Fund Detail

Ivy Tax-Managed Equity Fund

Track Fund
$23.33 NAV as of 9/20/2017
($0.03) / -0.13% Daily NAV Change
YTD (NAV) as of 9/20/2017 i

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Fund Summary

Seeking growth while minimizing potential taxable gains
Process
Seeks to provide growth of capital while minimizing taxable gains and income to shareholders.
Approach
Invests in growth-oriented companies believed to have above-average levels of profitability and the ability to sustain growth over the long term.
Conviction
Typically invests with conviction, holding a limited number of stocks. This allows for greater opportunity for the Fund’s manager to interact with company management and for the best ideas to drive performance.
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
Portfolio Management
  • Bradley M. Klapmeyer, CFA

    • — Ivy Investment Management Company
    • — 3 Years with Fund
    • — 17 Years in Industry
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 9/20/2017
Net Asset Value (NAV) $23.33  
Daily NAV Change ($0.03) -0.13%
Weekly NAV Change $0.00 0.00%
Public Offering Price (POP) $23.33
Fund Facts
Ticker Symbol IYENX
CUSIP 46600A187
Fund Code 240
Fund Type Domestic Equity
Fund Inception 4/19/2000
Class Inception 7/5/2017
Fiscal Year End December
Dividends Paid December
Fund Assets
(as of 8/31/2017)
$127.1 mil
Total Equity Holdings
(as of 8/31/2017)
47
Total Holdings
(as of 8/31/2017)
48
Portfolio Turnover Rate
(as of 3/31/2017)
46%
Lipper Category Large-Cap Growth Funds
Morningstar Category Large Growth
BenchmarkRussell 1000 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.

Class N shares are sold without any front-end sales load or contingent deferred sales charges.

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 N/A N/A N/A N/A N/A 4.91%
Russell 1000 Growth TR USD 19.17% 20.81% 11.67% 15.41% 9.39% 4.85%
Lipper Large-Cap Growth Funds 20.68% 19.99% 10.08% 14.28% 8.31% 4.29%

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 N/A N/A N/A N/A N/A N/A
Russell 1000 Growth TR USD 14.00% 20.42% 11.11% 15.30% 8.91% N/A
Lipper Large-Cap Growth Funds 15.36% 20.39% 9.62% 14.14% 7.87% N/A

Morningstar Ratings as of 8/31/2017

Category: Large Growth

Overall out of 1258 ★★★
3 Year out of 1258 ★★★
5 Year out of 1124 ★★★
10 Year out of 790 ★★★

Ratings are based on risk-adjusted returns

Expense Ratios as of 7/5/2017

Net 0.81%
Gross 0.81%

Fund Distributions

Historical Prices Inception 7/5/2017

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

DATA NOT YET AVAILABLE

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. Tax-management strategies may alter investment decisions and affect portfolio holdings, when compared to those of non tax-managed mutual funds. Market conditions may limit the Fund’s ability to realize tax losses or to generate dividend income that is taxed at favorable Federal income tax rates. In addition, the Fund’s tax-managed strategy may cause the Fund to hold a security in order to achieve more favorable tax-treatment or to sell a security in order to realize tax losses, which could result in losses that exceed any benefits of the tax-managed strategy. The Fund’s ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulations. While the fund seeks to minimize tax distributions to shareholders, it may realize capital gains and earn some dividends. 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: The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. 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.

The Class Y shares of Waddell & Reed Advisors Tax-Managed Equity Fund were reorganized as the Class I shares of Ivy Tax-Managed Equity Fund on May 18, 2009. The performance shown for periods prior to this date is that of the Class Y shares of Waddell & Reed Advisors Tax-Managed Equity Fund. Performance has not been restated to reflect the estimated annual operating expenses of the Ivy Tax-Managed Equity Fund. If those expenses were reflected, performance shown would differ. Ivy Tax-Managed Equity Fund Class I shares are not subject to sales charges.

Class N shares were added to the Fund on July 5, 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.

When a fund's share class has less than a year of performance to report, the returns shown are cumulative.

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.