Waddell & Reed

Fund Detail

Ivy Managed International Opportunities Fund
Class A Shares

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Fund Facts
Ticker Symbol IVTAX
CUSIP 465898229
Fund Code 695
Fund Type Global/International
Fund Inception 4/2/2007
Class Inception 4/2/2007
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 10/31/2019) $181.0 mil
Portfolio Turnover Rate (as of 3/31/2019) 71%
Lipper Category International Multi-Cap Core
Morningstar Category Foreign Large Blend
Benchmarks MSCI ACWI Ex USA NR USD
Daily Prices
as of 11/11/2019
Net Asset Value (NAV) $10.70
NAV Change ($) ($0.02)
NAV Change (%) -0.19%
Weekly NAV Change ($) ($0.01)
Weekly NAV Change (%) -0.09%
Public Offering Price (POP) $11.35
Historical Prices & Distributions
Please select a date
Fund Description

Improve your mix of overseas investments


Streamlined approach
Participate in potential growth around the world through international asset allocation in a single mutual fund.
Diversified portfolio
Seeks to provide a diversified portfolio of international equities and fixed-income securities by investing in six international and global mutual funds from Ivy Funds.
Investment discipline
May be right for long-term investors seeking to benefit from a well-defined, consistent investment mix for international portfolio diversification.
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 14.19% 8.17% 6.32% 3.33% 4.77% 2.72%
Fund with 5.75% sales charge 7.66% 1.97% 4.24% 2.12% 4.14% 2.24%
MSCI ACWI Ex USA NR USD 15.45% 11.27% 8.07% 3.82% 4.94% 2.33%
Lipper International Multi-Cap Core 15.23% 9.23% 6.91% 3.43% 5.09% 1.62%
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 10.51% -4.65% 4.57% 2.66% 4.20% 2.47%
Fund with 5.75% sales charge 4.19% -10.16% 2.52% 1.46% 3.58% 1.99%
MSCI ACWI Ex USA NR USD 11.56% -1.23% 6.33% 2.90% 4.46% 2.07%
Lipper International Multi-Cap Core 11.47% -2.92% 5.02% 2.58% 4.47% 1.36%
Expense Ratios
as of 7/31/2019
Net 1.35%
Gross 1.37%
Growth of a $10,000 Investment
through 10/31/2019
 Managed International Opportunities A
 MSCI ACWI Ex USA 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: International Multi-Cap Core
  Rank Percentile
1 Year 278 / 423 66
3 Year 250 / 369 68
5 Year 170 / 294 58
10 Year 139 / 200 70

