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Delaware Ivy Value Fund Class B (IYVBX)

26.81 +0.22 (+0.83%)
At close: November 8 at 8:00 PM EST

Fund Summary

The investment seeks to provide capital appreciation. The fund seeks to achieve its objective by investing in the common stocks of primarily large-capitalization companies that the advisor believes are undervalued, trading at a significant discount relative to the intrinsic value of the company as estimated by the manager and/or are out of favor in the financial markets but have a favorable outlook for capital appreciation. Although it primarily invests in securities issued by large-capitalization companies, the fund may invest in securities issued by companies of any size.

Delaware Ivy Value Fund Class B

Ivy Funds Inc
6300 Lamar Ave
800-777-6472

Fund Overview

Category Large Value
Fund Family Delaware Funds by Macquarie
Net Assets 1.5B
YTD Return 27.10%
Yield 0.55%
Morningstar Rating
Inception Date Dec 08, 2003

Fund Operations

Last Dividend 0.10
Last Cap Gain 0.00
Holdings Turnover 60.00%
Average for Category --

Fees & Expenses

Expense IYVBX Category Average
Annual Report Expense Ratio (net) 2.31% 0.94%
Prospectus Net Expense Ratio 2.31% --
Prospectus Gross Expense Ratio 2.46% --
Max 12b1 Fee 1.00% --
Max Front End Sales Load -- 5.24%
Max Deferred Sales Load 5.00% 1.29%
3 Yr Expense Projection 1,052 --
5 Yr Expense Projection 1,397 --
10 Yr Expense Projection 2,472 --

Management Information

Matthew T. Norris, Lead Manager since July 31, 2003
Matthew Norris is a Senior Vice President of Waddell & Reed Investment Management Company and Ivy Investment Management Company. Mr. Norris received a BS in cellular biology in 1986 from the University of Kansas. He earned an MBA from the University of Nebraska in 1992. Before joining Waddell & Reed, Mr. Norris was affiliated with Advantus Capital Management, Inc. in St. Paul, MN from 1997 to 2003. He joined Advantus as a growth analyst and was appointed a large cap value portfolio manager in 2000. Prior to joining Advantus, he was an equity analyst and portfolio manager for Norwest Investment Management, Inc. from 1994 to 1997. Mr. Norris joined Waddell & Reed as a senior vice president and portfolio manager in July 2003. He served as director of equity research from June 2005 to April 2010. He held portfolio manager responsibility for Ivy Funds VIP Small Cap Value and Ivy Small Cap Value Fund from April 2010 through August 2011. He is portfolio manager of large cap value institutional accounts, Waddell & Reed Advisors Value Fund, Ivy Funds VIP Value (formerly W&R Target Funds Value Portfolio), and Ivy Value Fund. He has managed the value funds since July 2003. Mr. Norris is a CFA charterholder. He is a member of the Kansas City Society of Financial Analysts. He also serves as a member of the Finance Advisory Board for the University of Kansas School of Business.

Morningstar Style Box

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Morningstar Category

While the investment objective stated in a fund's prospectus may or may not reflect how the fund actually invests, the Morningstar category is assigned based on the underlying securities in each portfolio. Morningstar categories help investors and investment professionals make meaningful comparisons between funds. The categories make it easier to build well-diversified portfolios, assess potential risk, and identify top-performing funds. We place funds in a given category based on their portfolio statistics and compositions over the past three years. If the fund is new and has no portfolio history, we estimate where it will fall before giving it a more permanent category assignment. When necessary, we may change a category assignment based on recent changes to the portfolio.

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