The trials and tribulations of vaccine development in a COVID-19 world

Ivy Large Cap Growth Fund Assistant Portfolio Manager Gage Krieger recently appeared on Asset TV to share Ivy’s outlook on the realities of developing a COVID-19 vaccine in the modern age. The interview discussed the history of vaccination development in U.S. and the record-breaking steps major pharmaceutical companies are taking to fast track a coronavirus vaccine.

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Gage Krieger, CFA
Assistant Portfolio Manager
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Ivy Large Cap Growth Fund Assistant Portfolio Manager Gage Krieger recently appeared on Asset TV to share Ivy’s outlook on the realities of developing a COVID-19 vaccine in the modern age.

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Inflation Outlook

Chart of the Week – Inflation Outlook

A recent CNBC survey found, on average, economists believe the Federal Reserve will keep the federal funds rate near zero until February 2023. Given the extraordinary amount of fiscal and monetary stimulus recently, should we worry about inflation?

We agree that the Fed will be on hold for an extended period, possibly longer than the average survey results predict. However, we are not worried about inflation gaining traction anytime soon. Tightness in industrial and labor markets are typically drivers of inflation. The economic recovery has a long way to go before recovering to pre-pandemic levels.

Input Markets Show Slack in the Economy
Chart Showing  Labor Situation
Chart Showing  Labor Situation

Source: DOL, BEA, Bloomberg. Seasonally Adjusted data shown is from September 2005 through September 2020. This chart is being provided as a general source of information for education purposes only, and is not intended as a recommendation to purchase, sell, or hold any specific security or to engage in any investment strategy.

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The Fed shifts on inflation – What does it mean?

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With the recent wave of massive stimulus, should inflation be a concern?

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August Jobs Report

Chart of the Week – August Jobs Report

Beating economists' expectations, the U.S. labor market continued its recovery in August, adding 1.37 million jobs. The unemployment rate fell by almost two percentage points, to 8.4%.

Economic progress can be explained by how many jobs are created. Therefore, this was a solid report. However, there are signs that job gains will moderate going forward. Those unemployed, who characterized their status as temporary, fell to 45% versus 78% in February. Overall, data in the report fits with our thesis that current economic expansion will continue through the fall, but at a much slower pace.

Labor Situation
Chart Showing  Labor Situation
Chart Showing  Labor Situation

Source: Bureau of Labor Statistics, Bloomberg. Data shown is from September 2019 through August 2020. This chart is being provided as a general source of information for education purposes only, and is not intended as a recommendation to purchase, sell, or hold any specific security or to engage in any investment strategy.

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Ivy International Core Equity Fund – Investment Update

Ivy International Core Equity Fund – Investment Update

Commentary as of September 09, 2020

What trends are you seeing in the market and have they helped Fund performance during the current rally and year to date? Was there any Fund repositioning that took place during the downturn that we are now seeing the benefits of?

Most of the Fund’s performance has been driven by some of the changes we made in the downturn. We thought we had a firm handle on how some of these businesses would perform relative to the rest of the market in the downturn. A lot of the stocks we either swapped into, increased weightings, or decreased weightings in were what aided relative performance. Clearly the backdrop of the market has benefitted quality growth as opposed to core or the more attractively valued part of the market. We did increase the quality of the portfolio by buying more core names but not dramatically.

What would you say to investors who are asking why they should stay invested in this strategy if it may be awhile until we see another market environment that supports relative value investing?

In this environment of low growth and low interest rates, we believe the market has gone over its skis in buying momentum growth and quality, while avoiding other parts of the market at any costs. We don't think it is a guarantee that the market will act like this over time, but it's certainly how it's acting today. In fact, this is how the market has behaved for the last twelve years. So, many investors are conditioned to believe this is how the market performs because it’s all they have ever known. There are a lot of outcomes we could see taking place in the next year that could change this environment somewhat.

Last week, Adidas issued bonds and were paid eight basis points for a five-year maturity in Europe. The only way they will go up is if an investor is willing to pay 2% a year to lend money to Adidas. Yet, this was oversubscribed by eight times. This just shows that there are a lot of investors willing to pay to have Adidas bonds and how poorly the bond market is priced. We believe this is an environment where there is no reward and only potential risk. Inflation presents some meaningful downside risk of these bonds. It's not that we're necessarily calling for inflation, but for this to be eight times oversubscribed shows high confidence from investors that there won't be any inflation.

