Waddell & Reed

Fund Detail

Delaware Ivy Asset Strategy Fund
Class A Shares

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Fund Facts
Ticker Symbol WASAX
CUSIP 466000759
Fund Code 606
Fund Type Specialty Funds
Fund Inception 4/20/1995
Class Inception 7/10/2000
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 10/31/2021) $2.7 bil
Total Equity Holdings (as of 10/31/2021) 67
Total Holdings (as of 10/31/2021) 192
Portfolio Turnover Rate (as of 3/31/2021) 40%
Lipper Category Alternative Global Macro Funds
Morningstar Category World Allocation
Benchmarks MSCI ACWI Index
Daily Prices
as of 12/6/2021
Net Asset Value (NAV) $26.37
NAV Change ($) $0.22
NAV Change (%) 0.84%
Weekly NAV Change ($) ($0.09)
Weekly NAV Change (%) -0.34%
Public Offering Price (POP) $27.98
Historical Prices & Distributions
Please select a date
Fund Description

Providing flexibility and discipline in changing markets


Global reach
Fund seeks a rate of return competitive with that of global equities with a reduced level of volatility over a full market cycle. It blends an Equity Sleeve of global equity securities and a Diversifying Sleeve of fixed income, U.S. Treasuries, precious metals, commodities and cash.
Flexible allocations
Fund is not limited by region or asset class and has flexible ranges of 50%-80% of assets for the Equity Sleeve, with a long-term target of about 65%; and 20%-50% for the Diversifying Sleeve, with a long-term target of about 35%.
Risk aware
Portfolio managers target a level of expected total risk equaling 70%-90% of the risk represented in the Fund’s benchmark.
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 11/30/2021
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 10.33% 15.35% 12.97% 11.42% 7.06% 7.64%
Fund at Offer* 6.47% 11.30% 11.64% 10.63% 6.68% 7.46%
MSCI ACWI Index 13.98% 19.27% 15.96% 13.99% 11.39% 5.68%
Lipper Alternative Global Macro Funds N/A N/A N/A N/A N/A 4.59%
Quarterly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 9/30/2021
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 8.22% 20.92% 10.25% 10.54% 8.11% 7.61%
Fund at Offer* 4.43% 16.69% 8.96% 9.75% 7.73% 7.43%
MSCI ACWI Index 11.12% 27.44% 12.58% 13.20% 11.90% 5.60%
Lipper Alternative Global Macro Funds N/A N/A N/A N/A N/A 4.50%
Expense Ratios
as of 7/29/2021
Net 1.11%
Gross 1.11%
12-Month Trailing Distribution Yield
as of 10/31/2021
NAV 1.87%
With sales charge 1.76%
Annualized 30-Day SEC Yield
as of 10/31/2021
Subsidized 0.82%
Unsubsidized 0.82%
Growth of a $10,000 Investment
through 11/30/2021
 Asset Strategy A
 MSCI ACWI 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 11/30/2019
Category: Alternative Global Macro Funds
  Rank Percentile
1 Year 28 / 215 13
3 Year 10 / 198 6
5 Year 109 / 181 60
10 Year 34 / 81 42

