Fund Detail

Ivy Natural Resources Fund

Track Fund
$11.76 NAV as of 9/19/2017
$0.01 / 0.09% Daily NAV Change
-7.98% YTD (NAV) as of 9/19/2017 i

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Fund Summary

Tap the potential of natural resources companies worldwide
Investment universe
Can invest in international and domestic resource-related stocks, including oil and gas, precious metals, forest products, agribusiness, alternative energy and commodities.
Disciplined process
Portfolio manager uses a review of macroeconomic and global market environment plus a focus on fundamentals for stock selection in seeking long-term returns.
Potential benefits
Commodities as an asset class historically have not moved in tandem with stocks, offering diversification and potential inflation protection by investing in life’s essential elements.
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
Portfolio Management
  • David P. Ginther, CPA

    • — Ivy Investment Management Company
    • — 4 Years with Fund
    • — 22 Years in Industry
  • Michael T. Wolverton, CFA

    • — Ivy Investment Management Company
    • — 4 Years with Fund
    • — 13 Years in Industry
Growth of a $10,000 Investment through 8/31/2017

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 9/19/2017
Net Asset Value (NAV) $11.76  
Daily NAV Change $0.01 0.09%
Weekly NAV Change $0.27 2.35%
Public Offering Price (POP) $11.76
Fund Facts
Ticker Symbol IGNCX
CUSIP 465897395
Fund Code 312
Fund Type Specialty Funds
Fund Inception 1/2/1997
Class Inception 1/2/1997
Fiscal Year End March
Dividends Paid December
Fund Assets
(as of 8/31/2017)
$571.9 mil
Total Equity Holdings
(as of 8/31/2017)
41
Total Holdings
(as of 8/31/2017)
43
Portfolio Turnover Rate
(as of 3/31/2017)
64%
Lipper Category Global Natural Resources Funds
Morningstar Category Natural Resources
BenchmarkMSCI ACWI IMI ENERGY 55 MATERIALS 45
BenchmarkMSCI ACWI IMI/ Energy Index USD Net
BenchmarkMSCI ACWI IMI/ Materials Index USD Net

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. For Class C shares, a 1% CDSC applies to the lesser of amount invested or redemption value of shares redeemed within twelve months after the purchase date.

Monthly Rates of Return Average Annual Total Returns as of 8/31/2017

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV -12.44% -3.78% -14.11% -4.34% -5.94% 4.66%
Fund with maximum 1.00% CDSC -13.32% -3.78% -14.11% -4.34% -5.94% 4.66%
MSCI ACWI IMI ENERGY 55 MATERIALS 45 2.68% 11.09% -5.12% 1.10% 0.07% %
MSCI ACWI IMI/ Energy Index USD Net -8.99% 1.06% -11.86% -2.65% -1.44% 6.23%
MSCI ACWI IMI/ Materials Index USD Net 18.38% 24.00% 3.37% 5.50% 1.41% 6.26%
Lipper Global Natural Resources Funds -3.02% 2.73% -10.47% -1.32% -3.76% 5.65%

Quarterly Rates of Return Average Annual Total Returns as of 6/30/2017

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV -10.25% -0.43% -13.63% -2.90% -5.75% 4.83%
Fund with maximum 1.00% CDSC -11.15% -0.43% -13.63% -2.90% -5.75% 4.83%
MSCI ACWI IMI ENERGY 55 MATERIALS 45 -1.09% 10.36% -6.66% 1.11% -0.41% %
MSCI ACWI IMI/ Energy Index USD Net -9.77% -0.26% -12.66% -1.64% -1.69% 6.23%
MSCI ACWI IMI/ Materials Index USD Net 10.32% 24.41% 0.85% 4.22% 0.66% 5.95%
Lipper Global Natural Resources Funds -5.41% 2.24% -11.69% -1.05% -4.00% 5.62%

Calendar Year Return

2012201320142015201620072008200920102011200220032004200520061998199920002001
Class C-0.34 7.20 -13.87 -22.87 23.00 42.56 -61.63 73.42 16.07 -22.04 3.46 44.58 26.92 28.14 24.92 -30.49 38.97 9.49 14.61
MSCI ACWI IMI ENERGY 55 MATERIALS 45 6.32 7.57 -11.31 -19.71 - 34.79 -46.68 50.95 18.00 -11.58 - 37.74 25.50 27.71 25.79 - - - -

Morningstar Ratings as of 8/31/2017

Category: Natural Resources

Overall out of 129 ★★
3 Year out of 129 ★★
5 Year out of 113 ★★
10 Year out of 69

Ratings are based on risk-adjusted returns

Lipper Ranking through 8/31/2017

Category: Global Natural Resources Funds

  Rank Percentile
1 Year 92 /127 72
3 Year 78 /121 64
5 Year 66 /109 60
10 Year 54 /66 81

