Fund Detail

Ivy Science and Technology Fund

Track Fund
$54.99 NAV as of 2/24/2017
$0.30 / 0.55% Daily NAV Change
7.44% YTD (NAV) as of 2/24/2017

Morningstar Tools

Go

Fund Summary

Focused on growth. Rooted in innovation.
Excellent track record
Strong historical results, managed by Zachary Shafran, with more than 20 years of experience.
Multiple, non-correlated sources of growth
Seeks opportunities within technology, health care, and applied science and technology.
Proven investment process
Built on a six-decade firm legacy of technology investing expertise.
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
Portfolio Management
  • Zachary H. Shafran

    • — Ivy Investment Management Company
    • — 16 Years with Fund
    • — 28 Years in Industry
  • Brad Warden

    • — Ivy Investment Management Company
    • — <1 Years with Fund
    • — 19 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
Perspectives

Manager Video

Portfolio Perspectives / 11.17.16

Novel, new technologies creating investment opportunities

Co-Portfolio Manager Zachary Shafran discusses how innovative technology creates investment opportunities and challenges.
Daily Prices as of 2/24/2017
Net Asset Value (NAV) $54.99  
Daily NAV Change $0.30 0.55%
Weekly NAV Change $0.79 1.46%
Public Offering Price (POP) $58.34
Fund Facts
Ticker Symbol WSTAX
CUSIP 466000718
Fund Code 608
Fund Type Specialty Funds
Fund Inception 7/31/1997
Class Inception 7/3/2000
Fiscal Year End March
Dividends Paid December
Fund Assets
(as of 1/31/2017)
$3.8 bil
Total Equity Holdings
(as of 1/31/2017)
47
Total Holdings
(as of 1/31/2017)
61
Portfolio Turnover Rate
(as of 9/30/2016)
4%
Lipper Category Science & Technology Funds
Morningstar Category Technology
BenchmarkS&P North American Technology TR

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 3.24% 18.00% 2.14% 13.78% 10.17% 6.46%
Fund with 5.75% sales charge -2.69% 11.22% 0.14% 12.43% 9.52% 6.08%
S&P North American Technology TR 4.91% 27.42% 15.48% 16.76% 10.77% 1.36%
Lipper Science & Technology Funds 5.13% 27.31% 11.48% 14.17% 8.87% 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 1.65% 1.65% 0.89% 14.58% 10.08% 6.29%
Fund with 5.75% sales charge -4.19% -4.19% -1.08% 13.23% 9.43% 5.91%
S&P North American Technology TR 13.55% 13.55% 12.89% 17.41% 10.42% 1.08%
Lipper Science & Technology Funds 10.80% 10.80% 9.52% 14.94% 8.49% N/A

Calendar Year Return

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Class A 23.59 -27.73 39.55 10.85 -4.23 26.53 52.01 4.31 -3.15 1.65
S&P North American Technology TR 16.94 -43.33 63.19 12.65 -0.88 15.23 34.57 15.28 9.91 13.56

Morningstar Ratings as of 1/31/2017

Category: Technology

Overall out of 196 ★★★★
3 Year out of 196
5 Year out of 186 ★★★
10 Year out of 144 ★★★★★

Ratings are based on risk-adjusted returns

Lipper Ranking through 1/31/2017

Category: Science & Technology Funds

  Rank Percentile
1 Year 143 /161 89
3 Year 141 /149 94
5 Year 90 /141 64
10 Year 31 /119 26

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

Expense Ratios as of 7/31/2016

Net 1.28%
Gross 1.28%

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

Fund 14.62
S&P North American Technology TR 13.35

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

Alpha -0.98
Beta 0.91
R-Squared 69.11
Sharpe Ratio 0.94
Capture Ratio

Upside: 97.42%

Downside: 115.60%

*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 7/3/2000

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 7/3/2000

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

Micron Technology, Inc. Micron Technology, Inc., engages in the manufacture and marketing of semiconductor devices worldwide. 6.31%
Microsemi Corp. Manufacturer of power-related applications including circuits and microchips for defense, aerospace, security and medical industries 5.37%
Microsoft Corp. Microsoft Corporation is a multinational computer technology corporation that develops, manufactures, licenses and supports a wide range of software products for computing devices. 5.09%
Alliance Data Systems Corp. Alliance Data Systems Corporation,provides data-driven and transaction-based marketing and customer loyalty solutions primarily in the United States and Canada. 4.99%
WNS (Holdings) Ltd. ADR WNS (Holdings) Limited provides business process management services comprising data, voice, analytical, and business transformation services worldwide 4.11%
ACI Worldwide, Inc. ACI Worldwide, Inc. engages in the development, marketing, installation, and support of software products and services to facilitate electronic payments worldwide. 4.09%
Euronet Worldwide, Inc. Euronet Worldwide, Inc. is an electronic payments provider of payment and transaction processing and distribution solutions to financial institutions, retailers, service providers, individual consumers. 4.00%
Vertex Pharmaceuticals, Inc. Vertex Pharmaceuticals Incorporated engages in the discovery, development, and commercialization of small molecule drugs for the treatment of serious diseases worldwide. 3.93%
Facebook, Inc., Class A Facebook, Inc. operates as a social networking company worldwide. It builds various tools that enable users to connect, share, discover, and communicate with each other on mobile devices and computers. 3.82%
Aspen Technology, Inc. Aspen Technology, Inc., together with its subsidiaries, develops and supplies integrated software and services that enable the process industries to design, operate, manage, and optimize their business processes. 3.62%
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 43.5%
Medium 44.6%
Small 11.9%
Median Market Cap (as of 1/31/2017) $3.8 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 1/31/2017)
Semiconductors 23.2%
Data Processing & Outsourced Services 13.7%
Internet Software & Services 13.1%
Application Software 11.5%
Biotechnology 8.9%
Systems Software 5.3%
IT Consulting & Other Services 3.6%
Health Care Technology 3.3%
Electronic Components 2.5%
Alternative Carriers 2.2%
Sector Allocation as a % of equity assets as of 1/31/2017
Information Technology 74.85%
Health Care 17.42%
Telecommunication Services 2.21%
Real Estate 1.84%
Consumer Discretionary 1.73%
Utilities 1.25%
Materials 0.62%
Consumer Staples 0.08%
Portfolio Composition as a % of net assets as of 1/31/2017
Domestic Common Stock 83.62%
Foreign Common Stock 13.40%
Cash and Cash Equivalents 2.36%
Corporate Bonds 0.62%
Equity Country Allocation as a % of equity assets as of 1/31/2017
United States 84.4%
India 4.2%
Israel 3.8%
China 2.7%
Bermuda 1.6%
Spain 1.3%
Germany 1.2%
Luxembourg 0.5%
Cyprus 0.2%
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. Because the Fund invests more than 25% of its total assets in the science and technology industry, the Fund’s performance may be more susceptible to a single economic, regulatory or technological occurrence than a fund that does not concentrate its investments in this industry. Securities of companies within specific industries or sectors of the economy may periodically perform differently than the overall market. In addition, the Fund’s performance may be more volatile than an investment in a portfolio of broad market securities and may underperform the market as a whole, due to the relatively limited number of issuers of science and technology related securities. Investment risks associated with investing in science and technology securities, in addition to other risks, include: operating in rapidly changing fields, abrupt or erratic market movements, limited product lines, markets or financial resources, management that is dependent on a limited number of people, short product cycles, aggressive pricing of products and services, new market entrants and obsolescence of existing technology. 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.

The S&P North American Technology Sector Index is an unmanaged index comprised of U.S. securities classified under the GICS® technology sector and internet retail sub-industry. 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.

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.