2021 Global Outlook
Ivy Investments believes the path forward requires a disciplined approach that combines resilience and a reliance on the fundamentals of active investing.
Value | Blend | Growth | |
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Large | |||
Medium | |||
Small |
John C. Maxwell, CFA
Aaron D. Young
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. If it had, performance shown would have been lower.
Fact Sheet | DOWNLOAD |
Prospectus | DOWNLOAD |
Summary Prospectus | DOWNLOAD |
Statement of Additional Information | DOWNLOAD |
Annual Report | DOWNLOAD |
Semi-Annual Report | DOWNLOAD |
Quarterly Commentary | DOWNLOAD |
XBRL | DOWNLOAD |
Q1 Holdings | DOWNLOAD |
Q3 Holdings | DOWNLOAD |
Net Asset Value (NAV) | $12.45 | |
Daily NAV Change | ($0.23) | -1.81% |
Weekly NAV Change | ($0.20) | -1.58% |
Public Offering Price (POP) | $12.45 | — |
Ticker Symbol | IYMGX |
CUSIP | 465899391 |
Fund Code | 904 |
Fund Type | Global/International |
Fund Inception | 4/2/2007 |
Class Inception | 12/19/2012 |
Fiscal Year End | March |
Dividends Paid | December |
Fund Assets (as of 1/31/2021) |
$184.5 mil |
Portfolio Turnover Rate (as of 3/31/2020) |
10% |
Morningstar Category | Foreign Large Blend |
Benchmark | MSCI ACWI Ex USA NR USD |
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 does not include the effect of sales charges as Class R shares are not subject to sales charges.
YTD | 1YR | 3YR | 5YR | 10YR | LIFE | |
---|---|---|---|---|---|---|
Fund at NAV | 0.59% | 18.90% | 3.05% | 9.31% | 4.76% | 3.67% |
MSCI ACWI Ex USA NR USD | 0.22% | 13.95% | 3.08% | 10.52% | 4.84% | - |
Morningstar Foreign Large Blend | -0.85% | 11.23% | 2.23% | 8.66% | 5.06% | - |
YTD | 1YR | 3YR | 5YR | 10YR | LIFE | |
---|---|---|---|---|---|---|
Fund at NAV | 14.34% | 14.34% | 4.89% | 7.67% | 4.77% | 3.65% |
MSCI ACWI Ex USA NR USD | 10.65% | 10.65% | 4.88% | 8.93% | 4.92% | - |
Morningstar Foreign Large Blend | 9.30% | 9.30% | 4.18% | 7.57% | 5.33% | - |
2016 | 2017 | 2018 | 2019 | 2020 | 2011 | 2012 | 2013 | 2014 | 2015 | 2006 | 2007 | 2008 | 2009 | 2010 | 2003 | 2004 | 2005 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class R | 0.91 | 24.23 | -16.26 | 20.52 | 14.32 | - | - | 15.54 | -0.42 | -2.00 | - | - | - | - | - | - | - | - |
MSCI ACWI Ex USA NR USD | 4.50 | 27.19 | -14.20 | 21.51 | 10.65 | -13.71 | 16.83 | 15.29 | -3.87 | -5.66 | 26.65 | 16.65 | -45.53 | 41.45 | 11.15 | 40.83 | 20.91 | 16.62 |
Category: Foreign Large Blend
Overall out of 672 | |
3 Year out of 672 | |
5 Year out of 582 | |
10 Year out of 383 |
Ratings are based on risk-adjusted returns.
Category: Foreign Large Blend
Rank | Percentile | |
---|---|---|
1 Year | 126 /776 | 11 |
3 Year | 236 /672 | 35 |
5 Year | 220 /582 | 37 |
Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar Category based on average annual total return and number of Funds in that Category. The Morningstar Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same Category, where 1% = Best and 100% = Worst.
Net | 1.54% |
Gross | 1.54% |
Fund | 16.14 |
MSCI ACWI Ex USA NR USD | 15.00 |
Alpha | -1.48 |
Beta | 1.06 |
R-Squared | 96.55 |
Sharpe Ratio | 0.51 |
Capture Ratio |
Upside: 100.71% Downside: 108.26% |
*Modern Portfolio Theory
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.
Date | Price | Dividend Reinvest Date | Capital Gain Reinvest Date |
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Ex-date | Income | Capital Gains | Reinvest Gains | Payment Date |
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*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.
