Fund Detail

Ivy Pzena International Value Fund

Track Fund
$15.16 NAV as of 11/16/2018
($0.05) / -0.33% Daily NAV Change
-11.55% YTD (NAV) as of 11/16/2018 i

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Fund Summary

An international gateway to value investing
Proven manager
Pzena Investment Management, LLC, the Fund’s sub-adviser, has managed international value strategies since 2008. The portfolio management team has more than 75 years industry experience.
Quantitative + Fundamental
Fund employs a proprietary, quantitative screen while incorporating a fundamentally driven stock selection process.
Valuation Driven
Seeks international equities by focusing research efforts on a deep understanding of the long-term prospects and intrinsic value of a company.
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
Portfolio Management
  • John P. Goetz

    • — Pzena Investment Management, LLC (Sub-adviser)
    • — <1 Years with Fund
    • — 39 Years in Industry
  • Caroline Cai, CFA

    • — Pzena Investment Management, LLC (Sub-adviser)
    • — <1 Years with Fund
    • — 20 Years in Industry
  • Allison J. Fisch

    • — Pzena Investment Management, LLC (Sub-adviser)
    • — <1 Years with Fund
    • — 19 Years in Industry
Growth of a $10,000 Investment through 10/31/2018

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.

Documents
Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL
Daily Prices as of 11/16/2018
Net Asset Value (NAV) $15.16  
Daily NAV Change ($0.05) -0.33%
Weekly NAV Change ($0.28) -1.81%
Public Offering Price (POP) $15.16
Fund Facts
Ticker Symbol ICDBX
CUSIP 465898799
Fund Code 515
Fund Type Global/International
Fund Inception 9/4/2001
Class Inception 9/26/2001
Fiscal Year End March
Dividends Paid December
Fund Assets
(as of 10/31/2018)
$295.7 mil
Total Equity Holdings
(as of 10/31/2018)
72
Total Holdings
(as of 10/31/2018)
75
Portfolio Turnover Rate
(as of 3/31/2018)
33%
Morningstar Category World Large Stock
Lipper Category International Large-Cap Value Funds
BenchmarkMSCI EAFE NR USD
BenchmarkMSCI ACWI Value 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 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 10/31/2018

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV -11.67% -6.83% 1.47% -1.61% 5.13% 4.86%
Fund with maximum 5.00% CDSC -16.09% -10.56% 0.49% -1.81% 5.13% 4.86%
MSCI EAFE NR USD -9.28% -6.85% 3.62% 2.02% 6.89% -
MSCI ACWI Value NR USD -5.58% -2.25% 6.73% 4.48% 8.47% -
Morningstar World Large Stock -4.21% -1.14% 6.98% 5.76% 9.65% -

Quarterly Rates of Return Average Annual Total Returns as of 9/30/2018

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV -3.85% 0.73% 7.30% 0.80% 4.21% 5.40%
Fund with maximum 5.00% CDSC -8.66% -3.27% 6.42% 0.60% 4.21% 5.40%
MSCI EAFE NR USD -1.43% 2.74% 9.23% 4.42% 5.38% -
MSCI ACWI Value NR USD -0.05% 4.78% 11.46% 6.58% 6.76% -
Morningstar World Large Stock 3.69% 8.87% 12.44% 8.24% 8.25% -

Calendar Year Return

2013201420152016201720082009201020112012200320042005200620072002
Class B30.68 -7.71 -12.62 10.67 14.72 -33.14 28.38 10.00 -18.10 20.51 35.34 17.05 15.37 9.07 -1.04 -12.62
MSCI EAFE NR USD22.78 -4.90 -0.81 1.00 25.03 -43.38 31.78 7.75 -12.14 17.32 38.59 20.25 13.54 26.34 11.17 -
MSCI ACWI Value NR USD22.43 2.86 -6.26 12.57 18.26 - - - - - - - - - - -

Morningstar Ratings as of 10/31/2018

Category: World Large Stock

Overall out of 735
3 Year out of 735
5 Year out of 614
10 Year out of 362

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 10/31/2018

Category: World Large Stock

  Rank Percentile
1 Year 831 /887 94
3 Year 730 /735 99
5 Year 614 /614 100
10 Year 362 /362 100

