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Ivy Core Equity Fund

  • $16.08 NAV as of 12/13/2019
  • ($-0.02) / -0.12% Daily NAV Change
  • 29.03% YTD (NAV)


Building a well-rounded portfolio

Stock selection stems from uncovering multi-year earnings catalysts that appear underappreciated by the market in companies believed to have strong or strengthening competitive advantages. Fund focuses on both company-specific and thematic earnings catalysts.
A concentrated portfolio of domestic companies that generally invests across the valuation and large- to mid-cap spectrum opportunistically. The goal is a portfolio of companies expected to produce long-term earnings power above expectations.
Experienced management
The portfolio manager has 20 years of industry experience, which includes 12 years of managing the Fund. He began his career as a research analyst covering a wide range of industries from technology and transportation to aerospace/defense and retail/apparel.

Fund explores both company-specific and theme investing

Ivy Core Equity Fund Theme Investing

For illustration purposes only. This information contains the opinions of the firm, which are subject to change without notice and should not be considered as investment advice, a recommendation to purchase or sell a specific security or as indicative of the investment performance of the Ivy Core Equity Fund. Any securities discussed do not represent the entire portfolio, but rather a small percentage of the portfolio’s holdings. It should not be assumed that any securities transactions or holdings discussed are or will prove to be profitable or that investment decisions made in the future will be profitable. See back for a list of the Fund’s top 10 equity holdings as of 09/30/2015.

Morningstar Style Box

Source: Morningstar

Portfolio Management

Erik R. Becker, CFA

  • Ivy Investment Management Company
  • 13 Years with Fund
  • 21 Years in Industry
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Erik Becker is portfolio manager of Ivy Core Equity Fund, Ivy VIP Core Equity and core equity institutional accounts. He has been a member of the Core Equity team since 2003 and served as coportfolio manager of the strategy from 2006 to 2018. Mr. Becker joined the organization in 1999 as an equity investment analyst. He was named assistant portfolio manager of Ivy Core Equity Fund and Ivy VIP Core Equity in 2003. He was appointed assistant vice president in 2004, vice president in 2006 and senior vice president in 2009. Mr. Becker had previously been a teaching assistant with the University of Wisconsin-Madison. He taught undergraduate and graduate students in both introductory and advanced finance courses. He was affiliated with Nicholas Company, Inc. as a research analyst intern in 1998, where he developed buy and sell recommendations for equity securities, performed due diligence on existing holdings and interviewed management teams and analysts. Mr. Becker graduated from the University of Wisconsin-Madison with a BBA in Finance in 1997 and a Masters of Science in Finance in 1999. He was affiliated with the Applied Security Analysis Program as one of a group of students selected to manage a $1.9 million portfolio. Mr. Becker is a CFA charterholder. He is a member of the CFA Institute and the CFA Society Kansas City.

Growth of a $10,000 Investment
through 11/30/2019

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.



Quarterly Fund Commentary

Daily Prices as of 12/13/2019

Net Asset Value (NAV) $16.08
Daily NAV Change ($) ($-0.02) -0.12%
Weekly NAV Change ($) $-1.43 -8.17%
Public Offering Price (POP) $16.08

Fund Facts

Ticker Symbol ICIEX
CUSIP 466000163
Fund Code 470
Fund Type Domestic Equity
Fund Inception 9/21/1992
Class Inception 4/2/2007
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 11/30/2019) $4.2 bil
Total Equity Holdings (as of 11/30/2019) 50
Total Holdings (as of 11/30/2019) 54
Portfolio Turnover Rate (as of 3/31/2019) 97%
Morningstar Category Large Growth
Lipper Category Large-Cap Core Funds
Benchmark S&P 500 TR USD


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.

Class I shares are sold without any front-end sales load or contingent deferred sales charges.

Monthly Rates of Return

Average Annual Total Returns as of 11/30/2019
(Returns for periods of less than 1-yr are not annualized)
S&P 500 TR USD 27.63% 16.11% 14.88% 10.98% 13.44%
Fund at NAV 28.06% 16.70% 14.10% 8.71% 12.60% 9.05%
Morningstar Large Growth 28.57% 17.63% 17.33% 11.35% 13.49%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2019
(Returns for periods of less than 1-yr are not annualized)
Morningstar Large Growth 20.54% 1.87% 14.62% 11.04% 13.13%
S&P 500 TR USD 20.55% 4.25% 13.39% 10.84% 13.24%
Fund at NAV 21.54% 4.01% 11.90% 8.35% 12.20% 8.72%

Calendar Year Return

Indexes 2014
Class I -4.34 20.80 3.74 -0.43 9.46
S&P 500 TR USD -4.38 21.83 11.96 1.38 13.69

Morningstar Ratings as of 11/30/2019 Morningstar Logo

Category: Large Growth
Ratings are based on risk-adjusted returns
Overall out of 1223
3 Year out of 1223
5 Year out of 1089
10 Year out of 817