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

Morningstar Ratings
as of 10/31/2019
Category: Foreign Large Blend
Overall (out of 620 Foreign Large Blend)
3 Year (out of 620 Foreign Large Blend)
5 Year (out of 489 Foreign Large Blend)
10 Year (out of 365 Foreign Large Blend)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 10/31/2019)
Foreign Common Stock 87.90%
Domestic Common Stock 8.60%
Cash and Cash Equivalents 3.50%
Underlying Fund Composition
(as a % of net assets as of 10/31/2019)
Ivy International Core Equity 35.0 %
Ivy Pzena International Value 20.0 %
Ivy Emerging Markets Equity 14.7 %
Ivy International Small Cap 10.4 %
Ivy Global Equity Income 10.0 %
Ivy Global Growth 9.6 %
Sector Allocation
(as a % of equity holdings as of 10/31/2019)
Financials 17.6%
Industrials 13.7%
Consumer Discretionary 13.6%
Information Technology 10.6%
Health Care 9.6%
Consumer Staples 9.5%
Energy 8.8%
Communication Services 6.6%
Materials 5.3%
Real Estate 2.4%
Utilities 2.3%
Equity Country Allocation
(as a % of equity holdings as of 10/31/2019)
Japan 13.7%
United Kingdom 13.3%
France 10.1%
United States 8.9%
China 7.5%
Germany 6.9%
Switzerland 6.0%
Netherlands 3.8%
South Korea 3.4%
Brazil 2.6%
Taiwan 2.3%
Canada 2.3%
Hong Kong 2.1%
Italy 2.1%
India 2.1%
Norway 1.5%
Singapore 1.5%
Ireland 1.4%
Russia 1.4%
Australia 1.3%
Denmark 1.2%
Spain 0.9%
Sweden 0.7%
South Africa 0.6%
Luxembourg 0.5%
Vietnam 0.3%
Isle Of Man 0.3%
Belgium 0.3%
Finland 0.3%
Indonesia 0.3%
Mexico 0.2%
Macau 0.2%
Austria 0.1%
Poland 0.1%
Portfolio Allocation Ranges
(as of the most recent prospectus)
  Low High
Ivy International Core Equity Fund 0.0% 60.0%
Ivy Pzena International Value Fund 0.0% 60.0%
Ivy Global Growth Fund 0.0% 60.0%
Ivy Global Equity Income Fund 0.0% 60.0%
Ivy International Small Cap Fund 0.0% 60.0%
Ivy Emerging Markets Equity Fund 0.0% 60.0%
Top 10 Industry Allocation
(as a % of equity holdings as of 10/31/2019)
Diversified Banks 9.2%
Pharmaceuticals 7.3%
Integrated Oil & Gas 4.6%
Automobile Manufacturers 4.4%
Internet & Direct Marketing Retail 4.0%
Packaged Foods & Meats 3.1%
Technology Hardware, Storage & Peripherals 2.6%
Aerospace & Defense 2.5%
Semiconductors 2.4%
Trading Companies & Distributors 2.4%
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
John Maxwell is co-portfolio manager of the international core equity product suite of mutual funds and institutional accounts. He has held portfolio manager responsibilities for the firm's international core equity strategy since 2006. Mr. Maxwell also has been a co-portfolio manager of the Ivy Managed International Opportunities Fund since 2016. Mr. Maxwell joined Waddell & Reed in 1998 as an equity investment analyst and has held several roles in the firm. As an equity analyst he followed industries in the consumer discretionary, consumer staples, information technology and telecom services sectors. He had been an assistant portfolio manager on the Value product suite, a portfolio manager of the Ivy Global Income Allocation Fund, and a co-portfolio manager of the Ivy Global Equity Income Fund. He joined the International team in 2004. Prior to joining Waddell & Reed, Mr. Maxwell held positions with Fort Washington Investment Advisors, Procter & Gamble, and the White House Special Programs Office. He was a U.S. Army Reserve Officer. Mr. Maxwell graduated from the University of Kentucky in 1985 with a BS in Mechanical Engineering. He earned an MBA with an emphasis in Finance from The Johnson School at Cornell University in 1992.John C. Maxwell, CFA Ivy Investment Management Company 27 3
Aaron Young has been co-portfolio manager of Ivy Managed International Opportunities Fund, Ivy VIP Pathfinder Portfolios and InvestEd Portfolios since 2016. Mr. Young is also a member of the firm’s Investment Risk Management group. Named to the team in 2017, his extensive quantitative research capabilities add depth to the firm’s risk management and portfolio analytics resources. Mr. Young joined the organization in 2005 as a fixed income investment analyst with an emphasis in credit research and derivative securities. He joined the Asset Strategy team as an investment analyst in 2007 and was named assistant portfolio manager of Ivy and Ivy VIP Asset Strategy Funds in 2012. He covered brokers, asset managers and exchanges as an equity investment analyst during 2008. He was appointed assistant vice president in 2012 and vice president in 2014. Mr. Young graduated with honors in 2000 with a BA in Philosophy from the University of Missouri. He earned an MBA with a concentration in Finance and Strategy from the Olin School of Business, Washington University in St. Louis in 2005.Aaron D. Young Ivy Investment Management Company 14 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.

The MSCI ACWI ex USA Index captures large and mid-cap representation across 22 of 23 Developed Markets (DM) countries (excluding the U.S.) and 24 Emerging Markets (EM) countries. The index covers approximately 85% of the global equity opportunity set outside the U.S. It is not possible to invest directly in an index.

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.

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 0.49%; Class B shares at 1.40%; Class C shares at 1.29%; Class I shares at 0.16%; Class R shares at 0.72%; and Class Y shares at 0.38%. 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 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 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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