Fund Detail

Ivy IG International Small Cap Fund

Track Fund
$12.44 NAV as of 11/21/2017
$0.16 / 1.30% Daily NAV Change
YTD (NAV) as of 11/21/2017 i

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Fund Summary

An 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.
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
Portfolio Management
  • Martin Fahey, CFA

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

    • — I.G. International Management Limited
    • — <1 Years with Fund
    • — 11 Years in Industry
Documents
Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL
Perspectives
Portfolio Perspectives / 07.25.17

European politics overshadow improving case for international small cap equities

IPUO -- Despite Brexit and the rise of populist politics in Europe, there is a strong case to be made for international equities in 2017, particularly European small cap stocks.
Daily Prices as of 11/21/2017
Net Asset Value (NAV) $12.44  
Daily NAV Change $0.16 1.30%
Weekly NAV Change $0.19 1.55%
Public Offering Price (POP) $12.44
Fund Facts
Ticker Symbol IVJYX
CUSIP 46600A658
Fund Code 778
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 10/31/2017)
$46.7 mil
Total Equity Holdings
(as of 10/31/2017)
92
Total Holdings
(as of 10/31/2017)
93
Portfolio Turnover Rate
(as of 3/31/2017)
13%
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.

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 N/A N/A N/A N/A N/A 23.60%
MSCI EAFE Small Cap NR USD 27.54% 27.51% 12.50% 13.03% 4.18% 25.69%

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 N/A N/A N/A N/A N/A 20.60%
MSCI EAFE Small Cap NR USD 25.42% 21.84% 11.14% 12.85% 4.63% 23.61%
Lipper International Small-/Mid-Cap Growth Funds N/A N/A N/A N/A N/A 25.00%

Expense Ratios as of 1/10/2017

Net 1.45%
Gross 1.54%

Fund Distributions

Historical Prices Inception 1/10/2017

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Fund Documents

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

Teleperformance SE Teleperformance is a multinational company headquartered in France. The company specializes in outsourced omnichannel customer experience management. 2.26%
Matsumotokiyoshi Holdings Co. Ltd. Matsumotokiyoshi Holdings Co., Ltd. is a holding company established through reorganization of Matsumotokiyoshi. The Company operates a drug store chain, selling medicines, cosmetics, health foods, beauty care products, pets products, and household utensils in the Tokyo metropolitan area. The Company also operates supermarkets and home centers. 2.02%
GVC Holdings plc GVC Holdings PLC is an e-gaming operator in both B2C and B2B markets. The company's line of business includes the provision of internet gaming, sports betting, casino, poker and bingo services. 2.02%
Rubis Group 2.00%
Dalata Hotel Group plc Dalata Hotel Group Public Limited Company owns and operates as a chain of hotels. The Company supports and develops hotels throughout Ireland and the United Kingdom. 1.92%
NGK Spark Plug Co. Ltd. 1.82%
OSG Corp. 1.79%
Nifco, Inc. 1.77%
Ryohin Keikaku Co. Ltd. 1.76%
Ubisoft Entertainment S.A. UbiSoft Entertainment SA produces, edits, and distributes video games. The Company also produces educational software. UbiSoft's products are sold internationally on CD-Rom and through the Internet. The Company also licenses its games to Nintendo, Sega, and Sony. 1.76%
Total Portfolio Holdings DOWNLOAD (as of 6/30/2017)
updated quarterly, upon availability
Market Capitalization
as a % of equity assets as of 10/31/2017
Large 4.4%
Medium 67.7%
Small 27.9%
Median Market Cap (as of 10/31/2017) $3.2 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 10/31/2017)
Industrial Machinery 8.7%
Auto Parts & Equipment 5.5%
Regional Banks 3.5%
Internet Software & Services 3.3%
IT Consulting & Other Services 3.1%
Industrial REITs 3.1%
Commodity Chemicals 2.7%
Homebuilding 2.4%
Investment Banking & Brokerage 2.4%
Research & Consulting Services 2.3%
Sector Allocation as a % of equity assets as of 10/31/2017
Consumer Discretionary 21.02%
Industrials 19.72%
Information Technology 17.26%
Materials 10.06%
Financials 10.03%
Real Estate 7.88%
Health Care 5.03%
Energy 4.40%
Consumer Staples 3.40%
Utilities 1.20%
Portfolio Composition as a % of net assets as of 10/31/2017
Foreign Common Stock 95.93%
Cash and Cash Equivalents 4.07%
Equity Country Allocation as a % of equity assets as of 10/31/2017
Japan 33.6%
Germany 13.6%
France 10.9%
United Kingdom 10.4%
Ireland 7.3%
Isle Of Man 4.5%
Australia 4.1%
Netherlands 2.4%
China 2.2%
Italy 1.6%
Singapore 1.5%
Spain 1.5%
Jersey 1.4%
Belgium 1.2%
Luxembourg 0.9%
Austria 0.8%
Sweden 0.8%
Switzerland 0.8%
Hong Kong 0.7%
Total Portfolio Holdings
DOWNLOAD (as of 6/30/2017)

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. 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.

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.

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.