Waddell & Reed

Fund Detail

Ivy Emerging Markets Equity Fund
Class A Shares

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Fund Facts
Ticker Symbol IPOAX
CUSIP 465897866
Fund Code 611
Fund Type Global/International
Fund Inception 10/25/1993
Class Inception 10/25/1993
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 10/31/2019) $1.8 bil
Total Equity Holdings (as of 10/31/2019) 53
Total Holdings (as of 10/31/2019) 57
Portfolio Turnover Rate (as of 3/31/2019) 59%
Lipper Category Emerging Markets Funds
Morningstar Category Diversified Emerging Mkts
Benchmarks MSCI EM NR USD
Daily Prices
as of 11/11/2019
Net Asset Value (NAV) $19.30
NAV Change ($) ($0.16)
NAV Change (%) -0.82%
Weekly NAV Change ($) ($0.22)
Weekly NAV Change (%) -1.13%
Public Offering Price (POP) $20.48
Historical Prices & Distributions
Please select a date
Fund Description

Pursue emerging market equities in any region of the world


Flexible strategy
The Fund invests across the valuation spectrum and seeks to capitalize on the inefficiencies of emerging market equities.
Focused approach
The Fund holds a high-conviction portfolio with investments in companies offering attractive risk/return potential and trading at attractive valuations.
Disciplined process
Top-down analysis of macroeconomic and thematic factors seeks to identify key countries and sectors for growth, supported by fundamental research to drive security selections.
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 13.29% 13.44% 6.51% 4.62% 4.10% 4.43%
Fund with 5.75% sales charge 6.80% 6.91% 4.42% 3.39% 3.48% 4.19%
MSCI EM NR USD 10.35% 11.86% 7.36% 2.93% 3.78% N/A
Lipper Emerging Markets Funds 12.89% 13.84% 6.75% 2.40% 4.04% 4.47%
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 8.34% -0.32% 5.36% 3.93% 3.49% 4.26%
Fund with 5.75% sales charge 2.14% -6.05% 3.31% 2.70% 2.88% 4.02%
MSCI EM NR USD 5.89% -2.01% 5.97% 2.33% 3.37% N/A
Lipper Emerging Markets Funds 8.80% 0.57% 5.27% 1.84% 3.51% 4.31%
Expense Ratios
as of 7/31/2019
Net 1.44%
Gross 1.44%
Growth of a $10,000 Investment
through 10/31/2019
 Emerging Markets Equity A
 MSCI EM NR 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: Emerging Markets Funds
  Rank Percentile
1 Year 407 / 788 52
3 Year 356 / 667 54
5 Year 77 / 537 15
10 Year 112 / 242 47

