Waddell & Reed

Fund Detail

Ivy Small Cap Core Fund
Class A Shares

Please select a fund and share class

Fund Facts
Ticker Symbol IYSAX
CUSIP 465898435
Fund Code 645
Fund Type Domestic Equity
Fund Inception 1/31/1997
Class Inception 1/31/1997
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 10/31/2019) $699.3 mil
Total Equity Holdings (as of 10/31/2019) 62
Total Holdings (as of 10/31/2019) 66
Portfolio Turnover Rate (as of 3/31/2019) 119%
Lipper Category Small-Cap Core Funds
Morningstar Category Small Blend
Benchmarks Russell 2000 TR USD
Daily Prices
as of 11/11/2019
Net Asset Value (NAV) $17.59
NAV Change ($) $0.04
NAV Change (%) 0.23%
Weekly NAV Change ($) $0.05
Weekly NAV Change (%) 0.29%
Public Offering Price (POP) $18.66
Historical Prices & Distributions
Please select a date
Fund Description

Concentrated approach seeking the best blend between value and growth small-cap stocks


Conviction
Fund holds a limited number of stocks, allowing the portfolio management team to interact with company management and for the best ideas to drive performance.
Focus on performance catalysts
The portfolio management team focuses on identifying inflection points in company fundamentals. The team believes that with inexpensive stocks it is important to wait and see if a company’s fundamentals stabilize/inflect before fully entering a position.
Diversification & balance
Fund strives to participate in up markets while attempting to keep downdraft effects to a minimum. With a concentrated portfolio, this can be accomplished by focusing on diversification and making sure there is a balance between stable value names and higher risk/reward names. Diversification does not ensure a profit or protect against loss in a declining market.
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 16.66% 3.22% 9.45% 8.09% 11.16% 8.87%
Fund with 5.75% sales charge 9.93% -2.72% 7.30% 6.81% 10.51% 8.59%
Russell 2000 TR USD 17.18% 4.90% 10.96% 7.37% 12.27% 7.98%
Lipper Small-Cap Core Funds 16.73% 4.69% 8.93% 6.08% 11.22% 8.79%
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 17.00% -6.79% 8.19% 8.80% 10.74% 8.92%
Fund with 5.75% sales charge 10.25% -12.15% 6.08% 7.51% 10.08% 8.63%
Russell 2000 TR USD 14.18% -8.89% 8.23% 8.19% 11.19% 7.89%
Lipper Small-Cap Core Funds 14.58% -7.35% 7.00% 6.79% 10.50% 8.69%
Expense Ratios
as of 7/31/2019
Net 1.39%
Gross 1.42%
Growth of a $10,000 Investment
through 10/31/2019
 Small Cap Core A
 Russell 2000 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 10/31/2019
Category: Small-Cap Core Funds
  Rank Percentile
1 Year 616 / 934 66
3 Year 366 / 830 45
5 Year 103 / 676 16
10 Year 272 / 491 56

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

Morningstar Ratings
as of 10/31/2019
Category: Small Blend
Overall (out of 640 Small Blend)
3 Year (out of 640 Small Blend)
5 Year (out of 510 Small Blend)
10 Year (out of 371 Small Blend)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 10/31/2019)
Domestic Common Stock 90.69%
Foreign Common Stock 6.47%
Cash and Cash Equivalents 2.84%
Sector Allocation
(as a % of equity holdings as of 10/31/2019)
Financials 18.3%
Industrials 16.3%
Consumer Discretionary 13.7%
Health Care 11.6%
Information Technology 9.7%
Real Estate 7.2%
Consumer Staples 5.4%
Communication Services 5.4%
Materials 5.0%
Energy 4.1%
Utilities 3.5%
Equity Country Allocation
(as a % of equity holdings as of 10/31/2019)
United States 93.3%
United Kingdom 3.9%
Monaco 1.5%
Netherlands 1.3%
Top 10 Equity Holdings
(as a % of net assets as of 10/31/2019)
Nomad Foods is a UK-headquartered frozen foods company.Nomad Foods Ltd. 3.78%
Cardtronics plc provides automated consumer financial services through its network of ATMs and multi-function financial services kiosks. Cardtronics plc, Class A 3.49%
Chemed Corporation provides hospice and palliative care services to patients through a network of physicians, registered nurses, home health aides, social workers, clergy, and volunteers in the U.S.Chemed Corp. 3.49%
MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the U.S.MGIC Investment Corp. 3.06%
Encompass Health Corp. 2.97%
Visteon Corporation (Visteon) is a global supplier of climate, electronics, interiors and lighting systems, modules and components to global automotive original equipment manufacturers (OEMs). The Company operates in five segments: Climate, Electronics, Interiors, Lighting and Services.Visteon Corp. 2.93%
Grand Canyon Education, Inc. provides online postsecondary education services in the United States. It focuses on offering graduate and undergraduate degree programs in education, business, and healthcare disciplines.Grand Canyon Education, Inc. 2.80%
Vonage Holdings Corp. provides communication services through cloud-connected devices for both business and consumer clients. The company was founded in 2000 and is headquartered in Holmdel, NJ.Vonage Holdings Corp. 2.74%
Webster Financial Corp. operates as the bank and financial holding company for Webster Bank, National Association that provides financial services to individuals, families, and businesses in the U.S.Webster Financial Corp. 2.72%
Switch, Inc., Class A 2.67%
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)
Industrial Machinery 6.7%
Packaged Foods & Meats 5.4%
Alternative Carriers 5.4%
Regional Banks 5.3%
Data Processing & Outsourced Services 5.0%
Health Care Equipment 4.6%
Property & Casualty Insurance 3.7%
Health Care Services 3.6%
Industrial REITs 3.5%
Thrifts & Mortgage Finance 3.2%

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 Russell 2000 Index is an index measuring the performance approximately 2,000 small-cap companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. 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 I shares and Class N shares at 0.89%. 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, 2019, 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 T shares and 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.

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.

Financial Advisor Opportunities
Corporate Careers