Fund Detail

Ivy Asset Strategy Fund

Track Fund
$22.67 NAV as of 5/26/2017
$0.02 / 0.09% Daily NAV Change
7.85% YTD (NAV) as of 5/26/2017 i

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Fund Summary

Providing flexibility and discipline in changing markets
Global
Portfolio management team seeks investment opportunities worldwide. Themes currently include consumer-led growth in the U.S. economy, innovations in technology and expansion of the middle class in emerging markets.
Flexible
Unlike some traditional balanced or asset allocation strategies, the Fund is not restricted to predefined percentages in any major asset class. That flexibility also helps it manage today’s increasing market volatility.
Pioneer
The Fund is an innovator in flexible global asset allocation and is managed by an experienced team with a long-term focus.
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
LTD MOD EXT
High
Medium
Low
Portfolio Management
  • Cynthia P. Prince-Fox

    • — Ivy Investment Management Company
    • — 2 Years with Fund
    • — 34 Years in Industry
  • Chace Brundige, CFA

    • — Ivy Investment Management Company
    • — 2 Years with Fund
    • — 23 Years in Industry
Growth of a $10,000 Investment through 4/30/2017

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
Perspectives

Manager Video

Portfolio Perspectives / 02.15.17

1Q 2017 Outlook: Positioning for a rapidly changing world

A changing outlook for global economic growth after the U.S. elections is a key factor in how the Fund is positioned early in 2017.
Daily Prices as of 5/26/2017
Net Asset Value (NAV) $22.67  
Daily NAV Change $0.02 0.09%
Weekly NAV Change $0.18 0.80%
Public Offering Price (POP) $22.67
Fund Facts
Ticker Symbol IVAEX
CUSIP 466001864
Fund Code 473
Fund Type Specialty Funds
Fund Inception 4/20/1995
Class Inception 4/2/2007
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets
(as of 4/30/2017)
$4.1 bil
Total Equity Holdings
(as of 4/30/2017)
67
Total Holdings
(as of 4/30/2017)
117
Portfolio Turnover Rate
(as of 9/30/2016)
25%
Lipper Category Alternative Global Macro Funds
Morningstar Category World Allocation
BenchmarkS&P 500 TR USD
BenchmarkBloomberg Barclays US Treasury Bill 1-3 Mon TR USD
BenchmarkBloomberg Barclays 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 4/30/2017

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 6.61% 5.61% -2.97% 2.66% 5.09% 5.34%
S&P 500 TR USD 7.16% 17.92% 10.47% 13.68% 7.15% 7.56%
Bloomberg Barclays US Treasury Bill 1-3 Mon TR USD 0.17% 0.35% 0.16% 0.12% 0.57% 0.61%
Bloomberg Barclays US Agg Bond TR USD 1.59% 0.83% 2.66% 2.27% 4.30% 4.32%
Lipper Alternative Global Macro Funds 3.36% 5.59% 0.71% 2.50% 3.12% 3.32%

Quarterly Rates of Return Average Annual Total Returns as of 3/31/2017

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 5.42% 5.22% -4.01% 2.63% N/A 5.27%
S&P 500 TR USD 6.07% 17.17% 10.37% 13.30% 7.51% 7.51%
Bloomberg Barclays US Treasury Bill 1-3 Mon TR USD 0.10% 0.30% 0.14% 0.11% 0.61% 0.61%
Bloomberg Barclays US Agg Bond TR USD 0.82% 0.44% 2.68% 2.34% 4.27% 4.27%
Lipper Alternative Global Macro Funds 2.77% 6.41% 0.73% 2.36% 3.21% 3.27%

Calendar Year Return

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Class I -25.73 24.09 10.00 -7.45 19.60 24.59 -4.79 -8.21 -5.19
S&P 500 TR USD 5.49 -37.00 26.46 15.06 2.11 16.00 32.39 13.69 1.38 11.96
Bloomberg Barclays US Treasury Bill 1-3 Mon TR USD 4.78 1.77 0.15 0.13 0.07 0.08 0.05 0.02 0.03 0.26
Bloomberg Barclays US Agg Bond TR USD 6.97 5.24 5.93 6.54 7.84 4.21 -2.02 5.97 0.55 2.65

Morningstar Ratings as of 4/30/2017

Category: World Allocation

Overall out of 402 ★★
3 Year out of 402
5 Year out of 333 ★★
10 Year out of 159 ★★★

Ratings are based on risk-adjusted returns

Lipper Ranking through 4/30/2017

Category: Alternative Global Macro Funds

  Rank Percentile
1 Year 165 /311 53
3 Year 229 /268 86
5 Year 95 /196 49
10 Year 5 /57 9

Rankings are based on average annual total returns, but do not consider sales charges.

Expense Ratios as of 7/31/2016

Net 0.74%
Gross 0.74%

5-Year Standard Deviation as of 4/30/2017

Fund 10.09
S&P 500 TR USD 10.17
Bloomberg Barclays US Treasury Bill 1-3 Mon TR USD N/A
Bloomberg Barclays US Agg Bond TR USD 2.86

5-Year MPT* Statistics as of 4/30/2017

Alpha -7.85
Beta 0.82
R-Squared 68.23
Sharpe Ratio 0.25
Capture Ratio

Upside: 58.61%

Downside: 116.01%

*Modern Portfolio Theory

Growth of a $10,000 Investment through 4/30/2017

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 4/2/2007

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

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.

