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Fund Detail
Fund Summary
Bringing the world to a single fund
- GLOBAL VIEW
- A "fund-of-funds" that allocates assets among a diverse group of affiliated equity and fixed income mutual funds with both domestic and foreign investment strategies.
- BROAD ALLOCATION
- Asset allocation methodology provides diversified exposure to a broad array of asset classes and investment strategies via the underlying funds.
- LONG-TERM APPROACH
- Investment philosophy focuses on a disciplined, long-term approach to strategic asset allocation.
Morningstar Style Box
| Value | Blend | Growth | |
|---|---|---|---|
| Large | |||
| Medium | |||
| Small |
| LTD | MOD | EXT | |
|---|---|---|---|
| High | |||
| Medium | |||
| Low |
Portfolio Management
-
Nathan Palmer, CFA
-
Anthony Wicklund, CAIA , CFA
-
Chace Brundige, CFA
-
W. Jeffery Surles, CFA
Growth of a $10,000 Investment through 12/31/2020
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. If it had, performance shown would have been lower.
Documents
| Fact Sheet | DOWNLOAD |
| Prospectus | DOWNLOAD |
| Summary Prospectus | DOWNLOAD |
| Statement of Additional Information | DOWNLOAD |
| Annual Report | DOWNLOAD |
| Semi-Annual Report | DOWNLOAD |
| Quarterly Commentary | DOWNLOAD |
| XBRL | — |
| Q1 Holdings | DOWNLOAD |
| Q3 Holdings | DOWNLOAD |
Daily Prices as of 1/19/2021
| Net Asset Value (NAV) | $8.57 | |
| Daily NAV Change | $0.04 | 0.47% |
| Weekly NAV Change | $0.04 | 0.47% |
| Public Offering Price (POP) | $8.57 | — |
Fund Facts
| Ticker Symbol | IWGCX |
| CUSIP | 46600G762 |
| Fund Code | 383 |
| Fund Type | Specialty Funds |
| Fund Inception | 3/9/1995 |
| Class Inception | 10/5/1999 |
| Fiscal Year End | June |
| Dividends Paid | March, June, September, December |
| Fund Assets (as of 12/31/2020) |
$1.1 bil |
| Portfolio Turnover Rate (as of 6/30/2020) |
33% |
| Morningstar Category | World Allocation |
| Benchmark | 65% MSCI ACWI / 35% Bloomberg Barclays Multiverse USD Hedged |
| Benchmark | Bloomberg Barclays Multiverse Bond USD Hedged |
| Benchmark | MSCI ACWI Index |
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, if it had, performance shown would be lower. For Class C shares, a 1% CDSC applies to the lesser of amount invested or redemption value of shares redeemed within twelve months after the purchase date.
Monthly Rates of Return Average Annual Total Returns as of 12/31/2020
(Returns for periods of less than 1-yr are not annualized)| YTD | 1YR | 3YR | 5YR | 10YR | LIFE | |
|---|---|---|---|---|---|---|
| Fund at NAV | 9.93% | 9.93% | 5.75% | 5.59% | 4.11% | 8.03% |
| Fund with maximum 1.00% CDSC | 9.93% | 9.93% | 5.75% | 5.59% | 4.11% | 8.03% |
| 65% MSCI ACWI / 35% Bloomberg Barclays Multiverse USD Hedged | 13.14% | 13.14% | 8.72% | 9.83% | 7.66% | - |
| Bloomberg Barclays Multiverse Bond USD Hedged | 5.63% | 5.63% | 5.19% | 4.70% | 4.31% | - |
| MSCI ACWI Index | 16.26% | 16.26% | 10.06% | 12.26% | 9.13% | - |
| Morningstar World Allocation | 6.18% | 6.18% | 4.50% | 7.01% | 5.54% | - |
Quarterly Rates of Return Average Annual Total Returns as of 12/31/2020
(Returns for periods of less than 1-yr are not annualized)| YTD | 1YR | 3YR | 5YR | 10YR | LIFE | |
|---|---|---|---|---|---|---|
| Fund at NAV | 9.93% | 9.93% | 5.75% | 5.59% | 4.11% | 8.03% |
| Fund with maximum 1.00% CDSC | 9.93% | 9.93% | 5.75% | 5.59% | 4.11% | 8.03% |
| 65% MSCI ACWI / 35% Bloomberg Barclays Multiverse USD Hedged | 13.14% | 13.14% | 8.72% | 9.83% | 7.66% | - |
| Bloomberg Barclays Multiverse Bond USD Hedged | 5.63% | 5.63% | 5.19% | 4.70% | 4.31% | - |
| MSCI ACWI Index | 16.26% | 16.26% | 10.06% | 12.26% | 9.13% | - |
| Morningstar World Allocation | 6.18% | 6.18% | 4.50% | 7.01% | 5.54% | - |
Calendar Year Return
| 2016 | 2017 | 2018 | 2019 | 2020 | 2011 | 2012 | 2013 | 2014 | 2015 | 2009 | 2010 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Class C | -3.45 | 14.94 | -8.28 | 17.29 | 9.93 | -8.99 | 17.98 | 24.25 | -6.01 | -9.06 | 23.94 | 7.94 |
