Waddell & Reed

Fund Detail

Ivy Accumulative Fund
Class A Shares

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Fund Facts
Ticker Symbol IATAX
CUSIP 46600G879
Fund Code 682
Fund Type Domestic Equity
Fund Inception 10/9/1940
Class Inception 10/9/1940
Fiscal Year End June
Dividends Paid June, December
Fund Assets (as of 10/31/2019) $1.3 bil
Total Equity Holdings (as of 10/31/2019) 42
Total Holdings (as of 10/31/2019) 45
Portfolio Turnover Rate (as of 6/30/2019) 123%
Lipper Category Multi-Cap Growth Funds
Morningstar Category Large Growth
Benchmarks S&P 500 TR USD
Russell 3000 Growth TR USD
Daily Prices
as of 11/11/2019
Net Asset Value (NAV) $10.52
NAV Change ($) $0.04
NAV Change (%) 0.38%
Weekly NAV Change ($) $0.27
Weekly NAV Change (%) 2.63%
Public Offering Price (POP) $11.16
Historical Prices & Distributions
Please select a date
Fund Description

Identifying growth potential in companies of all sizes


Market-cap agnostic
Applies a growth-oriented investment philosophy to identify high-quality companies across all market capitalizations.
Invest with conviction
The Fund generally targets between 35-50 stocks, which allows the portfolio managers’ best ideas to have the opportunity to impact performance.
Experience
Portfolio managers have a combined 40+ years of industry experience and more than 15 years of multi-cap experience.
Morningstar Style Box
Source: Morningstar
Returns and Expenses

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. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 10/31/2019
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 20.09% 11.05% 11.99% 7.97% 11.51% 10.21%
Fund with 5.75% sales charge 13.18% 4.69% 9.82% 6.69% 10.85% 10.13%
S&P 500 TR USD 23.16% 14.33% 14.91% 10.78% 13.70% N/A
Russell 3000 Growth TR USD 26.21% 16.34% 18.50% 13.05% 15.26% N/A
Lipper Multi-Cap Growth Funds 23.08% 14.21% 16.13% 10.33% 13.60% N/A
Quarterly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 9/30/2019
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 20.09% 2.64% 10.73% 8.57% 11.35% 10.23%
Fund with 5.75% sales charge 13.18% -3.30% 8.58% 7.28% 10.70% 10.14%
S&P 500 TR USD 20.55% 4.25% 13.39% 10.84% 13.24% N/A
Russell 3000 Growth TR USD 22.75% 2.70% 16.36% 13.07% 14.74% N/A
Lipper Multi-Cap Growth Funds 20.65% 1.09% 14.18% 10.43% 13.01% N/A
Expense Ratios
as of 10/31/2019
Net 1.11%
Gross 1.11%
Growth of a $10,000 Investment
through 10/31/2019
 Accumulative A
 S&P 500 TR USD
 Russell 3000 Growth TR USD

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.

Ratings and Rankings
Lipper Rankings
as of 10/31/2019
Category: Multi-Cap Growth Funds
  Rank Percentile
1 Year 414 / 555 75
3 Year 443 / 498 89
5 Year 354 / 437 81
10 Year 271 / 313 87