12-Month Trailing Dist. Yield as of 4/30/2017

NAV 0.00%
With Sales Charge 0.00%

Annualized 30-Day SEC Yield as of 4/30/2017

Subsidized 1.04%
Unsubsidized 1.04%

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 4/30/2017

Liberty Media Corp., Class C The Liberty Media Group, through its subsidiaries, provides entertainment services. The company is based in Englewood, CO. 6.04%
JPMorgan Chase & Co. JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. 2.36%
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. 2.09%
Kraft Foods Group, Inc. The Kraft Heinz Company is the third-largest food and beverage company in North America and the fifth-largest food and beverage company in the world, with eight $1 billion+ brands. 2.04%
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. 1.96%
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. 1.90%
Adobe Systems, Inc. Adobe Systems Incorporated operates as a diversified software company worldwide. It operates in three segments: Digital Media, Digital Marketing, and Print and Publishing. 1.77%
AIA Group Ltd. AIA Group Limited is an investment holding company. The Company and its subsidiaries are engaged in provision of products and services to individuals and businesses for their insurance, protection, savings, investment and retirement needs. 1.73%
Halliburton Co. Halliburton Company provides various products and services to the energy industry for the exploration, development, and production of oil and gas properties worldwide. 1.64%
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. 1.63%
Total Portfolio Holdings DOWNLOAD (as of 3/31/2017)
updated quarterly, upon availability
Market Capitalization
as a % of equity assets as of 4/30/2017
Large 91.7%
Medium 8.3%
Small 0.0%
Median Market Cap (as of 4/30/2017) $58.1 bil
Maturity as a % of fixed income assets as of 4/30/2017
<1 Year 38.30%
1-5 Years 33.20%
5-10 Years 20.40%
10-20 Years 0.00%
>20 Years 8.10%
Average Maturity 4.52 years
Effective Duration 3.38 years
Top 10 Industry Allocation (as a % of Equity Holdings as of 4/30/2017)
Movies & Entertainment 8.2%
Other Diversified Financial Services 5.9%
Internet Software & Services 5.8%
Oil & Gas Exploration & Production 5.5%
Packaged Foods & Meats 4.3%
Application Software 3.9%
Oil & Gas Equipment & Services 3.9%
Life & Health Insurance 3.6%
Biotechnology 3.2%
Aerospace & Defense 3.2%
Fixed Income Country Allocation (as a % of bond holdings as of 4/30/2017)
United States 43.3%
Mexico 39.8%
Brazil 12.7%
United Kingdom 4.3%
Sector Allocation as a % of equity assets as of 4/30/2017
Consumer Discretionary 24.12%
Financials 16.68%
Information Technology 16.64%
Energy 10.69%
Consumer Staples 10.62%
Industrials 9.63%
Health Care 8.03%
Materials 2.44%
Telecommunication Services 1.15%
Quality as a % of fixed income assets as of 4/30/2017
Government Bonds 28.50%
A 39.80%
BB 12.60%
B 19.10%

Quality: Our preference is to always use ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. 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 4/30/2017
Domestic Common Stock 53.75%
Foreign Common Stock 19.95%
Cash and Cash Equivalents 8.49%
Other Government Securities 6.71%
Precious Metals 5.01%
Government Bonds 3.64%
Corporate Bonds 2.45%
Equity Country Allocation as a % of equity assets as of 4/30/2017
United States 72.9%
Japan 3.7%
Ireland 3.4%
France 3.3%
United Kingdom 3.2%
India 2.8%
China 2.4%
Hong Kong 2.4%
Brazil 1.7%
Germany 1.3%
Netherlands 1.2%
Belgium 1.1%
Switzerland 0.7%
Total Portfolio Holdings
DOWNLOAD (as of 3/31/2017)

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 Fund may allocate from 0 to 100% of its assets between stocks, bonds and short-term instruments of issuers around the globe, as well as investments in precious metals and investments with exposure to various foreign securities. 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. 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 high-income securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. The Fund may focus its investments in certain regions or industries, thereby increasing its potential vulnerability to market volatility. The Fund may seek to hedge market risk on various securities, increase exposure to various markets, manage exposure to various foreign currencies, precious metals and various markets, and seek to hedge certain event risks on positions held by the Fund via the use of derivative instruments. Such investments involve additional risks, as the fluctuations in the values of the derivatives may not correlate perfectly with the overall securities markets or with the underlying asset from which the derivative’s value is derived. Investing in commodities is generally considered speculative because of the significant potential for investment loss due to cyclical economic conditions, sudden political events, and adverse international monetary policies. Markets for commodities are likely to be volatile and the Fund may pay more to store and accurately value its commodity holdings than it does with the Fund’s other holdings. 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.

Index Description: The Barclays U.S. Treasury Bills: 1-3 Month Index - Includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. In addition, the securities are denominated in U.S. dollars and are fixed rate and non-convertible. It is not possible to invest directly in an index.

Index Description: The Barclays 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.

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.

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.

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.

© 2017 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: Ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. 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.