Fund Detail

Ivy Cundill Global Value Fund

Track Fund
$18.54 NAV as of 11/24/2017
$0.02 / 0.11% Daily NAV Change
11.62% YTD (NAV) as of 11/24/2017 i

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Fund Summary

Seeking to uncover value around the world
Focused approach
The Cundill approach to investing involves highly selective stock picking for a concentrated portfolio based on the time-honored, value recipe of investor Benjamin Graham.
Fundamentally sound
Applies a strong bottom-up fundamental stock selection process with no predetermined country, sector or industry exposure.
Potential benefits
Seeks to participate in the turnaround of undervalued companies through a contrarian, deep-value investment approach that may complement a global, growth-style equity portfolio.
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
Portfolio Management
  • Richard Wong, CFA

    • — Mackenzie Financial Corporation (Sub-adviser)
    • — 1 Years with Fund
    • — 23 Years in Industry
  • Jonathan Norwood, CFA

    • — Mackenzie Financial Corporation (Sub-adviser)
    • — 1 Years with Fund
    • — 19 Years in Industry
Growth of a $10,000 Investment through 10/31/2017

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
Daily Prices as of 11/24/2017
Net Asset Value (NAV) $18.54  
Daily NAV Change $0.02 0.11%
Weekly NAV Change $0.29 1.59%
Public Offering Price (POP) $18.54
Fund Facts
Ticker Symbol ICDYX
CUSIP 465897148
Fund Code 725
Fund Type Global/International
Fund Inception 9/4/2001
Class Inception 7/24/2003
Fiscal Year End March
Dividends Paid December
Fund Assets
(as of 10/31/2017)
$195.4 mil
Total Equity Holdings
(as of 10/31/2017)
47
Total Holdings
(as of 10/31/2017)
48
Portfolio Turnover Rate
(as of 3/31/2017)
51%
Lipper Category Global Multicap Value
Morningstar Category World Large Stock
BenchmarkMSCI ACWI Value NR 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 Y shares are not subject to sales charges.

Monthly Rates of Return Average Annual Total Returns as of 10/31/2017

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 10.18% 21.65% 2.08% 7.77% 2.77% 6.47%
MSCI ACWI Value NR USD 14.23% 20.30% 6.03% 9.47% 2.55% 7.87%
Lipper Global Multicap Value 15.28% 20.38% 6.08% 9.87% 3.50% 7.70%

Quarterly Rates of Return Average Annual Total Returns as of 9/30/2017

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 10.72% 20.81% 1.31% 8.85% 3.32% 6.54%
MSCI ACWI Value NR USD 12.81% 18.17% 5.64% 9.21% 2.74% 7.82%
Lipper Global Multicap Value 14.04% 17.78% 5.75% 9.72% 3.71% 7.70%

Calendar Year Return

2012201320142015201620072008200920102011200420052006
Class Y22.44 32.38 -6.50 -11.38 12.35 0.34 -32.17 30.50 11.72 -16.81 18.66 16.99 10.37
MSCI ACWI Value NR USD- 22.43 2.86 -6.26 12.57 - - - - - - - -

Morningstar Ratings as of 10/31/2017

Category: World Large Stock

Overall out of 704 ★★
3 Year out of 704
5 Year out of 583
10 Year out of 329 ★★

Ratings are based on risk-adjusted returns

Lipper Ranking through 10/31/2017

Category: Global Multicap Value

  Rank Percentile
1 Year 38 /98 39
3 Year 79 /83 95
5 Year 54 /59 90
10 Year 25 /38 65

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

Expense Ratios as of 7/5/2017

Net 1.41%
Gross 1.57%

5-Year Standard Deviation as of 10/31/2017

Fund 12.38
MSCI ACWI Value NR USD 10.15

5-Year MPT* Statistics as of 10/31/2017

Alpha -2.22
Beta 1.09
R-Squared 80.48
Sharpe Ratio 0.61
Capture Ratio

Upside: 104.25%

Downside: 124.00%

*Modern Portfolio Theory

Growth of a $10,000 Investment through 10/31/2017

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 7/24/2003

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 7/24/2003

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.

