Fund Detail

Ivy IG International Small Cap Fund

Track Fund
$10.26 NAV as of 2/24/2017
($0.05) / -0.48% Daily NAV Change
YTD (NAV) as of 2/24/2017

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Fund Summary

Your international gateway to small cap opportunities
Sound philosophy
Seeks small-cap companies across the international landscape that exhibit perceived growth at a reasonable price.
Fundamental + Thematic
Fund employs a proprietary, fundamentally driven stock selection process while incorporating a top-down view for thematic drivers.
Proven manager
I.G. International Management Limited, the Fund's subadvisor, has managed international small cap strategies since 2002. The portfolio management team has more than 35 years industry experience.
Portfolio Management
  • Martin Fahey, CFA

    • — I.G. International Management Limited
    • — <1 Years with Fund
    • — 28 Years in Industry
  • Bryan Mattei, CFA

    • — I.G. International Management Limited
    • — <1 Years with Fund
    • — 10 Years in Industry
Documents
Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL
Daily Prices as of 2/24/2017
Net Asset Value (NAV) $10.26  
Daily NAV Change ($0.05) -0.48%
Weekly NAV Change ($0.07) -0.68%
Public Offering Price (POP) $10.89
Fund Facts
Ticker Symbol IVJAX
CUSIP 46600A682
Fund Code 678
Fund Type Global/International
Fund Inception 1/10/2017
Class Inception 1/10/2017
Fiscal Year End September
Dividends Paid December
Fund Assets
(as of 1/31/2017)
$26.4 mil
Total Equity Holdings
(as of 1/31/2017)
92
Total Holdings
(as of 1/31/2017)
94
Lipper Category International Small-/Mid-Cap Growth Funds
Morningstar Category Foreign Small/Mid Blend
BenchmarkMSCI EAFE Small Cap 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.

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)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV N/A N/A N/A N/A N/A 0.70%
Fund with 5.75% sales charge N/A N/A N/A N/A N/A -5.09%
MSCI EAFE Small Cap NR USD 3.53% 14.82% 3.82% 9.57% 3.09% 2.03%

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

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV N/A N/A N/A N/A N/A N/A
Fund with 5.75% sales charge N/A N/A N/A N/A N/A N/A

Expense Ratios as of 1/10/2017

Net 1.45%
Gross 1.53%

Fund Distributions

Historical Prices Inception 1/10/2017

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Fund Documents

Top 10 Industry Allocation (as a % of Equity Holdings as of 1/31/2017)
Industrial Machinery 10.0%
Homebuilding 3.9%
Regional Banks 3.9%
Industrial REITs 3.6%
Commodity Chemicals 3.3%
Asset Management & Custody Banks 3.1%
Semiconductor Equipment 2.7%
IT Consulting & Other Services 2.6%
Hotels, Resorts & Cruise Lines 2.4%
Heavy Electrical Equipment 2.4%
Sector Allocation as a % of equity assets as of 1/31/2017
Industrials 22.67%
Consumer Discretionary 19.14%
Materials 13.74%
Information Technology 13.66%
Financials 11.60%
Real Estate 8.14%
Health Care 4.62%
Consumer Staples 4.45%
Energy 1.98%
Portfolio Composition as a % of net assets as of 1/31/2017
Foreign Common Stock 95.76%
Cash and Cash Equivalents 4.24%
Equity Country Allocation as a % of equity assets as of 1/31/2017
Japan 35.9%
Germany 13.1%
United Kingdom 9.7%
Ireland 7.2%
Australia 6.5%
France 5.5%
Isle Of Man 3.5%
Spain 3.4%
China 3.0%
Netherlands 2.6%
Singapore 2.1%
Sweden 1.8%
Belgium 1.5%
Italy 1.4%
Switzerland 1.2%
Austria 1.0%
Luxembourg 0.6%

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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Risk factors: The value of the Fund's shares will change, and you could lose money on your investment. 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. Investing in small-cap stocks may carry more risk than investing in stocks of larger more well-established companies. 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 EAFE Small Cap Index is an equity index which captures small cap representation across developed markets and countries around the world, excluding the US and Canada. It is not possible to invest in an index.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2018, Ivy Investment Management Company (IICO), the Fund's investment manager, 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 (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.45% and Class I shares at 1.15%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees. Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes below its respective expense cap. Fee Waiver and/or Expense Reimbursement: Through January 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 without the consent 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.

When a fund's share class has less than a year of performance to report, the returns shown are cumulative.

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

The Fund is sub-advised by I.G. International Management Limited, which delegates to its subsidiary, I.G. Investment Management (Hong Kong) Limited, for additional portfolio management responsibilities. References to I.G. International Management Limited include both entities.