Fund Detail

Delaware Ivy Balanced Fund

(Formerly, Ivy Balanced Fund)
Track Fund
$25.57 NAV as of 1/28/2022
$0.38 / 1.51% Daily NAV Change
YTD (NAV) as of 1/28/2022 i

Fund Summary

Seeking growth and income while managing risk
Seeks total return with a flexible exposure to securities throughout the capital structure that offer the potential for capital growth and current income
Provides diversification among different asset classes and across geographies consistent with a moderate investment risk tolerance
Strategic and tactical allocations made by an investment team with more than 30 years' collective experience managing multi-asset portfolios
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
LTD MOD EXT
High
Medium
Low
Portfolio Management

  • Aaron D. Young

    • — Delaware Management Company
    • — <1 Years with Fund
    • — 16 Years in Industry

  • Stefan Löwenthal, CFA

    • — MIMAK (Sub-Advisor)
    • — <1 Years with Fund
    • — 15 Years in Industry

  • Jürgen Wurzer, CFA

    • — MIMAK (Sub-Advisor)
    • — <1 Years with Fund
    • — 17 Years in Industry
Growth of a $10,000 Investment through 12/31/2021

Assumes an investment over 10 years or life of the share class, reinvestment of dividends and capital gains, and does not include the effect of sales charges or taxes. If it had, performance shown would have been lower.

Documents
Fact Sheet DOWNLOAD
Prospectus DOWNLOAD
Summary Prospectus DOWNLOAD
Statement of Additional Information DOWNLOAD
Annual Report DOWNLOAD
Semi-Annual Report DOWNLOAD
Quarterly Commentary DOWNLOAD
XBRL DOWNLOAD
Information Statement DOWNLOAD
Q1 Holdings DOWNLOAD
Q3 Holdings DOWNLOAD
Daily Prices as of 1/28/2022
Net Asset Value (NAV) $25.57  
Daily NAV Change $0.38 1.51%
Weekly NAV Change $0.13 0.51%
Public Offering Price (POP) $25.57 —
Fund Facts
Ticker Symbol IYBIX
CUSIP 465898146
Fund Code 483
Fund Type Specialty Funds
Fund Inception 11/16/1987
Class Inception 4/2/2007
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets
(as of 12/31/2021)		 $2.7 bil
Total Equity Holdings
(as of 12/31/2021)		 47
Total Holdings
(as of 12/31/2021)		 199
Portfolio Turnover Rate
(as of 3/31/2021)		 52%
Morningstar Category Allocation--50% to 70% Equity
Benchmark60% S&P 500 TR USD + 40% Bloomberg US Aggregate Bond TR
BenchmarkS&P 500 TR USD
BenchmarkBloomberg US Agg Bond TR USD

Fund Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Class I shares are sold without any front-end sales load or contingent deferred sales charges.

Monthly Rates of Return Average Annual Total Returns as of 1/31/2022

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV N/A N/A N/A N/A N/A N/A
60% S&P 500 TR USD + 40% Bloomberg US Aggregate Bond TR -3.97% 12.28% 14.02% 11.44% 10.36% -
S&P 500 TR USD -5.17% 23.29% 20.71% 16.78% 15.43% -
Bloomberg US Agg Bond TR USD -2.15% -2.97% 3.67% 3.08% 2.59% -
Morningstar Allocation--50% to 70% Equity -3.65% 10.11% 11.39% 9.26% 8.50% -

Quarterly Rates of Return Average Annual Total Returns as of 12/31/2021

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 16.46% 16.46% 17.79% 12.07% 10.37% 8.59%
60% S&P 500 TR USD + 40% Bloomberg US Aggregate Bond TR 15.87% 15.87% 17.55% 12.62% 11.14% -
S&P 500 TR USD 28.71% 28.71% 26.07% 18.47% 16.55% -
Bloomberg US Agg Bond TR USD -1.54% -1.54% 4.79% 3.57% 2.90% -
Morningstar Allocation--50% to 70% Equity 13.89% 13.89% 14.85% 10.39% 9.33% -