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

Morningstar Ratings
as of 10/31/2019
Category: Large Growth
Overall (out of 1232 Large Growth)
3 Year (out of 1232 Large Growth)
5 Year (out of 1095 Large Growth)
10 Year (out of 813 Large Growth)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 10/31/2019)
Domestic Common Stock 91.28%
Foreign Common Stock 8.30%
Cash and Cash Equivalents 0.42%
Sector Allocation
(as a % of equity holdings as of 10/31/2019)
Information Technology 43.9%
Health Care 16.4%
Industrials 11.0%
Consumer Discretionary 8.5%
Communication Services 8.2%
Financials 4.8%
Real Estate 2.7%
Materials 2.3%
Consumer Staples 2.2%
Equity Country Allocation
(as a % of equity holdings as of 10/31/2019)
United States 91.7%
Taiwan 2.4%
Canada 2.2%
Switzerland 2.0%
Israel 1.7%
Top 10 Equity Holdings
(as a % of net assets as of 10/31/2019)
Microsoft Corporation is a multinational computer technology corporation that develops, manufactures, licenses and supports a wide range of software products for computing devices.Microsoft Corp. 7.18%
Fiserv, Inc. is a global provider of financial services technology solutions, including electronic commerce systems and services, such as transaction processing, electronic bill payment and presentment, business process outsourcing, document distribution services, and software and systems solutions.Fiserv, Inc. 4.00%
The Boeing Company (Boeing) is an aerospace company. Boeing is engaged in the design, development, manufacture, sale and support of commercial jetliners, military aircraft, satellites, missile defense, human space flight, and launch systems and services.Boeing Co. (The) 3.75%
Amazon.com, Inc. operates as an online retailer in North America and internationally.Amazon.com, Inc. 3.64%
The Walt Disney Company, together with its subsidiaries, operates as an entertainment company worldwide. The company operates in five segments: Media Networks, Parks and Resorts, Studio Entertainment, Consumer Products, and Interactive.Walt Disney Co. (The) 3.43%
MasterCard Incorporated (MasterCard) is a global payments company that provides a economic link among financial institutions, businesses, merchants, cardholders and governments worldwide, enabling them to use electronic forms of payment instead of cash and checks.MasterCard, Inc., Class A 3.27%
Five9 is a pioneer and leading provider of cloud software for contact centers. It focuses on delivering its platform in the cloud and replacing legacy on-premise contact center systems. Five9, Inc. 3.18%
Take-Two Interactive Software, Inc. is an American multinational publisher, developer, and distributor of video games and video game peripherals.Take-Two Interactive Software, Inc. 2.92%
Gardner Denver Holdings, Inc. 2.88%
MarketAxess Holdings Inc. is an international financial technology company that operates an electronic trading platform for the institutional credit markets, and also provides market data and post-trade services.MarketAxess Holdings, Inc. 2.78%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 9/30/2019)
Top 10 Industry Allocation
(as a % of equity holdings as of 10/31/2019)
Systems Software 9.4%
Application Software 9.0%
Health Care Equipment 8.9%
Semiconductors 7.5%
Data Processing & Outsourced Services 7.3%
Internet Services & Infrastructure 5.7%
Movies & Entertainment 5.3%
Industrial Machinery 4.6%
Aerospace & Defense 3.8%
Internet & Direct Marketing Retail 3.7%
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
Gus Zinn is co-portfolio manager of Ivy Accumulative Fund, serving as co-portfolio manager since 2018. He had been coportfolio manager of Ivy Core Equity Fund, Ivy VIP Core Equity and core equity institutional accounts from 2006 to 2018. Mr. Zinn joined the organization in 1998 as an equity investment analyst. He was appointed assistant vice president in 2002. He was named assistant portfolio manager of Ivy Science and Technology Fund and Ivy VIP Science and Technology in 2003. He was appointed vice president in 2004 and senior vice president in 2009. Mr. Zinn graduated from the University of Wisconsin-Madison with a BBA in Finance in 1996 and a Masters in Finance in 1998. He had been affiliated with the Applied Security Analysis Program as one of a group of students selected to manage a $1.9 million portfolio. Mr. Zinn is a CFA charterholder. He is a member of the CFA Institute and the CFA Society Kansas City.Gus C. Zinn, CFA Ivy Investment Management Company 21 <1
John Bichelmeyer is co-portfolio manager of Ivy Accumulative Fund, serving as co-portfolio manager since 2018. He had been portfolio manager of the former Ivy Micro Cap Growth Fund and Ivy VIP Micro Cap Growth from 2015 to 2018. Mr. Bichelmeyer joined the organization in 2015 as vice president and portfolio manager. He was appointed senior vice president in 2019. Prior to joining the firm, he was affiliated with Kornitzer Capital Management (KCM) as an equity analyst and portfolio manager from 2005 to 2015. Prior to joining KCM, he was an equity analyst and portfolio manager with Trilogy Global Advisors (formerly BPI Global Asset Management) in Orlando, FL. Mr. Bichelmeyer graduated from Creighton University in 1997 with a BSBA in Finance. Mr. Bichelmeyer is a CFA charterholder. He is a member of the CFA Institute and the CFA Society Kansas City.John Bichelmeyer, CFA Ivy Investment Management Company 22 <1

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 Fund may allocate its assets among different asset classes of varying correlation around the globe. The Fund’s Equity Sleeve typically holds a limited number of stocks (generally 50 to 70). As a result, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund’s NAV than it would if it invested in a larger number of securities. 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. The Fund’s Diversifying Sleeve includes fixed-income securities, that 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. Loans (including loan assignments, loan participations and other loan instruments) carry other risks, including the risk of insolvency of the lending bank or other intermediary. Loans may be unsecured or not fully collateralized may be subject to restrictions on resale and sometimes trade infrequently on the secondary market. The Fund may seek to hedge market risk via the use of derivative instruments. Such investments involve additional risks. Investing in commodities is generally considered speculative because of the significant potential for investment loss due to cyclical economic conditions, sudden political events, and adverse international monetary policies. Markets for commodities are likely to be volatile and the Fund may pay more to store and accurately value its commodity holdings than it does with the Fund’s other holdings. 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.

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.

Index Description: S&P 500 - An unmanaged index of common stocks. It is not possible to invest directly in an index.

The Russell 3000 Growth Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market, with higher growth earning potential as defined by Russell's style methodology. 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.

Effective Feb. 21, 2019, the Fund's benchmark changed from the S&P 500 Index to the Russell 3000 Growth Index. Both the prior and current benchmark indexes will be shown for a period of one year for comparison purposes.

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 shareholderservicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fundfees and expenses and extraordinaryexpenses, if any) as follows: Class B shares at 2.29%, Class C shares at 2.07% and Class I shares at 0.87%. Prior to that date, the expense limitation may not be terminated without the consentof the Board of Trustees (Board).

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 operatingexpenses 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.

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.

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. © 2019 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.

Barry Ogden, CFA, CPA, left the firm effective Dec. 3, 2018.

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.

Please remember that an investment in a mutual fund involves risk. Investment return and principal value of a mutual fund investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

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