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Ivy International Small Cap Fund

  • $11.15 NAV as of 6/21/2019
  • ($-0.10) / -0.89% Daily NAV Change
  • 9.53% YTD (NAV)

Summary

An international gateway to small cap opportunities

Sound philosophy
Seeks small-cap companies across the international landscape that exhibit perceived growth at a reasonable price.
Fundamental + Thematic
Fund employs a proprietary, fundamentally driven stock selection process while incorporating a top-down view for thematic drivers.
Proven manager
Mackenzie Investments Europe Limited, the Fund's subadvisor, has managed international small cap strategies since 2002. The portfolio management team has more than 60 years industry experience.

Morningstar Style Box

Growth
Medium
Source: Morningstar

Portfolio Management

Martin Fahey, CFA

  • Mackenzie Investments Europe Limited
  • 2 Years with Fund
  • 31 Years in Industry
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Martin Fahey brings 30 years of experience and a broad European and international scope to the investment decision making process and fund management at Mackenzie Investments Europe Limited (Mackenzie Europe). As Head of European Equities, Mr. Fahey is responsible for overseeing the investment process of all European mandates. He is the portfolio manager for Investors European Equity Fund, Investors European Mid-Cap Equity Fund, Investors International Small Cap Class and Ivy International Small Cap Fund. Prior to joining Mackenzie Europe in 1993, he held various investment management positions at AMP Asset Management and United Friendly Insurance. A native of Ireland, Mr. Fahey is a CFA® charterholder and has also successfully completed the International Investment Management Research exam. He earned his Bachelor of Commerce and Master of Business Studies (Honors) degree at University College Galway.

Bryan Mattei, CFA

  • Mackenzie Investments Europe Limited
  • 2 Years with Fund
  • 12 Years in Industry
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Bryan Mattei brings 12 years of experience in the investment management industry to Mackenzie Investments Europe Limited (Mackenzie Europe) and is located in Mackenzie Investments Asia Limited Hong Kong office. As portfolio manager, Mr. Mattei focuses on the Asian small cap sector with a particular emphasis on Japan. He is co-portfolio manager of Investors International Small Cap Fund and Ivy International Small Cap Fund, where he is focused on developed markets in Asia, and Investors Pan Asian Equity Fund. Prior to joining Mackenzie Europe in 2013, Mr. Mattei was Head of Research for Cantor Fitzgerald in Ireland. Before this he was equity fund manager in the Wealth Management division of IBRC in Dublin where he managed the Japan Equity Fund and the European Equity Fund. He was co-manager of both the Large Cap M&A and Long/Short Equity funds. Originally from the U.S., Mr. Mattei is a CFA® charterholder. He earned his BS magna cum laude from Boston College, Carroll School of Management and also studied business, economics and social sciences at the University of Dublin, Trinity College.

Seamus Kelly

  • Mackenzie Investments Europe Limited
  • 1 Year with Fund
  • 21 Years in Industry
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Seamus Kelly has over 19 years of investment management experience, managing equity and multi-asset portfolios. Mr. Kelly joined Mackenzie Investments Europe Limited (Mackenzie Europe) in 2014 and is located in the firm's Dublin office. Mr. Kelly is a portfolio manager on the International Small Cap team and also has co-portfolio management responsibilities for Investors European Equity Fund. As of January 2018, Mr. Kelly was named a co-portfolio manager to the Ivy International Small Cap Fund. He previously worked closely with the team providing market insight and research support. Prior to joining Mackenzie Europe, Mr. Kelly worked for Merrion Investment Management, as Senior Investment Manager with primary responsibility for Merrion's flagship Managed Fund, a global multi-asset fund. Mr. Kelly has a Bachelor of Business Studies, Economics & Finance degree from the University of Limerick, a Master of Science in Investment and Treasury degree from Dublin City University and a Diploma in Technical Analysis from the U.K. Society of Technical Analysts.

Growth of a $10,000 Investment
through 5/31/2019

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.

Documents

Perspectives

Quarterly Fund Commentary

Daily Prices as of 6/21/2019

Net Asset Value (NAV) $11.15
Daily NAV Change ($) ($-0.10) -0.89%
Weekly NAV Change ($) $0.10 0.90%
Public Offering Price (POP) $11.15

Fund Facts

Ticker Symbol IVJIX
CUSIP 46600A666
Fund Code 468
Fund Type Global/International
Fund Inception 1/10/2017
Class Inception 1/10/2017
Fiscal Year End September
Dividends Paid December
Fund Assets (as of 5/31/2019) $161.0 mil
Total Equity Holdings (as of 5/31/2019) 90
Total Holdings (as of 5/31/2019) 92
Portfolio Turnover Rate (as of 9/30/2018) 60%
Morningstar Category Foreign Small/Mid Growth
Lipper Category International Small-/Mid-Cap Growth Funds
Benchmark MSCI EAFE Small Cap 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.

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 5/31/2019
(Returns for periods of less than 1-yr are not annualized)
 
Fund at NAV 6.09% -15.36% 4.24%
MSCI EAFE Small Cap NR USD 7.97% -11.90% 5.64% 3.84% 9.43%
Morningstar Foreign Small/Mid Growth 11.88% -10.21% 6.75% 4.00% 10.21%

Quarterly Rates of Return

Average Annual Total Returns as of 3/31/2019
(Returns for periods of less than 1-yr are not annualized)
 
Fund at NAV 7.76% -13.30% 5.30%
MSCI EAFE Small Cap NR USD 10.65% -9.36% 7.50% 4.47% 12.76%
Morningstar Foreign Small/Mid Growth 12.58% -9.96% 7.52% 4.23% 13.31%

Morningstar Ranking as of 5/31/2019 Morningstar Logo

Category: Foreign Small/Mid 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 98/140 76
3 Year —/—
5 Year —/—
10 Year —/—

