Waddell & Reed

Fund Detail

Ivy PineBridge High Yield Fund
Class A Shares

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Fund Facts
Ticker Symbol IPNAX
CUSIP 46600A310
Fund Code 650
Fund Type Fixed Income Funds
Fund Inception 5/18/2017
Class Inception 5/18/2017
Fiscal Year End September
Dividends Paid Monthly
Fund Assets (as of 10/31/2019) $103.9 mil
Total Holdings (as of 10/31/2019) 186
Portfolio Turnover Rate (as of 9/30/2018) 81%
Lipper Category High Current Yield Funds
Morningstar Category High Yield Bond
Benchmarks Bloomberg Barclays U.S. Corporate High-Yield Bond
Daily Prices
as of 11/11/2019
Net Asset Value (NAV) $9.87
NAV Change ($) $0.00
NAV Change (%) 0.00%
Weekly NAV Change ($) ($0.01)
Weekly NAV Change (%) -0.10%
Public Offering Price (POP) $10.47
Historical Prices & Distributions
Please select a date
Fund Description

Seeking total return through high current income and capital appreciation


Flexibility
A flexible credit product with a unique approach to investing in the high-yield sector.
Focused
As part of the investment process, applies a strong focus on relative value through a proprietary credit rating system.
Experience
Combined, the portfolio management team at PineBridge has over 50 years experience with the company.
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 12.48% 8.39% N/A N/A N/A 4.40%
Fund with 5.75% sales charge 5.97% 2.11% N/A N/A N/A 1.92%
Bloomberg Barclays U.S. Corporate High-Yield Bond 11.71% 8.38% 6.03% 5.18% 7.78% 5.04%
Lipper High Current Yield Funds 10.99% 7.54% 5.27% 4.14% 6.68% 4.32%
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 12.25% 6.27% N/A N/A N/A 4.48%
Fund with 5.75% sales charge 5.75% 0.13% N/A N/A N/A 1.90%
Bloomberg Barclays U.S. Corporate High-Yield Bond 11.41% 6.36% 6.07% 5.37% 7.94% 5.10%
Lipper High Current Yield Funds 10.76% 5.50% 5.25% 4.29% 6.82% 4.38%
Expense Ratios
as of 1/31/2019
Net 1.00%
Gross 1.11%
12-Month Trailing Distribution Yield
as of 10/31/2019
NAV 5.18%
With sales charge 4.89%
Annualized 30-Day SEC Yield
as of 10/31/2019
Subsidized 4.20%
Unsubsidized 4.15%
Ratings and Rankings
Lipper Rankings
as of 10/31/2019
Category: High Current Yield Funds
  Rank Percentile
1 Year 161 / 494 33

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)
Corporate Bonds 90.86%
Cash and Cash Equivalents 8.96%
Asset-Backed Securities 0.18%
Quality
(as a % of bond holdings as of 10/31/2019)
BBB 7.4 %
BB 47.0 %
B 39.0 %
CCC 6.6 %

Quality: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Maturity
(as a % of bond holdings as of 10/31/2019)
<1 Year 7.9 %
1-5 Years 27.3 %
5-10 Years 62.2 %
10-20 Years 2.6 %
>20 Years 0.1 %
Average Maturity 3.95 years
Effective Duration 3.19 years

Average maturity and effective duration include bonds, cash and cash equivalents.

Fixed Income Country Allocation
(as a % of bond holdings as of 10/31/2019)
United States 85.1%
Canada 4.6%
Luxembourg 2.7%
Ireland 2.3%
Australia 1.4%
France 1.2%
Netherlands 1.1%
United Kingdom 1.1%
Cayman Islands 0.6%
Top 10 Holdings
(as a % of net assets as of 10/31/2019)
Sysco Corp., 1.8%, 11/1/2019 3.40%
Sprint Corp., 7.9%, 9/15/2023 2.87%
CSC Holdings LLC, 5.5%, 4/15/2027 1.92%
HCA, Inc. (GTD by HCA Holdings, Inc.), 5.4%, 2/1/2025 1.46%
Netflix, Inc., 4.9%, 6/15/2030 1.36%
Diamond 1 Finance Corp. and Diamond 2 Finance Corp., 6.0%, 6/15/2026 1.29%
CenturyLink, Inc., 7.5%, 4/1/2024 1.25%
Numericable - SFR S.A., 7.4%, 5/1/2026 1.06%
Kennedy-Wilson, Inc. (GTD by Kennedy-Wilson Holdings, Inc, 5.9%, 4/1/2024 1.04%
GW B-CR Security Corp., 9.5%, 11/1/2027 0.99%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 9/30/2019)
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
John Yovanovic, CFA PineBridge Investments (Sub-adviser) 19 2
Dan Purser PineBridge Investments (Sub-adviser) 24 2
Jeremy Burton, CFA PineBridge Investments (Sub-adviser) 16 2

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: The Bloomberg Barclays US Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on Barclays EM country definition, are excluded.

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 1.00% and Class I and Class N shares at 0.72%. 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.

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.

30-Day SEC Yield: is calculated based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.

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.

Quality: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

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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