Fund Detail

Delaware Ivy PineBridge High Yield Fund

(Formerly, Ivy PineBridge High Yield Fund)
Track Fund
$10.20 NAV as of 10/15/2021
$0.01 / 0.10% Daily NAV Change
4.01% YTD (NAV) as of 10/15/2021 i

Fund Summary

Seeking total return through high current income and capital appreciation
Flexibility
A flexible credit product with a unique approach to investing in the high-yield sector.
Focused
As part of the investment process, applies a strong focus on relative value through a proprietary credit rating system.
Experience
Combined, the portfolio management team at PineBridge has over 50 years experience with the company.
Morningstar Style Box
LTD MOD EXT
High
Medium
Low
Portfolio Management
  • John Yovanovic, CFA

    • — PineBridge Investments (Sub-adviser)
    • — 4 Years with Fund
    • — 21 Years in Industry
  • Dan Purser

    • — PineBridge Investments (Sub-adviser)
    • — 4 Years with Fund
    • — 26 Years in Industry
  • Jeremy Burton, CFA

    • — PineBridge Investments (Sub-adviser)
    • — 4 Years with Fund
    • — 18 Years in Industry
Documents
Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL
Information Statement
Q1 Holdings
Q3 Holdings
Daily Prices as of 10/15/2021
Net Asset Value (NAV) $10.20  
Daily NAV Change $0.01 0.10%
Weekly NAV Change ($0.01) -0.10%
Public Offering Price (POP) $10.68
Fund Facts
Ticker Symbol IPNAX
CUSIP 46600A310
Fund Code 650
Fund Type Fixed Income Funds
Fund Inception 5/18/2017
Class Inception 5/18/2017
Fiscal Year End September
Dividends Paid Monthly
Fund Assets
(as of 9/30/2021)
$133.9 mil
Total Equity Holdings
(as of 9/30/2021)
5
Total Holdings
(as of 9/30/2021)
241
Portfolio Turnover Rate
(as of 9/30/2020)
80%
Morningstar Category High Yield Bond
BenchmarkBloomberg US Corporate High-Yield Bond

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.

Performance at NAV does not include the effect of sales charges, if it had, performance shown would be lower. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return Average Annual Total Returns as of 9/30/2021

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 4.01% 10.50% 6.68% N/A N/A 5.58%
Fund at Offer* 1.41% 7.73% 5.79% N/A N/A 4.96%
Bloomberg US Corporate High-Yield Bond 4.53% 11.28% 6.91% 6.52% 7.42% -
Morningstar High Yield Bond 4.22% 10.50% 5.69% 5.41% 6.25% -
*Effective July 1, 2021, Class A shares have a maximum up-front sales charge of 4.50%. Performance prior to July 1, 2021 contained a 2.50% up-front sales charge.

Quarterly Rates of Return Average Annual Total Returns as of 9/30/2021

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 4.01% 10.50% 6.68% N/A N/A 5.58%
Fund at Offer* 1.41% 7.73% 5.79% N/A N/A 4.96%
Bloomberg US Corporate High-Yield Bond 4.53% 11.28% 6.91% 6.52% 7.42% -
Morningstar High Yield Bond 4.22% 10.50% 5.69% 5.41% 6.25% -
*Effective July 1, 2021, Class A shares have a maximum up-front sales charge of 4.50%. Performance prior to July 1, 2021 contained a 2.50% up-front sales charge.

Calendar Year Return

20162017201820192020
Class A- - -4.06 14.86 7.36
Bloomberg US Corporate High-Yield Bond17.13 7.50 -2.08 14.32 7.11

Morningstar Ratings as of 9/30/2021

Category: High Yield Bond

Overall out of 630 ★★★★
3 Year out of 630 ★★★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 9/30/2021

Category: High Yield Bond

  Rank Percentile
1 Year 346 /677 48
3 Year 121 /630 24

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 1/31/2021

Net 0.99%
Gross 1.16%

Fund Distributions

Historical Prices Inception 5/18/2017

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 5/18/2017

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 9/30/2021

Subsidized 3.04%
Unsubsidized 2.87%

Fund Documents

Top 10 Holdings as a % of net assets as of 9/30/2021

State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.025%, 10-1-21, 0.0% 4.00%
American Airlines, Inc. (GTD by American Airlines Group, , 11.8%, 7/15/2025 1.09%
HCA, Inc. (GTD by HCA Holdings, Inc.), 3.5%, 9/1/2030 1.08%
NRG Yield Operating LLC, 5.0%, 9/15/2026 0.91%
Ford Motor Co., 7.5%, 7/16/2031 0.89%
Altice Financing S.A., 5.0%, 1/15/2028 0.88%
Ford Motor Co., 4.8%, 1/15/2043 0.84%
California Resources Corp., 7.1%, 2/1/2026 0.78%
Connect Finco S.a.r.l. and Connect U.S. Finco LLC, 6.8%, 10/1/2026 0.77%
DaVita, Inc., 4.6%, 6/1/2030 0.77%
Total Portfolio Holdings DOWNLOAD (as of 9/30/2021)
updated quarterly, upon availability
Maturity as a % of fixed income assets as of 9/30/2021
<1 Year 0.00%
1-5 Years 24.32%
5-10 Years 72.82%
10-20 Years 0.61%
>20 Years 2.25%
Average Maturity 6.82 years
Effective Duration 4.06 years
Fixed Income Country Allocation (as a % of bond holdings as of 9/30/2021)
United States 86.0%
Canada 4.7%
France 1.9%
United Kingdom 1.9%
Luxembourg 1.8%
Australia 1.1%
Netherlands 0.9%
Ireland 0.7%
Hong Kong 0.5%
Macau 0.5%
Bermuda 0.1%
Quality as a % of fixed income assets as of 9/30/2021
NonRated 0.50%
BB 43.60%
B 45.70%
CCC 10.20%

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 9/30/2021
Corporate Bonds 97.34%
Cash and Cash Equivalents 2.66%
Domestic Common Stock 0.00%
Total Portfolio Holdings
DOWNLOAD (as of 9/30/2021)

Fund Documents

Documents

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

Additional Fund Literature

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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. Investing in below investment grade securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. 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. 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.

The Morningstar High-Yield Bond Category compares funds that concentrate on lower-quality bonds, which offer higher yields than other types of portfolios but are also more vulnerable to economic and credit risk. These funds primarily invest in US high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below.

Index description: The Bloomberg US Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on Bloomberg EM country definition, are excluded. It is not possible to invest directly in an index.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2022, Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust, the Fund’s investment manager, Delaware Distributors, L.P. (Distributor), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) for the Fund’s Class A shares at 0.99% and Class I shares and Class R6 shares at 0.72%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2022, Delaware Distributors, L.P. (Distributor) and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class R6 shares do not exceed the total annual ordinary fund operating expenses of the Class I shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Effective July 1, 2021, the Maximum Sales Charge (Load) imposed on purchases (as a % of offering price) for Class A shares changed from 2.50% to 4.50%. 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.

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.