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Ivy Global Equity Income Fund

  • $13.25 NAV as of 10/19/2018
  • ($0.06) / 0.45% Daily NAV Change
  • -3.83% YTD (NAV)

Summary

Seeking growth and income across the globe

Global diversification
Flexibility to invest in stocks trading in most countries around the world in a variety of economic sectors and industries.
Income potential
Seeks income generating securities with favorable prospects for total return.
Experienced management
Portfolio managers have nearly 45 years of industry experience and are supported by more than 70 investment professionals.

Morningstar Style Box

Value
Large
Source: Morningstar

Portfolio Management

Robert Nightingale

  • Ivy Investment Management Company
  • 6 Years with Fund
  • 23 Years in Industry
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Robert Nightingale has been portfolio manager of Ivy European Opportunities Fund since 2013. He is co-portfolio manager of Ivy Global Equity Income Fund and Ivy VIP Global Equity Income since 2018; he has been a portfolio manager of Ivy Global Equity Income Fund since 2012. He is co-portfolio manager of the Global Equity Income Strategy allocation sleeve of Ivy Apollo Multi-Asset Income Fund; he has been a portfolio manager on the fund since 2015. Mr. Nightingale joined the organization in 1996 as an equity investment analyst. He was appointed assistant vice president in 2000. He was named assistant portfolio manager to the International team in 2006. He was appointed vice president in 2009 and senior vice president in 2015. Mr. Nightingale graduated with a BS in Economics in 1987, and earned an MS in Urban and Regional Planning in 1989, from the University of Wisconsin. He earned an MS in Finance from the University of Wisconsin in 1997. While working on his MS in Finance, he interned with Madison Investment Advisors where he covered growth stocks. Prior to enrolling in the MS Finance program, Mr. Nightingale worked for the Wisconsin Department of Development for three years as an economist and planning analyst, where he was a staff analyst for the Governor’s Science & Technology Council. Mr. Nightingale is a member of the CFA Institute.

Christopher Parker

  • Ivy Investment Management Company
  • <1 Year with Fund
  • 23 Years in Industry
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Chris Parker is co-portfolio manager of Ivy Global Equity Income Fund and Ivy VIP Global Equity Income. He was portfolio manager since 2014 of Ivy Dividend Opportunities Fund and Ivy VIP Dividend Opportunities; in 2018, Ivy Dividend Opportunities Fund merged into the Ivy Global Equity Income Fund and Ivy VIP Dividend Opportunities' name and investment strategy changed to Ivy VIP Global Equity Income. He is co-portfolio manager of the Global Equity Income Strategy allocation sleeve of Ivy Apollo Multi-Asset Income Fund since 2018. Mr. Parker joined the organization in 2008 as an equity investment analyst. He was named assistant portfolio manager of Ivy and Ivy VIP Value Funds and of Ivy and Ivy VIP Small Cap Core Funds in 2010. He was portfolio manager of Ivy and Ivy VIP Small Cap Core Funds from 2011 to 2014. He was appointed assistant vice president in 2010 and vice president in 2011. Mr. Parker had been a private investment manager from 2006 through 2007. From 2001 through 2005 he was a vice president in Equity Research at Citigroup Asset Management. Mr. Parker graduated magna cum laude from Boston College, Wallace E. Carroll School of Management, with a BS in Finance in 1995. He earned an MBA with distinction, concentrations in Finance and Management/Strategy, from Northwestern University, Kellogg Graduate School of Management in 2001. While at Kellogg, he was an F.C. Austin Scholar. Mr. Parker is a CFA charterholder and a member of the CFA Institute.

Growth of a $10,000 Investment
through 9/30/2018

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.

Documents

Perspectives

Quarterly Fund Commentary

Daily Prices as of 10/19/2018

Net Asset Value (NAV) $13.25
Daily NAV Change ($) ($0.06) 0.45%
Weekly NAV Change ($) $0.00 0.00%
Public Offering Price (POP) $14.06

Fund Facts

Ticker Symbol IBIAX
CUSIP 465899631
Fund Code 659
Fund Type Global/International
Fund Inception 6/4/2012
Class Inception 6/4/2012
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 9/30/2018) $977.9 mil
Total Equity Holdings (as of 9/30/2018) 57
Total Holdings (as of 9/30/2018) 61
Portfolio Turnover Rate (as of 3/31/2018) 55%
Morningstar Category World Large Stock
Lipper Category Global Equity Income Funds
Benchmark FTSE All-World High Dividend Yield Index
Benchmark MSCI World High Dividend Yield NR USD

Performance

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

Average Annual Total Returns as of 9/30/2018
(Returns for periods of less than 1-yr are not annualized)
 