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 10/31/2017

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. 5.69%
Wells Fargo & Co. Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage and consumer finance across North America and internationally. 5.32%
Bank of America Corp. Bank of America Corporation, a financial holding company, provides banking and nonbanking financial services and products to individual consumers. 5.31%
American International Group, Inc. American International Group, Inc. (AIG) is an international insurance company with customers in over 130 countries. The Company serves commercial, institutional, individual customers through property-casualty networks of any insurer, and provides life insurance, retirement services in the U.S. 4.00%
Liberty Global, Inc., Series A Liberty Global plc is an American telecommunications and television company. LIberty Global also is the largest broadband internet service provider outside the U.S. 3.51%
Chesapeake Energy Corp., 5.750%, Series A Cumulative 2.98%
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. 2.93%
International Business Machines Corp. International Business Machines Corp. is an information technology company, which provides integrated solutions that leverage information technology and knowledge of business processes 2.93%
Hitachi Ltd. 2.91%
Barclays plc Barclays PLC provides financial services in Europe, the United States, Africa, and Asia. It offers retail and commercial banking, credit cards, investment banking, and wealth management services. 2.82%
Total Portfolio Holdings DOWNLOAD (as of 9/30/2017)
updated quarterly, upon availability
Market Capitalization
as a % of equity assets as of 10/31/2017
Large 80.0%
Medium 15.1%
Small 4.9%
Median Market Cap (as of 10/31/2017) $32.6 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 10/31/2017)
Diversified Banks 15.8%
Pharmaceuticals 6.9%
Oil & Gas Exploration & Production 6.2%
Other Diversified Financial Services 5.7%
Oil & Gas Equipment & Services 4.1%
Multi-Line Insurance 4.0%
Cable & Satellite 3.5%
Wireless Telecommunication Service 3.5%
Auto Parts & Equipment 3.5%
IT Consulting & Other Services 2.9%
Sector Allocation as a % of equity assets as of 10/31/2017
Financials 28.37%
Consumer Discretionary 12.83%
Health Care 12.54%
Energy 11.00%
Information Technology 10.99%
Industrials 10.66%
Materials 6.60%
Telecommunication Services 3.51%
Real Estate 1.97%
Consumer Staples 1.53%
Portfolio Composition as a % of net assets as of 10/31/2017
Domestic Common Stock 59.27%
Foreign Common Stock 36.77%
Preferred Stock 3.68%
Cash and Cash Equivalents 0.28%
Equity Country Allocation as a % of equity assets as of 10/31/2017
United States 63.1%
United Kingdom 8.4%
France 6.0%
Japan 5.4%
South Korea 5.0%
China 3.2%
Canada 2.3%
Hong Kong 2.0%
Switzerland 1.7%
Luxembourg 1.7%
Israel 0.8%
Germany 0.5%
Total Portfolio Holdings
DOWNLOAD (as of 9/30/2017)

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. 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. 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. 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.

The MSCI information may only be used for your internal use, may not be reproduced or repurposed in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, salability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com) Source: MSCI.

Index Description: MSCI ACWI Value is an unmanaged index comprised of securities that represent the securities markets around the world. It is not possible to invest directly in an index. The MSCI information may only be used for your internal use, may not be reproduced or repurposed in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an ''as is'' basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the ''MSCI Parties'') expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, salability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com) Source: MSCI

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 July 31, 2018, Ivy Investment Management Company (IICO), the Fund’s investment manager, has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.14% of average daily net assets. Prior to that date, the reduction may not be terminated by IICO or the Board of Trustees.

Through July 31, 2018, IICO, 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 for Class E shares at 1.45%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees.

Through July 31, 2018, 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 by IDI, WISC or the Board of Trustees.

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.

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.

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