Waddell & Reed

Fund Detail

Ivy Mid Cap Growth Fund
Class A Shares

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Fund Facts
Ticker Symbol WMGAX
CUSIP 466000577
Fund Code 668
Fund Type Domestic Equity
Fund Inception 6/30/2000
Class Inception 6/30/2000
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 11/30/2019) $5.0 bil
Total Equity Holdings (as of 11/30/2019) 62
Total Holdings (as of 11/30/2019) 74
Portfolio Turnover Rate (as of 3/31/2019) 38%
Lipper Category Mid-Cap Growth Funds
Morningstar Category Mid-Cap Growth
Benchmarks Russell Mid Cap Growth TR USD
Daily Prices
as of 12/6/2019
Net Asset Value (NAV) $28.24
NAV Change ($) $0.22
NAV Change (%) 0.79%
Weekly NAV Change ($) ($0.10)
Weekly NAV Change (%) -0.35%
Public Offering Price (POP) $29.96
Historical Prices & Distributions
Please select a date
Fund Description

Quality growth, seeking it in the middle


Progressive but prudent
Building a progressive portfolio of leading mid-cap growth companies while following a prudent approach.
Sustainable business models
Investing in U.S. mid-cap companies demonstrating profitability, balance sheet strength and attractive valuations.
All growth is not equal
Evaluating valuations and growth to identify Greenfield Growth, Stable Growth and Unrecognized Growth.
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 11/30/2019
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 35.86% 23.01% 19.83% 11.38% 14.00% 8.39%
Fund with 5.75% sales charge 28.06% 15.95% 17.48% 10.06% 13.32% 8.06%
Russell Mid Cap Growth TR USD 33.90% 21.75% 17.04% 11.28% 14.79% 6.21%
Lipper Mid-Cap Growth Funds 32.08% 19.41% 16.43% 10.82% 13.60% 6.94%
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 27.33% 5.25% 17.24% 11.32% 13.16% 8.10%
Fund with 5.75% sales charge 20.02% -0.80% 14.95% 10.01% 12.50% 7.76%
Russell Mid Cap Growth TR USD 25.23% 5.20% 14.50% 11.12% 14.08% 5.89%
Lipper Mid-Cap Growth Funds 24.19% 2.68% 14.28% 10.62% 12.88% 6.68%
Expense Ratios
as of 7/31/2019
Net 1.21%
Gross 1.25%
Growth of a $10,000 Investment
through 11/30/2019
 Mid Cap Growth A
 Russell Mid Cap Growth TR 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 11/30/2019
Category: Mid-Cap Growth Funds
  Rank Percentile
1 Year 107 / 406 27
3 Year 47 / 368 13
5 Year 125 / 340 37
10 Year 111 / 266 42