One of the few things that is left that is inexpensive are high, cash flow yielding stocks that have some challenge to their business. High free cash flow yield is free cash flow per share divided by a company’s share price and is a strong indicator of how well a company can cover its obligations. And we have many stocks in the portfolio with a 10% free cash flow yield and dividend yield of 5%, which is the amount paid to shareholders for owning a share of a company’s stock as a percent of its current stock price. When will the market care about these stocks? We're not exactly sure when that turns, but we feel they are an attractively priced portion of the market, and eventually the world will recognize this. In an environment where people are willing to pay an infinite price-to-earnings ratio, the valuations you can see in the market will keep rising until something shocks you into realizing the cash flows aren't worth that. In this environment, relative value investing has been tough, but we are hopefully close to some reconciliation to where it starts to do better. We don't think we'll be having this conversation in two years.

Also, a low interest-rate environment across the globe, in a lot of ways, helps support a risk profile and cash flow generation for some of those good companies that have a challenge.

How has the Fund’s thesis on energy evolved from a few years ago, and where does it stand today?

Clearly, we were early on our energy exposure and underappreciated the capacity for U.S. shale to grow. We do think this has been permanently impaired by a combination of what Russia and Saudi Arabia did. In the downturn, we exited Inpex Corp. and BP plc; reduced our allocation to Total SA; and added India- based Reliance Industries, which is considered an energy holding because of its refining and petrochemicals operations, but its main growth will come from telecom and retail. We also slightly added to the Fund’s Canadian energy exposure. As a result, the Fund has an approximate double weight to energy relative to the benchmark. We do believe that once we get back to a more normal level in oil prices, we should have a much better supply and demand balance. The highest cost energy is shale, and these shale companies shouldn't have been producing like they were in that environment. We could see our energy exposure decrease over the next year to make room for some other attractive opportunities we're seeing after the recent volatility.

What other parts of the market besides energy, either sector or industry, do you feel are still significantly undervalued or may have been unfairly punished?

In general, financials appear attractively valued because rates are low across the world, making it difficult for financials to produce a strong topline. They may get a little bit of growth in business volume activity, but from an interest rate spread perspective, they are under pressure. Almost every central bank has said they plan on keeping interest rates low for the foreseeable future with the exception of the U.K. European banks are trading between 0.3 to 0.6 times book value. If we go back to any kind of reasonably sloped curve with rates near 1%, those same companies should be at least 1.0 times book value. European Union banks probably have the most pressure currently. In terms of our exposure there, we only own one European bank which is BNP Paribas.

Outside of financials, there are three names we added this year that are good examples of where we've found relative value:

  • Carrefour is a grocery store in France that was taken over by a new management team that has significantly improved the business. It trades at a 10% free cash flow yield. They've continued to do very well for a grocery store and has been in line with the market. It held up very well and took a lot of market share in the downturn. We would expect this stock to provide a dividend of about 4% next year. Many companies in France were encouraged by the government to cut dividends, but we expect that to come back next year and find this stock to be very attractively valued.
  • WPP is an advertising agency whose stock trades under ten times earnings with a 7% dividend yield and 10% free cash flow yield. The expectation was for WPP's revenue to be down 20%, and it was down 15%. Yet, the stock is down around 40% year to date on the heels of a secular story that has been going on for the last ten years surrounding new age advertising platforms. However, the company is not just traditional advertising. We think investors may be missing the fact that in an environment where company image has become so important, branding will go beyond just consumer products to things like public relations to help boost their image. These advertising agencies are really consulting business models. They get compared to companies like Google, which isn't a fair as they're not really competing with Google or other internet platforms.
  • Asahi Beverages is a beer company. In the throes of the downturn, this stock got hammered because roughly 33% of its business is in the on-trade (restaurant/bar distribution). In a number of the markets, the on-trade is back up to within 5% of where it was before. Asahi was also in the process of doing a deal in the downturn and borrowed money for virtually nothing and reissued shares, which we participated in. This stock trades at ten times earnings and should provide a 3% dividend yield.

