Fund Detail

Ivy Managed International Opportunities Fund

Track Fund
$11.22 NAV as of 11/30/2020
($0.19) / -1.67% Daily NAV Change
7.78% YTD (NAV) as of 11/30/2020 i

Fund Summary

Improve your mix of overseas investments
Streamlined approach
Participate in potential growth around the world through international asset allocation in a single mutual fund.
Diversified portfolio
Seeks to provide a diversified portfolio of international equities by investing in six international and global mutual funds from Ivy Funds.
Investment discipline
May be right for long-term investors seeking to benefit from a well-defined, consistent investment mix for international portfolio diversification.
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
Portfolio Management
  • John C. Maxwell, CFA

    • — Ivy Investment Management Company
    • — 4 Years with Fund
    • — 28 Years in Industry
  • Aaron D. Young

    • — Ivy Investment Management Company
    • — 4 Years with Fund
    • — 15 Years in Industry
Growth of a $10,000 Investment through 9/30/2018

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.

Documents
Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL
Daily Prices as of 11/30/2020
Net Asset Value (NAV) $11.22  
Daily NAV Change ($0.19) -1.67%
Weekly NAV Change $0.04 0.36%
Public Offering Price (POP) $11.22
Fund Facts
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 10/31/2020)
$159.4 mil
Portfolio Turnover Rate
(as of 3/31/2020)
10%
Morningstar Category Foreign Large Blend
BenchmarkMSCI ACWI Ex USA 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 does not include the effect of sales charges as Class R shares are not subject to sales charges.

Monthly Rates of Return Average Annual Total Returns as of 11/30/2020

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 7.78% 12.12% 3.47% 5.95% 4.73% 3.22%

Quarterly Rates of Return Average Annual Total Returns as of 9/30/2020

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV -2.79% 6.20% 0.59% 5.12% 3.76% 2.48%
MSCI ACWI Ex USA NR USD -5.44% 3.00% 1.16% 6.23% 4.00% -
Morningstar Foreign Large Blend -5.73% 2.19% 0.41% 5.19% 4.34% -

Calendar Year Return

20152016201720182019201020112012201320142005200620072008200920032004
Class R-2.00 0.91 24.23 -16.26 20.52 - - - 15.54 -0.42 - - - - - - -
MSCI ACWI Ex USA NR USD-5.66 4.50 27.19 -14.20 21.51 11.15 -13.71 16.83 15.29 -3.87 16.62 26.65 16.65 -45.53 41.45 40.83 20.91

Morningstar Ratings as of 10/31/2020

Category: Foreign Large Blend

Overall out of 661 ★★★
3 Year out of 661 ★★★
5 Year out of 563 ★★★
10 Year out of 367 ★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 10/31/2020

Category: Foreign Large Blend

  Rank Percentile
1 Year 177 /772 16
3 Year 258 /661 40
5 Year 241 /563 44

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.

Expense Ratios as of 7/31/2020

Net 1.54%
Gross 1.54%

5-Year Standard Deviation as of 10/31/2020

Fund 15.38
MSCI ACWI Ex USA NR USD 14.20

5-Year MPT* Statistics as of 10/31/2020

Alpha -0.89
Beta 1.06
R-Squared 95.93
Sharpe Ratio 0.15
Capture Ratio

Upside: 100.35%

Downside: 105.15%

*Modern Portfolio Theory

Growth of a $10,000 Investment through 9/30/2018

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 12/19/2012

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 12/19/2012

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.

12-Month Trailing Dist. Yield as of 10/31/2020

NAV 1.83%
With Sales Charge 1.83%

Fund Documents

Top 10 Industry Allocation (as a % of Equity Holdings as of 10/31/2020)
Internet & Direct Marketing Retail 7.4%
Diversified Banks 5.7%
Pharmaceuticals 5.4%
Semiconductors 4.4%
Interactive Media & Services 4.3%
Technology Hardware, Storage & Peripherals 3.8%
Automobile Manufacturers 3.1%
Life & Health Insurance 2.2%
Trading Companies & Distributors 2.0%
Industrial Machinery 1.8%
Fixed Income Country Allocation (as a % of bond holdings as of 10/31/2020)
Norway 100.0%
Portfolio Allocation Ranges (as of the most recent prospectus)
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 %
Sector Allocation as a % of equity assets as of 10/31/2020
Consumer Discretionary 18.68%
Information Technology 13.80%
Financials 13.59%
Industrials 11.94%
Communication Services 10.01%
Health Care 9.62%
Consumer Staples 6.71%
Materials 6.47%
Energy 4.62%
Real Estate 2.71%
Utilities 1.85%
Quality as a % of fixed income assets as of 10/31/2020
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.

Portfolio Composition as a % of net assets as of 10/31/2020
Foreign Common Stock 87.28%
Domestic Common Stock 10.50%
Cash and Cash Equivalents 1.85%
Other Government Securities 0.37%
Equity Country Allocation as a % of equity assets as of 10/31/2020
China 15.7%
Japan 10.8%
United States 10.7%
United Kingdom 9.0%
France 8.9%
Germany 7.2%
South Korea 5.0%
Taiwan 4.5%
India 3.6%
Switzerland 3.5%
Hong Kong 2.3%
Canada 2.2%
Brazil 2.2%
Netherlands 1.9%
Australia 1.8%
Russia 1.5%
South Africa 1.4%
Denmark 1.3%
Ireland 1.1%
Singapore 1.0%
Sweden 0.8%
Italy 0.8%
Norway 0.7%
Vietnam 0.5%
Luxembourg 0.3%
Finland 0.3%
Panama 0.3%
Isle of Man 0.2%
Macau 0.2%
Indonesia 0.2%
Spain 0.1%
Belgium 0.1%
Jersey 0.0%
Underlying Fund Composition as a % of net assets as of 10/31/2020
Ivy Emerging Markets Equity 30.5 %
Ivy International Core Equity 29.5 %
Ivy International Small Cap 10.4 %
Ivy Pzena International Value 10.0 %
Ivy Global Growth 9.9 %
Ivy Global Equity Income 9.6 %

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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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, 2020, 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 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, IICO, IDI and/or WISC 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%; and Class B shares and Class C shares at 1.25%. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, 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.