Consumption disruption in 2019?
The U.S. consumer has been a significant contributor to domestic economic growth in 2018. Will consumer consumption be hit by inflation in 2019?
The opinions expressed are those of the Fund’s manager and are not meant as investment advice or to predict or project the future performance of any investment product. The opinions are current through Dec. 31, 2018, are subject to change at any time based on market and other current conditions, and no forecasts can be guaranteed. 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. Investment decisions should always be made based on an investor’s specific objectives, financial needs, risk tolerance and time horizon. Past performance is not a guarantee of future results.
The S&P 500 Index is composed of 500 selected common stocks chosen for market size, liquidity, and industry grouping, among other factors. It is not possible to invest directly in an index.
Top 10 equity holdings as a % of net assets as of 12/31/2018: Microsoft Corp. 6.1, Amazon.com, Inc. 3.8, Alphabet, Inc. 3.2, Walt Disney Co., 3.1, Visa, Inc. 2.6, Danaher Corp. 2.5, Boeing Co. 2.4, Take-Two Interactive 2.2, Five9 Inc. 2.2, Procter & Gamble Co. 2.2.
The Waddell & Reed Accumulative Fund merged into the Ivy Accumulative Fund on Feb. 26, 2018.
Barry M. Ogden, CFA, CPA, served as a portfolio manager on the Fund until Dec. 03, 2018.
Risk factors: The value of the Fund’s shares will change, and you could lose money on your investment. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. These and other risks are more fully described in the Fund’s prospectus. Before investing, investors should consider carefully the investment objectives, risks, charges and expenses of a mutual fund. This and other important information is contained in the prospectus and summary prospectus, which may be obtained at www.waddell.com or from a financial advisor. Read it carefully before investing.