None of these companies are perfect, but when the market is trading at around 20 times earnings and most of these are each around half of that, we think these have potential to work well. There are gems like these throughout the world that are mispriced because of this very narrow market, and we're trying to take advantage of it.

What will we have to see happen to make the value trade turn around to have a more sustainable run?

The trajectory of the economy is hard to know. Central banks have had very good control of the market. When you look at the performance of growth versus value, there's usually five- to 20-year cycles where one outperforms the other. This is about the longest cycle we've had of growth outperforming value. When the cycle gets to the top, and there's people who haven't seen another type of market, they have enormous conviction it's the right way to go. These things can turn, and when they do turn, they turn powerfully. Just like in 2000, there were all the same arguments we're hearing now. If you put your money in 1999 and missed the 100%+ rally, you would've done better in a value strategy by 2003. The disparity of price is enough for us to keep us from sifting through what's on the growth side. To be clear, we're still a core Fund. We do have growth names in the Fund like Alibaba and Prosus. Within the health care sector, we're more skewed towards growth names than value names. Where we see the greatest opportunity as a relative value investor are in the kinds of names that we mentioned earlier, but it doesn't mean that we aren't participating in parts of the market that we think has a reasonable tangible value. We may lag it if it continues to be a very narrow market environment. There are a ton of things going on in the world that could upset the desires of central banks.

Also, if we were to have a large market selloff, investors typically take profits to de-lever or return cash to their shareholders, and they tend to sell what's worked. That could be a catalyst if the markets weren't to recover quickly. Regulation could also be a catalyst, especially for technology stocks. Both in Europe and the U.S., there's already a big focus if these giant technology companies should be broken up, which would be an additional catalyst.

Any thoughts of there being a shift in the way you look at valuations given the amount of intangible value that is present with a lot of the new technologies driving market value?

For many of these disruptive technology companies, in order for them to generate free cash flow they just have to be better and a first mover. We own Alibaba which is growing sales around 30% and generates loads of free cash flow. This is almost unheard of in a highly capital-intensive sector like energy where in order to grow 20%, you would have to be putting in one field after the other, which is very costly. We're familiar with this, and we try to normalize for it, but when you look at these companies on a yield basis, most of those businesses don't have a great yield, and if they slow down their growth, their cash flow isn't going to grow significantly either. It is true that a lot of these technology companies do have better business models where they don't have to put up a factory to create additional growth and can just pay a few smart people in a backroom. These are great business models that didn't exist before, and we don't doubt that, but there comes a point where investors are overpaying for them, too. The idea that they generate cash flow is understood, and we take that into consideration when evaluating companies. We don't buy companies based on their price-to-book ratios, which is where intangibles often don't end up in the book.


Past performance is no guarantee of future results. The opinions expressed in this commentary are those of Ivy Investment Management Company and are not meant as investment advice or to predict or project the future performance of any investment product. The opinions are current through Sept. 09, 2020, are subject to change at any time based on market and other current conditions, and no forecasts can be guaranteed. It should not be assumed that investments made by any Ivy Investment product will match the suggested performance or character of the investments discussed in this commentary. Investors may experience materially different results. This commentary is being provided as a general source of information and is not intended as a recommendation to purchase, sell, or hold any specific security or to engage in any investment strategy. Any securities discussed herein are presented in a fair and balanced manner and were chosen based on objective, non-performance-based criteria, and securities discussed may or may not be held now, or in the future, by any Ivy Investment product. Investment decisions should always be made based on an investor’s specific objectives, financial needs, risk tolerance and time horizon.

This commentary may contain certain “forward-looking statements,” which may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” “potential,” “outlook,” “forecast,” “plan” and other similar terms. All such forward-looking statements are conditional and are subject to various factors, including, without limitation, general and local economic conditions, changing levels of competition within certain industries and markets, changes in interest rates and availability of leverage, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors, any or all of which could cause actual results to differ materially from projected results.

