2019 Midyear Global Outlook — Trade in the balance
Economic fundamentals were solid at the start of the year. Could trade disruptions put the economic expansion at risk in the second half of 2019?
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 June 30, 2019, 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.
Effective Feb. 21, 2019, Ivy IG International Small Cap Fund was renamed Ivy International Small Cap Fund. Additionally, the name of the sub-adviser changed from I.G. International Management Limited to Mackenzie Investments Europe Limited. Mackenzie Investments Europe Limited delegates to its subsidiary, Mackenzie Investments Asia Limited, for additional portfolio management responsibilities. References to Mackenzie Investments Europe Limited include both entities.
Top 10 equity holdings as a percent of net assets as of 06/30/2019: SCSK Corp. 2.5%, Teleperformance SE 2.0%, Sixt SE 1.9%, TechnoPro Holdings, Inc. 1.8%, ARTERIA Networks Corp. 1.8%, Matsumotokiyoshi Holdings Co. Ltd. 1.8%, Alstom 1.8%, Steadfast Group Ltd. 1.8%, Manulife U.S. REIT 1.8% and Zeon Corp. 1.8%.
All information is based on Class I shares.
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.