Waddell & Reed

Fund Detail

Ivy Securian Real Estate Securities Fund
Class A Shares

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Fund Facts
Ticker Symbol IRSAX
CUSIP 465898476
Fund Code 648
Fund Type Specialty Funds
Fund Inception 2/25/1999
Class Inception 2/25/1999
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 10/31/2019) $440.7 mil
Total Equity Holdings (as of 10/31/2019) 47
Total Holdings (as of 10/31/2019) 49
Portfolio Turnover Rate (as of 3/31/2019) 69%
Lipper Category Real Estate Funds
Morningstar Category Real Estate
Benchmarks FTSE NAREIT Equity REITs Index
Daily Prices
as of 11/11/2019
Net Asset Value (NAV) $25.82
NAV Change ($) $0.05
NAV Change (%) 0.19%
Weekly NAV Change ($) ($0.68)
Weekly NAV Change (%) -2.57%
Public Offering Price (POP) $27.40
Historical Prices & Distributions
Please select a date
Fund Description

Building a foundation for financial goals


Wide exposure
Seeks to provide total return through capital appreciation and current income via publicly traded real estate securities in North America; does not directly invest in real estate.
Investment focus
Investments are diversified by region, property sector and security with a focus on what portfolio managers consider high-quality, well-managed companies.
Disciplined process
A disciplined, bottom-up, fundamental process covers the spectrum of commercial real estate with a focus on risk management using proprietary systems and research.
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 26.34% 22.52% 8.44% 7.14% 12.28% 10.09%
Fund with 5.75% sales charge 19.08% 15.46% 6.33% 5.88% 11.62% 9.77%
FTSE NAREIT Equity REITs Index 28.69% 23.70% 9.96% 8.48% 13.71% 10.96%
Lipper Real Estate Funds 28.41% 23.40% 9.30% 7.67% 12.89% 10.38%
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 24.40% 16.94% 5.94% 8.96% 11.61% 10.05%
Fund with 5.75% sales charge 17.25% 10.22% 3.87% 7.68% 10.95% 9.73%
FTSE NAREIT Equity REITs Index 26.96% 18.42% 7.36% 10.26% 13.04% 10.93%
Lipper Real Estate Funds 26.28% 17.24% 6.96% 9.22% 12.20% 10.34%
Expense Ratios
as of 7/31/2019
Net 1.44%
Gross 1.54%
12-Month Trailing Distribution Yield
as of 10/31/2019
NAV 1.22%
With sales charge 1.16%
Annualized 30-Day SEC Yield
as of 10/31/2019
Subsidized 0.93%
Unsubsidized 0.74%
Growth of a $10,000 Investment
through 10/31/2019
 Securian Real Estate Securities A
 FTSE NAREIT Equity REITs Index

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: Real Estate Funds
  Rank Percentile
1 Year 181 / 260 70
3 Year 156 / 227 69
5 Year 131 / 200 66
10 Year 99 / 134 74