Morningstar Ranking as of 11/30/2019 Morningstar Logo

Category: Large Growth
Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar Category based on average annual total return and number of Funds in that Category. The Morningstar Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same Category, where 1% = Best and 100% = Worst.
1 Year 817/1363 60
3 Year 1017/1223 83
5 Year 963/1089 87
10 Year 608/817 71

Expense Ratios as of 7/31/2019

Net 0.81%
Gross 0.81%

5-Year Standard Deviation as of 11/30/2019

S&P 500 TR USD 11.96

5-Year MPT* Statistics as of 11/30/2019

*Modern Portfolio Theory
Alpha -2.40
Beta 1.04
R-Squared 92.52
Sharpe Ratio 0.59
Capture Ratio Upside: 97.96%
Downside: 114.43%


Historical Prices Inception 4/2/2007

12/2/2019 $17.30 NO NO
12/3/2019 $17.18 NO NO
12/4/2019 $17.29 NO NO
12/5/2019 $17.35 NO NO
12/6/2019 $17.51 NO NO
12/9/2019 $17.42 NO NO
12/10/2019 $17.42 NO NO
12/11/2019 $17.49 NO NO
12/12/2019 $16.10 YES YES
12/13/2019 $16.08 NO NO

Historical Distributions Inception 4/2/2007

12/12/2019 $0.1131 Long: $1.350 Short: $0.071 $16.1 12/12/2019
12/13/2018 $0.1269 Long: $1.655 Short: $0.253 $14.3 12/13/2018
12/14/2017 $0.0245 Long: $0.193 Short: $0.010 $16.15 12/14/2017
12/12/2017 $0.044 Long: $0.000 Short: $0.000 $16.48 12/12/2017
10/10/2017 $0.044 Long: $0.700 Short: $0.000 $15.72 10/10/2017
12/8/2016 $0.0915 Long: $0.435 Short: $0.009 $14.58 12/8/2016
12/10/2015 $0.019 Long: $0.804 Short: $0.206 $14.39 12/10/2015

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this fund's selected share class. NAV is the amount per share you would receive if you sold shares that day.

12-Month Trailing Dist. Yield as of 11/30/2019

NAV 0.65%
With Sales Charge 0.65%


Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 11/30/2019

Large ( > $10 bil) 100.0%
Medium ($2 - $10 bil) 0.0%
Small ( < $2 bil) 0.0%
Median Market Cap (as of 11/30/2019) $99.4 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 11/30/2019

Other Diversified Financial Services 7.9%
Systems Software 6.4%
Data Processing & Outsourced Services 6.0%
Aerospace & Defense 5.4%
Internet & Direct Marketing Retail 5.0%
Hypermarkets & Super Centers 4.7%
Health Care Equipment 4.2%
Interactive Media & Services 4.1%
Managed Health Care 4.0%
Technology Hardware, Storage & Peripherals 3.6%

Sector Allocation
as a % of equity assets as of 11/30/2019

Information Technology 25.50%
Financials 17.12%
Communication Services 11.20%
Consumer Discretionary 11.10%
Industrials 10.61%
Health Care 9.56%
Consumer Staples 6.91%
Materials 3.05%
Energy 2.87%
Utilities 2.08%

Portfolio Composition
as a % of net assets as of 11/30/2019

Domestic Common Stock 95.15%
Foreign Common Stock 4.47%
Cash and Cash Equivalents 0.38%

Equity Country Allocation
as a % of equity assets as of 11/30/2019

United States 95.5%
China 2.4%
United Kingdom 2.1%

Total Portfolio Holdings

Updated quarterly, upon availability.

Risk Factors: The value of the Fund’s shares will change, and you could lose money on your investment. Because the Fund is generally invested in a small number of stocks, the performance of any one security held by the Fund will have a greater impact than if the Fund were invested in a larger number of securities. Although larger companies tend to be less volatile than companies with smaller market capitalizations, returns on investments in securities of large capitalization companies could trail the returns on investments in securities of smaller companies. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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.

Index Description: S&P 500 - An unmanaged index of common 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 distribut or, 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 1.04%; Class B shares at 2.13%; Class E shares at 1.02%; and Class I shares and Class Y shares at 0.84%. 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, 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 N shares and Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class I shares and Class A shares, respectively, 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.

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.

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.

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.

Alpha, Beta, R-Squared, Standard Deviation, Sharpe Ratio and Capture Ratio are 5 year statistics. Alpha is a measure of a fund's actual returns and expected performance, given its level of risk (as measured by beta). Beta reflects the sensitivity of the fund's return to fluctuations in the market index. R-squared indicates how much of a fund's fluctuations were attributable to movements in the fund's benchmark. Standard deviation is a measure of how volatile a fund's returns are. Sharpe ratio is a measure of a fund's risk-adjusted performance. Capture ratio reflects the annualized product of fund vs. index returns for all months in which the index had a positive return (upside capture) or negative return (downside capture).

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.

Gus Zinn, CFA, served as a portfolio manager on the Fund until Dec. 3, 2018.

YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.