Waddell & Reed

Fund Detail

Ivy International Small Cap Fund
Class A Shares

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Fund Facts
Ticker Symbol IVJAX
CUSIP 46600A682
Fund Code 678
Fund Type Global/International
Fund Inception 1/10/2017
Class Inception 1/10/2017
Fiscal Year End September
Dividends Paid December
Fund Assets (as of 10/31/2019) $173.0 mil
Total Equity Holdings (as of 10/31/2019) 84
Total Holdings (as of 10/31/2019) 86
Portfolio Turnover Rate (as of 9/30/2018) 60%
Lipper Category International Small-/Mid-Cap Growth Funds
Morningstar Category Foreign Small/Mid Growth
Benchmarks MSCI EAFE Small Cap NR USD
Daily Prices
as of 11/11/2019
Net Asset Value (NAV) $12.18
NAV Change ($) $0.04
NAV Change (%) 0.33%
Weekly NAV Change ($) $0.05
Weekly NAV Change (%) 0.41%
Public Offering Price (POP) $12.92
Historical Prices & Distributions
Please select a date
Fund Description

An international gateway to small cap opportunities


Sound philosophy
Seeks small-cap companies across the international landscape that exhibit perceived growth at a reasonable price.
Fundamental + Thematic
Fund employs a proprietary, fundamentally driven stock selection process while incorporating a top-down view for thematic drivers.
Proven manager
Mackenzie Investments Europe Limited, the Fund's subadvisor, has managed international small cap strategies since 2002. The portfolio management team has more than 60 years industry 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 18.58% 11.11% N/A N/A N/A 7.54%
Fund with 5.75% sales charge 11.77% 4.74% N/A N/A N/A 5.29%
MSCI EAFE Small Cap NR USD 17.14% 8.82% 8.55% 7.39% 8.12% 8.61%
Lipper International Small-/Mid-Cap Growth Funds 17.10% 8.79% 7.99% 5.81% 8.44% 8.56%
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 11.90% -5.92% N/A N/A N/A 5.51%
Fund with 5.75% sales charge 5.47% -11.33% N/A N/A N/A 3.24%
MSCI EAFE Small Cap NR USD 12.05% -5.93% 5.94% 6.02% 7.45% 7.12%
Lipper International Small-/Mid-Cap Growth Funds 12.76% -6.09% 5.54% 4.86% 7.81% 7.34%
Expense Ratios
as of 1/31/2019
Net 1.45%
Gross 1.54%
Growth of a $10,000 Investment
through 10/31/2019

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: International Small-/Mid-Cap Growth Funds
  Rank Percentile
1 Year 69 / 226 31

