Fund Detail

Ivy Mid Cap Growth Fund

Track Fund
$20.75 NAV as of 2/24/2017
$0.02 / 0.10% Daily NAV Change
6.41% YTD (NAV) as of 2/24/2017

Morningstar Tools

Go

Fund Summary

Finding opportunity in the middle
Focuses on fundamentals
Buys U.S. mid-cap companies with large-cap potential that demonstrate profitability, balance-sheet strength and sustainable earnings growth. It strives for consistency in an inconsistent market environment.
Strategic process
Applies a strong bottom-up fundamental stock selection process but recognizes those periodic environments when macroeconomic factors and strategic exposures are crucial.
Experienced management
The team has managed mid-cap growth strategies for 25+ years and has 45+ years of professional investment experience.
Seeking quality growth opportunities in different types of companies

In evaluating companies, the manager typically identifies three categories of growth:

  • Greenfield growth: highly innovative, exciting growth companies with the potential to turn into stable growth companies.
  • Stable growth: well-managed, solid companies that have durable business models and are producing moderate, reliable earnings growth.
  • Unrecognized growth: these companies are not widely known or their growth has slowed, but they still show potential to deliver or reassert growth.

*Relative to market (Russell Midcap Growth)

The Morningstar Mid Cap Growth Category Average measures the performance of mid-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forward earnings, historical earnings, book value, cash flow and sales. The U.S. mid-cap range for market capitalization typically falls between $1 billion – $8 billion and represents 20% of the total capitalization of the U.S. equity market.

Morningstar Style Box
Value Blend Growth
Large
Medium
Small
Portfolio Management
  • Kimberly A. Scott, CFA

    • — Ivy Investment Management Company
    • — 16 Years with Fund
    • — 29 Years in Industry
  • Nathan A. Brown, 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.

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) $20.75  
Daily NAV Change $0.02 0.10%
Weekly NAV Change $0.11 0.53%
Public Offering Price (POP) $22.02
Fund Facts
Ticker Symbol WMGAX
CUSIP 466000577
Fund Code 668
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)
$2.3 bil
Total Equity Holdings
(as of 1/31/2017)
62
Total Holdings
(as of 1/31/2017)
66
Portfolio Turnover Rate
(as of 9/30/2016)
4%
Lipper Category Mid-Cap Growth Funds
Morningstar Category Mid-Cap Growth
BenchmarkRussell Mid Cap 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)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 3.38% 21.80% 4.10% 8.92% 7.81% 6.55%
Fund with 5.75% sales charge -2.56% 14.79% 2.07% 7.64% 7.17% 6.17%
Russell Mid Cap Growth TR USD 3.33% 19.99% 8.18% 12.67% 7.80% 4.52%
Lipper Mid-Cap Growth Funds 3.43% 19.68% 5.95% 11.09% 6.83% 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)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 6.03% 6.03% 2.41% 9.52% 7.72% 6.37%
Fund with 5.75% sales charge -0.09% -0.09% 0.42% 8.24% 7.09% 5.99%
Russell Mid Cap Growth TR USD 7.33% 7.33% 6.23% 13.51% 7.83% 4.34%
Lipper Mid-Cap Growth Funds 5.90% 5.90% 4.04% 11.85% 6.80% N/A

Calendar Year Return

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Class A 12.85 -38.09 48.19 29.70 -0.61 13.11 29.68 7.86 -6.08 6.03
Russell Mid Cap Growth TR USD 11.43 -44.32 46.29 26.38 -1.65 15.81 35.74 11.90 -0.20 7.33

Morningstar Ratings as of 1/31/2017

Category: Mid-Cap Growth

Overall out of 585 ★★★
3 Year out of 585 ★★
5 Year out of 503 ★★
10 Year out of 371 ★★★★

Ratings are based on risk-adjusted returns

Lipper Ranking through 1/31/2017

Category: Mid-Cap Growth Funds

  Rank Percentile
1 Year 107 /392 28
3 Year 299 /361 83
5 Year 275 /317 87
10 Year 64 /230 28

