2021 Global Outlook
Ivy Investments believes the path forward requires a disciplined approach that combines resilience and a reliance on the fundamentals of active investing.
Value | Blend | Growth | |
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Medium | |||
Small |
LTD | MOD | EXT | |
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Medium | |||
Low |
Matthew A. Hekman
Mark G. Beischel, CFA
Susan K. Regan
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.
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 |
Q1 Holdings | DOWNLOAD |
Q3 Holdings | DOWNLOAD |
Net Asset Value (NAV) | $26.67 | |
Daily NAV Change | ($0.05) | -0.19% |
Weekly NAV Change | ($0.26) | -0.97% |
Public Offering Price (POP) | $26.67 | — |
Ticker Symbol | IBNYX |
CUSIP | 465898583 |
Fund Code | 791 |
Fund Type | Specialty Funds |
Fund Inception | 11/16/1987 |
Class Inception | 12/8/2003 |
Fiscal Year End | March |
Dividends Paid | March, June, September, December |
Fund Assets (as of 1/31/2021) |
$2.5 bil |
Total Equity Holdings (as of 1/31/2021) |
58 |
Total Holdings (as of 1/31/2021) |
212 |
Portfolio Turnover Rate (as of 3/31/2020) |
43% |
Morningstar Category | Allocation--50% to 70% Equity |
Benchmark | S&P 500 TR USD |
Benchmark | Bloomberg Barclays US Govt/Credit TR USD |
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 Y shares are not subject to sales charges.
YTD | 1YR | 3YR | 5YR | 10YR | LIFE | |
---|---|---|---|---|---|---|
Fund at NAV | 2.07% | 23.74% | 11.14% | 10.63% | 8.48% | 7.92% |
YTD | 1YR | 3YR | 5YR | 10YR | LIFE | |
---|---|---|---|---|---|---|
Fund at NAV | 14.34% | 14.34% | 10.52% | 8.93% | 8.75% | 7.87% |
S&P 500 TR USD | 18.40% | 18.40% | 14.18% | 15.22% | 13.88% | - |
Bloomberg Barclays US Govt/Credit TR USD | 8.92% | 8.92% | 5.97% | 4.98% | 4.19% | - |
Morningstar Allocation--50% to 70% Equity | 11.72% | 11.72% | 7.76% | 8.99% | 7.90% | - |
2016 | 2017 | 2018 | 2019 | 2020 | 2011 | 2012 | 2013 | 2014 | 2015 | 2006 | 2007 | 2008 | 2009 | 2010 | 2003 | 2004 | 2005 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class Y | 2.01 | 11.38 | -3.34 | 22.13 | 14.34 | 2.71 | 11.51 | 23.27 | 7.29 | -0.41 | 10.75 | 12.96 | -19.37 | 15.22 | 16.23 | - | 8.76 | 4.78 |
S&P 500 TR USD | 11.96 | 21.83 | -4.38 | 31.49 | 18.40 | 2.11 | 16.00 | 32.39 | 13.69 | 1.38 | 15.79 | 5.49 | -37.00 | 26.46 | 15.06 | 28.68 | 10.88 | 4.91 |
Bloomberg Barclays US Govt/Credit TR USD | 3.05 | 4.00 | -0.42 | 9.71 | 8.93 | 8.74 | 4.82 | -2.35 | 6.01 | 0.15 | 3.78 | 7.23 | 5.70 | 4.52 | 6.59 | 4.67 | 4.19 | 2.37 |
Category: Allocation--50% to 70% Equity
Overall out of 641 | |
3 Year out of 641 | |
5 Year out of 571 | |
10 Year out of 411 |
Ratings are based on risk-adjusted returns.