Calendar Year Return

2017201820192020202120122013201420152016200720082009201020112003200420052006
Class I11.65 -3.12 22.42 14.63 16.46 11.78 23.60 7.52 -0.11 2.23 - -19.14 15.51 16.55 2.97 - - - -
60% S&P 500 TR USD + 40% Bloomberg US Aggregate Bond TR- - - - 15.89 - - - - - - - - - - - - - -
S&P 500 TR USD21.83 -4.38 31.49 18.40 28.71 16.00 32.39 13.69 1.38 11.96 5.49 -37.00 26.46 15.06 2.11 28.68 10.88 4.91 15.79
Bloomberg US Agg Bond TR USD3.54 0.01 8.72 7.51 -1.54 4.21 -2.02 5.97 0.55 2.65 6.97 5.24 5.93 6.54 7.84 4.10 4.34 2.43 4.33

Morningstar Ratings as of 1/31/2022

Category: Allocation--50% to 70% Equity

Overall out of 657 ★★★★
3 Year out of 657 ★★★★
5 Year out of 597 ★★★★
10 Year out of 430 ★★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 1/31/2022

Category: Allocation--50% to 70% Equity

  Rank Percentile
1 Year 178 /701 28
3 Year 81 /657 14
5 Year 109 /597 23
10 Year 116 /430 27

Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar Category based on average annual total return and number of Funds in that Category. The Morningstar Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same Category, where 1% = Best and 100% = Worst.

Expense Ratios as of 7/29/2021

Net 0.86%
Gross 0.86%

5-Year Standard Deviation as of 12/31/2021

Fund 11.76
S&P 500 TR USD 15.39
Bloomberg US Agg Bond TR USD 3.06
60% S&P 500 TR USD + 40% Bloomberg US Aggregate Bond TR 9.22

5-Year MPT* Statistics as of 12/31/2021

Alpha -3.08
Beta 1.23
R-Squared 93.51
Sharpe Ratio 0.93
Capture Ratio

Upside: 108.49%

Downside: 131.02%

*Modern Portfolio Theory

Growth of a $10,000 Investment through 12/31/2021

Assumes an investment over 10 years or life of the share class, reinvestment of dividends and capital gains, and does not include the effect of sales charges or taxes.

Fund Distributions

Historical Distributions Inception 4/2/2007

Ex-date Income Capital Gains Reinvest Gains Payment Date

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this fund's selected share class. NAV is the amount per share you would receive if you sold shares that day.

