Heading into 2020, global growth has slowed considerably. Trade continues to be a major headwind to the expansion, however, economic fundamentals – low unemployment, rising wages and sustained consumer confidence – are healthy. Meanwhile, the longest-running bull market in history now is also the best performing. What does it all mean?
The global economy could be poised for a rebound in 2020, with the cadence of growth improving as the year progresses.
Our panelists recently discussed contributing factors and market conditions in 2020.
Market volatility can be unsettling, but history shows that prices have returned to less volatile patterns over time. That can be good news for long-term investors.
Discover how to combine mindfulness, food and movement to maximize your performance.
You’ve spent your career teaching clients the importance of retirement planning and how to protect their assets. But have you considered what will happen to your business when it comes time for you to pass it to the next generation of advisors?
From loyalty to impact and autonomy to experiences discover how each generation defines happiness.
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.
| Value | Blend | Growth | |
|---|---|---|---|
| Large | |||
| Medium | |||
| Small |
| LTD | MOD | EXT | |
|---|---|---|---|
| High | |||
| Medium | |||
| Low |
Daniel P. Hanson, CFA
Mark G. Beischel, CFA
Chad Gunther
Robert Nightingale
Christopher J. Parker, CFA
James Zelter
Joseph Moroney, CFA
Matthew Sgrizzi, CFA
Lisa Kaufman
Benjamin Lentz, CFA
Paul Meierdierck, CFA
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.
| 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 |
| Net Asset Value (NAV) | $10.82 | |
| Daily NAV Change | $0.03 | 0.28% |
| Weekly NAV Change | $0.11 | 1.03% |
| Public Offering Price (POP) | $10.82 | — |
| Ticker Symbol | IMACX |
| CUSIP | 46600B839 |
| Fund Code | 373 |
| Fund Type | Specialty Funds |
| Fund Inception | 10/1/2015 |
| Class Inception | 10/1/2015 |
| Fiscal Year End | September |
| Dividends Paid | March, June, September, December |
| Fund Assets (as of 12/31/2019) |
$461.5 mil |
| Total Equity Holdings (as of 12/31/2019) |
144 |
| Total Holdings (as of 12/31/2019) |
570 |
| Portfolio Turnover Rate (as of 9/30/2019) |
54% |
| Morningstar Category | World Allocation |
| Lipper Category | Mixed-Asset Target Allocation Moderate Funds |
| Benchmark | 50% FTSE All-World High Dividend Yield Index + 50% ICE BofAML US HY |
| Benchmark | FTSE All-World High Dividend Yield Index |
| Benchmark | ICE BofAML US High Yield Index |
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. For Class C shares, a 1% CDSC applies to the lesser of amount invested or redemption value of shares redeemed within twelve months after the purchase date.
| YTD | 1YR | 3YR | 5YR | 10YR | LIFE | |
|---|---|---|---|---|---|---|
| Fund at NAV | 14.69% | 14.69% | 5.98% | N/A | N/A | 5.72% |
| Fund with maximum 1.00% CDSC | 14.69% | 14.69% | 5.98% | N/A | N/A | 5.72% |
| 50% FTSE All-World High Dividend Yield Index + 50% ICE BofAML US HY | 17.87% | 17.87% | 7.45% | N/A | N/A | - |
| FTSE All-World High Dividend Yield Index | 21.22% | 21.22% | 8.44% | 5.96% | 6.74% | - |
| ICE BofAML US High Yield Index | 14.41% | 14.41% | 6.32% | 6.13% | 7.50% | - |
| Morningstar World Allocation | 16.10% | 16.10% | 7.19% | 4.51% | 6.02% | - |
| YTD | 1YR | 3YR | 5YR | 10YR | LIFE | |
|---|---|---|---|---|---|---|
| Fund at NAV | 14.69% | 14.69% | 5.98% | N/A | N/A | 5.72% |
| Fund with maximum 1.00% CDSC | 14.69% | 14.69% | 5.98% | N/A | N/A | 5.72% |
| 50% FTSE All-World High Dividend Yield Index + 50% ICE BofAML US HY | 17.87% | 17.87% | 7.45% | N/A | N/A | - |
| FTSE All-World High Dividend Yield Index | 21.22% | 21.22% | 8.44% | 5.96% | 6.74% | - |
| ICE BofAML US High Yield Index | 14.41% | 14.41% | 6.32% | 6.13% | 7.50% | - |
| Morningstar World Allocation | 16.10% | 16.10% | 7.19% | 4.51% | 6.02% | - |
| 2015 | 2016 | 2017 | 2018 | 2019 | 2010 | 2011 | 2012 | 2013 | 2014 | 2005 | 2006 | 2007 | 2008 | 2009 | 2003 | 2004 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Class C | - | 6.29 | 9.69 | -5.39 | 14.69 | - | - | - | - | - | - | - | - | - | - | - | - |
| 50% FTSE All-World High Dividend Yield Index + 50% ICE BofAML US HY | - | 14.02 | 13.09 | -6.92 | 17.87 | - | - | - | - | - | - | - | - | - | - | - | - |
| FTSE All-World High Dividend Yield Index | -5.24 | 10.55 | 18.94 | -11.56 | 21.22 | - | - | - | - | 1.21 | - | - | - | - | - | - | - |
| ICE BofAML US High Yield Index | -4.64 | 17.49 | 7.48 | -2.26 | 14.41 | 15.19 | 4.38 | 15.59 | 7.42 | 2.50 | 2.74 | 11.72 | 2.24 | -26.39 | 57.51 | 28.15 | 10.87 |
as
of 12/31/2019Category: World Allocation
| Overall out of 379 | |
| 3 Year out of 379 |
Ratings are based on risk-adjusted returns.
