Fund Detail

Ivy Mid Cap Growth Fund

Track Fund
$21.44 NAV as of 12/11/2019
$0.09 / 0.42% Daily NAV Change
33.25% YTD (NAV) as of 12/11/2019 i

Fund Summary

Quality growth, seeking it in the middle
Progressive but prudent
Building a progressive portfolio of leading mid-cap growth companies while following a prudent approach.
Sustainable business models
Investing in U.S. mid-cap companies demonstrating profitability, balance sheet strength and attractive valuations.
All growth is not equal
Evaluating valuations and growth to identify Greenfield Growth, Stable Growth and Unrecognized Growth.
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
    • — 18 Years with Fund
    • — 32 Years in Industry
  • Nathan A. Brown, CFA

    • — Ivy Investment Management Company
    • — 3 Years with Fund
    • — 20 Years in Industry
Growth of a $10,000 Investment through 11/30/2019

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
Perspectives

Manager Video

Daily Prices as of 12/11/2019
Net Asset Value (NAV) $21.44  
Daily NAV Change $0.09 0.42%
Weekly NAV Change $0.00 0.00%
Public Offering Price (POP) $21.44
Fund Facts
Ticker Symbol WMGBX
CUSIP 466000569
Fund Code 568
Fund Type Domestic Equity
Fund Inception 6/30/2000
Class Inception 7/6/2000
Fiscal Year End March
Dividends Paid December
Fund Assets
(as of 11/30/2019)
$5.0 bil
Total Equity Holdings
(as of 11/30/2019)
62
Total Holdings
(as of 11/30/2019)
74
Portfolio Turnover Rate
(as of 3/31/2019)
38%
Morningstar Category Mid-Cap Growth
Lipper Category Mid-Cap Growth Funds
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, if it had, performance shown would be lower. Class B shares, including sales charge, reflects the applicable contingent deferred sales charge (CDSC), which declines from 5% at the time of purchase to zero at the beginning of the seventh year.

Monthly Rates of Return Average Annual Total Returns as of 11/30/2019

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 34.74% 21.88% 18.82% 10.49% 13.23% 7.87%
Fund with maximum 5.00% CDSC 29.74% 17.88% 18.11% 10.35% 13.23% 7.87%
Russell Mid Cap Growth TR USD 33.90% 21.75% 17.04% 11.28% 14.79% -
Morningstar Mid-Cap Growth 30.43% 17.56% 15.09% 10.09% 13.24% -

Quarterly Rates of Return Average Annual Total Returns as of 9/30/2019

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 26.48% 4.30% 16.27% 10.43% 12.40% 7.58%
Fund with maximum 5.00% CDSC 21.48% 0.60% 15.53% 10.30% 12.40% 7.58%
Russell Mid Cap Growth TR USD 25.23% 5.20% 14.50% 11.12% 14.08% -
Morningstar Mid-Cap Growth 22.76% 1.10% 13.10% 9.89% 12.56% -

Calendar Year Return

201420152016201720182009201020112012201320042005200620072008200120022003
Class B6.95 -6.71 5.23 25.98 -0.95 46.72 28.48 -1.54 12.09 28.67 17.43 10.73 7.25 11.82 -38.90 -13.85 -27.05 29.03
Russell Mid Cap Growth TR USD11.90 -0.20 7.33 25.27 -4.75 46.29 26.38 -1.65 15.81 35.74 15.48 12.10 10.66 11.43 -44.32 - - 42.71

Morningstar Ratings as of 11/30/2019

Category: Mid-Cap Growth

Overall out of 558 ★★★
3 Year out of 558 ★★★★
5 Year out of 495 ★★★
10 Year out of 384 ★★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 11/30/2019

Category: Mid-Cap Growth

  Rank Percentile
1 Year 188 /617 25
3 Year 107 /558 17
5 Year 241 /495 45
10 Year 234 /384 58

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 7/31/2019

Net 2.07%
Gross 2.11%

5-Year Standard Deviation as of 11/30/2019

Fund 14.84
Russell Mid Cap Growth TR USD 13.66

5-Year MPT* Statistics as of 11/30/2019

Alpha -1.17
Beta 1.06
R-Squared 95.11
Sharpe Ratio 0.64
Capture Ratio

Upside: 100.76%

Downside: 106.99%

*Modern Portfolio Theory

Growth of a $10,000 Investment through 11/30/2019

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 7/6/2000

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 7/6/2000

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.