Category: Allocation--50% to 70% Equity
Rank | Percentile | |
---|---|---|
1 Year | 168 /666 | 25 |
3 Year | 121 /641 | 21 |
5 Year | 340 /571 | 60 |
10 Year | 139 /411 | 35 |
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 | 1.10% |
Gross | 1.11% |
Fund | 11.42 |
S&P 500 TR USD | 15.03 |
Bloomberg Barclays US Govt/Credit TR USD | N/A |
Alpha | -2.51 |
Beta | 0.74 |
R-Squared | 94.76 |
Sharpe Ratio | 0.73 |
Capture Ratio |
Upside: 68.63% Downside: 79.22% |
*Modern Portfolio Theory
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 |
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Ex-date | Income | Capital Gains | Reinvest Gains | Payment Date |
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*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 | 1.06% |
With Sales Charge | 1.06% |
Subsidized | 0.38% |
Unsubsidized | 0.38% |
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. | 3.39% |
Zimmer Holdings, Inc. | Zimmer Biomet is a publicly traded medical device company. It was founded in 1927 to produce aluminum splints. The firm is headquartered in Warsaw, Indiana, where it is part of the medical devices business cluster. | 1.98% |
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. | 1.91% |
Electronic Arts, Inc. | Electronic Arts Inc. develops, markets, publishes, and distributes game software content and services for video game consoles, personal computers, mobile phones, and tablets. | 1.88% |
Constellation Brands, Inc. | 1.84% | |
Goldman Sachs Group, Inc. (The) | The Goldman Sachs Group, Inc. (Goldman Sachs) is a bank holding and a global investment banking, securities and investment management company. The Company provides a range of financial services to customers, including corporations, financial institutions, governments and high-net-worth individuals. | 1.84% |
Micron Technology, Inc. | Micron Technology, Inc., engages in the manufacture and marketing of semiconductor devices worldwide. | 1.84% |
Autodesk, Inc. | Autodesk, Inc. supplies PC software and multimedia tools. The company's two-dimensional and three-dimensional products are used across industries and in the home for architectural design, mechanical design, geographic information systems and mapping, and visualization applications. Autodesk's software products are sold worldwide through a network of dealers and distributors. | 1.80% |
Lowe's Co., Inc. | Lowe's Co., Inc., is a retailer of home improvement products for maintenance, repair, remodeling, home decorating, and property maintenance. Lowe's was founded in 1946 and is headquartered in Mooresville, NC. | 1.80% |
Infineon Technologies AG ADR | 1.63% | |
Total Portfolio Holdings
DOWNLOAD
(as of 12/31/2020)
updated quarterly, upon availability
|
Large ( > $10 bil) | 95.9% |
Medium ($2 - $10 bil) | 4.1% |
Small ( < $2 bil) | 0.0% |
Median Market Cap (as of 1/31/2021) | $71.4 bil |
<1 Year | 3.00% |
1-5 Years | 39.20% |
5-10 Years | 31.80% |
10-20 Years | 6.60% |
>20 Years | 19.50% |
Average Maturity | 9.10 years |
Effective Duration | 7.00 years |
Pharmaceuticals | 7.9% |
Interactive Media & Services | 6.2% |
Semiconductors | 5.2% |
Systems Software | 5.1% |
Investment Banking & Brokerage | 4.6% |
Oil & Gas Exploration & Production | 4.2% |
Managed Health Care | 3.6% |
Health Care Equipment | 3.0% |
Technology Hardware, Storage & Peripherals | 2.8% |
Interactive Home Entertainment | 2.8% |
United States | 97.9% |
United Kingdom | 1.1% |
Canada | 0.5% |
British Virgin Islands | 0.3% |
Ireland | 0.3% |
Information Technology | 21.17% |
Health Care | 16.70% |
Financials | 15.79% |
Consumer Discretionary | 13.03% |
Communication Services | 9.58% |
Industrials | 9.02% |
Consumer Staples | 7.54% |
Energy | 5.60% |
Materials | 0.83% |
Utilities | 0.74% |
Government Bonds | 51.30% |
AAA | 1.80% |
AA | 5.60% |
A | 13.00% |
BBB | 20.30% |
BB | 5.10% |
B | 0.00% |
CCC | 2.90% |
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.
Domestic Common Stock | 60.52% |
Government Bonds | 16.49% |
Corporate Bonds | 14.71% |
Foreign Common Stock | 5.56% |
Preferred Stock | 1.06% |
Senior Loans | 0.81% |
Cash and Cash Equivalents | 0.71% |
Asset-Backed Securities | 0.14% |
United States | 91.7% |
United Kingdom | 4.3% |
Germany | 2.4% |
Canada | 1.5% |
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 |
Q1 Holdings | DOWNLOAD |
Q3 Holdings | DOWNLOAD |
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. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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. 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 Bloomberg Barclays U.S. Universal Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. Municipal debt, private placements, and non-dollar-denominated issues are excluded from the Universal Index. The only constituent of the index that includes floating-rate debt is the Emerging Markets Index. Source: Bloomberg Barclays. It is not possible to invest directly in an index.
Index Description: S&P 500 - An unmanaged index of common stocks. It is not possible to invest directly in an index.
Index Description: Bloomberg Barclays US Govt/Credit TR USD - The Barclays U.S. Government/Credit Index measures the performance of U.S. dollar-denominated United States Treasuries, government-related, and investment-grade U.S. corporate securities that have a remaining maturity of greater than or equal to one year. In addition, the securities have $250 million or more of outstanding face value and are fixed-rate and non-convertible securities. 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.
Class N (formerly Class R6) will have no performance history as of 07/31/2014. Performance prior to that date is the Fund’s Class I share class performance restated to reflect the Class N total annual fund operating expenses as of 07/31/2014. Class N shares will have substantially similar returns to Class I share of the Fund, though returns will be different to the extent that expenses differ among the classes. Class N shares are only available to certain types of investors. Please see the Fund’s prospectus for additional information.
Fee waiver and/or Expense Reimbursement: Through July 31, 2021, 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 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of theClass 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 of Trustees (Board).
The Maximum Sales Charge (Load) imposed on purchases (as a % of offering price) for Class A shares was revised downwards to 3.50%, effective Oct. 1, 2020. 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 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.
© 2020 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.