through 12/31/2019
Category: World Allocation
| Rank | Percentile | |
|---|---|---|
| 1 Year | 343 /459 | 69 |
| 3 Year | 292 /379 | 77 |
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.
| Net | 1.99% |
| Gross | 1.99% |
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.
| Date | Price | Dividend Reinvest Date | Capital Gain Reinvest Date |
|---|
| 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.
| NAV | 3.38% |
| With Sales Charge | 3.38% |
| Subsidized | 3.15% |
| Unsubsidized | 3.13% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | Taiwan Semiconductor Manufacturing is the world's largest dedicated semiconductor foundry, offering advanced wafer production processes and manufacturing. | 1.53% |
| AstraZeneca plc | AstraZeneca PLC (AstraZeneca) is a biopharmaceutical company. The Company focuses on the discovery, development and commercialization of prescription medicines for six areas of healthcare. | 1.32% |
| Philip Morris International, Inc. | Philip Morris International Inc manufactures and sells cigarettes and other tobacco products in markets outside of the United States of America. The company's portfolio comprises international and local brands. | 1.29% |
| Samsung Electronics Co. Ltd. | Samsung Electronics Co., Ltd. is a Korea-based company engaged in the provision of consumer electronics, communication products, semiconductor products and home appliances. | 1.25% |
| Verizon Communications, Inc. | Verizon Communications Inc. is an American multinational telecommunications conglomerate and a corporate component of the Dow Jones Industrial Average. | 1.17% |
| Royal Dutch Shell plc, Class A | Royal Dutch Shell plc (Shell) is an independent oil and gas company. | 1.08% |
| 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. | 1.07% |
| Pfizer, Inc. | Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. The Company manages its operations through five segments: Primary Care; Specialty Care and Oncology; Established Products and Emerging Markets; Animal Health and Consumer Healthcare, and Nutrition. | 1.05% |
| Tokio Marine Holdings, Inc. | Tokio Marine Holdings, Inc. is an insurance holding company. Through its subsidiaries and associated companies, the Company operates in four business segments. | 1.02% |
| ENEL S.p.A. | Enel SpA is a multinational power company and an integrated operator in the electricity and gas sectors, with a special focus on Europe and Latin America. The Company is active in the generation and distribution of energy from conventional and renewable sources. It also offers integrated solutions for electricity and gas products. | 0.99% |
|
Total Portfolio Holdings
DOWNLOAD
(as of 12/31/2019)
updated quarterly, upon availability
|
||
| Large ( > $10 bil) | 92.2% |
| Medium ($2 - $10 bil) | 6.1% |
| Small ( < $2 bil) | 1.6% |
| Median Market Cap (as of 12/31/2019) | $14.7 bil |
| <1 Year | 0.00% |
| 1-5 Years | 24.50% |
| 5-10 Years | 20.50% |
| 10-20 Years | 48.80% |
| >20 Years | 6.30% |
| Average Maturity | 3.74 years |
| Effective Duration | 3.00 years |
| Pharmaceuticals | 9.3% |
| Integrated Oil & Gas | 8.5% |
| Diversified Banks | 6.8% |
| Semiconductors | 6.2% |
| Packaged Foods & Meats | 4.4% |
| Electric Utilities | 4.0% |
| Other Diversified Financial Services | 3.4% |
| Integrated Telecommunication Services | 3.3% |
| Tobacco | 2.7% |
| Residential REITs | 2.7% |
| United States | 74.6% |
| Luxembourg | 5.4% |
| Cayman Islands | 3.9% |
| Canada | 3.9% |
| Netherlands | 2.3% |
| France | 2.2% |
| United Kingdom | 1.3% |
| Saint Lucia | 1.0% |
| United Arab Emirates | 0.8% |
| Mexico | 0.5% |
| Jamaica | 0.5% |
| Germany | 0.4% |
| Macau | 0.4% |
| Brazil | 0.3% |
| Spain | 0.3% |
| Austria | 0.3% |
| Ireland | 0.3% |
| Columbia | 0.3% |
| Indonesia | 0.2% |
| Hong Kong | 0.2% |
| China | 0.2% |
| Serbia | 0.1% |
| Russia | 0.1% |
| Isle Of Man | 0.1% |
| Panama | 0.1% |
| Israel | 0.1% |
| British Virgin Islands | 0.1% |
| Bulgaria | 0.1% |
| Real Estate | 19.44% |
| Financials | 18.13% |
| Energy | 10.75% |
| Consumer Staples | 10.47% |
| Health Care | 9.34% |
| Information Technology | 8.78% |
| Industrials | 7.73% |
| Utilities | 5.94% |
| Communication Services | 3.74% |
| Materials | 3.60% |
| Consumer Discretionary | 2.08% |
| NonRated | 6.10% |
| AAA | 0.50% |
| AA | 0.30% |
| A | 0.10% |
| BBB | 6.80% |
| BB | 14.70% |
| B | 48.60% |
| CCC | 21.10% |
| Below CCC | 1.80% |
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.