Expense Ratios as of 1/31/2019

Net 0.99%
Gross 1.34%

5-Year Standard Deviation as of

MSCI EAFE Small Cap NR USD N/A

Distributions

Historical Prices Inception 1/10/2017

6/3/2019 $10.76 NO NO
6/4/2019 $10.85 NO NO
6/5/2019 $10.89 NO NO
6/6/2019 $10.92 NO NO
6/7/2019 $11.05 NO NO
6/10/2019 $11.07 NO NO
6/11/2019 $11.14 NO NO
6/12/2019 $11.12 NO NO
6/13/2019 $11.11 NO NO
6/14/2019 $11.05 NO NO
6/17/2019 $11.01 NO NO
6/18/2019 $11.05 NO NO
6/19/2019 $11.08 NO NO
6/20/2019 $11.25 NO NO
6/21/2019 $11.15 NO NO

Historical Distributions Inception 1/10/2017

12/13/2018 $0.1764 Long: $0.019 Short: $0.000 $10.4 12/13/2018
12/14/2017 $0.038 Long: $0.000 Short: $0.005 $12.46 12/14/2017

*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 5/31/2019

NAV 1.63%
With Sales Charge 1.63%

Portfolio

Top 10 Equity Holdings as a % of net assets 5/31/2019

SCSK Corp. SCSK Corporation provides a variety of IT services including system solutions, software development, and data center and communication network management. The Company sells packaged software and network equipment and develops software for distribution, manufacturing, and financial systems among others. SCSK handles infrastructure software as well. 2.53%
Future plc 2.33%
Teleperformance SE Teleperformance is a multinational company headquartered in France. The company specializes in outsourced omnichannel customer experience management. 1.95%
Sixt SE 1.88%
Matsumotokiyoshi Holdings Co. Ltd. Matsumotokiyoshi Holdings Co., Ltd. is a holding company established through reorganization of Matsumotokiyoshi. The Company operates a drug store chain, selling medicines, cosmetics, health foods, beauty care products, pets products, and household utensils in the Tokyo metropolitan area. The Company also operates supermarkets and home centers. 1.85%
TechnoPro Holdings, Inc. TechnoPro Holdings, Inc., engages in the provision of technician dispatch and contracting business related to machinery, electrical, electronic, embedded control, software development and maintenance, biochemistry, and construction management. The company was founded in 2006 and is headquartered in Tokyo, Japan. 1.81%
Manulife U.S. REIT Manulife US Real Estate Investment Trust invests in real estate properties. The Company focuses on office properties located in the Unites States. 1.80%
Grand City Properties S.A. 1.77%
Komeda Holdings Co. Ltd. Komeda is a Japan-based holding company that operates a coffee shop franchise business. 1.72%
Rubis Group Rubis is a France-based international company specializing in the storage, distribution and sale of petroleum, liquefied petroleum gas, food and chemical products.  1.69%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 5/31/2019

Large ( > $10 bil) 5.2%
Medium ($2 - $10 bil) 50.6%
Small ( < $2 bil) 44.3%
Median Market Cap (as of 5/31/2019) $2.3 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 5/31/2019

Industrial Machinery 4.2%
Real Estate Operating Companies 3.7%
Restaurants 3.6%
Industrial REITs 3.6%
Interactive Media & Services 2.7%
Office REITs 2.7%
Trucking 2.6%
IT Consulting & Other Services 2.6%
Trading Companies & Distributors 2.5%
Construction Machinery & Heavy Trucks 2.5%

Sector Allocation
as a % of equity assets as of 5/31/2019

Industrials 20.49%
Consumer Discretionary 16.39%
Real Estate 12.81%
Information Technology 10.06%
Communication Services 8.91%
Financials 8.61%
Materials 7.39%
Health Care 6.40%
Consumer Staples 6.06%
Energy 2.88%

Portfolio Composition
as a % of net assets as of 5/31/2019

Foreign Common Stock 96.72%
Cash and Cash Equivalents 3.28%

Equity Country Allocation
as a % of equity assets as of 5/31/2019

Japan 35.2%
United Kingdom 18.3%
France 7.5%
Ireland 6.9%
Germany 5.4%
Australia 5.3%
Singapore 4.1%
Switzerland 3.5%
Isle Of Man 2.1%
Netherlands 2.0%
Luxembourg 1.8%
Belgium 1.5%
Spain 1.2%
Norway 1.1%
Hong Kong 1.0%
Austria 1.0%
South Korea 1.0%
Estonia 0.6%
Sweden 0.3%
Canada 0.2%

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. 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. Investing in small-cap stocks may carry more risk than investing in stocks of larger more well-established companies. The value of a security believed by the Fund's manager to be undervalued may never reach what the manager believes to be its full value, or such security's value may decrease. 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 MSCI EAFE Small Cap Index is an equity index which captures small cap representation across developed markets and countries around the world, excluding the US and Canada. It is not possible to invest in an index.

Fee Waiver and/or Expense Reimbursement: Through January 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 1.45%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2020, IICO, the Fund’s investment manager, IDI, the Fund’s distributor, and/or 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) for the Fund’s Class I shares and Class N shares at 0.99%. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Fee Waiver and/or Expense Reimbursement: Through January 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.

Effective Feb. 21, 2019, the name of the Fund changed from Ivy IG International Small Cap Fund to Ivy International Small Cap Fund.

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.

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.

Effective Feb. 21, 2019, the name of the sub-adviser changed from I.G. International Management Limited to Mackenzie Investments Europe Limited. Mackenzie Investments Europe Limited delegates to its subsidiary, Mackenzie Investments Asia Limited, for additional portfolio management responsibilities. References to Mackenzie Investments Europe Limited include both entities.

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