinary fund operating expenses of the Class A shares, IFDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IFDI, 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.

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).

Morningstar Ratings: 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.

Quality: Our preference is to always use ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

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.

12-Month Trailing Dist. Yield

as of 1/31/2015

NAV 0.41%
With Sales Charge 0.39%
 

Annualized 30-Day SEC Yield

as of 1/31/2015

Subsidized 0.34%
Unsubsidized 0.34%

12-Month Trailing Dist. Yield

as of 1/31/2015

NAV 0.41%
With Sales Charge 0.39%

Annualized 30-Day SEC Yield

as of 1/31/2015

Subsidized 0.34%
Unsubsidized 0.34%

SELECT A DATE

Historical Prices

Inception 7/10/2000

SELECT A DATE

Historical Distributions

Inception 7/10/2000

Risk factors. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money on your investment. The Fund may allocate from 0 to 100% of its assets between stocks, bonds and short-term instruments of issuers around the globe, as well as investments in precious metals and investments with exposure to various foreign securities. 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. Fixed-income securities are subject to interest-rate risk and, as such, the net asset value of the Fund may fall as interest rates rise. Investing in high-income securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. The Fund may focus its investments in certain regions or industries, thereby increasing its potential vulnerability to market volatility. The Fund may seek to hedge market risk on various securities, increase exposure to various markets, manage exposure to various foreign currencies, precious metals and various markets, and seek to hedge certain event risks on positions held by the Fund via the use of derivative instruments. Such investments involve additional risks, as the fluctuations in the values of the derivatives may not correlate perfectly with the overall securities markets or with the underlying asset from which the derivative’s value is derived. Investing in commodities is generally considered speculative because of the significant potential for investment loss due to cyclical economic conditions, sudden political events, and adverse international monetary policies. Markets for commodities are likely to be volatile and the Fund may pay more to store and accurately value its commodity holdings than it does with the Fund’s other holdings. 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.

Index Description: The Barclays U.S. Treasury Bills: 1-3 Month Index - Includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. In addition, the securities are denominated in U.S. dollars and are fixed rate and non-convertible. It is not possible to invest directly in an index.

Index Description: Barclays U.S. Aggregate Bond TR USD Index - A market capitalization-weighted index, representing most U.S. traded investment grade bonds. 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 July 31, 2015, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Funds Distributor, Inc. (IFDI), 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 for the Fund’s Class E shares at 1.00%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

Fee Waiver and/or Expense Reimbursement:Through July 31, 2015, to the extent that the total annual ordinary fund operating expenses of the Class Y shares exceeds the total annual ordinary fund operating expenses of the Class A shares, IFDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IFDI, 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.

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).

Morningstar Ratings: 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.

Quality: Our preference is to always use ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

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.

Documents Showing 7 Items

Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
XBRL
   
Risk factors. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money on your investment. The Fund may allocate from 0 to 100% of its assets between stocks, bonds and short-term instruments of issuers around the globe, as well as investments in precious metals and investments with exposure to various foreign securities. 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. Fixed-income securities are subject to interest-rate risk and, as such, the net asset value of the Fund may fall as interest rates rise. Investing in high-income securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. The Fund may focus its investments in certain regions or industries, thereby increasing its potential vulnerability to market volatility. The Fund may seek to hedge market risk on various securities, increase exposure to various markets, manage exposure to various foreign currencies, precious metals and various markets, and seek to hedge certain event risks on positions held by the Fund via the use of derivative instruments. Such investments involve additional risks, as the fluctuations in the values of the derivatives may not correlate perfectly with the overall securities markets or with the underlying asset from which the derivative’s value is derived. Investing in commodities is generally considered speculative because of the significant potential for investment loss due to cyclical economic conditions, sudden political events, and adverse international monetary policies. Markets for commodities are likely to be volatile and the Fund may pay more to store and accurately value its commodity holdings than it does with the Fund’s other holdings. 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.

Index Description: The Barclays U.S. Treasury Bills: 1-3 Month Index - Includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. In addition, the securities are denominated in U.S. dollars and are fixed rate and non-convertible. It is not possible to invest directly in an index.

Index Description: Barclays U.S. Aggregate Bond TR USD Index - A market capitalization-weighted index, representing most U.S. traded investment grade bonds. 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 July 31, 2015, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Funds Distributor, Inc. (IFDI), 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 for the Fund’s Class E shares at 1.00%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

Fee Waiver and/or Expense Reimbursement:Through July 31, 2015, to the extent that the total annual ordinary fund operating expenses of the Class Y shares exceeds the total annual ordinary fund operating expenses of the Class A shares, IFDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IFDI, 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.

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).

Morningstar Ratings: 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.

Quality: Our preference is to always use ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

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.