| 65% MSCI ACWI / 35% Bloomberg Barclays Multiverse USD Hedged | 6.84 | 16.39 | -5.49 | 20.19 | 13.43 | -2.72 | 12.79 | 14.45 | 5.33 | -1.03 | - | 10.43 |
| Bloomberg Barclays Multiverse Bond USD Hedged | 4.52 | 3.40 | 1.58 | 8.47 | 5.63 | 5.34 | 6.18 | 0.14 | 7.30 | 0.91 | - | 4.95 |
| MSCI ACWI Index | 7.86 | 23.97 | -9.41 | 26.60 | 16.25 | -7.35 | 16.13 | 22.80 | 4.16 | -2.36 | - | 12.67 |
Morningstar Ratings
as
of 12/31/2020
Category: World Allocation
| Overall out of 402 | |
| 3 Year out of 402 | |
| 5 Year out of 350 | |
| 10 Year out of 208 |
Ratings are based on risk-adjusted returns.
Morningstar Ranking
through 12/31/2020
Category: World Allocation
| Rank | Percentile | |
|---|---|---|
| 1 Year | 168 /472 | 31 |
| 3 Year | 186 /402 | 42 |
| 5 Year | 279 /350 | 78 |
| 10 Year | 172 /208 | 83 |
Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar Category based on average annual total return and number of Funds in that Category. The Morningstar Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same Category, where 1% = Best and 100% = Worst.
Expense Ratios as of 10/30/2020
| Net | 1.96% |
| Gross | 1.98% |
5-Year Standard Deviation as of 12/31/2020
| Fund | 11.02 |
| MSCI ACWI Index | 15.08 |
| Bloomberg Barclays Multiverse Bond USD Hedged | 2.76 |
| 65% MSCI ACWI / 35% Bloomberg Barclays Multiverse USD Hedged | 9.93 |
5-Year MPT* Statistics as of 12/31/2020
| Alpha | -4.54 |
| Beta | 1.08 |
| R-Squared | 94.03 |
| Sharpe Ratio | 0.40 |
| Capture Ratio |
Upside: 88.53% Downside: 123.38% |
*Modern Portfolio Theory
Growth of a $10,000 Investment through 12/31/2020
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 10/5/1999
| Date | Price | Dividend Reinvest Date | Capital Gain Reinvest Date |
|---|
Historical Distributions Inception 10/5/1999
| 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.
12-Month Trailing Dist. Yield as of 12/31/2020
| NAV | 1.05% |
| With Sales Charge | 1.05% |
Fund Documents
Top 10 Industry Allocation (as a % of Equity Holdings as of 12/31/2020)
| Internet & Direct Marketing Retail | 3.9% |
| Pharmaceuticals | 3.4% |
| Technology Hardware, Storage & Peripherals | 3.3% |
| Interactive Media & Services | 3.2% |
| Diversified Banks | 3.1% |
| Semiconductors | 3.0% |
| Data Processing & Outsourced Services | 2.6% |
| Application Software | 2.3% |
| Industrial Machinery | 2.1% |
| Systems Software | 2.1% |
Fixed Income Country Allocation (as a % of bond holdings as of 12/31/2020)
| United States | 67.6% |
| Canada | 2.5% |
| China | 2.4% |
| Italy | 2.0% |
| United Kingdom | 1.8% |
| Japan | 1.6% |
| Norway | 1.4% |
| Germany | 1.4% |
| Mexico | 1.3% |
| Indonesia | 1.3% |
| Luxembourg | 1.1% |
| Brazil | 1.0% |
| Netherlands | 0.9% |
| South Africa | 0.8% |
| France | 0.8% |
| Peru | 0.8% |
| Columbia | 0.8% |
| Australia | 0.7% |
| Chile | 0.7% |
| Russia | 0.6% |
| British Virgin Islands | 0.5% |
| Spain | 0.5% |
| United Arab Emirates | 0.3% |
| Egypt | 0.3% |
| Sweden | 0.3% |
| Bermuda | 0.3% |
| Malaysia | 0.3% |
| Hong Kong | 0.3% |
| Cayman Islands | 0.3% |
| Austria | 0.3% |
| Qatar | 0.3% |
| Thailand | 0.3% |
| Switzerland | 0.3% |
| Turkey | 0.3% |
| Romania | 0.3% |
| Ireland | 0.3% |
| Czech Republic | 0.2% |
| Panama | 0.2% |
| Argentina | 0.2% |
| South Korea | 0.2% |
| Poland | 0.2% |
| Hungary | 0.2% |
| Israel | 0.2% |
| India | 0.2% |
| Bahamas | 0.2% |
| Uzbekistan | 0.2% |
| Saudi Arabia | 0.2% |
| Isle of Man | 0.1% |
| Venezuela | 0.1% |
| Macau | 0.1% |
| Uruguay | 0.1% |
| Vietnam | 0.1% |
| Nigeria | 0.1% |
| Mauritius | 0.1% |
| Serbia | 0.1% |
| Morocco | 0.1% |
| Denmark | 0.1% |
| Dominican Republic | 0.1% |
| Bulgaria | 0.1% |
| Bahrain | 0.1% |
| Ukraine | 0.1% |
| Ivory Coast | 0.1% |
| Croatia | 0.0% |
| Philippines | 0.0% |
| Costa Rica | 0.0% |
| Sri Lanka | 0.0% |
| Tunisia | 0.0% |
| Ecuador | 0.0% |
| Ghana | 0.0% |
| Oman | 0.0% |
| Belgium | 0.0% |
| Colombia | 0.0% |
Sector Allocation as a % of equity assets as of 12/31/2020
