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11.18.20
Ivy Investments Forum
We recently gathered a number of thought-provoking experts who shared their latest views on an array of critical issues impacting today’s investing landscape. Watch the session replays to get our panelists’ insights.
CIO Insights / 1.08.20
Turning the page on 2020
As we move past the challenges of 2020, we are optimistic about the global economy and markets for 2021.
Chart of the week / 1.08.20
This Trend is Your Friend
We believe pressure on the U.S. dollar may provide a boost for investors in foreign assets.
Webcasts / 01.08.21
Not your Grandma’s Nutrition Lesson
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Our Company
Ivy Investments
We stand for a legacy of expertise, focused on delivering strong, long-term results. Our name reflects our progressive product offerings and growing global presence as we continue to adapt to the needs of investors.
Quarterly Commentary
Ivy Managed International Opportunities Fund
12.31.20
Market Sector Update
It was another fantastic quarter for global equity markets as economic activity and employment trends continued
their rebound since the dramatic sell-off in the first quarter precipitated by the COVID-19 pandemic and collapse in
energy markets. Markets priced in further economic normalization and pro-cyclical impulse as effective vaccines
begun inoculating populations.
Governments and central banks, globally, continue to provide unprecedented policy support to offset the negative
economic effects of responses to the pandemic including monetary easing, fiscal stimulus and direct asset purchases.
The U.S. Federal Reserve (Fed) adopted a new average inflation framework and forward guidance that sets an
extremely high bar for raising rates, which suggests monetary policy is less likely to hamper any improvements in
growth.
Portfolio Strategy
The Fund experienced very strong double-digit gains in the quarter and outperformed its benchmark index during
the period. Fund performance reflected the mix of returns in the underlying funds and their allocation weightings. The
Ivy Emerging Markets Equity Fund was a stand-out contributor to positive relative performance, accompanied to a
lesser extent by the Ivy Pzena International Value Fund, which together more than offset the modest detractors to
performance from the other underlying funds.
The Fund ended the period with the following target asset allocation: Ivy International Core Equity Fund 31%, Ivy
Emerging Markets Equity Fund 29%, and a 10% allocation each to Ivy Pzena International Value Fund, Ivy Global Growth
Fund, Ivy International Small Cap Fund and Ivy Global Equity Income Fund to provide a well-diversified portfolio of
international stocks.
Outlook
Global markets and economies continue to face challenges as the pandemic continues. While consumption and
expenditures continue to rebound, previous levels of economic activity and employment remain distant. While
effective vaccines have begun to be distributed, cases of COVID-19 continue to grow rapidly. As populations are
inoculated against the virus and as low interest rates and trillions of dollars of stimulus continue to work their way
through the economy, activity is expected to continue its upward trajectory toward more normal levels in 2021. The
labor market is expected to reach “full employment” by 2022, buoying equity earnings estimates. And while securities
valuations are demanding, fiscal stimulus is expected to continue, adding to the pro-cyclical impulse.
Additionally, the Fed has indicated a willingness to maintain accommodative monetary policy until a “persistent” and
“significant” increase in inflation is observed, likely alleviating upward pressure that might otherwise exist for interest
rates. However, myriad risk factors remain, as always. Among these risks include the risk of inflation and valuation
compression in securities markets that have already priced in much of this good news.
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
December 31, 2020, 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. All information is based on Class I shares. Diversification cannot ensure a profit or prevent against a loss in a declining market. Past performance is not a guarantee of future results.
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.
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. The performance of the Fund will depend on the success of the allocations
among the chosen underlying funds. Investing in a single region involves greater risk and potential reward than investing in a more diversified fund. 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.
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Ivy offers model delivery for nine equity strategies
Nine strategies are available in a model-delivery format, to be available in SMA and UMA accounts, providing advisors and investors a new way to access Ivy’s strategies.
Ivy InvestEdSM 529 Plan
A flexible, tax-advantaged 529 plan that allows you to invest for future education goals.
Ivy Investments Forum
We recently gathered a number of thought-provoking experts who shared their latest views on an array of critical issues impacting today’s investing landscape. Watch the session replays to get our panelists’ insights.
Turning the page on 2020
As we move past the challenges of 2020, we are optimistic about the global economy and markets for 2021.
This Trend is Your Friend
We believe pressure on the U.S. dollar may provide a boost for investors in foreign assets.
Not your Grandma’s Nutrition Lesson
Learn how to read the new USDA nutrition label, why sugar is detrimental to your health and to get some healthy breakfast, lunch, dinner and snack ideas.
Raising financially smart kids
Passing on life lessons from generation to generation is important, especially when it comes to topics like money. Discover strategies to raising financially smart kids.
Three plans every Gen Xer needs to consider before they turn 50
Xers - hitting the big 5-0 is a big milestone. Uncover the three essential plans you may want to consider to protect your family and yourself.
Ivy Investments
We stand for a legacy of expertise, focused on delivering strong, long-term results. Our name reflects our progressive product offerings and growing global presence as we continue to adapt to the needs of investors.
Quarterly Commentary
Ivy Managed International Opportunities Fund
Market Sector Update
Portfolio Strategy
Outlook
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 December 31, 2020, 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. All information is based on Class I shares. Diversification cannot ensure a profit or prevent against a loss in a declining market. Past performance is not a guarantee of future results.
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.
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. The performance of the Fund will depend on the success of the allocations among the chosen underlying funds. Investing in a single region involves greater risk and potential reward than investing in a more diversified fund. 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.