Annualized 30-Day SEC Yield as of 12/31/2021

Subsidized 0.34%
Unsubsidized 0.34%

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 12/31/2021

Microsoft Corp. Microsoft Corporation is a multinational computer technology corporation that develops, manufactures, licenses and supports a wide range of software products for computing devices. 5.86%
Apple, Inc. Apple Inc., together with subsidiaries, designs, manufactures, and markets personal computers, mobile communication devices, and portable digital music and video players, as well as sells various related software, services, peripherals, and networking solutions worldwide. 3.17%
UnitedHealth Group, Inc. UnitedHealth Group is a diversified health and well-being company offering a spectrum of products and services serving consumers, employers, physicians, providers, hospitals and other caregivers. 2.72%
Amazon.com, Inc. Amazon.com, Inc. operates as an online retailer in North America and internationally. 2.22%
Costco Wholesale Corp. Costco Wholesale Corporation operates membership warehouses that offer a selection of branded and private label products in a range of merchandise categories in no-frills, self-service warehouse facilities. 1.97%
Alphabet, Inc., Class A Alphabet Inc through its subsidiary Google Inc is engaged in improving the ways people connect with information & products including Search, Android, YouTube, Apps, Maps & Ads. It also produces internet-connected home devices & provides internet services. 1.95%
MasterCard, Inc., Class A MasterCard Incorporated (MasterCard) is a global payments company that provides a economic link among financial institutions, businesses, merchants, cardholders and governments worldwide, enabling them to use electronic forms of payment instead of cash and checks. 1.93%
TE Connectivity Ltd. TE Connectivity is a technology company that designs and manufactures connectivity and sensor products for harsh environments in a variety of industries, such as automotive, industrial equipment, data communication systems, aerospace, defense, medical, oil and gas, consumer electronics and energy. 1.88%
CME Group, Inc. CME Group Inc., a U.S. company, is the world's leading and most diverse derivatives marketplace. It owns and operates large derivatives and futures exchanges in Chicago and New York, as well as online trading platforms.  1.82%
Danaher Corp. Danaher Corp. is a globally diversified conglomerate with its headquarters in Washington, D.C. Its products are concentrated in the fields of design, manufacturing, and marketing of industrial, health care and consumer products.  1.75%
Total Portfolio Holdings DOWNLOAD (as of 12/31/2021)
updated quarterly, upon availability
Market Capitalization as a % of equity assets as of 1/31/2022
Large ( > $10 bil) 98.6%
Medium ($2 - $10 bil) 1.4%
Small ( < $2 bil) 0.0%
Median Market Cap (as of 12/31/2021) $115.5 bil
Maturity as a % of fixed income assets as of 1/31/2022
<1 Year 5.86%
1-5 Years 38.47%
5-10 Years 31.73%
10-20 Years 10.11%
>20 Years 13.82%
Average Maturity 8.53 years
Effective Duration 6.47 years
Top 10 Industry Allocation (as a % of Equity Holdings as of 12/31/2021)
Systems Software 8.8%
Asset Management & Custody Banks 6.2%
Pharmaceuticals 4.9%
Technology Hardware, Storage & Peripherals 4.8%
Interactive Media & Services 4.8%
Data Processing & Outsourced Services 4.7%
Semiconductors 4.4%
Managed Health Care 4.1%
Financial Exchanges & Data 4.0%
Internet & Direct Marketing Retail 3.3%
Fixed Income Country Allocation (as a % of bond holdings as of 12/31/2021)
United States 98.4%
British Virgin Islands 0.5%
Canada 0.5%
United Kingdom 0.4%
Ireland 0.2%
Sector Allocation as a % of equity assets as of 12/31/2021
Information Technology 27.14%
Financials 20.41%
Health Care 13.22%
Consumer Discretionary 10.41%
Industrials 9.03%
Communication Services 7.46%
Consumer Staples 5.33%
Materials 3.53%
Utilities 2.39%
Energy 1.08%
Quality as a % of fixed income assets as of 12/31/2021
Government Bonds 63.80%
AAA 1.80%
AA 3.40%
A 12.10%
BBB 16.50%
BB 2.40%

Quality: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Portfolio Composition as a % of net assets as of 12/31/2021
Domestic Common Stock 60.73%
Government Bonds 19.93%
Corporate Bonds 11.16%
Foreign Common Stock 6.34%
Cash and Cash Equivalents 1.00%
Preferred Stock 0.72%
Asset-Backed Securities 0.12%
Equity Country Allocation as a % of equity assets as of 12/31/2021
United States 90.5%
United Kingdom 5.7%
France 2.0%
Taiwan 1.8%
Total Portfolio Holdings
DOWNLOAD (as of 12/31/2021)

Fund Documents

Documents

Fact Sheet DOWNLOAD
Prospectus DOWNLOAD
Summary Prospectus DOWNLOAD
Statement of Additional Information DOWNLOAD
Annual Report DOWNLOAD
Semi-Annual Report DOWNLOAD
Quarterly Commentary DOWNLOAD
XBRL DOWNLOAD
Information Statement DOWNLOAD
Q1 Holdings DOWNLOAD
Q3 Holdings DOWNLOAD

Additional Fund Literature

Financial Advisors may login to view fund's additional documents.