12-Month Trailing Dist. Yield as of 11/30/2019

NAV 0.00%
With Sales Charge 0.00%

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 11/30/2019

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.  3.43%
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. 2.88%
Chipotle Mexican Grill, Inc., Class A Chipotle Mexican Grill, Inc. is a chain of restaurants in the United States, United Kingdom, Canada, Germany, and France, specializing in Mission burritos and tacos. 2.85%
MarketAxess Holdings, Inc. MarketAxess Holdings Inc. is an international financial technology company that operates an electronic trading platform for the institutional credit markets, and also provides market data and post-trade services. 2.63%
TransUnion TransUnion is an American consumer credit reporting agency. TransUnion collects and aggregates information on over one billion individual consumers in over thirty countries including "200 million files profiling nearly every credit-active consumer in the United States". Its customers include over 65,000 businesses. 2.50%
Tractor Supply Co. Tractor Supply Company operates a retail farm store chain in the United States. The company provides farm maintenance products, animal products, general maintenance products, lawn and garden products, light truck equipment, work clothing, and other products. 2.43%
Keysight Technologies, Inc. Keysight Technologies, or Keysight, is an American company that manufactures electronics test and measurement equipment and software. 2.35%
Teradyne, Inc. Teradyne, Inc. provides automatic test equipment worldwide. The company operates in three segments: Semiconductor Test, Systems Test Group, and Wireless Test. 2.31%
Guidewire Software, Inc. 2.26%
Zoetis, Inc. Zoetis Inc. engages in the discovery, development, manufacture, and commercialization of animal health medicines and vaccines for livestock and companion animals worldwide 2.21%
Total Portfolio Holdings DOWNLOAD (as of 9/30/2019)
updated quarterly, upon availability
Market Capitalization as a % of equity assets as of 11/30/2019
Large ( > $10 bil) 75.8%
Medium ($2 - $10 bil) 24.1%
Small ( < $2 bil) 0.1%
Median Market Cap (as of 11/30/2019) $13.5 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 11/30/2019)
Health Care Equipment 8.6%
Semiconductors 6.6%
Specialty Stores 6.0%
Research & Consulting Services 6.0%
Application Software 4.9%
Restaurants 4.6%
Industrial Machinery 4.4%
Electronic Equipment & Instruments 3.8%
Systems Software 3.6%
Financial Exchanges & Data 3.3%
Sector Allocation as a % of equity assets as of 11/30/2019
Information Technology 27.43%
Consumer Discretionary 19.91%
Health Care 19.42%
Industrials 17.19%
Financials 6.32%
Materials 4.43%
Communication Services 3.87%
Consumer Staples 1.43%
Portfolio Composition as a % of net assets as of 11/30/2019
Domestic Common Stock 94.32%
Foreign Common Stock 4.35%
Cash and Cash Equivalents 1.33%
Equity Country Allocation as a % of equity assets as of 11/30/2019
United States 95.6%
Brazil 1.7%
Canada 1.5%
United Kingdom 1.2%
Total Portfolio Holdings
DOWNLOAD (as of 9/30/2019)

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

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. 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.

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.

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 A shares at 1.31%; Class B shares at 2.09%; Class E shares at 1.28%; and Class I shares and Class N shares at 0.79%. 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, 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.

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. © 2019 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.

Information is subject to change and is not intended to represent any past or future investment recommendations.