Fund Detail

Ivy Value Fund

Track Fund
$22.88 NAV as of 2/24/2017
$0.02 / 0.09% Daily NAV Change
4.33% YTD (NAV) as of 2/24/2017

Morningstar Tools


Fund Summary

Finding opportunity in value
Focused approach
Focuses on long-term appreciation by seeking out companies that the manager feels are undervalued relative to management’s perceived longer-term potential.
Experienced management
Manager has more than 20 years of industry experience and insight into the value segment of the equities market.
Potential benefits
Offers portfolio diversification with exposure to the value sector of the market. Diversification cannot ensure a profit or protect against loss in a declining market.
Morningstar Style Box
Value Blend Growth
Portfolio Management
  • Matthew T. Norris, CFA

    • — Ivy Investment Management Company
    • — 13 Years with Fund
    • — 25 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) $22.88  
Daily NAV Change $0.02 0.09%
Weekly NAV Change $0.17 0.75%
Public Offering Price (POP) $24.28
Fund Facts
Ticker Symbol IYVAX
CUSIP 465898385
Fund Code 632
Fund Type Domestic Equity
Fund Inception 9/16/1994
Class Inception 9/16/1994
Fiscal Year End March
Dividends Paid December
Fund Assets
(as of 1/31/2017)
$312.6 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 Large Cap Value Funds
Morningstar Category Large Value
BenchmarkRussell 1000 Value 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 1.05% 20.13% 6.82% 12.26% 5.46% 6.98%
Fund with 5.75% sales charge -4.77% 13.23% 4.73% 10.93% 4.84% 6.70%
Russell 1000 Value TR USD 0.71% 24.62% 10.16% 14.11% 5.66% 9.78%
Lipper Large Cap Value Funds 0.88% 22.93% 8.43% 12.48% 4.97% 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 10.78% 10.78% 5.49% 13.28% 5.52% 6.96%
Fund with 5.75% sales charge 4.40% 4.40% 3.43% 11.95% 4.90% 6.67%
Russell 1000 Value TR USD 17.34% 17.34% 8.59% 14.80% 5.72% 9.78%
Lipper Large Cap Value Funds 14.64% 14.64% 6.77% 13.28% 5.03% N/A

Calendar Year Return

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Class A 1.12 -34.07 26.19 17.61 -7.26 18.22 34.42 10.57 -4.16 10.78
Russell 1000 Value TR USD -0.17 -36.85 19.69 15.51 0.39 17.51 32.53 13.45 -3.83 17.34

Morningstar Ratings as of 1/31/2017

Category: Large Value

Overall out of 1095 ★★★
3 Year out of 1095 ★★
5 Year out of 937 ★★★
10 Year out of 681 ★★★

Ratings are based on risk-adjusted returns

Lipper Ranking through 1/31/2017

Category: Large Cap Value Funds

  Rank Percentile
1 Year 369 /484 77
3 Year 370 /414 90
5 Year 227 /370 62
10 Year 100 /256 39

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

Expense Ratios as of 7/31/2016

Net 1.30%
Gross 1.30%

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

Fund 11.47
Russell 1000 Value TR USD 10.54

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

Alpha -1.83
Beta 1.02
R-Squared 88.00
Sharpe Ratio 1.06
Capture Ratio

Upside: 95.31%

Downside: 106.53%

*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 9/16/1994

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 9/16/1994

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

JPMorgan Chase & Co. JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. 5.30%
Citigroup, Inc. Citigroup Inc. (Citigroup) is a global diversified financial services holding company. Citigroup businesses provide consumers, corporations, governments and institutions with a range of financial products and services. 3.91%
Synchrony Financial Synchrony Financial operates as a consumer financial services company in the U.S. 3.74%
Western Digital Corp. Western Digital Corporation, through its subsidiaries, develops, manufactures, and sells storage products and solutions that enable people to create, manage, experience, and preserve digital content. 3.33%
Micron Technology, Inc. Micron Technology, Inc., engages in the manufacture and marketing of semiconductor devices worldwide. 3.16%
Marathon Petroleum Corp. Marathon Petroleum Corporation (MPC) is a petroleum product refiner, transporter and marketer in the United States. The Company operates in three segments: Refining & Marketing, Speedway and Pipeline Transportation. 3.11%
Energy Transfer Partners L.P. Energy Transfer Partners, L.P. engages in the natural gas midstream, and intrastate transportation and storage businesses in the U.S. 3.09%
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. 3.08%
American International Group, Inc. American International Group, Inc. (AIG) is an international insurance company with customers in over 130 countries. The Company serves commercial, institutional, individual customers through property-casualty networks of any insurer, and provides life insurance, retirement services in the U.S. 3.03%
Duke Energy Corp. 3.01%
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 87.3%
Medium 10.1%
Small 2.6%
Median Market Cap (as of 1/31/2017) $33.9 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 1/31/2017)
Other Diversified Financial Services 9.6%
Oil & Gas Storage & Transportation 8.2%
Consumer Finance 7.0%
Managed Health Care 5.7%
Semiconductors 4.6%
Pharmaceuticals 4.5%
Technology Hardware, Storage & Peripherals 3.5%
Industrial Machinery 3.4%
Oil & Gas Refining & Marketing 3.3%
Diversified Chemicals 3.2%
Sector Allocation as a % of equity assets as of 1/31/2017
Financials 29.00%
Health Care 15.62%
Energy 14.09%
Information Technology 11.68%
Consumer Discretionary 8.39%
Consumer Staples 7.33%
Industrials 4.69%
Materials 3.22%
Utilities 3.14%
Real Estate 2.84%
Portfolio Composition as a % of net assets as of 1/31/2017
Domestic Common Stock 88.58%
Foreign Common Stock 4.92%
Cash and Cash Equivalents 4.21%
Preferred Stock 2.29%
Equity Country Allocation as a % of equity assets as of 1/31/2017
United States 92.5%
Israel 4.5%
United Kingdom 2.5%
Netherlands 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. 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. 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 1000 Value is an unmanaged index comprised of securities that represent the large cap sector of the stock market. It is not possible to invest directly in an index.

The Advantus Cornerstone Fund merged into the Ivy Value Fund on Dec. 8, 2003. The performance shown for periods prior to this date is that of the Advantus Cornerstone Fund Class A shares, restated to reflect current sales charges applicable to Ivy Value Fund Class A shares. Performance has not been restated to reflect the fees and expenses applicable to the Ivy Value Fund. If these expenses were reflected, performance shown would differ.

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.

30-Day SEC Yield: is calculated based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.

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.