Top 10 equity holdings as a percent of net assets as of 06/30/2020: Nestle S.A., Registered Shares 2.6%, Roche Holdings AG, Genusscheine 2.5%, SAP AG 2.5%, Newcrest Mining Ltd. 2.0%, DNB ASA 2.0%, Airbus SE 1.9%, Legal & General Group plc 1.9%, Merck KGaA 1.8%, SPDR Gold Trust 1.8% and Anglo American plc 1.7%.

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. 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. To the extent the Fund invests a significant portion of its assets in a particular geographical region or country, economic, political, social and environmental conditions in that region or country will have a greater effect on Fund performance than they would in a more geographically diversified equity fund and the Fund’s performance may be more volatile than the performance of a more geographically diversified fund. These and other risks are more fully described in the fund's prospectus.

Diversification does not ensure a profit or protect against loss in a declining market.

The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

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Article Related Management: 

John C. Maxwell, CFA
Catherine Murray

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A disciplined approach and opportunistic shifts in the portfolio have benefitted performance year to date. Take a look at how the Fund is allocated in a volatile market environment.

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Small Business Resilience

Chart of the Week – Small Business Resilience

Small businesses are responsible for approximately 50% of U.S. gross domestic product and create more jobs than medium and large businesses together. How are they doing?

According to a July survey, small business optimism is about average, but down modestly from June. Aggregated real-time data from Womply, a business intelligence provider, shows trends in small business activity have been largely flat since the beginning of July. This fits with our theory that the strong leg of the post-Covid recovery occurs in the current quarter. We continue to expect the recovery in small business to be un-even, depending on the type of business. Support them where you can.

NFIB Small Business Optimism Index
Chart Showing NFIB Small Business Optimism Index
Chart Showing NFIB Small Business Optimism Index

Source: National Federation of Independent Business (NFIB), Womply, Bloomberg. Data shown is from January 1990 through July 2020. This chart is being provided as a general source of information for education purposes only, and is not intended as a recommendation to purchase, sell, or hold any specific security or to engage in any investment strategy.

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Battling for consumer dollars, who is winning?
Ivy Insights - Signs of improvement

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When will post-Covid recovery occur and what will it look like?

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Ivy Asset Strategy Fund – Investment Update

Ivy Asset Strategy Fund – Investment Update

Commentary as of September 02, 2020

Regarding the Fund, what has worked well and what has detracted from performance? Also, given five months of strong market performance and major indexes at all-time highs, what do you think about equity valuations?

Chace: We’ve certainly benefitted on the equity side from a continued run up in some highly valued technology stocks as well as gold and gold-related stocks. The portfolio has bumped into our ceiling on the information technology weight, so we’ve continuously trimmed larger positions. We added Apple Inc. back into the portfolio in April, partly in an effort to get ahead of the upcoming product cycle. We also dramatically increased our weight in Amazon. Many positions have benefitted from negative real rates, policy response, with solid growth stories given a huge tailwind based on U.S. Federal Reserve (Fed) policy.

We strive to maintain a balanced position overall. We are not making a bet on COVID-19 with regards to the speed of re-openings or elections for that matter. The portfolio contains no significant factor exposure to speak of other than cap size. Our position is neutral to momentum and other key factors. We are also thoughtful about trying to find value – we’ve mentioned before our holding in Deutsche Telecom which we think is massively undervalued based on their stake in T-Mobile.

Jeff: The fixed-income portfolio struggled in March, however, we were able to get the portfolio switched and right-sided quickly since the end of March. A significant part of the portfolio is now in investment-grade credits. U.S.-based high yield exposure has been brought down to about 16%. We have added to mortgage-backed securities and reduced Treasury exposure in favor of physical gold. From here, we are comfortable with current positioning and do not expect to make major changes.

As a reminder, we run a risk target versus the benchmark that ranges between 70-90%. Coming into March, we were at the lower end and are currently at the other end of the range – near 86%. This higher risk level may seem odd since we’ve increased credit quality, however, the risk model considers the recent increased volatility from February-March and shows credit to track more closely with equities than in the past. We expect the risk model to normalize over time.

Do you believe you can achieve equity-like returns out of the diversifying sleeve today?

Jeff: It’s possible and depends on how much return you think equities will deliver. Coming out of March, we were quite confident that fixed income could deliver outsized returns. Now we are looking to take some risk off the table and are more focused on getting the perceived diversification benefits.