NAV | 0.68% |
With Sales Charge | 0.68% |
Diversified Banks | 6.7% |
Pharmaceuticals | 5.1% |
Internet & Direct Marketing Retail | 5.0% |
Interactive Media & Services | 4.2% |
Semiconductors | 4.2% |
Technology Hardware, Storage & Peripherals | 4.1% |
Automobile Manufacturers | 3.5% |
Trading Companies & Distributors | 2.0% |
Life & Health Insurance | 2.0% |
Integrated Oil & Gas | 1.8% |
Norway | 100.0% |
Low | High | |
Ivy International Core Equity Fund | 0.0 % | 60.0 % |
Ivy Pzena International Value Fund | 0.0 % | 60.0 % |
Ivy Global Growth Fund | 0.0 % | 60.0 % |
Ivy Global Equity Income Fund | 0.0 % | 60.0 % |
Ivy International Small Cap Fund | 0.0 % | 60.0 % |
Ivy Emerging Markets Equity Fund | 0.0 % | 60.0 % |
Consumer Discretionary | 16.34% |
Financials | 15.11% |
Information Technology | 13.72% |
Industrials | 12.19% |
Health Care | 9.43% |
Communication Services | 8.52% |
Materials | 7.75% |
Consumer Staples | 7.29% |
Energy | 5.99% |
Utilities | 1.86% |
Real Estate | 1.80% |
AAA | 100.00% |
Quality: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.
Foreign Common Stock | 87.48% |
Domestic Common Stock | 10.27% |
Cash and Cash Equivalents | 1.85% |
Other Government Securities | 0.40% |
China | 11.5% |
Japan | 11.1% |
United Kingdom | 11.0% |
United States | 10.5% |
France | 8.1% |
Germany | 7.9% |
South Korea | 6.2% |
Taiwan | 4.5% |
India | 3.5% |
Switzerland | 3.3% |
Brazil | 3.2% |
Netherlands | 2.4% |
Canada | 2.2% |
Hong Kong | 2.1% |
Australia | 1.9% |
South Africa | 1.5% |
Russia | 1.3% |
Sweden | 1.1% |
Singapore | 1.1% |
Ireland | 1.0% |
Denmark | 0.8% |
Norway | 0.7% |
Italy | 0.7% |
Panama | 0.5% |
Vietnam | 0.5% |
Finland | 0.3% |
Cayman Islands | 0.2% |
Luxembourg | 0.2% |
Indonesia | 0.2% |
Isle of Man | 0.2% |
Belgium | 0.1% |
Macau | 0.1% |
Spain | 0.1% |
Jersey | 0.1% |
Ivy International Core Equity | 30.4 % |
Ivy Emerging Markets Equity | 29.6 % |
Ivy Pzena International Value | 10.7 % |
Ivy International Small Cap | 9.9 % |
Ivy Global Equity Income | 9.8 % |
Ivy Global Growth | 9.5 % |
Fact Sheet | DOWNLOAD |
Prospectus | DOWNLOAD |
Summary Prospectus | DOWNLOAD |
Statement of Additional Information | DOWNLOAD |
Annual Report | DOWNLOAD |
Semi-Annual Report | DOWNLOAD |
Quarterly Commentary | DOWNLOAD |
XBRL | DOWNLOAD |
Q1 Holdings | DOWNLOAD |
Q3 Holdings | DOWNLOAD |
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. The performance of the Fund will depend on the success of the allocations among the chosen underlying funds. Investing in a single region involves greater risk and potential reward than investing in a more diversified fund. 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.
Index Description: The Bloomberg Barclays U.S. Universal Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. Municipal debt, private placements, and non-dollar-denominated issues are excluded from the Universal Index. The only constituent of the index that includes floating-rate debt is the Emerging Markets Index. Source: Bloomberg Barclays. It is not possible to invest directly in an index.
Index Description: The MSCI ACWI ex USA Index captures large and mid-cap representation across 22 of 23 Developed Markets (DM) countries (excluding the U.S.) and 24 Emerging Markets (EM) countries. The index covers approximately 85% of the global equity opportunity set outside the U.S. It is not possible to invest directly in an index.
The MSCI information may only be used for your internal use, may not be reproduced or repurposed in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, salability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com) Source: MSCI.
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, 2021, 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 0.46%; Class B shares at 1.25%; Class C shares at 1.25%; Class I shares at 0.16%; Class R shares at 0.72%; and Class Y shares at 0.38%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).
Fee Waiver and/or Expense Reimbursement: Through July 31, 2021, 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 N shares and Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class I shares and Class A shares, respectively, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.
The Maximum Sales Charge (Load) imposed on purchases (as a % of offering price) for Class A shares was revised downwards to 3.50%, effective Oct. 1, 2020. The low balance fee for Class A Shares of the Fund was eliminated and accounts will NOT be assessed an account fee of $20 if the account balance is below $650 at the start of business on the Friday prior to the last full week of September 2020 (i.e., September 18, 2020).
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.
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 Rating™ 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, and does not include the effects of sales charges. 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.
© 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Quality: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.
Information is subject to change and is not intended to represent any past or future investment recommendations.