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

Morningstar Ratings
as of 11/30/2019
Category: Mid-Cap Growth
Overall (out of 558 Mid-Cap Growth)
3 Year (out of 558 Mid-Cap Growth)
5 Year (out of 495 Mid-Cap Growth)
10 Year (out of 384 Mid-Cap Growth)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 11/30/2019)
Domestic Common Stock 94.32%
Foreign Common Stock 4.35%
Cash and Cash Equivalents 1.33%
Sector Allocation
(as a % of equity holdings as of 11/30/2019)
Information Technology 27.4%
Consumer Discretionary 19.9%
Health Care 19.4%
Industrials 17.2%
Financials 6.3%
Materials 4.4%
Communication Services 3.9%
Consumer Staples 1.4%
Equity Country Allocation
(as a % of equity holdings as of 11/30/2019)
United States 95.6%
Brazil 1.7%
Canada 1.5%
United Kingdom 1.2%
Top 10 Equity Holdings
(as a % of net assets as of 11/30/2019)
CoStar Group, Inc. provides information, analytics, and online marketplaces services to the commercial real estate industry in the U.S., Canada, the U.K., and France. CoStar Group, Inc. 3.43%
Electronic Arts Inc. develops, markets, publishes, and distributes game software content and services for video game consoles, personal computers, mobile phones, and tablets.Electronic Arts, Inc. 2.88%
Chipotle Mexican Grill, Inc. is a chain of restaurants in the United States, United Kingdom, Canada, Germany, and France, specializing in Mission burritos and tacos.Chipotle Mexican Grill, Inc., Class A 2.85%
MarketAxess Holdings Inc. is an international financial technology company that operates an electronic trading platform for the institutional credit markets, and also provides market data and post-trade services.MarketAxess Holdings, Inc. 2.63%
TransUnion is an American consumer credit reporting agency. TransUnion collects and aggregates information on over one billion individual consumers in over thirty countries including "200 million files profiling nearly every credit-active consumer in the United States". Its customers include over 65,000 businesses.TransUnion 2.50%
Tractor Supply Company operates a retail farm store chain in the United States. The company provides farm maintenance products, animal products, general maintenance products, lawn and garden products, light truck equipment, work clothing, and other products.Tractor Supply Co. 2.43%
Keysight Technologies, or Keysight, is an American company that manufactures electronics test and measurement equipment and software.Keysight Technologies, Inc. 2.35%
Teradyne, Inc. provides automatic test equipment worldwide. The company operates in three segments: Semiconductor Test, Systems Test Group, and Wireless Test.Teradyne, Inc. 2.31%
Guidewire Software, Inc. 2.26%
Zoetis Inc. engages in the discovery, development, manufacture, and commercialization of animal health medicines and vaccines for livestock and companion animals worldwideZoetis, Inc. 2.21%
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 11/30/2019)
Health Care Equipment 8.6%
Semiconductors 6.6%
Specialty Stores 6.0%
Research & Consulting Services 6.0%
Application Software 4.9%
Restaurants 4.6%
Industrial Machinery 4.4%
Electronic Equipment & Instruments 3.8%
Systems Software 3.6%
Financial Exchanges & Data 3.3%
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
Kim Scott is co-portfolio manager of the mid cap growth product suite of mutual funds and institutional accounts. She has been portfolio manager of Ivy Mid Cap Growth Fund since 2001 and of Ivy VIP Mid Cap Growth since 2005. She has been co-portfolio manager of Ivy Mid Cap Income Opportunities Fund since 2014. She assumed co-portfolio manager responsibilities for the mid cap growth product suite in 2016. Ms. Scott joined the organization in 1999 as an equity investment analyst. She was appointed assistant vice president in 2000. She was appointed vice president in 2001 and senior vice president in 2004. Prior to joining the firm, Ms. Scott served in various levels of research positions throughout her career affiliated with the following companies: Bartlett & Company, NBD Bank, Johnson Investment Counsel, Inc. and the University of Cincinnati Medical Center. Her primary responsibilities included fundamental analysis of companies and equities for mutual funds, separate accounts, and personal trusts. Through this experience, Ms. Scott provided sector coverage for consumer non-durables, technology, retail, food and beverage, and tobacco. Ms. Scott graduated from the University of Kansas in 1982 with a BS in Microbiology. She earned an MBA in Finance from the University of Cincinnati in 1987. Ms. Scott is a CFA charterholder. She is a member of the CFA Institute and the CFA Society of Kansas City.Kimberly A. Scott, CFA Ivy Investment Management Company 32 18
Nathan Brown is co-portfolio manager of the mid cap growth product suite of mutual funds and institutional accounts. He has been co-portfolio manager of Ivy Mid Cap Income Opportunities Fund since 2014. He had been assistant portfolio manager of Ivy Mid Cap Growth Fund and Ivy VIP Mid Cap Growth since 2011. He was named co-portfolio manager of the mid cap growth product suite in 2016. Mr. Brown joined the organization in 2003 as an equity investment analyst. He was appointed assistant vice president in 2010 and vice president in 2014. Prior to joining the firm, Mr. Brown interned with Morgan Keegan. From 1999 to 2001 he completed five rotations at General Electric-Aircraft Engine's financial management program. In 1999 he was a securities analyst for Krause Fund, where his responsibilities were concentrated in the utilities sector. Mr. Brown graduated with honors from the University of Iowa, Henry B. Tippie School of Business in 1999 with a BBA in Finance. He earned an MBA with an emphasis in Finance and Accounting from Vanderbilt University, Owen Graduate School of Management in 2003. Mr. Brown is a CFA charterholder. He is a member of the CFA Institute and the CFA Society of Kansas City.Nathan A. Brown, CFA Ivy Investment Management Company 20 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: Russell Midcap Growth is an unmanaged index comprised of securities that represent the mid-cap 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 1.31%; Class B shares at 2.09%; Class E shares at 1.28%; and Class I shares and Class N shares at 0.79%. 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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