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

Holdings
Portfolio Composition
(as a % of net assets as of 10/31/2019)
Foreign Common Stock 97.78%
Cash and Cash Equivalents 2.22%
Sector Allocation
(as a % of equity holdings as of 10/31/2019)
Industrials 22.0%
Consumer Discretionary 15.4%
Real Estate 12.3%
Information Technology 12.2%
Financials 9.4%
Communication Services 8.0%
Health Care 7.0%
Consumer Staples 5.7%
Materials 5.1%
Energy 2.8%
Equity Country Allocation
(as a % of equity holdings as of 10/31/2019)
Japan 37.2%
United Kingdom 16.4%
France 8.4%
Ireland 6.9%
Switzerland 5.4%
Singapore 4.2%
Germany 3.5%
Australia 3.0%
Isle Of Man 2.7%
Hong Kong 2.1%
Spain 2.1%
Luxembourg 1.7%
Netherlands 1.3%
South Korea 1.3%
Belgium 1.2%
Austria 1.1%
Canada 0.7%
Poland 0.5%
Norway 0.4%
Top 10 Equity Holdings
(as a % of net assets as of 10/31/2019)
Future plc is a British media company founded in 1985. It publishes more than 50 magazines in fields such as video games, technology, films, music, photography, home and knowledge. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.Future plc 2.33%
Teleperformance is a multinational company headquartered in France. The company specializes in outsourced omnichannel customer experience management.Teleperformance SE 2.14%
Rubis is a France-based international company specializing in the storage, distribution and sale of petroleum, liquefied petroleum gas, food and chemical products. Rubis Group 2.07%
Logitech International S.A. is a Swiss-Italian provider of personal computer and mobile peripherals, with its headquarters in Lausanne, Switzerland and administrative headquarters in Newark, California.Logitech International S.A., Registered Shares 2.03%
SCSK Corporation provides a variety of IT services including system solutions, software development, and data center and communication network management. The Company sells packaged software and network equipment and develops software for distribution, manufacturing, and financial systems among others. SCSK handles infrastructure software as well.SCSK Corp. 1.94%
TechnoPro Holdings, Inc., engages in the provision of technician dispatch and contracting business related to machinery, electrical, electronic, embedded control, software development and maintenance, biochemistry, and construction management. The company was founded in 2006 and is headquartered in Tokyo, Japan.TechnoPro Holdings, Inc. 1.92%
DISCO Corporation is a Japanese precision tools maker, especially for the semiconductor production industry. DISCO Corp. 1.89%
Sixt SE 1.83%
 ARTERIA Networks Corporation offers cloud, data center, internet connection, virtual private network construction, mobile connection and other services to customers in Japan.ARTERIA Networks Corp. 1.79%
Manulife US Real Estate Investment Trust invests in real estate properties. The Company focuses on office properties located in the Unites States.Manulife U.S. REIT 1.76%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 6/30/2019)
Top 10 Industry Allocation
(as a % of equity holdings as of 10/31/2019)
Industrial Machinery 5.0%
Real Estate Operating Companies 3.8%
Auto Parts & Equipment 3.7%
Semiconductor Equipment 3.3%
Industrial REITs 3.1%
Pharmaceuticals 3.1%
Trucking 3.0%
Construction Machinery & Heavy Trucks 3.0%
Office Services & Supplies 2.7%
Restaurants 2.7%
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
Martin Fahey brings 30 years of experience and a broad European and international scope to the investment decision making process and fund management at Mackenzie Investments Europe Limited (Mackenzie Europe). As Head of European Equities, Mr. Fahey is responsible for overseeing the investment process of all European mandates. He is the portfolio manager for Investors European Equity Fund, Investors European Mid-Cap Equity Fund, Investors International Small Cap Class and Ivy International Small Cap Fund. Prior to joining Mackenzie Europe in 1993, he held various investment management positions at AMP Asset Management and United Friendly Insurance. A native of Ireland, Mr. Fahey is a CFA® charterholder and has also successfully completed the International Investment Management Research exam. He earned his Bachelor of Commerce and Master of Business Studies (Honors) degree at University College Galway.Martin Fahey, CFA Mackenzie Investments Europe Limited 31 2
Bryan Mattei brings 12 years of experience in the investment management industry to Mackenzie Investments Europe Limited (Mackenzie Europe) and is located in Mackenzie Investments Asia Limited Hong Kong office. As portfolio manager, Mr. Mattei focuses on the Asian small cap sector with a particular emphasis on Japan. He is co-portfolio manager of Investors International Small Cap Fund and Ivy International Small Cap Fund, where he is focused on developed markets in Asia, and Investors Pan Asian Equity Fund. Prior to joining Mackenzie Europe in 2013, Mr. Mattei was Head of Research for Cantor Fitzgerald in Ireland. Before this he was equity fund manager in the Wealth Management division of IBRC in Dublin where he managed the Japan Equity Fund and the European Equity Fund. He was co-manager of both the Large Cap M&A and Long/Short Equity funds. Originally from the U.S., Mr. Mattei is a CFA® charterholder. He earned his BS magna cum laude from Boston College, Carroll School of Management and also studied business, economics and social sciences at the University of Dublin, Trinity College.Bryan Mattei, CFA Mackenzie Investments Europe Limited 13 2
Seamus Kelly has over 19 years of investment management experience, managing equity and multi-asset portfolios. Mr. Kelly joined Mackenzie Investments Europe Limited (Mackenzie Europe) in 2014 and is located in the firm's Dublin office. Mr. Kelly is a portfolio manager on the International Small Cap team and also has co-portfolio management responsibilities for Investors European Equity Fund. As of January 2018, Mr. Kelly was named a co-portfolio manager to the Ivy International Small Cap Fund. He previously worked closely with the team providing market insight and research support. Prior to joining Mackenzie Europe, Mr. Kelly worked for Merrion Investment Management, as Senior Investment Manager with primary responsibility for Merrion's flagship Managed Fund, a global multi-asset fund. Mr. Kelly has a Bachelor of Business Studies, Economics & Finance degree from the University of Limerick, a Master of Science in Investment and Treasury degree from Dublin City University and a Diploma in Technical Analysis from the U.K. Society of Technical Analysts.Seamus Kelly Mackenzie Investments Europe Limited 21 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.

The MSCI EAFE Small Cap Index is an equity index which captures small cap representation across developed markets and countries around the world, excluding the US and Canada. It is not possible to invest in an index.

Fee Waiver and/or Expense Reimbursement: Through January 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 1.45%. 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 share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2020, IICO, the Fund’s investment manager, IDI, the Fund’s distributor, and/or 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) for the Fund’s 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.

Fee Waiver and/or Expense Reimbursement: Through January 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.

Effective Feb. 21, 2019, the name of the Fund changed from Ivy IG International Small Cap Fund to Ivy International Small Cap Fund.

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.

Information is subject to change and is not intended to represent any past or future investment recommendations.

Effective Feb. 21, 2019, the name of the sub-adviser changed from I.G. International Management Limited to Mackenzie Investments Europe Limited. Mackenzie Investments Europe Limited delegates to its subsidiary, Mackenzie Investments Asia Limited, for additional portfolio management responsibilities. References to Mackenzie Investments Europe Limited include both entities.

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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