Continue

[1917054]


Significant Event On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the appointment of the portfolio manager team of Stefan Löwenthal and Jürgen Wurzer of Macquarie Investment Management Austria Kapitalanlage and Aaron D. Young of Delaware Management Company (DMC) as new Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies and benchmark. All changes took effect on or about November 15, 2021.

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Risk factors: Investing involves risk, including the possible loss of principal. The value of the Fund’s shares will change, and you could lose money on your investment. Fixed-income securities are subject to interest rate risk and, as such, the net asset value of the Fund may fall as interest rates rise. The lower-rated securities in which the Fund may invest may carry greater risk of nonpayment of interest or principal then higher-rated bonds. In addition to the risks typically associated with fixed-income securities, loan participations in which the Fund may invest carry other risks, including the risk of insolvency of the lending bank or other intermediary. Loan participations may be unsecured or not fully collateralized may be subject to restrictions on resale and sometimes trade infrequently on the secondary market. The Fund’s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform non-dividend paying stocks and the market as a whole over any period of time. In addition, there is no guarantee that the companies in which the Fund invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time. The amount of any dividend the company may pay may fluctuate significantly. In addition, the value of dividend-paying common stocks can decline when interest rates rise as fixed-income investments become more attractive to investors. This risk may be greater due to the current period of historically low interest rates. The Fund typically holds a limited number of stocks (generally 45 to 55). As a result, the appreciation or depreciation of any one security held by the Fund will have a greater impact on the Fund’s net asset value than it would if the Fund invested in a large number of securities. 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. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund. IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance. 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.

The Morningstar Allocation – 50% to 70% Equity Category compares funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These funds are dominated by domestic holdings and have equity exposures between 50% and 70%.

Index Description: S&P 500 - An unmanaged index of common stocks. It is not possible to invest directly in an index.

Index Description: The Bloomberg U.S. Aggregate Bond TR USD Index - A market capitalization-weighted index, representing most U.S. traded investment grade bonds. It is not possible to invest directly in an index.

The Advantus Spectrum Fund merged into the Ivy Balanced Fund on Dec. 8, 2003. The performance shown for periods prior to this date is that of the Advantus Spectrum Fund Class A shares, restated to reflect current sales charges applicable to Ivy Balanced Fund Class A shares. Performance has not been restated to reflect the fees and expenses applicable to the Ivy Balanced Fund. If these expenses were reflected, performance shown would differ.

Performance results for some funds may include the effect of expense reduction arrangements. If those arrangements had not been in place, the performance results would have been lower.

The Fund’s investment manager, Delaware Management Company (Manager), may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited, to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL. The Fund’s investment manager, Delaware Management Company (Manager), may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited (MIMEL), Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), and Macquarie Investment Management Global Limited (MIMGL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.

Effective July 1, 2021, the Maximum Sales Charge (Load) imposed on purchases (as a % of offering price) for Class A shares changed from 3.50% to 5.75%. Additionally, the low balance fee for Class A Shares of the Fund was eliminated and accounts will NOT be assessed an account fee of $20 if the account balance is below $650 at the start of business on the Friday prior to the last full week of September 2020 (i.e., September 18, 2020).

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

Style Analysis: The Morningstar Style Box reveals a fund's investment style. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the product will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

30-Day SEC Yield: is calculated based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.

Alpha, Beta, R-Squared, Standard Deviation, Sharpe Ratio and Capture Ratio are 5 year statistics. Alpha is a measure of a fund's actual returns and expected performance, given its level of risk (as measured by beta). Beta reflects the sensitivity of the fund's return to fluctuations in the market index. R-squared indicates how much of a fund's fluctuations were attributable to movements in the fund's benchmark. Standard deviation is a measure of how volatile a fund's returns are. Sharpe ratio is a measure of a fund's risk-adjusted performance. Capture ratio reflects the annualized product of fund vs. index returns for all months in which the index had a positive return (upside capture) or negative return (downside capture).

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance, and does not include the effects of sales charges. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

© 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Quality: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Information is subject to change and is not intended to represent any past or future investment recommendations.