Leverage plays a key role in driving performance across the mid-cap growth universe
What are the implications and potential opportunities for Ivy Mid Cap Growth Fund now that interest rates are rising?
The opinions expressed are those of the Fund’s managers and are not meant as investment advice or to predict or project the future performance of any investment product. The opinions are current through March 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 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 03/31/2018: Matsumotokiyoshi Holdings Co. Ltd. 2.3%, Rubis Group 2.2, Total Produce plc 2.0%, NGK Spark Plug Co. Ltd. 1.9%, Teleperformance SE 1.8%, Sopra Steria Group S.A. 1.8%, TechnoPro Holdings, Inc. 1.8%, OSG Corp. 1.8%, SCSK Corp. 1.7% and Zeon Corp. 1.7%.
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.