Fund with 5.75% sales charge -4.70% -0.91% 6.75% 5.20% 8.85%
FTSE All-World High Dividend Yield Index -1.63% 2.53% 10.48% 5.59% 6.52%
Fund at NAV 1.10% 5.10% 8.88% 6.46% 9.87%
MSCI World High Dividend Yield NR USD 1.25% 4.80% 11.00% 6.63% 7.25%
Morningstar World Large Stock 3.69% 8.87% 12.44% 8.24% 8.25%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2018
(Returns for periods of less than 1-yr are not annualized)
 
Fund with 5.75% sales charge -4.70% -0.91% 6.75% 5.20% 8.85%
FTSE All-World High Dividend Yield Index -1.63% 2.53% 10.48% 5.59% 6.52%
Fund at NAV 1.10% 5.10% 8.88% 6.46% 9.87%
MSCI World High Dividend Yield NR USD 1.25% 4.80% 11.00% 6.63% 7.25%
Morningstar World Large Stock 3.69% 8.87% 12.44% 8.24% 8.25%

Calendar Year Return

Indexes 2013
Class A 18.64 4.61 -0.27 2.94 21.49
MSCI World High Dividend Yield NR USD 18.14 9.29 -3.20 2.48 21.91

Morningstar Ratings as of 9/30/2018 Morningstar Logo

Category: World Large Stock
Ratings are based on risk-adjusted returns
Overall out of 739
3 Year out of 739
5 Year out of 611
10 Year out of —

Morningstar Ranking as of 9/30/2018 Morningstar Logo

Category: World Large Stock
 
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 680/895 77
3 Year 653/739 90
5 Year 470/611 77
10 Year —/—

Expense Ratios as of 7/31/2018

Net 1.24%
Gross 1.26%

5-Year Standard Deviation as of

MSCI World High Dividend Yield NR USD 9.30
FTSE All-World High Dividend Yield Index 10.11

Distributions

Historical Prices Inception 6/4/2012

10/1/2018 $13.96 NO NO
10/2/2018 $13.94 NO NO
10/3/2018 $13.96 NO NO
10/4/2018 $13.85 NO NO
10/5/2018 $13.74 NO NO
10/8/2018 $13.69 NO NO
10/9/2018 $13.68 NO NO
10/10/2018 $13.41 NO NO
10/11/2018 $13.17 NO NO
10/12/2018 $13.25 NO NO
10/15/2018 $13.23 NO NO
10/16/2018 $13.45 NO NO
10/17/2018 $13.38 NO NO
10/18/2018 $13.19 NO NO
10/19/2018 $13.25 NO NO

Historical Distributions Inception 6/4/2012

9/13/2018 $0.07 Long: $0.000 Short: $0.000 $13.73 9/13/2018
6/14/2018 $0.12 Long: $0.000 Short: $0.000 $13.97 6/14/2018
3/15/2018 $0.0025 Long: $0.000 Short: $0.000 $14.08 3/15/2018
12/14/2017 $0.0735 Long: $0.000 Short: $0.000 $13.78 12/14/2017
9/14/2017 $0.085 Long: $0.000 Short: $0.000 $13.43 9/14/2017
6/15/2017 $0.14 Long: $0.000 Short: $0.000 $12.8 6/15/2017
3/16/2017 $0.05 Long: $0.000 Short: $0.000 $12.55 3/16/2017
12/8/2016 $0.108 Long: $0.000 Short: $0.000 $11.96 12/8/2016
9/15/2016 $0.11 Long: $0.000 Short: $0.000 $11.97 9/15/2016
6/16/2016 $0.16 Long: $0.000 Short: $0.000 $11.7 6/16/2016
3/10/2016 $0.03 Long: $0.000 Short: $0.000 $11.64 3/10/2016
12/10/2015 $0.113 Long: $0.360 Short: $0.000 $11.89 12/10/2015
9/10/2015 $0.11 Long: $0.000 Short: $0.000 $12.28 9/10/2015
6/11/2015 $0.14 Long: $0.000 Short: $0.000 $13.42 6/11/2015
3/12/2015 $0.03 Long: $0.000 Short: $0.000 $13.26 3/12/2015
12/11/2014 $0.133 Long: $0.249 Short: $0.009 $12.78 12/11/2014
9/11/2014 $0.1 Long: $0.000 Short: $0.000 $13.33 9/11/2014
6/12/2014 $0.18 Long: $0.000 Short: $0.000 $13.65 6/12/2014
3/13/2014 $0.1 Long: $0.000 Short: $0.000 $13.02 3/13/2014