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

Morningstar Ratings
as of 10/31/2019
Category: Diversified Emerging Mkts
Overall (out of 700 Diversified Emerging Mkts)
3 Year (out of 700 Diversified Emerging Mkts)
5 Year (out of 562 Diversified Emerging Mkts)
10 Year (out of 239 Diversified Emerging Mkts)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 10/31/2019)
Foreign Common Stock 99.10%
Cash and Cash Equivalents 0.90%
Sector Allocation
(as a % of equity holdings as of 10/31/2019)
Consumer Discretionary 21.3%
Financials 20.1%
Information Technology 16.1%
Communication Services 13.7%
Energy 10.4%
Industrials 5.2%
Consumer Staples 4.2%
Real Estate 3.8%
Health Care 2.7%
Materials 2.6%
Equity Country Allocation
(as a % of equity holdings as of 10/31/2019)
China 29.7%
Brazil 15.7%
South Korea 12.9%
India 11.6%
Taiwan 8.5%
Russia 8.0%
South Africa 4.0%
Hong Kong 2.8%
Vietnam 2.1%
Indonesia 1.7%
Mexico 1.6%
Macau 0.8%
Netherlands 0.6%
Top 10 Equity Holdings
(as a % of net assets as of 10/31/2019)
Samsung Electronics Co., Ltd. is a Korea-based company engaged in the provision of consumer electronics, communication products, semiconductor products and home appliances.Samsung Electronics Co. Ltd. 6.87%
Taiwan Semiconductor Manufacturing is the world's largest dedicated semiconductor foundry, offering advanced wafer production processes and manufacturing.Taiwan Semiconductor Manufacturing Co. Ltd. 6.18%
An investment holding company, provides Internet and mobile value-added services (VAS), online advertising services, and e-commerce transactions services to users in China, the United States, Europe, and internationally.Tencent Holdings Ltd. 5.57%
Alibaba Group Holding Limited, through its subsidiaries, operates as an online and mobile commerce company in the People's Republic of China and internationally.Alibaba Group Holding Ltd. ADR 5.47%
ProSiebenSat 1 Media SE is a media company in Europe. It is divided into the three reporting segments: German-speaking broadcasting, Digital & Adjacent and Content Production & Global Sales.Petroleo Brasileiro S.A. 3.93%
Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. It also owns a petroleum refinery in India that produces a wide range of products such as gasoline, superior kerosene oil and liquefied petroleum gas.Reliance Industries Ltd. 3.52%
Yandex N.V. operates an Internet search engine in Russia and internationally.Yandex N.V., Class A 2.56%
Banco do Brasil S.A. attracts deposits and offers retail and commercial banking services. The Bank offers consumer, commercial, and agribusiness loans, asset management, foreign exchange, private pension, insurance, lease financing, credit cards, and Internet banking services.Banco do Brasil S.A. 2.50%
MercadoLibre, Inc., through its subsidiaries, hosts online commerce and payments platforms in Latin America.MercadoLibre, Inc. 2.43%
JD Sports Fashion Plc retails and distributes branded and own brand sportswear, fashionwear, outdoor clothing, footwear, and equipment.JD.com, Inc. ADR 2.28%
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)
Diversified Banks 14.1%
Internet & Direct Marketing Retail 12.5%
Interactive Media & Services 8.2%
Semiconductors 8.0%
Technology Hardware, Storage & Peripherals 6.9%
Integrated Oil & Gas 6.8%
Real Estate Development 3.8%
Automobile Manufacturers 3.6%
Oil & Gas Refining & Marketing 3.6%
Life & Health Insurance 2.3%
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
Jonas Krumplys is co-portfolio manager of Ivy Emerging Markets Equity Fund. He was named co-portfolio manager of Ivy Emerging Markets Equity Fund in 2014. He served as sole manager of the fund from May 2016 to January 2017. He was portfolio manager of the former Ivy Asset Strategy New Opportunities Fund from its inception in 2010 to 2014, when the fund merged into Ivy Emerging Markets Equity Fund. He was appointed senior vice president in 2015. Mr. Krumplys joined Waddell & Reed in 2006 as an equity investment analyst after a previous tenure with the firm as an analyst from 1988 to 1991. He was appointed assistant vice president and named assistant portfolio manager of Waddell & Reed Advisors and Ivy Asset Strategy Funds in 2008. He was appointed vice president in 2009. Mr. Krumplys graduated from the University of Illinois at Urbana in 1978 with a BS in Architecture. He completed his final year of architectural studies at Ecole Nationale Superieure d’ Architecture in Versailles, France. His focus was alternative energy usage in architecture. He graduated from the University of Illinois at Chicago with an MS in Chemical Engineering in 1982. He earned an MBA with an emphasis in Finance and Marketing from the University of Chicago, Graduate School of Business in 1986. Mr. Krumplys is a CFA charterholder. He is a member of the CFA Institute and the CFA Society of Kansas City. Jonas M. Krumplys, CFA Ivy Investment Management Company 38 5
Adi Kapoor is co-portfolio manager of Ivy Emerging Markets Equity Fund. He was named co-portfolio manager of Ivy Emerging Markets Equity Fund and appointed vice president in 2017. Mr. Kapoor joined Waddell & Reed in 2008 as an equity investment analyst. He was appointed assistant vice president in 2013. His research responsibilities are concentrated in the global internet industry. Mr. Kapoor was a member of the Core Equity team from 2014 to 2017, serving as assistant portfolio manager of Ivy Core Equity Fund, Ivy VIP Core Equity, Waddell & Reed Advisors Core Investment Fund and core equity institutional accounts. Prior to joining Waddell & Reed, Mr. Kapoor was a 2007 summer associate at JPMorgan Chase & Co. where he worked on the trading floor with the structured credit and asset-backed securities desks. Mr. Kapoor earned a Bachelor of Technology in Production and Industrial Engineering from the Indian Institute of Technology (IIT-Delhi) in 2002. He earned an MBA from The Johnson School at Cornell University in 2008. At Cornell he was a portfolio manager of the student-run Cayuga Fund covering ADRs. Mr. Kapoor is a CFA charterholder. He is a member of the CFA Institute and the CFA Society of Kansas City.Aditya Kapoor, CFA Ivy Investment Management Company 12 2

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.

The MSCI information may only be used for your internal use, may not be reproduced or repurposed in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, salability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com) Source: MSCI.

Index Description: MSCI Emerging Markets is an unmanaged index comprised of securities that represent large and mid-cap companies within emerging market countries. 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.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, 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, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.58%; Class B shares at 2.50%; and Class I shares and Class N shares at 0.99%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 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 T shares and Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end 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.

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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