| Information Technology | 16.71% |
| Consumer Discretionary | 13.80% |
| Financials | 13.43% |
| Industrials | 13.12% |
| Health Care | 10.99% |
| Communication Services | 7.94% |
| Consumer Staples | 7.65% |
| Materials | 6.68% |
| Real Estate | 3.79% |
| Energy | 3.75% |
| Utilities | 2.14% |
Quality as a % of fixed income assets as of 12/31/2020
| Government Bonds | 22.40% |
| NonRated | 1.10% |
| AAA | 5.80% |
| AA | 4.90% |
| A | 15.80% |
| BBB | 30.20% |
| BB | 12.00% |
| B | 5.90% |
| CCC | 1.90% |
| Below CCC | 0.00% |
Quality: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.
Portfolio Composition as a % of net assets as of 12/31/2020
| Domestic Common Stock | 33.50% |
| Foreign Common Stock | 30.87% |
| Corporate Bonds | 17.65% |
| Government Bonds | 7.38% |
| Other Government Securities | 4.46% |
| Cash and Cash Equivalents | 3.07% |
| Mortgage-Backed Securities | 1.45% |
| Asset-Backed Securities | 1.42% |
| Revenue Bonds | 0.17% |
| Other Financial Instruments | 0.02% |
| General Obligation Bonds | 0.01% |
Equity Country Allocation as a % of equity assets as of 12/31/2020
| United States | 52.1% |
| United Kingdom | 6.5% |
| Japan | 5.9% |
| China | 5.4% |
| France | 4.6% |
| Germany | 4.4% |
| South Korea | 3.0% |
| Taiwan | 1.9% |
| Switzerland | 1.8% |
| Netherlands | 1.6% |
| India | 1.5% |
| Brazil | 1.5% |
| Australia | 1.5% |
| Canada | 1.4% |
| Hong Kong | 1.2% |
| Russia | 0.7% |
| South Africa | 0.7% |
| Denmark | 0.6% |
| Ireland | 0.6% |
| Singapore | 0.6% |
| Sweden | 0.5% |
| Norway | 0.5% |
| Italy | 0.4% |
| Bermuda | 0.3% |
| Vietnam | 0.2% |
| Panama | 0.2% |
| Luxembourg | 0.2% |
| Finland | 0.2% |
| Spain | 0.1% |
| Isle of Man | 0.1% |
| Belgium | 0.1% |
| Jersey | 0.0% |
Underlying Fund Composition as a % of net assets as of 12/31/2020
| Ivy International Core Equity | 13.1 % |
| Ivy Value | 9.9 % |
| Ivy Securian Core Bond | 9.8 % |
| Ivy Emerging Markets Equity | 8.8 % |
| Ivy Large Cap Growth | 8.1 % |
| Ivy ProShares S&P 500 Dividend Aristocrats Index | 6.3 % |
| Ivy Pictet Targeted Return Bond | 5.9 % |
| Ivy Core Equity | 5.1 % |
| Ivy Global Bond | 4.9 % |
| Ivy Pzena International Value | 4.5 % |
| Ivy Corporate Bond | 3.9 % |
| Ivy Government Securities | 3.9 % |
| Ivy PineBridge High Yield | 3.5 % |
| Ivy International Small Cap | 3.1 % |
| Ivy Pictet Emerging Markets Local Currency Debt | 2.0 % |
| Ivy Mid Cap Growth | 1.6 % |
| Ivy Small Cap Growth | 1.1 % |
| Ivy Small Cap Core | 1.0 % |
| Ivy LaSalle Global Real Estate | 1.0 % |
| Ivy Mid Cap Income Opportunities | 1.0 % |
| Ivy ProShares Russell 2000 Dividend Growers Index | 1.0 % |
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 performance of the Fund will depend on the success of the allocations among the chosen underlying funds, and in general, the Fund is subject to the same risks as those of its underlying funds. International investing involves additional risks, including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These risks are magnified in emerging markets. Fixed-income securities are subject to interest-rate risk and, as such, the net asset value of the Fund may fall as interest rates rise. Investing in high-income securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds.Restricted securities, which include private placements, are securities that are subject to legal or contractual restrictions on resale, and there can be no assurance of a ready market for resale. Privately placed securities and other restricted securities will have the effect of increasing the level of Fund illiquidity to the extent that the Fund finds it difficult to sell these securities when management believes it is desirable to do so, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, and the prices realized could be less than those originally paid or less than the fair market value. These and other risks are more fully described in the fund's prospectus. Not all funds or fund classes may be offered at all broker/ dealers.