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

Expense Ratios as of 7/31/2016

Net 1.29%
Gross 1.29%

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

Fund 12.13
Russell Mid Cap Growth TR USD 11.64

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

Alpha -3.33
Beta 1.00
R-Squared 91.99
Sharpe Ratio 0.73
Capture Ratio

Upside: 90.18%

Downside: 110.88%

*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

Fastenal Co. Fastenal Company operates as a wholesaler and retailer of industrial and construction supplies. 3.78%
Intuitive Surgical, Inc. Intuitive Surgical, Inc. designs, manufactures, and markets da Vinci surgical systems, and related instruments and accessories. 3.18%
Zoetis, Inc. Zoetis Inc. engages in the discovery, development, manufacture, and commercialization of animal health medicines and vaccines for livestock and companion animals worldwide 3.15%
CoStar Group, Inc. CoStar Group, Inc. provides information, analytics, and online marketplaces services to the commercial real estate industry in the U.S., Canada, the U.K., and France.  2.76%
Electronic Arts, Inc. Electronic Arts Inc. develops, markets, publishes, and distributes game software content and services for video game consoles, personal computers, mobile phones, and tablets. 2.57%
CME Group, Inc. CME Group Inc., a U.S. company, is the world's leading and most diverse derivatives marketplace. It owns and operates large derivatives and futures exchanges in Chicago and New York, as well as online trading platforms.  2.55%
Microchip Technology, Inc. Microchip Technology Incorporated, together with its subsidiaries, develops and manufactures semiconductor products for various embedded control applications. 2.49%
Tiffany & Co. Tiffany & Co., through its subsidiaries, designs, manufactures, and retails jewelry and other items worldwide. 2.29%
Tractor Supply Co. 2.24%
ServiceNow, Inc. ServiceNow, Inc. provides enterprise cloud-based solutions that define, structure, manage, and automate services in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally. 2.16%
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 39.0%
Medium 60.1%
Small 0.9%
Median Market Cap (as of 1/31/2017) $8.4 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 1/31/2017)
Internet Software & Services 6.1%
Health Care Equipment 5.3%
Biotechnology 5.2%
Application Software 5.0%
Apparel, Accessories & Luxury Goods 4.7%
Specialty Stores 4.6%
Oil & Gas Exploration & Production 4.4%
Research & Consulting Services 4.3%
Packaged Foods & Meats 4.2%
Semiconductors 3.9%
Sector Allocation as a % of equity assets as of 1/31/2017
Information Technology 25.26%
Consumer Discretionary 18.17%
Health Care 17.86%
Industrials 16.73%
Financials 10.11%
Consumer Staples 6.33%
Energy 4.36%
Materials 1.18%
Portfolio Composition as a % of net assets as of 1/31/2017
Domestic Common Stock 94.32%
Foreign Common Stock 5.05%
Cash and Cash Equivalents 0.63%
Equity Country Allocation as a % of equity assets as of 1/31/2017
United States 94.9%
Brazil 1.9%
Israel 1.6%
United Kingdom 1.6%
Total Portfolio Holdings
DOWNLOAD (as of 12/31/2016)

Fund Documents

Documents

Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL

Additional Fund Literature

Financial Advisors may login to view fund's additional documents.


Continue

Risk Factors: The value of the Fund’s shares will change, and you could lose money on your investment. Investing in mid-cap stocks may carry more risk than investing in stocks of larger more well-established companies. 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. Not all funds or fund classes may be offered at all broker/dealers. These and other risks are more fully described in the Fund’s prospectus.

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: Russell Midcap Growth is an unmanaged index comprised of securities that represent the mid-cap sector of the stock market. 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.

Effective Oct. 1, 2016 Nathan Brown was named a co-portfolio manager for Ivy Mid Cap Growth Fund.

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.