There was a story out earlier this week about the $15.7 billion Ohio Police and Fire pension allocating 5% to gold based on the advice of their consultant. Any thoughts? What is your gold position currently and how is it used for asset allocation?

Jeff – We have long thought gold holds and important allocation benefit as it can provide diversity and total return, especially in the current environment where the Fed is supportive. We are finding less and less protection in traditional areas such as U.S. Treasuries, partially due to low rates. In the long term, you have an economy that needs to be saved by low rates and fiscal stimulation. Therefore, we switched our weight from Treasuries into gold and gold-related equities. Gold has been a strong performer and we recently trimmed gold slightly. Our position today is about 6%.

What causes more concern for the market over the next few months, COVID-19 or the election?

Jeff – I would say COVID-19. That said, we are not going to try to predict what happens with COVID-19 and, in our view, the election is too close to call. As such, we are trying to be as neutral as possible, hence avoiding factor exposure. We don’t feel we have much of an edge there. The portfolio holds no significant beta, growth, value or momentum bets. Market capitalization is the only factor exposure, which is based on our avoidance of small-cap international names that happen to be part of the benchmark index.

Chace – This election is going to be a coin flip right up to the end, or even a few days after the election. We will focus on individual security selection while maintaining neutral factor exposure.


Past performance is no guarantee of future results. The opinions expressed in this commentary are those of Ivy Investment Management Company and are not meant as investment advice or to predict or project the future performance of any investment product. The opinions are current through Sept. 02, 2020, are subject to change at any time based on market and other current conditions, and no forecasts can be guaranteed. It should not be assumed that investments made by any Ivy Investment product will match the suggested performance or character of the investments discussed in this commentary. Investors may experience materially different results. This commentary is being provided as a general source of information and is not intended as a recommendation to purchase, sell, or hold any specific security or to engage in any investment strategy. Any securities discussed herein are presented in a fair and balanced manner and were chosen based on objective, non-performance-based criteria, and securities discussed may or may not be held now, or in the future, by any Ivy Investment product. Investment decisions should always be made based on an investor’s specific objectives, financial needs, risk tolerance and time horizon.

This commentary may contain certain “forward-looking statements,” which may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” “potential,” “outlook,” “forecast,” “plan” and other similar terms. All such forward-looking statements are conditional and are subject to various factors, including, without limitation, general and local economic conditions, changing levels of competition within certain industries and markets, changes in interest rates and availability of leverage, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors, any or all of which could cause actual results to differ materially from projected results.

Top 10 equity holdings as a percent of net assets as of 06/30/2020: Microsoft Corp., 3.0%; Amazon.com, Inc. 2.7%, Taiwan Semiconductor Manufacturing Co. Ltd., 2.6%; Visa, Inc., Class A, 2.0%; Adobe, Inc. 1.8%; Zimmer Holdings, Inc. 1.6%, ASML Holding N.V., Ordinary Shares 1.6%, Intuit, Inc. 1.5%, ORIX Corp. 1.5% and Ingersoll-Rand, Inc. 1.4%.

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. The Fund may allocate its assets among different asset classes of varying correlation around the globe. The Fund’s Equity Sleeve typically holds a limited number of stocks (generally 50 to 70). As a result, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund’s NAV than it would if it invested in a larger number of 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. The Fund’s Diversifying Sleeve includes fixed-income securities, that 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. Loans (including loan assignments, loan participations and other loan instruments) carry other risks, including the risk of insolvency of the lending bank or other intermediary. Loans may be unsecured or not fully collateralized may be subject to restrictions on resale and sometimes trade infrequently on the secondary market. The Fund may seek to hedge market risk via the use of derivative instruments. Such investments involve additional risks. 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.

Diversification does not ensure a profit or protect against loss in a declining market.

The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

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Article Related Management: 

Chace Brundige
Jeff Surles, CFA

Article Short Summary: 

From the upcoming U.S. election to COVID-19 continuation, events are impacting markets across the globe. Take a look how the Fund is allocated.