*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 9/30/2018

NAV 1.91%
With Sales Charge 1.80%

Annualized 30-Day SEC Yield as of 9/30/2018

Subsidized - NAV 1.79%
Unsubsidized - NAV 1.79%

Portfolio

Top 10 Equity Holdings as a % of net assets 9/30/2018

Johnson & Johnson Johnson & Johnson is a holding company. The Company, along with its subsidiaries, is engaged in the research and development, manufacture and sale of a range of products in the healthcare field. 4.06%
Pfizer, Inc. Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. The Company manages its operations through five segments: Primary Care; Specialty Care and Oncology; Established Products and Emerging Markets; Animal Health and Consumer Healthcare, and Nutrition. 3.98%
Royal Dutch Shell plc, Class A Royal Dutch Shell plc (Shell) is an independent oil and gas company. 3.80%
Intel Corp. Intel Corporation is a semiconductor chip maker, developing advanced integrated digital technology products, primarily integrated circuits, for industries, such as computing and communications. 3.54%
Total S.A. TOTAL is the world's fourth-largest integrated oil and petroleum company, engaged in oil and gas exploration, development, production, refining, marketing, trading and shipping. 3.18%
Lockheed Martin Corp. Lockheed Martin Corporation, a security and aerospace company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services. 3.00%
Nestle S.A., Registered Shares Nestle is the world's leading nutrition, health and wellness company. 2.99%
Chevron Corp. Chevron Corp., through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. 2.97%
CNOOC Ltd. 2.54%
Dow Chemical Co. (The) The Dow Chemical Co. provides chemical, plastic and agricultural products and services to various consumer markets. It serves customers in countries around the world in markets such as food, transportation, health and medicine, personal care and construction. 2.45%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 9/30/2018

Large ( > $10 bil) 98.2%
Medium ($2 - $10 bil) 1.8%
Small ( < $2 bil) 0.0%
Median Market Cap (as of 9/30/2018) $63.0 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 9/30/2018

Pharmaceuticals 14.1%
Integrated Oil & Gas 13.8%
Diversified Banks 10.8%
Aerospace & Defense 6.2%
Semiconductors 4.5%
Diversified Chemicals 4.3%
Packaged Foods & Meats 4.2%
Electrical Components & Equipment 3.3%
Electric Utilities 3.1%
Personal Products 2.9%

Sector Allocation
as a % of equity assets as of 9/30/2018

Energy 16.39%
Financials 16.25%
Health Care 15.91%
Industrials 13.08%
Consumer Staples 12.06%
Materials 9.80%
Information Technology 7.33%
Utilities 4.13%
Consumer Discretionary 3.49%
Telecommunication Services 1.56%

Portfolio Composition
as a % of net assets as of 9/30/2018

Foreign Common Stock 58.89%
Domestic Common Stock 38.97%
Cash and Cash Equivalents 2.14%

Equity Country Allocation
as a % of equity assets as of 9/30/2018

United States 39.8%
United Kingdom 11.8%
France 11.6%
Netherlands 6.5%
Switzerland 5.5%
Canada 4.4%
Japan 3.1%
Hong Kong 3.0%
China 3.0%
Ireland 2.8%
Italy 1.8%
Russia 1.3%
Spain 1.2%
Norway 1.1%
Malaysia 1.1%
Singapore 1.1%
South Africa 1.0%

Total Portfolio Holdings

Updated quarterly, upon availability.

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. 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. 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. Fixed income securities 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. Dividend- paying investments may not experience the same price appreciation as non-dividend paying instruments. Dividend-paying companies may choose to not pay a dividend or the dividend may be less than expected. 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.

Effective April 30, 2018, the Fund's benchmark changed from the MSCI World High Dividend Yield Index to the FTSE All World High Dividend Yield Index. Both the prior and current benchmark indexes will be shown for a period of one year for comparison purposes.

Index Description: MSCI World High Div Yld NR USD - MSCI World High Dividend Yield Index is designed to reflect the performance of equities (excluding REITs) with higher than average dividend yields that are both sustainable and persistent, first calculated on 5/31/2006. It is not possible to invest directly in an index.

Index Description: The FTSE All-World High Dividend Yield Index comprises stocks that are characterized by higher than-average dividend yields and is based on the FTSE All-World Index. Real estate investment trusts (REITS) are removed from the index, as are stocks that are forecast to pay a zero dividend over the next 12 months. The remaining stocks are ranked by annual dividend yield and included in the target index until the cumulative market capitalization reaches 50% of the total market cap of this universe of stocks.

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 A shares at 1.24%; Class B shares at 1.95%; Class E shares at 1.13%; Class I shares at 0.92%; and Class Y shares at 1.19%. 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 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.

Ivy Dividend Opportunities Fund merged into Ivy Global Equity Income Fund on Feb. 26, 2018.

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.

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.

© 2018 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.

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