Fund Detail

Ivy Large Cap Growth Fund

Track Fund
$18.94 NAV as of 2/24/2017
$0.00 / 0.00% Daily NAV Change
7.49% YTD (NAV) as of 2/24/2017

Morningstar Tools


Fund Summary

Seeking quality growth companies with competitive advantages
Strategic process
Primarily uses a bottom-up strategy focusing on companies believed to have dominant market positions and established competitive advantages. These characteristics can help to mitigate competition and lead to more sustainable revenue and earnings growth.
Management discipline
Places strict adherence to large-company growth style investing. Management team has managed large-cap growth strategies for more than a decade and has 25+ years of professional investment experience.
Potential benefits
Employs a consistent effort to provide the highest level of risk-adjusted results within multiple market environments.
Morningstar Style Box
Value Blend Growth
Portfolio Management
  • Daniel P. Becker, CFA

    • — Ivy Investment Management Company
    • — 16 Years with Fund
    • — 28 Years in Industry
  • Bradley M. Klapmeyer, CFA

    • — Ivy Investment Management Company
    • — 1 Years with Fund
    • — 17 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
Announcement: Large-cap growth strategy PM changes

Manager Video

Daily Prices as of 2/24/2017
Net Asset Value (NAV) $18.94  
Daily NAV Change $0.00 0.00%
Weekly NAV Change $0.10 0.53%
Public Offering Price (POP) $20.10
Fund Facts
Ticker Symbol WLGAX
CUSIP 466000627
Fund Code 667
Fund Type Domestic Equity
Fund Inception 6/30/2000
Class Inception 6/30/2000
Fiscal Year End March
Dividends Paid December
Fund Assets
(as of 1/31/2017)
$1.6 bil
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 Large-Cap Growth Funds
Morningstar Category Large Growth
BenchmarkRussell 1000 Growth 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 3.92% 12.50% 8.53% 12.50% 7.78% 5.77%
Fund with 5.75% sales charge -2.03% 6.06% 6.41% 11.17% 7.15% 5.39%
Russell 1000 Growth TR USD 3.37% 17.23% 10.82% 13.93% 8.42% 2.85%
Lipper Large-Cap Growth Funds 4.10% 13.85% 8.30% 12.56% 7.28% N/A

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 1.17% 1.17% 6.33% 12.49% 7.63% 5.56%
Fund with 5.75% sales charge -4.66% -4.66% 4.25% 11.16% 6.99% 5.18%
Russell 1000 Growth TR USD 7.08% 7.08% 8.55% 14.50% 8.33% 2.66%
Lipper Large-Cap Growth Funds 1.81% 1.81% 5.96% 13.04% 7.11% N/A

Calendar Year Return

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Class A 29.34 -38.14 24.58 14.07 1.85 10.50 35.57 11.32 6.76 1.17
Russell 1000 Growth TR USD 11.81 -38.44 37.21 16.71 2.64 15.26 33.48 13.05 5.67 7.08

Morningstar Ratings as of 1/31/2017

Category: Large Growth

Overall out of 1313 ★★★★
3 Year out of 1313 ★★★
5 Year out of 1162 ★★★
10 Year out of 806 ★★★★

Ratings are based on risk-adjusted returns

Lipper Ranking through 1/31/2017

Category: Large-Cap Growth Funds

  Rank Percentile
1 Year 460 /668 69
3 Year 280 /597 47
5 Year 275 /534 52
10 Year 143 /385 38

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

Expense Ratios as of 7/31/2016

Net 1.15%
Gross 1.16%

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

Fund 12.10
Russell 1000 Growth TR USD 10.72

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

Alpha -2.12
Beta 1.07
R-Squared 90.38
Sharpe Ratio 1.03
Capture Ratio

Upside: 100.58%

Downside: 114.93%

*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 6/30/2000

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 6/30/2000

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 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. 4.45%
Lam Research Corp. Lam Research Corporation (Lam Research) is a supplier of wafer fabrication equipment and services to the worldwide semiconductor industry. The Company designs, manufactures, markets, and services semiconductor processing equipment used in the fabrication of integrated circuits. 4.37%
MasterCard, Inc., Class A MasterCard Incorporated (MasterCard) is a global payments company that provides a economic link among financial institutions, businesses, merchants, cardholders and governments worldwide, enabling them to use electronic forms of payment instead of cash and checks. 4.35%
Goldman Sachs Group, Inc. (The) The Goldman Sachs Group, Inc. (Goldman Sachs) is a bank holding and a global investment banking, securities and investment management company. The Company provides a range of financial services to customers, including corporations, financial institutions, governments and high-net-worth individuals. 4.25%
Home Depot, Inc. (The) The Home Depot, Inc. (The Home Depot) is a home improvement retailer. The Home Depot stores sell an assortment of building materials, home improvement and lawn and garden products and provide a number of services. 3.92%
Celgene Corp. Celgene Corporation, a biopharmaceutical company, discovers, develops, and commercializes therapies to treat cancer and immune-inflammatory related diseases in the United States and internationally. 3.82%
Facebook, Inc., Class A Facebook, Inc. operates as a social networking company worldwide. It builds various tools that enable users to connect, share, discover, and communicate with each other on mobile devices and computers. 3.71%
Microchip Technology, Inc. Microchip Technology Incorporated, together with its subsidiaries, develops and manufactures semiconductor products for various embedded control applications. 3.42%
Alphabet, Inc., Class A Alphabet Inc through its subsidiary Google Inc is engaged in improving the ways people connect with information & products including Search, Android, YouTube, Apps, Maps & Ads. It also produces internet-connected home devices & provides internet services. 3.32%
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. 3.24%
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 98.2%
Medium 1.8%
Small 0.0%
Median Market Cap (as of 1/31/2017) $57.0 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 1/31/2017)
Internet Software & Services 9.3%
Data Processing & Outsourced Services 9.0%
Biotechnology 7.0%
Investment Banking & Brokerage 6.8%
Semiconductor Equipment 5.6%
Railroads 5.0%
Internet & Direct Marketing Retail 4.9%
Systems Software 4.5%
Application Software 4.2%
Financial Exchanges & Data 4.0%
Sector Allocation as a % of equity assets as of 1/31/2017
Information Technology 40.53%
Consumer Discretionary 17.39%
Health Care 11.24%
Financials 10.82%
Industrials 9.91%
Energy 6.54%
Consumer Staples 2.89%
Materials 0.68%
Portfolio Composition as a % of net assets as of 1/31/2017
Domestic Common Stock 95.34%
Foreign Common Stock 3.86%
Cash and Cash Equivalents 0.80%
Equity Country Allocation as a % of equity assets as of 1/31/2017
United States 96.1%
Canada 2.5%
Ireland 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
Announcement: Large-cap growth strategy PM changes

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. Investing in companies involved primarily in a single asset class (large cap) may be more risky and volatile than an investment with greater diversification. 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. 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.

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: The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. 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.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2017, 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 for Class A shares at 1.15%, Class E shares at 1.15%, Class I shares at 0.88%, and Class Y shares at 1.06%. Prior to that date, the expense limitation may not be terminated by IICO, 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.

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.