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

Morningstar Ratings
as of 10/31/2021
Category: World Allocation
Overall (out of 401 World Allocation)
3 Year (out of 401 World Allocation)
5 Year (out of 351 World Allocation)
10 Year (out of 233 World Allocation)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 10/31/2021)
Domestic Common Stock 37.29%
Foreign Common Stock 32.76%
Corporate Bonds 14.61%
Precious Metals 5.45%
Senior Loans 3.78%
Government Bonds 2.84%
Cash and Cash Equivalents 1.62%
Other Government Securities 1.20%
Mortgage-Backed Securities 0.32%
Preferred Stock 0.07%
Asset-Backed Securities 0.04%
Other Financial Instruments 0.02%
Sector Allocation
(as a % of equity holdings as of 10/31/2021)
Information Technology 23.1%
Industrials 17.8%
Financials 14.3%
Health Care 13.8%
Communication Services 9.7%
Consumer Discretionary 7.7%
Consumer Staples 6.4%
Energy 5.1%
Utilities 1.6%
Materials 0.6%
Equity Country Allocation
(as a % of equity holdings as of 10/31/2021)
United States 53.3%
Germany 8.8%
France 6.6%
India 5.5%
Canada 4.3%
United Kingdom 4.1%
Switzerland 3.1%
Japan 2.8%
China 2.5%
Netherlands 2.2%
South Korea 1.7%
Hong Kong 1.5%
Taiwan 1.4%
Denmark 1.4%
Italy 1.0%
Fixed Income Country Allocation
(as a % of bond holdings as of 10/31/2021)
United States 55.7%
United Kingdom 11.6%
Switzerland 5.6%
Italy 4.9%
Mexico 4.3%
Argentina 4.3%
Luxembourg 2.1%
Netherlands 1.6%
Brazil 1.5%
Japan 1.3%
Australia 1.1%
Hong Kong 1.0%
China 0.9%
Saudi Arabia 0.7%
British Virgin Islands 0.7%
Cayman Islands 0.6%
France 0.6%
Bermuda 0.6%
Malaysia 0.3%
Peru 0.3%
Finland 0.2%
Panama 0.2%
Top 10 Equity Holdings
(as a % of net assets as of 10/31/2021)
Microsoft Corporation is a multinational computer technology corporation that develops, manufactures, licenses and supports a wide range of software products for computing devices.Microsoft Corp. 3.70%
Alphabet Inc through its subsidiary Google Inc is engaged in improving the ways people connect with information & products including Search, Android, YouTube, Apps, Maps & Ads. It also produces internet-connected home devices & provides internet services.Alphabet, Inc., Class A 2.53%
Intuit Inc. provides business and financial management solutions for small and medium-sized businesses, consumers, accounting professionals, financial institutions. Its products and services simplify small business management and payroll processing, personal finance, tax preparation and filing.Intuit, Inc. 2.23%
Merck KGaA 1.73%
Adobe Inc., commonly known as Adobe, is an American multinational computer software company.Adobe, Inc. 1.70%
Ingersoll-Rand, Inc. 1.69%
Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. It also owns a petroleum refinery in India that produces a wide range of products such as gasoline, superior kerosene oil and liquefied petroleum gas.Reliance Industries Ltd. 1.67%
Amazon.com, Inc. operates as an online retailer in North America and internationally.Amazon.com, Inc. 1.63%
Visa Inc. operates retail electronic payments network worldwide. It facilitates commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses, and government entities.Visa, Inc., Class A 1.58%
ORIX Corp. 1.57%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 9/30/2021)
Quality
(as a % of bond holdings as of 10/31/2021)
Government Bonds 12.4 %
NonRated 0.2 %
AA 1.7 %
A 3.2 %
BBB 13.2 %
BB 36.7 %
B 18.2 %
CCC 12.7 %
Below CCC 1.7 %

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 10/31/2021)
<1 Year 0.1 %
1-5 Years 28.2 %
5-10 Years 30.9 %
10-20 Years 8.4 %
>20 Years 32.4 %
Average Maturity 8.12 years
Effective Duration 4.03 years