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810

Name: 

10 Portfolio

Family: 

InvestEd

Share Class: 

A

Ticker: 

WAAFX

CUSIP: 

46132D709

InvestOneId: 

926

Fund Type: 

InvestEd

Fund Sub Type: 

InvestED

Lipper Category: 

MorningStar Category: 

Short-Term Bond

Our Approach: 

The Portfolio seeks to maintain an approximate allocation ratio of 90% fixed income securities and 10% equity securities. By allocating approximately 90% of its assets to fixed income securities via investments in the Underlying Fixed Income Funds, the Portfolio is susceptible to mild short-term market fluctuations, and thus is most appropriate for investors with a low tolerance for risk and a short-term investment horizon, and who expect to incur expenses for higher education within one year.

Fund: 

Fund Real Title: 

InvestEd 10 Portfolio

Fund Documents: 

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Fund Inception Date: 

9/1/2020

Fund Class Inception Date: 

9/1/2020

Fund Last Regeneration: 

2020-09-23 20:54:30

Fund ID: 

121

NAV Ticker: 

<div class='ticker-data'><span class='callout-value'>$9.92</span> <span class='callout-label'>NAV as of 9/23/2020 </span></div><div class='ticker-data'><span class='callout-value'><span class='negative-value'>($0.02)</span> / <span class='negative-value'>-0.20%</span></span> <span class='callout-label'>Daily NAV Change </span></div><div class='ticker-data'><span class='callout-value'><span class='positive-value'></span></span> <span class='callout-label'>YTD (NAV) as of 9/23/2020 <sup><a style='' title='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.' discribedby='ui-tooltip-1'>i</a></sup></span></div>

Fund Objective: 

To seek to provide current income and preserve capital, while maintaining limited capital appreciation potential.

FundFactSheetUrl: 

QuarterlyCommentaryUrl: 

809

Name: 

30 Portfolio

Family: 

InvestEd

Share Class: 

A

Ticker: 

WAAGX

CUSIP: 

46132D808

InvestOneId: 

927

Fund Type: 

InvestEd

Fund Sub Type: 

InvestED

Lipper Category: 

MorningStar Category: 

Allocation--30% to 50% Equity

Our Approach: 

The Portfolio seeks to maintain an approximate allocation ratio of 70% fixed income securities and 30% equity securities. By allocating approximately 70% of its asset to fixed income securities via investments in the Underlying Fixed Income Funds, the Portfolio is susceptible to moderate short-term market fluctuations, and thus is most appropriate for investors with an average tolerance for risk and a medium-term investment horizon, and who do not expect to incur expenses for higher education for at least three years.

Fund: 

Fund Real Title: 

InvestEd 30 Portfolio

Fund Documents: 

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Fund Inception Date: 

9/1/2020

Fund Class Inception Date: 

9/1/2020

Fund Last Regeneration: 

2020-09-23 20:54:26

Fund ID: 

120

NAV Ticker: 

<div class='ticker-data'><span class='callout-value'>$9.79</span> <span class='callout-label'>NAV as of 9/23/2020 </span></div><div class='ticker-data'><span class='callout-value'><span class='negative-value'>($0.06)</span> / <span class='negative-value'>-0.61%</span></span> <span class='callout-label'>Daily NAV Change </span></div><div class='ticker-data'><span class='callout-value'><span class='positive-value'></span></span> <span class='callout-label'>YTD (NAV) as of 9/23/2020 <sup><a style='' title='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.' discribedby='ui-tooltip-1'>i</a></sup></span></div>

Fund Objective: 

To seek to provide current income and preserve capital, while maintaining limited capital appreciation potential.

FundFactSheetUrl: 

QuarterlyCommentaryUrl: 

808

Name: 

50 Portfolio

Family: 

InvestEd

Share Class: 

A

Ticker: 

WAAHX

CUSIP: 

46132D873

InvestOneId: 

928

Fund Type: 

InvestEd

Fund Sub Type: 

InvestED

Lipper Category: 

MorningStar Category: 

Allocation--50% to 70% Equity

Our Approach: 

The Portfolio seeks to maintain an approximate allocation ratio of 50% equity securities and 50% fixed income securities. By allocating its assets approximately evenly between equities and fixed income securities via investments in the Underlying Equity Funds and Underlying Fixed Income Funds, respectively, the Portfolio is susceptible to elevated levels of short-term market fluctuations. It is most appropriate for investors who have an average tolerance for risk and a medium-term investment horizon, and who do not expect to incur expenses for higher education for at least seven years.

