Fund Detail

Ivy Small Cap Growth Fund

Track Fund
$17.14 NAV as of 2/24/2017
$0.06 / 0.35% Daily NAV Change
6.59% YTD (NAV) as of 2/24/2017

Morningstar Tools


Fund Summary

Seeking small companies with large-cap opportunities
Sound philosophy
Seeks small-cap growth companies that are industry leaders, serving markets that are growing substantially and producing solid financial returns.
Experience & vision
The portfolio management team has more than 70 years of combined investment industry experience and 40 years of working with small-cap strategies.
Consistent process
Since lead portfolio manager Tim Miller assumed management duties in April 2010, the Fund has had competitive performance versus its Morningstar Small Growth peers.
Fund outperformed small-cap growth peers and benchmark
Morningstar Style Box
Value Blend Growth
Portfolio Management
  • Timothy J. Miller, CFA

    • — Ivy Investment Management Company
    • — 6 Years with Fund
    • — 38 Years in Industry
  • Kenneth G. McQuade

    • — Ivy Investment Management Company
    • — <1 Years with Fund
    • — 21 Years in Industry
  • Bradley P. Halverson, CFA

    • — Ivy Investment Management Company
    • — <1 Years with Fund
    • — 15 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.

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

Manager Video

Daily Prices as of 2/24/2017
Net Asset Value (NAV) $17.14  
Daily NAV Change $0.06 0.35%
Weekly NAV Change $0.03 0.18%
Public Offering Price (POP) $18.19
Fund Facts
Ticker Symbol WSGAX
CUSIP 466000502
Fund Code 602
Fund Type Domestic Equity
Fund Inception 9/21/1992
Class Inception 7/3/2000
Fiscal Year End March
Dividends Paid December
Fund Assets
(as of 1/31/2017)
$924.5 mil
Total Equity Holdings
(as of 1/31/2017)
Total Holdings
(as of 1/31/2017)
Portfolio Turnover Rate
(as of 9/30/2016)
Lipper Category Small-Cap Growth Funds
Morningstar Category Small Growth
BenchmarkRussell 2000 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)
Fund at NAV 2.36% 25.51% 5.83% 12.50% 8.75% 6.09%
Fund with 5.75% sales charge -3.52% 18.29% 3.76% 11.18% 8.10% 5.71%
Russell 2000 Growth TR USD 1.62% 26.87% 6.23% 12.47% 7.73% 4.53%
Lipper Small-Cap Growth Funds 2.33% 24.91% 4.64% 11.19% 7.01% 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)
Fund at NAV 13.42% 13.42% 4.61% 13.16% 8.59% 5.97%
Fund with 5.75% sales charge 6.89% 6.89% 2.57% 11.83% 7.95% 5.59%
Russell 2000 Growth TR USD 11.32% 11.32% 5.05% 13.74% 7.76% 4.45%
Lipper Small-Cap Growth Funds 9.80% 9.80% 3.09% 12.10% 6.98% N/A

Calendar Year Return

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Class A 7.73 -37.85 42.74 35.56 -5.18 15.13 40.79 3.21 -2.20 13.42
Russell 2000 Growth TR USD 7.05 -38.54 34.47 29.09 -2.91 14.59 43.30 5.60 -1.38 11.32

Morningstar Ratings as of 1/31/2017

Category: Small Growth

Overall out of 599 ★★★★
3 Year out of 599 ★★★
5 Year out of 531 ★★★★
10 Year out of 387 ★★★★

Ratings are based on risk-adjusted returns

Lipper Ranking through 1/31/2017

Category: Small-Cap Growth Funds

  Rank Percentile
1 Year 281 /562 50
3 Year 181 /504 36
5 Year 130 /445 30
10 Year 34 /324 11

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

Expense Ratios as of 7/31/2016

Net 1.44%
Gross 1.44%

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

Fund 14.09
Russell 2000 Growth TR USD 15.27

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

Alpha 1.28
Beta 0.89
R-Squared 92.70
Sharpe Ratio 0.88
Capture Ratio

Upside: 91.96%

Downside: 86.52%

*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

SVB Financial Group SVB Financial Group (SVBFG) is a financial services company, a bank holding company and financial holding company. Through its subsidiaries and divisions it offers a range of banking and financial products and services to clients across the U.S., as well as in international entrepreneurial markets. 3.01%
AMN Healthcare Services, Inc. U.S. health care staffing, recruitment and workforce solutions company 2.93%
Ultimate Software Group, Inc. (The) The Ultimate Software Group, Inc. (Ultimate) provides unified human capital management (HCM) software-as-a-service (SaaS) solutions for global businesses. Ultimate’s UltiPro software (UltiPro) is a SaaS-based solution designed to deliver the functionality needed to manage the employment life cycle. 2.72%
Watsco, Inc. North American distributor of air conditioning, heating and refrigeration equipment, operating in the U.S., Canada, Mexico and Puero Rico. 2.67%
Pool Corp. POOLCORP is the largest wholesale distributor of swimming pool and related backyard products. 2.43%
Dave & Buster's Entertainment, Inc. Dave & Buster?s Entertainment, Inc. owns and operates entertainment and dining venues for adults and families in North America. 2.37%
Booz Allen Hamilton Holding Corp. Booz Allen Hamilton Holding Corp. provides management and technology consulting services to the U.S. government in the defense, intelligence, and civil markets. The Company offers economic and business analysis, information technology, intelligence and operations analysis, modeling and simulation, organization, and other consulting services. 2.31%
RE/MAX Holdings, Inc., Class A RE/MAX Holdings, Inc. operates as a franchisor of residential and commercial real estate brokerage services in the U.S. and internationally. 2.27%
Mercury Computer Systems, Inc. 2.03%
Home BancShares, Inc. 1.96%
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 0.0%
Medium 71.9%
Small 28.1%
Median Market Cap (as of 1/31/2017) $2.7 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 1/31/2017)
Application Software 11.7%
Health Care Equipment 7.8%
Regional Banks 7.0%
Restaurants 5.2%
IT Consulting & Other Services 4.8%
Health Care Services 4.6%
Semiconductors 4.1%
Trading Companies & Distributors 3.9%
Distributors 3.5%
Aerospace & Defense 3.0%
Sector Allocation as a % of equity assets as of 1/31/2017
Information Technology 29.27%
Consumer Discretionary 17.97%
Health Care 17.75%
Industrials 15.79%
Financials 8.35%
Energy 4.29%
Materials 2.61%
Real Estate 2.34%
Consumer Staples 1.63%
Portfolio Composition as a % of net assets as of 1/31/2017
Domestic Common Stock 92.86%
Foreign Common Stock 4.06%
Cash and Cash Equivalents 3.08%
Equity Country Allocation as a % of equity assets as of 1/31/2017
United States 94.3%
Canada 1.8%
Thailand 1.4%
Israel 1.2%
Netherlands 0.8%
Luxembourg 0.5%
Total Portfolio Holdings
DOWNLOAD (as of 12/31/2016)

Fund Documents


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

Additional Fund Literature

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Risk Factors: The value of the Fund’s shares will change, and you could lose money on your investment. Investing in small-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 2000 Growth is an unmanaged index comprised of securities that represent the small 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.

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.

Tim Miller is the Portfolio Manager of Ivy Small Cap Growth Fund and has held his fund responsibilities since April 1, 2010.