| Foreign Common Stock | 29.70% |
| Corporate Bonds | 25.86% |
| Domestic Common Stock | 17.89% |
| Senior Loans | 13.43% |
| Cash and Cash Equivalents | 9.30% |
| Asset-Backed Securities | 2.23% |
| Mortgage-Backed Securities | 1.16% |
| Preferred Stock | 0.30% |
| Other Government Securities | 0.13% |
| United States | 38.0% |
| France | 11.1% |
| United Kingdom | 9.1% |
| Japan | 5.5% |
| Netherlands | 4.9% |
| Switzerland | 3.7% |
| Canada | 3.5% |
| Hong Kong | 3.4% |
| Taiwan | 3.2% |
| Germany | 2.8% |
| South Korea | 2.6% |
| Italy | 2.1% |
| China | 1.6% |
| Spain | 1.4% |
| Ireland | 1.3% |
| Russia | 1.3% |
| Norway | 1.2% |
| Singapore | 1.1% |
| Macau | 1.0% |
| Indonesia | 0.9% |
| Australia | 0.4% |
| Belgium | 0.2% |
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. Although asset allocation among different sleeves and asset categories generally tends to limit risk and exposure to any one sleeve, the risk remains that the allocation of assets may skew toward a sleeve that performs poorly relative to the Fund’s other sleeves, or to the market as a whole, which would result in the Fund performing poorly. While Ivy Investment Management Company (IICO) monitors the investments of Apollo Credit Management, LLC (Apollo) and LaSalle Investment Management Securities, LLC (LaSalle) in addition to the overall management of the Fund, including rebalancing the Fund’s target allocations, IICO, Apollo and LaSalle make investment decisions for their investment sleeves independently from one another. It is possible that the investment styles used by IICO, Apollo or LaSalle will not always complement each other, which could adversely affect the performance of the Fund. As a result, the Fund’s aggregate exposure to a particular industry or group of industries, or to a single issuer, could unintentionally be larger or smaller than intended. 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. Investment risks associated with investing in real estate securities, in addition to other risks, include rental income fluctuation, depreciation, property tax value changes and differences in real estate market values. 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. Loans (including loan assignments, loan participations and other loan instruments) carry other risks, including the risk of insolvency of the lending bank or other intermediary. Loans may be unsecured or not fully collateralized may be subject to restrictions on resale and sometimes trade infrequently on the secondary market. Dividend-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. 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: The BofAML U.S. HY Master II TR USD tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. It is not possible to invest directly in an index
Index Description: The FTSE All-World High Dividend Yield Index comprises stocks that are characterized by higher than-average dividend yields and is based on the FTSE All-World Index. Real estate investment trusts (REITS) are removed from the index, as are stocks that are forecast to pay a zero dividend over the next 12 months. The remaining stocks are ranked by annual dividend yield and included in the target index until the cumulative market capitalization reaches 50% of the total market cap of this universe of stocks.
Fee Waiver and/or Expense Reimbursement: Through Jan. 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) for the Fund’s Class A shares at 1.30%, Class C shares at 2.17%, Class I and Class N shares at 0.75% and Class Y shares at 1.25%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board).
Fee Waiver and/or Expense Reimbursement: Through Jan. 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 N shares and Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class I shares and Class A shares, respectively, 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
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 fund 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.
12-Month Trailing Distribution Yield: at NAV refers to the 12-month historical cash flow paid over the past 12 months in dividends, divided by the past months ending NAV.
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. © 2019 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.
The Fund is sub-advised by LaSalle Investment Management Securities, LLC, which delegates to its affiliate, LaSalle Investment Management Securities, B.V., for portfolio management responsibilities of Fund assets allocated to European investments. References to LaSalle Investment Management Securities include both entities.
The Fund is managed by Ivy Investment Management Company (IICO). The total return strategy is subadvised by Apollo Credit Management, LLC (Apollo) and the global real estate strategy is subadvised by LaSalle Investment Management Securities, LLC (LaSalle).
Co-Portfolio Manager Stanley J. Kraska, Jr. retired from LaSalle Investment Management Securities on Sept. 4, 2018.
