2018 Midyear Global Outlook
What’s in store for the second half of 2018? Get the Ivy Investments team’s views in our Global Midyear Outlook.
The opinions expressed are those of the Fund’s managers for Class I shares and are not meant as investment advice or to predict or project the future performance of any investment product. The opinions are current through June 30, 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 Fund is sub-advised by I.G. International Management Limited, which delegates to its subsidiary, I.G. Investment Management (Hong Kong) Limited, for additional portfolio management responsibilities. References to I.G. International Management Limited include both entities.
Seamus Kelly was added as an additional portfolio manager on the Fund in January 2018.
Top 10 Equity Holdings as a percent of net assets as of 06/30/2018: Matsumotokiyoshi Holdings Co. Ltd. 2.4%, SCSK Corp. 2.1%, Teleperformance SE 2.0%, TechnoPro Holdings, Inc. 2.0%, Tsubaki Nakashima Co. Ltd. 1.9%, NGK Spark Plug Co. Ltd. 1.9%, Sopra Steria Group S.A. 1.9%, Shimadzu Corp. 1.8%, Rubis Group 1.8% and Okamura Corp. 1.8%.
Risk factors: The value of the Fund’s shares will change, and you could lose money on your investment. 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. Investing in small-cap stocks may carry more risk than investing in stocks of larger more well-established companies. The value of a security believed by the Fund’s manager to be undervalued may never reach what the manager believes to be its full value, or such security’s value may decrease. 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.