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 7/31/2018

Net 2.91%
Gross 3.12%

5-Year Standard Deviation as of 10/31/2018

Fund 12.82
MSCI EAFE NR USD 11.58
MSCI ACWI Value NR USD 10.20

5-Year MPT* Statistics as of 10/31/2018

Alpha -3.31
Beta 0.92
R-Squared 69.20
Sharpe Ratio -0.17
Capture Ratio

Upside: 79.15%

Downside: 100.86%

*Modern Portfolio Theory

Growth of a $10,000 Investment through 10/31/2018

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 9/26/2001

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

12-Month Trailing Dist. Yield as of 10/31/2018

NAV 0.00%
With Sales Charge 0.00%

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 10/31/2018

Travis Perkins plc 2.87%
Rexel S.A. Rexel is a French group founded in 1967, which specializes in the distribution of electrical supplies to professional users. It distributes products and services in the areas of automation, technical supply and energy management. 2.69%
Roche Holdings AG, Genusscheine Roche Holdings AG is a Switzerland-based pharmaceuticals and diagnostics company. 2.67%
Volkswagen AG, 2.260% Volkswagen AG is a Germany-based automobile manufacturer. The Company develops vehicles and components, and also produces and sells vehicles, in particular Volkswagen brand passenger cars and commercial vehicles. 2.66%
Honda Motor Co. Ltd. Honda Motor Co., Ltd., develops, produces, and manufactures various motor products, ranging from small general-purpose engines and scooters to specialty sports cars. 2.62%
Publicis Groupe S.A. Publicis Groupe is a French multinational advertising and public relations company, and is the oldest and one of the largest marketing and communications companies in the world, by revenue, headquartered in Paris. 2.59%
Inpex Corp. INPEX Corporation is a Japanese oil company established in February 1966 as North Sumatra Offshore Petroleum Exploration Co., Ltd. 2.58%
Fujitsu Ltd. Fujitsu Ltd. is a Japanese multinational information technology equipment and services company headquartered in Tokyo, Japan. In 2015, it was the world's tenth-largest IT services provider measured by IT services revenue. Fortune named Fujitsu as one of the world's most admired companies and a Global 500 company.  2.52%
A.P. Moller - Maersk A/S A.P. Moller–Maersk Group, also known as simply Maersk, is a Danish business conglomerate with activities in the transport, logistics and energy sectors. Maersk has been the largest container ship and supply vessel operator in the world since 1996. 2.52%
Schneider Electric S.A. Schneider Electric SE is a French multinational corporation that specializes in energy management, automation solutions, spanning hardware, software, and services. 2.51%
Total Portfolio Holdings DOWNLOAD (as of 9/30/2018)
updated quarterly, upon availability
Market Capitalization as a % of equity assets as of 10/31/2018
Large ( > $10 bil) 76.4%
Medium ($2 - $10 bil) 22.6%
Small ( < $2 bil) 1.0%
Median Market Cap (as of 10/31/2018) $22.8 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 10/31/2018)
Diversified Banks 18.4%
Automobile Manufacturers 7.4%
Pharmaceuticals 7.2%
Trading Companies & Distributors 6.2%
Oil & Gas Equipment & Services 5.0%
Food Retail 4.3%
Wireless Telecommunication Service 3.6%
Advertising 3.5%
Diversified Capital Markets 3.0%
Steel 2.9%
Sector Allocation as a % of equity assets as of 10/31/2018
Financials 26.63%
Industrials 14.90%
Communication Services 10.45%
Energy 10.19%
Information Technology 8.40%
Consumer Discretionary 8.22%
Consumer Staples 7.27%
Health Care 7.19%
Utilities 3.81%
Materials 2.94%
Portfolio Composition as a % of net assets as of 10/31/2018
Foreign Common Stock 93.71%
Domestic Common Stock 3.79%
Cash and Cash Equivalents 2.50%
Equity Country Allocation as a % of equity assets as of 10/31/2018
United Kingdom 22.5%
Japan 18.0%
France 12.7%
Switzerland 7.7%
Italy 6.0%
Netherlands 4.6%
Germany 4.5%
United States 3.9%
Denmark 3.6%
Singapore 3.4%
China 3.3%
Hong Kong 2.3%
Sweden 2.2%
South Korea 2.0%
Taiwan 1.3%
Spain 0.8%
Belgium 0.7%
Norway 0.6%
Total Portfolio Holdings
DOWNLOAD (as of 9/30/2018)

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. 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 value of a security believed by the Fund's manager to be undervalued may never reach what the manager believes to be its full value, or such security's value may decrease. 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: MSCI EAFE is an unmanaged index comprised of securities that represent the securities markets in Europe, Australasia and the Far East. 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.

Index Description: MSCI ACWI Value is an unmanaged index comprised of securities that represent the securities markets around the world. 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.

The Information Statement will be maintained on this website for at least 90 days.

In connection with the change from the Ivy Cundill Global Value Fund to the Ivy Pzena International Value Fund effective July 31, 2018, the benchmark changed from the MSCI ACWI Value Index to the MSCI EAFE Index. The index was changed to more closely align with the Fund’s international investment approach.

Effective July 31, 2018, the name of the Fund changed from Ivy Cundill Global Value Fund to Ivy Pzena International Value Fund, and the Fund changed its investment strategy to invest in equity securities of issuers located in, or with significant business, assets, or operations in, countries throughout the world other than the United States. The Fund’s performance prior to July 31, 2018 reflects the Fund’s former strategy; its performance may have differed if the Fund’s current strategy had been in place.

Effective July 31, 2018, Pzena Investment Management, LLC replaced Mackenzie Financial Corporation as the sub-adviser of the Ivy Cundill Global Value Fund. In connection with the change in sub-adviser, the Ivy Cundill Global Value Fund has been renamed to Ivy Pzena International Value Fund.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, Ivy Investment Management Company (IICO), the Fund’s investment manager, has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.21% of average daily net assets. Prior to that date, the reduction may not be terminated by IICO or the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, 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 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, 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.

© 2018 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.