Diversification does not guarantee a profit or protect against loss in a declining market. It is a method to manage risk.
Index Description: The Bloomberg Barclays U.S. Universal Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. Municipal debt, private placements, and non-dollar-denominated issues are excluded from the Universal Index. The only constituent of the index that includes floating-rate debt is the Emerging Markets Index. Source: Bloomberg Barclays. It is not possible to invest directly in an index.
Index description: The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.The MSCI ACWI consists of 46 country indexes comprising 23 developed and 23 emerging market country indexes. The developed market country indexes included are: Australia,Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden,Switzerland, the United Kingdom and the United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary,India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey* and United Arab Emirates.
Index Description: The Bloomberg Barclays Multiverse Bond Index (USD Hedged) provides a broad-based measure of the global fixed-income bond market. The index represents the union of the Bloomberg Barclays Global Aggregate Index and the Bloomberg Barclays Global High-Yield Index and capture investment grade and high yield securities in all eligible currencies. It is not possible to invest directly in an index.
Index description: The Ivy Wilshire Global Allocation Fund Custom Benchmark is a blend of 65% MSCI ACWI, a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets and 35% Bloomberg Barclays Multiverse Bond Index (USD Hedged), an index that provides a broad-based measure of the global fixed-income bond market.
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.
Fee Waiver and/or Expense Reimbursement: Through October 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed ServicesCompany, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions and extraordinary expenses, if any) as follows: Class I Shares at 0.83%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board). Certain common expenses applicable to all shareclasses also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes below its respective expense cap.
Fee Waiver and/or Expense Reimbursement: Through October 31, 2021, IICO, IDI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.13%; Class B shares at 2.12%; and Class C shares at 1.96%. Prior to that date, the expense limitation may not be terminated without the consent of the Board.
Fee Waiver and/or Expense Reimbursement: Through October 31, 2020, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class N shares and Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class I shares and Class A shares, respectively, as calculated at theend of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.
Effective May 18, 2017, the name of the Fund changed from Waddell & Reed Advisors Asset Strategy Fund to Waddell & Reed Advisors (WRA) Wilshire Global Allocation Fund, and the Fund changed its investment strategy to operate as a “fund of funds.” The Fund’s performance prior to that date reflects the Fund’s former strategy; its performance may have differed if the Fund’s current strategy had been in place. WRA Wilshire Global Allocation Fund merged into Ivy Wilshire Global Allocation Fund on Feb. 26, 2018. The returns shown prior to this date reflect the performance of WRA Wilshire Global Allocation Fund, which was incepted on March 9, 1995. Ivy Wilshire Global Allocation Fund adopted that performance as the result of a reorganization in which it acquired all assets and liabilities of WRA Wilshire Global Allocation Fund. Prior to the reorganization, the Ivy Wilshire Global Allocation Fund had no assets and had not commenced operations.
The Maximum Sales Charge (Load) imposed on purchases (as a % of offering price) for Class A shares was revised downwards to 3.50%, effective Oct. 1, 2020. The low balance fee for Class A Shares of the Fund was eliminated and accounts will NOT be assessed an account fee of $20 if the account balance is below $650 at the start of business on the Friday prior to the last full week of September 2020 (i.e., September 18, 2020).
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.
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 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.
© 2020 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.
Quality: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.
Information is subject to change and is not intended to represent any past or future investment recommendations.
The Fund is sub-advised by Wilshire Associates, Inc., through its Wilshire Funds Management business unit.