Fund: 

Fund Real Title: 

InvestEd 50 Portfolio

Fund Documents: 

[{"title":"Fact Sheet","url":""},{"title":"Prospectus","url":"https:\/\/connect.rightprospectus.com\/WaddellAndReed\/TADF\/38223\/P?site=InvestEd"},{"title":"Summary Prospectus","url":""},{"title":"Statement of Additional Information","url":"https:\/\/connect.rightprospectus.com\/WaddellAndReed\/TADF\/38223\/S?site=InvestEd"},{"title":"Annual Report","url":""},{"title":"Semi-Annual Report","url":""},{"title":"Quarterly Commentary","url":""},{"title":"XBRL","url":""}]

Fund Inception Date: 

9/1/2020

Fund Class Inception Date: 

9/1/2020

Fund Last Regeneration: 

2020-09-23 20:54:21

Fund ID: 

119

NAV Ticker: 

<div class='ticker-data'><span class='callout-value'>$9.65</span> <span class='callout-label'>NAV as of 9/23/2020 </span></div><div class='ticker-data'><span class='callout-value'><span class='negative-value'>($0.10)</span> / <span class='negative-value'>-1.03%</span></span> <span class='callout-label'>Daily NAV Change </span></div><div class='ticker-data'><span class='callout-value'><span class='positive-value'></span></span> <span class='callout-label'>YTD (NAV) as of 9/23/2020 <sup><a style='' title='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.' discribedby='ui-tooltip-1'>i</a></sup></span></div>

Fund Objective: 

To seek to provide total return through a combination of capital appreciation and current income.

FundFactSheetUrl: 

QuarterlyCommentaryUrl: 

807

Name: 

80 Portfolio

Family: 

InvestEd

Share Class: 

A

Ticker: 

WAAJX

CUSIP: 

46132D881

InvestOneId: 

929

Fund Type: 

InvestEd

Fund Sub Type: 

InvestED

Lipper Category: 

MorningStar Category: 

Allocation--70% to 85% Equity

Our Approach: 

The Portfolio seeks to maintain an approximate allocation ratio of 80% equity securities and 20% fixed income securities. By allocating approximately 80% of its asset to equities via investments in the Underlying Equity Funds, the Portfolio is susceptible to significant short-term market fluctuations. It is most appropriate for investors who have a high tolerance for risk and a long-term investment horizon, and who do not expect to incur expenses for higher education for at least 13 years.

Fund: 

Fund Real Title: 

InvestEd 80 Portfolio

Fund Documents: 

[{"title":"Fact Sheet","url":""},{"title":"Prospectus","url":"https:\/\/connect.rightprospectus.com\/WaddellAndReed\/TADF\/38224\/P?site=InvestEd"},{"title":"Summary Prospectus","url":""},{"title":"Statement of Additional Information","url":"https:\/\/connect.rightprospectus.com\/WaddellAndReed\/TADF\/38224\/S?site=InvestEd"},{"title":"Annual Report","url":""},{"title":"Semi-Annual Report","url":""},{"title":"Quarterly Commentary","url":""},{"title":"XBRL","url":""}]

Fund Inception Date: 

9/1/2020

Fund Class Inception Date: 

9/1/2020

Fund Last Regeneration: 

2020-09-23 20:54:16

Fund ID: 

118

NAV Ticker: 

<div class='ticker-data'><span class='callout-value'>$9.46</span> <span class='callout-label'>NAV as of 9/23/2020 </span></div><div class='ticker-data'><span class='callout-value'><span class='negative-value'>($0.14)</span> / <span class='negative-value'>-1.46%</span></span> <span class='callout-label'>Daily NAV Change </span></div><div class='ticker-data'><span class='callout-value'><span class='positive-value'></span></span> <span class='callout-label'>YTD (NAV) as of 9/23/2020 <sup><a style='' title='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.' discribedby='ui-tooltip-1'>i</a></sup></span></div>

Fund Objective: 

To seek to provide growth of capital.

FundFactSheetUrl: 

QuarterlyCommentaryUrl: 

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