Fund Detail

Ivy Energy Fund

Track Fund
$12.62 NAV as of 3/27/2017
($0.05) / -0.39% Daily NAV Change
-11.69% YTD (NAV) as of 3/27/2017

Morningstar Tools


Fund Summary

Take a long-term, diversified approach to energy investing
Experience that counts
Portfolio Manager David Ginther, CPA, has more than two decades of industry experience and has managed the Fund since inception in 2006. He also has 10 years of international experience with a major oil company.
Focus on fundamentals
A disciplined process focuses on long-term fundamentals that drive stock performance and investment in long-term secular change.
Long-term view
The Fund’s long-term approach seeks potential opportunities around the world including demand in developing markets, such as China and India. Current themes include a focus on U.S. shale oil and supporting companies.
Morningstar Style Box
Value Blend Growth
Portfolio Management
  • David P. Ginther, CPA

    • — Ivy Investment Management Company
    • — 10 Years with Fund
    • — 22 Years in Industry
  • Michael T. Wolverton

    • — Ivy Investment Management Company
    • — <1 Years with Fund
    • — 12 Years in Industry
Growth of a $10,000 Investment through 2/28/2017

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

Portfolio Perspectives / 01.18.17

Five reasons to choose energy in 2017

We think there are five key ideas to keep in mind as we enter 2017.
Daily Prices as of 3/27/2017
Net Asset Value (NAV) $12.62  
Daily NAV Change ($0.05) -0.39%
Weekly NAV Change ($0.46) -3.52%
Public Offering Price (POP) $13.39
Fund Facts
Ticker Symbol IEYAX
CUSIP 466000395
Fund Code 694
Fund Type Specialty Funds
Fund Inception 4/3/2006
Class Inception 4/3/2006
Fiscal Year End March
Dividends Paid December
Fund Assets
(as of 2/28/2017)
$583.2 mil
Total Equity Holdings
(as of 2/28/2017)
Total Holdings
(as of 2/28/2017)
Portfolio Turnover Rate
(as of 9/30/2016)
Lipper Category Natural Resources Funds
Morningstar Category Equity Energy
BenchmarkS&P 1500 Energy TR

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, if it had, performance shown would be lower. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return Average Annual Total Returns as of 2/28/2017

(Returns for periods of less than 1-yr are not annualized)
Fund at NAV -4.55% 42.98% -5.04% 0.46% 3.27% 2.90%
Fund with 5.75% sales charge -10.03% 34.78% -6.89% -0.72% 2.67% 2.34%
S&P 1500 Energy TR -5.94% 26.76% -4.91% 0.61% 3.80% 4.27%
Lipper Natural Resources Funds -3.10% 35.99% -7.99% -2.14% 1.17% 1.13%

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 34.30% 34.30% -2.65% 3.40% 3.76% 3.39%
Fund with 5.75% sales charge 26.57% 26.57% -4.56% 2.18% 3.15% 2.82%
S&P 1500 Energy TR 27.31% 27.31% -3.41% 3.35% 4.10% 4.93%
Lipper Natural Resources Funds 28.35% 28.35% -6.35% 0.73% 1.64% 1.52%

Calendar Year Return

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Class A 48.95 -46.63 39.62 22.35 -9.84 0.91 26.97 -10.65 -23.12 34.30
S&P 1500 Energy TR 34.56 -35.82 16.41 21.37 3.92 4.34 25.39 -9.16 -22.07 27.31

Morningstar Ratings as of 2/28/2017

Category: Equity Energy

Overall out of 105 ★★★★
3 Year out of 105 ★★★★
5 Year out of 85 ★★★★
10 Year out of 64 ★★★★

Ratings are based on risk-adjusted returns

Lipper Ranking through 2/28/2017

Category: Natural Resources Funds

  Rank Percentile
1 Year 18 /93 20
3 Year 28 /81 35
5 Year 18 /67 27
10 Year 13 /54 24

