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 4/30/2020) $145.2 mil
Total Equity Holdings (as of 4/30/2020) 85
Total Holdings (as of 4/30/2020) 86
Portfolio Turnover Rate (as of 9/30/2019) 73%
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 6/1/2020
Net Asset Value (NAV) $11.14
NAV Change ($) $0.12
NAV Change (%) 1.09%
Weekly NAV Change ($) $0.64
Weekly NAV Change (%) 6.10%
Public Offering Price (POP) $11.82
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 5/31/2020
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -10.91% 4.10% 0.56% N/A N/A 3.94%
Fund with 5.75% sales charge -16.01% -1.91% -1.39% N/A N/A 2.14%
Lipper International Small-/Mid-Cap Growth Funds N/A N/A N/A N/A N/A 9.38%
Quarterly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 3/31/2020
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -26.11% -15.00% -2.97% N/A N/A -1.73%
Fund with 5.75% sales charge -30.33% -19.91% -4.86% N/A N/A -3.52%
MSCI EAFE Small Cap NR USD -27.52% -18.15% -2.88% 0.97% 4.81% -0.79%
Lipper International Small-/Mid-Cap Growth Funds N/A N/A N/A N/A N/A 7.34%
Expense Ratios
as of 1/31/2020
Net 1.39%
Gross 1.58%
Growth of a $10,000 Investment
through 5/31/2020

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.

Ratings and Rankings
Lipper Rankings
as of 11/30/2019
Category: International Small-/Mid-Cap Growth Funds
  Rank Percentile
1 Year 113 / 221 51

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

Morningstar Ratings
as of 4/30/2020
Category: Foreign Small/Mid Growth
Overall (out of 117 Foreign Small/Mid Growth)
3 Year (out of 117 Foreign Small/Mid Growth)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 4/30/2020)
Foreign Common Stock 99.26%
Cash and Cash Equivalents 0.74%
Sector Allocation
(as a % of equity holdings as of 4/30/2020)
Industrials 16.6%
Information Technology 14.5%
Communication Services 11.8%
Real Estate 11.1%
Consumer Discretionary 9.9%
Health Care 9.0%
Consumer Staples 8.6%
Financials 8.1%
Materials 7.6%
Energy 2.7%
Equity Country Allocation
(as a % of equity holdings as of 4/30/2020)
Japan 36.8%
United Kingdom 15.2%
Ireland 7.8%
France 7.7%
Australia 6.6%
Switzerland 4.9%
Germany 3.6%
Hong Kong 2.6%
Singapore 2.4%
Isle of Man 1.7%
Luxembourg 1.5%
Netherlands 1.4%
Belgium 1.3%
South Korea 1.2%
Poland 1.1%
Spain 0.9%
Italy 0.8%
Canada 0.6%
Norway 0.6%
Jersey 0.5%
Sweden 0.5%
Austria 0.3%
Top 10 Equity Holdings
(as a % of net assets as of 4/30/2020)
Uniphar plc 2.87%
 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. 2.40%
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. 2.24%
SG Holdings, based in Japan, includes subsidiary companies that do business in delivery, logistics, real estate and other areas. SG Holdings Co. Ltd. 2.21%
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. 2.09%
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 2.08%
Games Workshop Group plc 2.06%
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 1.97%
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 1.96%
Steadfast Group Ltd. 1.94%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 12/31/2019)
Top 10 Industry Allocation
(as a % of equity holdings as of 4/30/2020)
Industrial REITs 3.8%
Semiconductor Equipment 3.3%
Construction Machinery & Heavy Trucks 3.0%
Packaged Foods & Meats 3.0%
Health Care Distributors 2.9%
Oil & Gas Storage & Transportation 2.7%
Real Estate Operating Companies 2.7%
Pharmaceuticals 2.5%
Office Services & Supplies 2.5%
Interactive Media & Services 2.5%
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
Martin Fahey brings over 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 32 3
Bryan Mattei brings 13 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 3
Mr. Huhdanmäki has been an Associate Portfolio Manager with Mackenzie Europe since October 2019. He previously was a co-portfolio manager at Nordea Asset Management in Copenhagen from 2012-2019 and was at SEB Asset Management from 2005-2012. Mr. Huhdanmäki earned a Masters of Science Degree (Econ) from the University of Copenhagen.Kalle Huhdanmäki 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.

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.

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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