Waddell & Reed

Fund Detail

Ivy Energy Fund
Class A Shares

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Fund Facts
Ticker Symbol IEYAX
CUSIP 466000395
Fund Code 694
Fund Type Specialty Funds
Fund Inception 4/3/2006
Class Inception 4/3/2006
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 10/31/2019) $241.6 mil
Total Equity Holdings (as of 10/31/2019) 41
Total Holdings (as of 10/31/2019) 42
Portfolio Turnover Rate (as of 3/31/2019) 31%
Lipper Category Natural Resources Funds
Morningstar Category Equity Energy
Benchmarks S&P 1500 Energy TR
Daily Prices
as of 11/11/2019
Net Asset Value (NAV) $7.79
NAV Change ($) ($0.06)
NAV Change (%) -0.76%
Weekly NAV Change ($) ($0.11)
Weekly NAV Change (%) -1.39%
Public Offering Price (POP) $8.27
Historical Prices & Distributions
Please select a date
Fund Description

Take a long-term, diversified approach to energy investing


Experience that counts
Co-portfolio manager David Ginther, CPA, has more than two decades of industry experience and has managed the Fund since inception. He also has 10 years of international experience in the oil industry.
Disciplined process
The Fund focuses on long-term fundamentals and investment in secular change. It seeks to take advantage of global opportunities and manage risk through diversification.
Long-term view
The Fund seeks potential opportunities around the world, including from demand in developing markets such as China and India. Current themes include a focus on U.S. shale oil and supporting companies.
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 -8.27% -32.21% -16.08% -13.90% -3.15% -2.13%
Fund with 5.75% sales charge -13.50% -36.11% -17.72% -14.91% -3.72% -2.56%
S&P 1500 Energy TR 1.47% -14.22% -3.77% -6.19% 2.06% 2.21%
Lipper Natural Resources Funds -1.60% -19.04% -7.82% -10.52% -1.84% -1.60%
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 -5.56% -41.33% -16.75% -14.58% -2.97% -1.93%
Fund with 5.75% sales charge -10.94% -44.73% -18.37% -15.58% -3.54% -2.36%
S&P 1500 Energy TR 4.05% -22.38% -4.05% -6.34% 2.60% 2.41%
Lipper Natural Resources Funds 1.23% -26.98% -8.12% -10.97% -1.75% -1.42%
Expense Ratios
as of 7/31/2019
Net 1.41%
Gross 1.55%
Growth of a $10,000 Investment
through 10/31/2019
 Energy A
 S&P 1500 Energy TR

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: Natural Resources Funds
  Rank Percentile
1 Year 70 / 86 81
3 Year 68 / 81 83
5 Year 56 / 74 75
10 Year 34 / 54 62

