Fund Detail

Ivy Value Fund

Track Fund
$23.04 NAV as of 9/21/2017
($0.07) / -0.30% Daily NAV Change
5.17% YTD (NAV) as of 9/21/2017 i

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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
Large
Medium
Small
Portfolio Management
  • Matthew T. Norris, CFA

    • — Ivy Investment Management Company
    • — 14 Years with Fund
    • — 26 Years in Industry
Growth of a $10,000 Investment through 8/31/2017

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

Daily Prices as of 9/21/2017
Net Asset Value (NAV) $23.04  
Daily NAV Change ($0.07) -0.30%
Weekly NAV Change $0.04 0.17%
Public Offering Price (POP) $23.04
Fund Facts
Ticker Symbol IYVLX
CUSIP 465899532
Fund Code 896
Fund Type Domestic Equity
Fund Inception 9/16/1994
Class Inception 12/19/2012
Fiscal Year End March
Dividends Paid December
Fund Assets
(as of 8/31/2017)
$414.8 mil
Total Equity Holdings
(as of 8/31/2017)
37
Total Holdings
(as of 8/31/2017)
39
Portfolio Turnover Rate
(as of 3/31/2017)
53%
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 does not include the effect of sales charges as Class R shares are not subject to 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 3.69% 11.54% 2.58% 11.34% 5.39% 6.79%
Russell 1000 Value TR USD 4.81% 11.58% 6.74% 13.25% 5.96% 12.73%
Lipper Large Cap Value Funds 6.00% 13.19% 5.82% 12.17% 5.33% 11.94%

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 5.88% 19.56% 5.19% 12.59% 5.15% 6.94%
Russell 1000 Value TR USD 4.66% 15.53% 7.36% 13.94% 5.57% 13.20%
Lipper Large Cap Value Funds 5.52% 17.93% 6.43% 12.90% 4.84% 12.34%

Calendar Year Return

20122013201420152016200720082009201020112003200420052006
Class R- 34.06 10.25 -4.38 10.53 - - - - - - - - -
Russell 1000 Value TR USD17.51 32.53 13.45 -3.83 17.34 -0.17 -36.85 19.69 15.51 0.39 30.03 16.49 7.05 22.25

Morningstar Ratings as of 8/31/2017

Category: Large Value

Overall out of 1099
3 Year out of 1099
5 Year out of 942 ★★
10 Year out of 678 ★★★

Ratings are based on risk-adjusted returns

Lipper Ranking through 8/31/2017

Category: Large Cap Value Funds

  Rank Percentile
1 Year 308 /449 69
3 Year 379 /394 96

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

Expense Ratios as of 7/5/2017

Net 1.57%
Gross 1.57%

Growth of a $10,000 Investment through 8/31/2017

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 12/19/2012

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 12/19/2012

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 8/31/2017

JPMorgan Chase & Co. JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. 4.78%
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. 4.42%
Synchrony Financial Synchrony Financial operates as a consumer financial services company in the U.S. 3.94%
Capital One Financial Corp. Capital One Financial Corporation operates as the bank holding company, provides various financial products and services to consumers, small businesses, and commercial clients in the United States, Canada, and the United Kingdom. 3.82%
State Street Corp. State Street Corporation services institutional investors and manages financial assets worldwide. The Company's products and services include custody, accounting, administration, daily pricing, international exchange services, cash management, financial asset management, securities lending, and investment advisory services. 3.49%
Amgen, Inc. Amgen Inc. (Amgen) is an independent biotechnology medicines company. The Company discovers, develops, manufactures and markets medicines for grievous illnesses. 3.36%
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. 3.34%
CVS Caremark Corp. CVS Caremark Corp (CVS Caremark) is a health care provider in the United States. It is a pharmacy services company, providing value for its customers by managing pharmaceutical costs and improving health care outcomes through its pharmacy benefit management, mail order, specialty pharmacy division. 3.16%
Energy Transfer Partners L.P. Energy Transfer Partners, L.P. (ETP) owns and operates a diversified portfolio of energy assets. The Company offers natural gas, natural gas liquids, crude oil, and refined products transportation and storage services. ETP serves customers in the United States. 3.09%
Micron Technology, Inc. Micron Technology, Inc., engages in the manufacture and marketing of semiconductor devices worldwide. 2.87%
Total Portfolio Holdings DOWNLOAD (as of 6/30/2017)
updated quarterly, upon availability
Market Capitalization
as a % of equity assets as of 8/31/2017
Large 84.4%
Medium 13.8%
Small 1.8%
Median Market Cap (as of 8/31/2017) $29.8 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 8/31/2017)
Other Diversified Financial Services 9.4%
Consumer Finance 7.9%
Oil & Gas Storage & Transportation 7.0%
Managed Health Care 5.7%
Pharmaceuticals 3.8%
Asset Management & Custody Banks 3.6%
Biotechnology 3.4%
Diversified Chemicals 3.4%
Drug Retail 3.2%
Life & Health Insurance 3.2%
Sector Allocation as a % of equity assets as of 8/31/2017
Financials 34.78%
Health Care 15.56%
Energy 12.43%
Consumer Discretionary 10.42%
Information Technology 8.32%
Consumer Staples 6.75%
Industrials 5.38%
Materials 3.40%
Real Estate 2.42%
Utilities 0.54%
Portfolio Composition as a % of net assets as of 8/31/2017
Domestic Common Stock 95.14%
Foreign Common Stock 2.95%
Cash and Cash Equivalents 1.91%
Equity Country Allocation as a % of equity assets as of 8/31/2017
United States 97.0%
United Kingdom 1.8%
Israel 1.2%
Total Portfolio Holdings
DOWNLOAD (as of 6/30/2017)

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. 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.

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.

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.

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.

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.