Fund Detail

Ivy Dividend Opportunities Fund

Track Fund
$18.28 NAV as of 2/24/2017
$0.03 / 0.16% Daily NAV Change
4.28% YTD (NAV) as of 2/24/2017

Morningstar Tools


Fund Summary

Dividend growth: A path to compound opportunities
Seeks financially sound large-cap companies from a diverse mix of sectors that has the potential to pay solid dividends or are likely to increase dividends over a 3- to 5-year time horizon.
Management discipline
Focuses on dividend growth using fundamental analysis and rigorous screening.
Potential benefits
Offers equity diversification through a portfolio of companies with proven cash flows and exposure to stocks that have the potential to hold up better in an economic downturn than non-dividend-paying stocks. Diversification cannot ensure a profit or protect against loss in a declining market.
Morningstar Style Box
Value Blend Growth
Portfolio Management
  • Christopher J. Parker, CFA

    • — Ivy Investment Management Company
    • — 2 Years with Fund
    • — 21 Years in Industry
Growth of a $10,000 Investment through 1/31/2017

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.

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

Manager Video

Daily Prices as of 2/24/2017
Net Asset Value (NAV) $18.28  
Daily NAV Change $0.03 0.16%
Weekly NAV Change $0.15 0.83%
Public Offering Price (POP) $19.40
Fund Facts
Ticker Symbol IVDAX
CUSIP 465898666
Fund Code 686
Fund Type Domestic Equity
Fund Inception 6/30/2003
Class Inception 6/30/2003
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets
(as of 1/31/2017)
$378.3 mil
Total Equity Holdings
(as of 1/31/2017)
Total Holdings
(as of 1/31/2017)
Portfolio Turnover Rate
(as of 9/30/2016)
Lipper Category Equity Income Funds
Morningstar Category Large Blend
BenchmarkRussell 1000 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.

Performance at NAV does not include the effect of sales charges. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return Average Annual Total Returns as of 1/31/2017

(Returns for periods of less than 1-yr are not annualized)
Fund at NAV 0.80% 12.91% 6.16% 9.96% 4.98% 7.44%
Fund with 5.75% sales charge -5.00% 6.39% 4.09% 8.67% 4.36% 6.97%
Russell 1000 TR USD 2.01% 20.81% 10.50% 14.06% 7.09% 8.91%
Lipper Equity Income Funds 0.98% 19.70% 8.01% 11.03% 5.89% 8.21%

Quarterly Rates of Return Average Annual Total Returns as of 12/31/2016

(Returns for periods of less than 1-yr are not annualized)
Fund at NAV 6.71% 6.71% 4.57% 10.68% 5.04% 7.42%
Fund with 5.75% sales charge 0.55% 0.55% 2.53% 9.38% 4.42% 6.95%
Russell 1000 TR USD 12.05% 12.05% 8.59% 14.69% 7.08% 8.81%
Lipper Equity Income Funds 13.86% 13.86% 6.40% 11.53% 5.95% 8.20%

Calendar Year Return

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Class A 16.59 -36.44 19.98 16.36 -4.79 12.20 29.45 9.63 -2.25 6.71
Russell 1000 TR USD 5.77 -37.60 28.43 16.10 1.50 16.42 33.11 13.24 0.92 12.05

Morningstar Ratings as of 1/31/2017

Category: Large Blend

Overall out of 1256 ★★
3 Year out of 1256 ★★
5 Year out of 1108 ★★
10 Year out of 822 ★★

Ratings are based on risk-adjusted returns

Lipper Ranking through 1/31/2017

Category: Equity Income Funds

  Rank Percentile
1 Year 474 /517 92
3 Year 356 /445 80
5 Year 243 /319 76
10 Year 162 /215 75

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

Expense Ratios as of 7/31/2016

Net 1.25%
Gross 1.25%

5-Year Standard Deviation as of 1/31/2017

Fund 10.67
Russell 1000 TR USD 10.35

5-Year MPT* Statistics as of 1/31/2017

Alpha -3.67
Beta 1.00
R-Squared 94.29
Sharpe Ratio 0.92
Capture Ratio

Upside: 90.58%

Downside: 118.14%

*Modern Portfolio Theory

Growth of a $10,000 Investment through 1/31/2017

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 6/30/2003

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 6/30/2003

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.

12-Month Trailing Dist. Yield as of 1/31/2017

NAV 1.13%
With Sales Charge 1.06%

Annualized 30-Day SEC Yield as of 1/31/2017

Subsidized 1.33%
Unsubsidized 1.33%

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 1/31/2017

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. 4.64%
JPMorgan Chase & Co. JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. 4.44%
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. 4.08%
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. 3.83%
Chevron Corp. Chevron Corp., through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. 3.67%
Exelon Corp. Exelon Corp. is one of the largest competitive U.S. power generators. Exelon's companies participate in every stage of the energy business, including generation, sales, transmission and delivery. 3.33%
MetLife, Inc. MetLife, Inc. (MetLife), is a provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. 3.27%
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. 3.08%
Enterprise Products Partners L.P. Enterprise Products Partners L.P., a master limited partnership, provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products. 2.91%
PACCAR, Inc. 2.79%
Total Portfolio Holdings DOWNLOAD (as of 12/31/2016)
updated quarterly, upon availability
Market Capitalization
as a % of equity assets as of 1/31/2017
Large 93.7%
Medium 6.3%
Small 0.0%
Median Market Cap (as of 1/31/2017) $46.5 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 1/31/2017)
Integrated Oil & Gas 6.8%
Specialized REITs 5.3%
Systems Software 5.0%
Communications Equipment 5.0%
Semiconductors 4.8%
Other Diversified Financial Services 4.8%
Oil & Gas Storage & Transportation 4.6%
Pharmaceuticals 4.4%
Diversified Banks 4.1%
Aerospace & Defense 4.0%
Sector Allocation as a % of equity assets as of 1/31/2017
Financials 18.53%
Information Technology 16.08%
Consumer Discretionary 13.45%
Industrials 11.82%
Energy 11.38%
Consumer Staples 6.82%
Materials 6.51%
Real Estate 6.03%
Health Care 5.79%
Utilities 3.59%
Portfolio Composition as a % of net assets as of 1/31/2017
Domestic Common Stock 81.68%
Foreign Common Stock 11.07%
Cash and Cash Equivalents 7.25%
Equity Country Allocation as a % of equity assets as of 1/31/2017
United States 88.1%
Canada 2.9%
United Kingdom 2.5%
Finland 2.5%
Ireland 1.4%
Belgium 1.4%
Switzerland 1.3%
Total Portfolio Holdings
DOWNLOAD (as of 12/31/2016)

Fund Documents


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

Additional Fund Literature

Financial Advisors may login to view fund's additional documents.


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. 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 40 to 60). 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. Not all funds or fund classes may be offered at all broker/dealers. These and other risks are more fully described in the Fund’s prospectus.

Stylebox: The Morningstar Equity Style Box reveals a fund's investment strategy by displaying the fund's investment style and the market capitalization of the stocks owned.

Index Description: Russell 1000 is an unmanaged index comprised of securities that represent the stock market. 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.

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 RatingTM 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. 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.

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