Fund Detail

Ivy Accumulative Fund

Track Fund
$11.10 NAV as of 9/18/2018
$0.07 / 0.63% Daily NAV Change
YTD (NAV) as of 9/18/2018 i

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Fund Summary

Seeking companies with value and growth potential
Strategy
Investment style based on a blend between bottom-up fundamental stock and sector analysis, coupled with a top-down macroeconomic perspective used to guide selection of industries and sector weightings.
Management approach
Emphasizes a blend of value and growth potential in selecting stocks.
Experience
Fund manager has more than 20 years of industry experience and has managed the strategy since 2004.
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
Portfolio Management
  • Barry M. Ogden, CFA , CPA

    • — Ivy Investment Management Company
    • — 14 Years with Fund
    • — 24 Years in Industry
Growth of a $10,000 Investment through 7/31/2018

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.

Documents
Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL
Daily Prices as of 9/18/2018
Net Asset Value (NAV) $11.10  
Daily NAV Change $0.07 0.63%
Weekly NAV Change $0.03 0.27%
Public Offering Price (POP) $11.10
Fund Facts
Ticker Symbol IATNX
CUSIP 46600G820
Fund Code 282
Fund Type Domestic Equity
Fund Inception 10/9/1940
Class Inception 2/26/2018
Fiscal Year End June
Dividends Paid June, December
Fund Assets
(as of 8/31/2018)
$1.4 bil
Total Equity Holdings
(as of 8/31/2018)
89
Total Holdings
(as of 8/31/2018)
105
Portfolio Turnover Rate
(as of 6/30/2018)
79%
Lipper Category Multi-Cap Core Funds
Morningstar Category Large Growth
BenchmarkS&P 500 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 N shares are sold without any front-end sales load or contingent deferred sales charges.

Monthly Rates of Return Average Annual Total Returns as of 8/31/2018

(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 8.16%
S&P 500 TR USD 9.94% 19.66% 16.11% 14.52% 10.86% -
Lipper Multi-Cap Core Funds 7.65% 16.99% 12.89% 11.90% 9.23% -

Quarterly Rates of Return Average Annual Total Returns as of 6/30/2018

(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 1.85%
S&P 500 TR USD 2.65% 14.37% 11.93% 13.42% 10.17% -
Lipper Multi-Cap Core Funds 1.82% 12.16% 8.89% 11.18% 8.58% -

Calendar Year Return

201320142015201620172008200920102011201220032004200520062007
S&P 500 TR USD32.39 13.69 1.38 11.96 21.83 -37.00 26.46 15.06 2.11 16.00 28.68 10.88 4.91 15.79 5.49

Morningstar Ratings as of 8/31/2018

Category: Large Growth

Overall out of 1251
3 Year out of 1251
5 Year out of 1124 ★★
10 Year out of 812

Ratings are based on risk-adjusted returns

Expense Ratios as of 1/8/2018

Net 0.74%
Gross 0.74%

Growth of a $10,000 Investment through 7/31/2018

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 Prices Inception 2/26/2018

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 8/31/2018

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. 5.77%
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. 5.65%
Walt Disney Co. (The) The Walt Disney Company, together with its subsidiaries, operates as an entertainment company worldwide. The company operates in five segments: Media Networks, Parks and Resorts, Studio Entertainment, Consumer Products, and Interactive. 3.43%
JPMorgan Chase & Co. JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. 2.38%
Broadcom Corp., Class A 2.16%
Citigroup, Inc. Citigroup Inc. (Citigroup) is a global diversified financial services holding company. Citigroup businesses provide consumers, corporations, governments and institutions with a range of financial products and services. 2.08%
Bank of America Corp. Bank of America Corporation, a financial holding company, provides banking and nonbanking financial services and products to individual consumers. 2.02%
McDonalds Corp. McDonald's is the leading global foodservice retailer with over 36000 restaurants in more than 100 countries around the world. 2.00%
Gilead Sciences, Inc. Gilead Sciences, Inc., a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for the treatment of life-threatening infectious diseases. 1.82%
Home Depot, Inc. (The) The Home Depot, Inc. (The Home Depot) is a home improvement retailer. The Home Depot stores sell an assortment of building materials, home improvement and lawn and garden products and provide a number of services. 1.70%
Total Portfolio Holdings DOWNLOAD (as of 6/30/2018)
updated quarterly, upon availability
Market Capitalization as a % of equity assets as of 8/31/2018
Large ( > $10 bil) 88.2%
Medium ($2 - $10 bil) 10.2%
Small ( < $2 bil) 1.6%
Median Market Cap (as of 8/31/2018) $36.5 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 8/31/2018)
Semiconductors 8.0%
Biotechnology 6.8%
Systems Software 6.3%
Technology Hardware, Storage & Peripherals 6.1%
Health Care Equipment 5.7%
Other Diversified Financial Services 4.7%
Restaurants 4.6%
Movies & Entertainment 3.6%
Diversified Banks 3.5%
Hypermarkets & Super Centers 3.3%
Sector Allocation as a % of equity assets as of 8/31/2018
Information Technology 27.38%
Health Care 19.25%
Consumer Discretionary 15.81%
Financials 11.33%
Industrials 10.51%
Consumer Staples 8.91%
Energy 5.73%
Utilities 1.08%
Portfolio Composition as a % of net assets as of 8/31/2018
Domestic Common Stock 92.40%
Cash and Cash Equivalents 5.37%
Foreign Common Stock 2.22%
Other Financial Instruments 0.01%
Equity Country Allocation as a % of equity assets as of 8/31/2018
United States 98.2%
Ireland 1.2%
China 0.4%
Croatia 0.3%
Total Portfolio Holdings
DOWNLOAD (as of 6/30/2018)

Fund Documents

Documents

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

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: The value of the Fund’s shares will change, and you could lose money on your investment. The large-cap companies of which the Fund emphasizes tend to be less volatile than companies with smaller market capitalizations, and returns on investments in securities of large capitalization companies could trail the returns on investments in securities of smaller companies. The Fund, however, may invest in companies of all sizes, and across the valuation spectrum in seeking to achieve its objective. 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. The Fund’s use of derivatives presents several risks, including the risk that these instruments may change in value in a manner that adversely affects the Fund’s net asset value and the risk that fluctuations in the value of the derivatives may not correlate with the reference instrument underlying the derivative. 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.

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

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.

Fee Waiver and/or Expense Reimbursement: Through October 31, 2020, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), 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-1 fees 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) as follows Class B shares at 2.29%, Class C shares at 2.07% and Class I shares at 0.87%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of the Ivy Trust (the Ivy Trust Board).

Through October 31, 2020, IDI 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 Y shares do not exceed the total annual ordinary fund operating expenses of the Class A 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 Ivy Trust Board.

Waddell & Reed Advisors (WRA) Accumulative Fund merged into Ivy Accumulative Fund on Feb. 26, 2018. The returns shown prior to this date reflect the performance of WRA Accumulative Fund, which was incepted on October 9, 1940. Ivy Accumulative Fund adopted that performance as the result of a reorganization in which it acquired all assets and liabilities of WRA Accumulative Fund.

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.

When a fund's share class has less than a year of performance to report, the returns shown are cumulative.

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.

© 2018 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.

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