Oil industry faces short-term hurricane impact
While it’s too early to know the full economic and human toll of Hurricane Harvey, we expect a relatively short-term impact on the U.S. energy industry.
Sources: 1S&P 500 2015: Global Sales Year in Review; 2MSCI EAFE Index constituents based on fiscal year-end reported revenues; 3World Fact Book; 4MSCI ACWI Index constituents.
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A combination of top-down and bottom-up analysis seeks to identify key countries and sectors for growth, with support from in-depth research to help select securities for the portfolio.
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Source: Morningstar Direct; Funds listed are the from the IVY FUNDS® mutual funds family for Class I shares. Other funds and share classes have different and/or lesser ratings. Class I shares are only available to certain types of investors. ICEIX: 3-year, 4 stars, 595 funds; 5-year, 5 stars, 533 funds; 10-year, 5 stars, 342 funds. IPOIX: 3-year, 5 stars, 634 funds; 5-year, 5 stars, 436 funds; 10-year, 4 stars, 178 funds. 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.
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