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

Expense Ratios as of 7/5/2017

Net 2.34%
Gross 2.34%

5-Year Standard Deviation as of 8/31/2017

Fund 17.00
MSCI ACWI IMI ENERGY 55 MATERIALS 45 15.11
MSCI ACWI IMI/ Energy Index USD Net N/A
MSCI ACWI IMI/ Materials Index USD Net N/A

5-Year MPT* Statistics as of 8/31/2017

Alpha -5.31
Beta 1.05
R-Squared 86.40
Sharpe Ratio -0.27
Capture Ratio

Upside: 98.82%

Downside: 125.45%

*Modern Portfolio Theory

Growth of a $10,000 Investment through 8/31/2017

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 1/2/1997

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 8/31/2017

Halliburton Co. Halliburton Company provides various products and services to the energy industry for the exploration, development, and production of oil and gas properties worldwide. 6.35%
BHP Billiton plc BHP Billiton Plc is a diversified natural resources company that operates worldwide. 4.15%
Rio Tinto plc Rio Tinto Plc is an international business involved in each stage of metal and mineral production. The company produces aluminum, copper, diamonds, coal, iron ore, uranium, gold and industrial minerals (borates, titanium dioxide, salt, talc and zircon). 3.91%
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. 3.59%
RPC, Inc. RPC, Inc. provides a range of oilfield services and equipment for oil and gas companies involved in the exploration, production, and development of oil and gas properties in the U.S., Africa, Canada, Argentina, China, Mexico, Eastern Europe, Latin America, the Middle East and New Zealand. 3.55%
Air Products and Chemicals, Inc. 3.53%
Dow Chemical Co. (The) The Dow Chemical Company engages in the manufacture and sale of chemicals, plastic materials, agricultural, and other specialized products and services worldwide. 3.49%
Cabot Oil & Gas Corp. Cabot Oil & Gas Corporation is an independent oil and gas company engaged in the development, exploitation and exploration of oil and gas properties located in North America. 3.40%
Randgold Resources Ltd. ADR Randgold Resources is an Jersey-based gold mining business operating mainly in Mali. 3.36%
Phillips 66 Phillips 66 is an independent downstream energy company that operates in refining & marketing, midstream and chemicals 3.33%
Total Portfolio Holdings DOWNLOAD (as of 6/30/2017)
updated quarterly, upon availability
Market Capitalization
as a % of equity assets as of 8/31/2017
Large 65.9%
Medium 33.4%
Small 0.7%
Median Market Cap (as of 8/31/2017) $13.3 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 8/31/2017)
Oil & Gas Exploration & Production 29.6%
Oil & Gas Equipment & Services 15.9%
Oil & Gas Storage & Transportation 12.6%
Diversified Metals & Mining 8.2%
Oil & Gas Refining & Marketing 5.2%
Oil & Gas Drilling 3.8%
Integrated Oil & Gas 3.8%
Industrial Gases 3.6%
Diversified Chemicals 3.5%
Gold 3.4%
Sector Allocation as a % of equity assets as of 8/31/2017
Energy 70.78%
Materials 24.35%
Industrials 4.87%
Utilities 0.00%
Portfolio Composition as a % of net assets as of 8/31/2017
Domestic Common Stock 77.29%
Foreign Common Stock 21.37%
Cash and Cash Equivalents 1.34%
Preferred Stock 0.00%
Equity Country Allocation as a % of equity assets as of 8/31/2017
United States 78.3%
United Kingdom 11.6%
Canada 8.4%
Netherlands 1.7%
China 0.0%
Total Portfolio Holdings
DOWNLOAD (as of 6/30/2017)

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. 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. Investing in companies involved in one specified sector may be more risky and volatile than an investment with greater diversification. 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. Investing in natural resources can be riskier than other types of investment activities because of a range of factors, including price fluctuation caused by real and perceived inflationary trends and political developments; and the cost assumed by natural resource companies in complying with environmental and safety regulations. Investing in physical commodities, such as gold, exposes the fund to other risk considerations such as potentially severe price fluctuations over short periods of time. The Fund may use a range of derivative instruments in seeking to hedge market risk on equity securities, increase exposure to specific sectors or companies, and manage exposure to various foreign currencies and precious metals. Such hedging involves additional risks, as the fluctuations in the values of the derivatives may not correlate perfectly with the overall securities markets or with the underlying asset from which the derivative’s value is derived. These and other risks are more fully described in the prospectus. Not all funds or fund classes may be offered at all broker/ dealers.

Index Description: MSCI ACWI (All Country World Index) 55% Energy and 45% Materials Index is a custom index that is a free float-adjusted market capitalization weighted index that is designed to measure the energy and materials equity market performance of developed and emerging markets. 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.

High recent returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

The Ivy Global Natural Resources Fund was renamed Ivy Natural Resources Fund on April 3, 2017.

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.

© 2017 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.