Waddell & Reed

Fund Detail

Delaware Ivy Large Cap Growth Fund
Class A Shares

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Fund Facts
Ticker Symbol WLGAX
CUSIP 466000627
Fund Code 667
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 12/31/2021) $6.5 bil
Total Equity Holdings (as of 12/31/2021) 38
Total Holdings (as of 12/31/2021) 39
Portfolio Turnover Rate (as of 3/31/2021) 23%
Lipper Category Large-Cap Growth Funds
Morningstar Category Large Growth
Benchmarks Russell 1000 Growth TR USD
Daily Prices
as of 1/14/2022
Net Asset Value (NAV) $32.29
NAV Change ($) $0.01
NAV Change (%) 0.03%
Weekly NAV Change ($) $0.00
Weekly NAV Change (%) 0.00%
Public Offering Price (POP) $34.26
Historical Prices & Distributions
Please select a date
Fund Description

Seeking quality growth companies with competitive advantages


Consistent Philosophy
Long-term focus of owning enduring business models over multi-year periods.
Sustainable Process
Seeks durable, competitively advantaged companies capable of participating in rising markets, weathering disruption and mitigating loss.
Disciplined Construction
Emphasis on fundamental, active stock selection driving risk and return over time through a portfolio that typically holds 35-50 companies.
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 1/31/2022
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV N/A N/A N/A N/A N/A N/A
Fund at Offer* N/A N/A N/A N/A N/A N/A
Russell 1000 Growth TR USD -8.58% 17.51% 26.44% 22.28% 18.03% 7.05%
Lipper Large-Cap Growth Funds N/A N/A N/A N/A N/A 4.98%
Quarterly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 12/31/2021
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 30.17% 30.17% 32.43% 25.06% 18.61% 9.80%
Fund at Offer* 25.61% 25.61% 30.87% 24.17% 18.18% 9.62%
Russell 1000 Growth TR USD 27.60% 27.60% 34.08% 25.32% 19.79% 7.53%
Lipper Large-Cap Growth Funds N/A N/A N/A N/A N/A 4.63%
Expense Ratios
as of 7/29/2021
Net 0.98%
Gross 0.98%
Growth of a $10,000 Investment
through 12/31/2021
 Large Cap Growth A
 Russell 1000 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: Large-Cap Growth Funds
  Rank Percentile
1 Year 95 / 632 16
3 Year 143 / 579 25
5 Year 147 / 525 28
10 Year 167 / 415 41

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

Morningstar Ratings
as of 1/31/2022
Category: Large Growth
Overall (out of 1125 Large Growth)
3 Year (out of 1125 Large Growth)
5 Year (out of 1017 Large Growth)
10 Year (out of 769 Large Growth)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 12/31/2021)
Domestic Common Stock 97.58%
Foreign Common Stock 2.01%
Cash and Cash Equivalents 0.41%
Sector Allocation
(as a % of equity holdings as of 12/31/2021)
Information Technology 47.7%
Communication Services 12.7%
Consumer Discretionary 12.5%
Health Care 11.6%
Industrials 9.3%
Financials 3.6%
Consumer Staples 2.6%
Equity Country Allocation
(as a % of equity holdings as of 12/31/2021)
United States 98.0%
Italy 2.0%
Top 10 Equity Holdings
(as a % of net assets as of 12/31/2021)
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. 12.16%
Apple Inc., together with subsidiaries, designs, manufactures, and markets personal computers, mobile communication devices, and portable digital music and video players, as well as sells various related software, services, peripherals, and networking solutions worldwide. Apple, Inc. 8.86%
Amazon.com, Inc. operates as an online retailer in North America and internationally.Amazon.com, Inc. 6.50%
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 5.62%
NVIDIA Corp. 4.33%
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 4.13%
Motorola Solutions, Inc. 4.04%
VeriSign, Inc. 3.75%
UnitedHealth Group is a diversified health and well-being company offering a spectrum of products and services serving consumers, employers, physicians, providers, hospitals and other caregivers.UnitedHealth Group, Inc. 3.37%
Facebook, Inc. operates as a social networking company worldwide. It builds various tools that enable users to connect, share, discover, and communicate with each other on mobile devices and computers.Facebook, Inc., Class A 2.84%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 12/31/2021)
Top 10 Industry Allocation
(as a % of equity holdings as of 12/31/2021)
Systems Software 12.2%
Interactive Media & Services 10.1%
Technology Hardware, Storage & Peripherals 8.9%
Data Processing & Outsourced Services 7.8%
Application Software 6.7%
Internet & Direct Marketing Retail 6.5%
Research & Consulting Services 5.4%
Semiconductors 4.3%
Communications Equipment 4.1%
Internet Services & Infrastructure 3.8%
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
Bradley M. Klapmeyer is senior vice 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 June 2007 as an investment analyst and was appointed assistant portfolio manager on the large-capitalization growth team at IICO in September 2011. He was appointed to portfolio manager in 2016. He graduated from Truman State University in 1999 with a bachelor's degree in finance and a minor in economics.Bradley M. Klapmeyer, CFA Delaware Management Company 22 6
Brad Angermeier is portfolio manager of the large-cap growth product suite of mutual funds and institutional accounts. He has been portfolio manager since 2021. Mr. Angermeier joined the organization in 2017 as an equity investment analyst. His research responsibilities were concentrated in consumer discretionary, financials, and industrials sectors. Prior to joining the firm, Mr. Angermeier was an equity research analyst at Kornitzer Capital Management in Mission, KS. From 2009 to 2013, he was with Columbia Threadneedle Investments (fka Columbia Management), first serving as a fixed income research analyst in Minneapolis, MN and then as a co-portfolio manager in Boston, MA. Mr. Angermeier graduated in 2003 from Indiana University, Kelley School of Business with a BS; double major in Finance and Accounting. He earned an MBA from the University of Wisconsin, Wisconsin School of Business in 2009. Mr. Angermeier is a CFA charter holder. He is a member of the CFA Institute and the CFA Society Kansas City.Brad Angermeier, CFA Delaware Management Company 13 <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 Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It is not possible to invest directly in an index.

All third-party marks cited are the property of their respective owners.

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.

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.

Co-portfolio Manager Daniel P. Becker, CFA, left the firm effective April 12, 2018

Ivy Tax-Managed Equity Fund merged into Ivy Large Cap Growth Fund on Nov. 5, 2018.

The Fund’s investment manager, Delaware Management Company (Manager), may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited, to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

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 A shares at 1.04%; Class B shares at 1.83%; Class E shares at 1.10%; Class I shares and Class R6 shares at 0.64%; and Class Y shares at 1.05%. 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.

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.

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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