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

Expense Ratios as of 7/31/2016

Net 1.49%
Gross 1.49%

5-Year Standard Deviation as of 2/28/2017

Fund 20.53
S&P 1500 Energy TR 17.24

5-Year MPT* Statistics as of 2/28/2017

Alpha 0.23
Beta 1.12
R-Squared 88.09
Sharpe Ratio 0.02
Capture Ratio

Upside: 106.13%

Downside: 106.61%

*Modern Portfolio Theory

Growth of a $10,000 Investment through 2/28/2017

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 4/3/2006

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 2/28/2017

U.S. Silica Holdings, Inc. U.S. Silica Holdings, Inc. produces and sells commercial silica in the U.S. 4.82%
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. 4.81%
Schlumberger Ltd. Schlumberger Limited operates as an oilfield services company in the United States and internationally. 4.45%
Continental Resources, Inc. Continental Resources, Inc. is an independent crude oil and natural gas exploration and production company with operations in the North, South and East regions of the United States. 4.16%
Pioneer Natural Resources Co. Pioneer Natural Resources Company (Pioneer) is an independent oil and gas exploration and production company with operations in the United States and South Africa. 3.80%
EOG Resources, Inc. EOG Resources, Inc., explores, develops, produces and markets natural gas and crude oil primarily in producing basins in the United States, Canada, The Republic of Trinidad and Tobago, the United Kingdom, and The People's Republic of China. 3.66%
Parsley Energy, Inc., Class A Parsley Energy is an independent oil and natural gas company with operations in the Permian Basin that develops unconventional oil and natural gas reserves.  3.57%
Superior Energy Services, Inc. 3.45%
Anadarko Petroleum Corp. Anadarko Petroleum Corporation is an independent oil/gas exploration/production company, with 2.3 billion barrels of oil equivalent of proved reserves as of 12.31.09, utilizing 3 operating segments: Oil/gas exploration/production, Midstream and Marketing. 3.41%
Baker Hughes, Inc. Baker Hughes Incorporated is engaged in the oilfield services industry. 3.32%
Total Portfolio Holdings DOWNLOAD (as of 12/31/2016)
updated quarterly, upon availability
Market Capitalization
as a % of equity assets as of 2/28/2017
Large 48.0%
Medium 47.6%
Small 4.4%
Median Market Cap (as of 2/28/2017) $8.3 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 2/28/2017)
Oil & Gas Exploration & Production 46.4%
Oil & Gas Equipment & Services 32.7%
Oil & Gas Storage & Transportation 6.5%
Oil & Gas Drilling 5.0%
Integrated Oil & Gas 3.8%
Oil & Gas Refining & Marketing 2.5%
Data Processing & Outsourced Services 1.6%
Specialty Chemicals 1.6%
Sector Allocation as a % of equity assets as of 2/28/2017
Energy 96.83%
Information Technology 1.60%
Materials 1.57%
Portfolio Composition as a % of net assets as of 2/28/2017
Domestic Common Stock 89.84%
Foreign Common Stock 9.16%
Cash and Cash Equivalents 1.00%
Equity Country Allocation as a % of equity assets as of 2/28/2017
United States 90.7%
Netherlands 2.2%
Bermuda 2.0%
Switzerland 1.9%
Canada 1.8%
United Kingdom 1.4%
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. Investing in companies involved in one specified sector may be more risky and volatile than an investment with greater diversification. Investing in the energy sector can be riskier than other types of investment activities because of a range of factors, including price fluctuation caused by real and perceived inflationary trends and political developments, and the cost assumed by energy companies in complying with environmental safety regulations. These and other risks are more fully describe in the fund's prospectus. Not all funds or fund classes may be offered at all broker/ dealers.

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: S&P 1500 Energy Sector is an unmanaged index comprised of securities that represent the energy sector of 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.

High recent returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

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.

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.