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

Morningstar Ratings
as of 10/31/2019
Category: Real Estate
Overall (out of 224 Real Estate)
3 Year (out of 224 Real Estate)
5 Year (out of 200 Real Estate)
10 Year (out of 137 Real Estate)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 10/31/2019)
Domestic Common Stock 98.54%
Cash and Cash Equivalents 1.46%
Sector Allocation
(as a % of equity holdings as of 10/31/2019)
Real Estate 100.0%
Equity Country Allocation
(as a % of equity holdings as of 10/31/2019)
United States 100.0%
Top 10 Equity Holdings
(as a % of net assets as of 10/31/2019)
Equinix, Inc. is an American public corporation that provides carrier-neutral data centers and internet exchanges to enable interconnection.Equinix, Inc. 5.50%
Prologis, Inc., is a real estate investment trust (REIT) company. The company is engaged in logistics real estate business. The company's segments include Real Estate Operations and Strategic Capital with a focus on markets across the United States, the Americas, Europe and Asia.ProLogis, Inc. 5.25%
Alexandria is the largest and leading office REIT uniquely focused on collaborative science and technology campuses in urban innovation clusters.Alexandria Real Estate Equities, Inc. 4.56%
AvalonBay Communities, Inc. engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in the United States.AvalonBay Communities, Inc. 4.37%
Digital Realty Trust, Inc., a real estate investment trust (REIT), through its controlling interest in Digital Realty Trust, L.P., engages in the ownership, acquisition, development, redevelopment, and management of technology-related real estate.Digital Realty Trust, Inc. 4.24%
Duke Realty Corporation owns interests in industrial, office, and medical office properties across the Southeastern, Midwestern, and Southern United States. The Company provides leasing, property and asset management, acquisition, development, construction, build-to-suit, and other related services.Duke Realty Corp. 4.19%
Invitation Homes, Inc. 3.74%
HCP, Inc. (HCP) is a real estate investment trust (REIT). The Company invests primarily in real estate serving the healthcare industry in the United States.HCP, Inc. 3.50%
Sun Communities, Inc. is a real estate investment trust that currently owns and operates a portfolio of manufactured housing communities primarily in the midwest and southeast U.S.Sun Communities, Inc. 3.12%
VICI Properties, Inc. 3.08%
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 10/31/2019)
Residential REITs 25.1%
Specialized REITs 24.2%
Office REITs 12.1%
Health Care REITs 11.6%
Industrial REITs 10.9%
Retail REITs 10.1%
Diversified REITs 4.0%
Hotel & Resort REITs 2.2%
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
Lowell Bolken co-manages the Securian Real Estate Securities portfolios. His experience in the real estate market includes property management, leasing, negotiating sales and placement of financed debt. Mr. Bolken received a BA in Computer Science from the University of North Dakota in 1985. He earned an MBA in Real Estate and Financial Markets from Columbia University in 1989. He is a CFA charterholder and a member of the National Association of Real Estate Investment Trusts (NAREIT).Lowell R. Bolken, CFA Securian Asset Management, Inc. (Sub-Adviser) 28 13
Matthew Richmond leads the Securian Real Estate Equity team and oversees the management of Securian real estate securities and passive equity portfolios. He is the lead portfolio manager for the Securian Real Estate Securities portfolios. He joined Securian in 2013. Mr. Richmond has been active in the industry since 1994, with a focus on real estate investment trusts (REITs) and private real estate equities throughout his career. Mr. Richmond received a BS in Business Administration, Finance from the University of Nebraska and an MBA in Finance from the University of Iowa. He is a member of the National Association of Real Estate Investment Trusts (NAREIT) and serves on the Advisory Board of the University of Wisconsin Applied Real Estate Securities Program.Matthew K. Richmond Securian Asset Management, Inc. (Sub-Adviser) 25 5
Josh Klaetsch provides fundamental and qualitative research on publicly traded real estate companies and related entities for the purpose of recommending purchase and sale of securities. As a member of the Real Estate Securities team, he is responsible for the investment performance of portfolios within the strategy. Mr. Klaetsch received a BA in Economics and Business Management from Luther College. He earned his MBA in Real Estate from the University of Wisconsin. He is a CFA charterholder, a member of the CFA Institute, the CFA Society of Minnesota and the University of Wisconsin Real Estate Alumni Association.Josh Klaetsch Securian Asset Management, Inc. (Sub-Adviser) 13 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.

Index Description: The FTSE NAREIT Equity REITs Index is designed to present investors with a comprehensive family of REIT performance indexes that spans the commercial real estate space across the U.S. economy. The FTSE NAREIT Equity REITs index contains all Equity REITs not designated as Timber REITs or Infrastructure REITs. It is not possible to invest directly in an index.

The Advantus Real Estate Securities Fund merged into the Ivy Real Estate Securities Fund on Dec. 8, 2003. The performance shown for periods prior to this date is that of the Advantus Real Estate Securities Fund Class A shares, restated to reflect current sales charges applicable to Ivy Real Estate Securities Fund Class A shares. Performance has not been restated to reflect the fees and expenses applicable to the Ivy Real Estate Securities Fund. If these expenses were reflected, performance shown would differ.

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, has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.10% of average daily net assets. Prior to that date, the reduction may not be terminated without the consent of the Board of Trustees (Board). 

Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, IICO, 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 E shares at 1.42%. Prior to that date, the expense limitation may not be terminated without the consent of the 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 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.

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.

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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