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

Morningstar Ratings
as of 10/31/2019
Category: Equity Energy
Overall (out of 89 Equity Energy)
3 Year (out of 89 Equity Energy)
5 Year (out of 80 Equity Energy)
10 Year (out of 57 Equity Energy)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 10/31/2019)
Domestic Common Stock 89.68%
Foreign Common Stock 8.80%
Cash and Cash Equivalents 1.52%
Sector Allocation
(as a % of equity holdings as of 10/31/2019)
Energy 94.0%
Information Technology 3.7%
Industrials 2.3%
Equity Country Allocation
(as a % of equity holdings as of 10/31/2019)
United States 91.1%
Canada 3.8%
United Kingdom 2.2%
Switzerland 1.9%
Netherlands 1.1%
Top 10 Equity Holdings
(as a % of net assets as of 10/31/2019)
Phillips 66 is an independent downstream energy company that operates in refining & marketing, midstream and chemicalsPhillips 66 5.69%
Valero Energy Corp. engages in the manufacture and marketing of transportation fuels and other petrochemical products through Refining and Ethanol segments. The company was founded in 1980 and is headquartered in San Antonio, TX.Valero Energy Corp. 5.33%
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.Marathon Petroleum Corp. 4.87%
Concho Resources Inc., an independent oil and natural gas company, acquires, develops, and explores for oil and natural gas properties in the U.S.Concho Resources, Inc. 4.23%
Pioneer Natural Resources Company (Pioneer) is an independent oil and gas exploration and production company with operations in the United States and South Africa.Pioneer Natural Resources Co. 4.15%
Diamondback Energy Inc. is an independent oil and natural gas company currently focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas.Diamondback Energy, Inc. 3.66%
Wright Express Corp. is a provider of payment processing and information management services to the U.S. commercial and government vehicle fleet industry.Wright Express Corp. 3.63%
Continental Resources, Inc. is an independent crude oil and natural gas exploration and production company with operations in the North, South and East regions of the United States.Continental Resources, Inc. 3.60%
Cactus, Inc., Class A 3.52%
PBF Energy, Inc., Class A 3.36%
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)
Oil & Gas Exploration & Production 34.3%
Oil & Gas Equipment & Services 25.1%
Oil & Gas Refining & Marketing 19.6%
Integrated Oil & Gas 6.1%
Oil & Gas Storage & Transportation 5.4%
Data Processing & Outsourced Services 3.7%
Oil & Gas Drilling 3.5%
Industrial Machinery 2.3%
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
David Ginther is co-portfolio manager of Ivy Energy Fund, Ivy VIP Energy and Ivy Global Investors Energy Fund; and of Ivy Natural Resources Fund and Ivy VIP Natural Resources. He has been portfolio manager of the Energy strategies since 2006 and of the Natural Resources strategies since 2013. He also has been co-portfolio manager of Ivy Focused Energy NextShares, an exchange-traded managed fund, since its inception in 2016. Mr. Ginther joined Waddell & Reed in 1995 as an equity investment analyst. He was named assistant portfolio manager of Waddell & Reed Advisors Core Investment Fund in 1999. He was portfolio manager of Ivy Dividend Opportunities fund and Ivy VIP Dividend Opportunities from 2003 to 2013. He was appointed assistant vice president in 1999 and vice president in 2000. He was appointed senior vice president in 2006. Prior to joining Waddell & Reed, Mr. Ginther was a senior business analyst with Amoco Corporation. He began his career with Amoco in 1986, analyzing natural gas fields in Tulsa. He then moved to Amoco corporate headquarters in Chicago and joined its international operations. From there, he moved to Houston and worked in the Worldwide Exploration Business Unit, including international assignments in Africa. Mr. Ginther graduated from Kansas State University in 1986 with a BS in Accounting. He earned a Certified Public Accountant designation in 1992.David P. Ginther, CPA Ivy Investment Management Company 24 13
Michael Wolverton is co-portfolio manager of Ivy Energy Fund and Ivy VIP Energy, and of Ivy Natural Resources Fund and Ivy VIP Natural Resources. He was named co-portfolio manager of the Energy and Natural Resources strategies in 2016. He had been assistant portfolio manager on those strategies since 2013. He has been co-portfolio manager of Ivy Focused Energy NextShares, an exchange-traded managed fund, since inception in 2016. Mr. Wolverton joined Waddell & Reed in 2005 as an equity investment analyst. He was appointed assistant vice president in 2012 and vice president in 2017. His research responsibilities are concentrated in energy equipment and services, and oil, gas and consumable fuels. From 2003 through 2005 Mr. Wolverton was affiliated with the MBA Investment Fund, LLC as a portfolio manager. In this role, he and his team were responsible for managing three equity and fixed income portfolios totaling $12 million. He held a summer intern position with Waddell & Reed in 2004. Mr. Wolverton graduated from William Jewell College in 1997 with a BS in Accounting. He earned an MBA with an emphasis in Finance from the University of Texas at Austin, McCombs School of Business in 2005. Mr. Wolverton is a CFA charterholder. He is a member of the CFA Institute and the CFA Society of Kansas City.Michael T. Wolverton, CFA Ivy Investment Management Company 15 3

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 1500 Energy Sector is an unmanaged index comprised of securities that represent the energy sector of the stock market. 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 1.41%; Class B shares at 2.29%; Class C shares at 2.11%; and Class I 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 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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