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

Top 10 Industry Allocation
(as a % of equity holdings as of 10/31/2021)
Application Software 5.6%
Systems Software 5.3%
Pharmaceuticals 5.2%
Interactive Media & Services 4.9%
Technology Hardware, Storage & Peripherals 4.5%
Integrated Telecommunication Services 4.1%
Railroads 4.1%
Data Processing & Outsourced Services 3.9%
Health Care Equipment 3.7%
Biotechnology 3.4%
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
F. Chace Brundige is senior vice president and portfolio manager for Ivy Investments, now part of Macquarie Asset Management’s Delaware Management Company. He joined Macquarie Asset Management as part of the firm’s April 30, 2021 acquisition (Transaction) of the investment management business of Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company (IICO), the former investment advisor of the Transaction Funds. In 2003, he joined IICO as an assistant portfolio manager for the large-capitalization growth equity team, became a portfolio manager for investment companies managed by IICO (or its affiliates) in February 2006. He holds a bachelor's degree in finance from Kansas State University and has earned an MBA with an emphasis in finance and accounting from the University of Chicago Graduate School of Business.Chace Brundige, CFA Delaware Management Company 28 <1
Aaron D. Young is vice president and portfolio manager for Ivy Investments, now part of Macquarie Asset Management’s Delaware Management Company. He joined Macquarie Asset Management as part of the firm’s April 30, 2021 acquisition (Transaction) of the investment management business of Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company (IICO), the former investment advisor of the Transaction Funds. He joined IICO in 2005 as a fixed income analyst with an emphasis in credit research and derivative securities. He joined the Asset Strategy team at IICO as an investment analyst in 2007. He had served as an assistant portfolio manager for investment companies managed by IICO (or its affiliates) since 2012 and has been a portfolio manager on the multi-asset investment team since 2016. He earned a bachelor's degree in philosophy from the University of Missouri and holds an MBA with an emphasis in finance and strategy from the Olin School of Business at Washington University.Aaron D. Young Delaware Management Company 16 <1
Stefan Löwenthal is the chief investment officer for Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), a role he assumed in February 2013. He heads the global multi asset team based in Vienna, which is responsible for all asset allocation and security selection decisions, the management of mutual funds, as well as the development of new investment strategies. In addition, Löwenthal oversees the investment policy committee, which is responsible for strategic investment decisions at MIMAK. He began his career with Macquarie in February 2008 as a portfolio manager. He holds a Master of Management Science from Vienna University of Economics and Business. Löwenthal is a lecturer for economics at the IMC University of applied sciences in Krems (Austria) and the Qiongzhou University in Sanya (China).Stefan Löwenthal, CFA MIMAK (Sub-Advisor) 14 <1
Jürgen Wurzer rejoined Macquarie Investment Management Austria Kapitalanlage AG (MIMAK) in April 2018 as deputy head of portfolio management for the firm’s global multi asset team based in Vienna. Prior to that, he worked at Erste Asset Management as a senior fund manager on the multi asset management team, where he worked from September 2016 to March 2018. Wurzer previously worked at MIMAK from January 2007 to August 2016, leaving the firm as senior investment manager on the global multi asset team. He graduated from University of Applied Sciences Wiener Neustadt with a master’s degree. Wurzer is a lecturer for asset allocation, quantitative finance, portfolio, and risk management at several educational institutions.Jürgen Wurzer, CFA MIMAK (Sub-Advisor) 16 <1

[1917052]


Significant Event On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the appointment of Macquarie Investment Management Austria Kapitalanlage AG portfolio managers Stefan Löwenthal and Jürgen Wurzer and Aaron D. Young of Delaware Management Company (DMC) to join F. Chace Brundige of DMC as Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies. All changes took effect on or about November 15, 2021.

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: Investing involves risk, including the possible loss of principal. 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. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund. IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance. 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.

The Morningstar World Allocation Category compares funds that seek to provide both capital appreciation and income by investing in stocks, bonds, and cash. While these funds may invest globally, most focus on the United States, Canada, Japan, and the larger markets in Europe. It is rare for such funds to invest more than 10% of their assets in emerging markets, and typically have at least 10% of their assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non-US stocks or bonds.

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 MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.The MSCI ACWI consists of 46 country indexes comprising 23 developed and 23 emerging market country indexes. The developed market country indexes included are: Australia,Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden,Switzerland, the United Kingdom and the United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary,India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey* and United Arab Emirates.

Ivy Global Income Allocation Fund merged into Ivy Asset Strategy Fund on Nov. 5, 2018.

Fee Waiver and/or Expense Reimbursement: Through July 29, 2022, Delaware Management Company (Manager), the Fund’s investment manager, DDLP, and/or WISC 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 0.97%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Effective July 1, 2021, the Maximum Sales Charge (Load) imposed on purchases (as a % of offering price) for Class A shares changed from 3.50% to 5.75%. Additionally, the low balance fee for Class A Shares of the Fund was eliminated and accounts will NOT be assessed an account fee of $20 if the account balance is below $650 at the start of business on the Friday prior to the last full week of September 2020 (i.e., September 18, 2020).

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 product 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.

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.

© 2021 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.

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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