Ivy High Income Opportunities Fund
- — NAV
- — / — Daily NAV Change
- YTD (NAV)
A research-based investment process.
- Management discipline
- The Fund manager believes that security selection through research of individual issuers is central to achieving potentially above-market returns.
- Research base
- Although there may be periodic environments where macroeconomic events and strategic exposures influence allocations, investment decisions about specific securities are based on fundamental credit research, valuations, the potential to exploit market inefficiencies and capital structure positioning.
- The Fund invests primarily in a portfolio of high-yield corporate bonds of varying maturities and other fixed income securities, including first- and second-lien loans.
- Ivy Investment Management Company
- 2 Years with Fund
- 18 Years in Industry
Chad Gunther graduated from the University of Kansas in 1993 with a BS in business administration with an emphasis in economics. He earned an MBA with an emphasis in finance from Washington University/St. Louis Olin Graduate School of Business in 2000. He joined the firm in 2003 as a fixed income investment analyst. He was appointed assistant vice president and assistant portfolio manager of the Ivy High Income Fund, and Ivy Funds VIP High Income in 2008. He was appointed vice president in 2013. He was appointed portfolio manager in 2014. Prior to joining the firm, he was affiliated with Piper Jaffray, George K. Baum & Company and Dialpad Communications.
Daily Prices as of 10/21/2016
|Net Asset Value (NAV)||$15.78|
|Nav Change ($)||($0.01)|
|Nav Change (%)||-0.06%|
|Share Price Change ($)||$0.10|
|Share Price Change (%)||0.71%|
|Premium Discount (%)||-9.76%|
|Premium Discount 52 Wk avg (%)||-11.76%|
|Share Price - 52 Wk High (09/01/2016)||$14.72|
|Share Price 52 Wk Low (02/11/2016)||$10.67|
|NAV 52 Week High (11/03/2015)||$16.28|
|NAV 52 Week High (02/11/2016)||$12.87|
|Premium Discount 52 Wk High (07/29/2016)||-6.95%|
|Premium Discount 52 Wk High (12/14/2015)||-18.07%|
|Inception Share Price||$20.00|
|Average Daily Volume (in shares) - 3 Month||82740|
Leverage (as of 9/30/2016)
|Total Regulatory Leverage||29.92%|
Average Leverage Costs
|Fund Type||Closed End Funds|
|Fiscal Year End||September|
|Fund Assets (as of 9/30/2016)||$259.3 mil|
|Total Equity Holdings (as of 9/30/2016)||4|
|Total Holdings (as of 9/30/2016)||259|
|Portfolio Turnover Rate (as of 3/31/2016)||20%|
|Benchmark||BofAML US HY Master II 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.
Performance at NAV does not include the effect of sales charges. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.
Monthly Rates of Return
|Fund at NAV||19.25%||13.71%||4.66%||—||—||5.13%|
|Fund at SharePrice||26.74%||25.67%||4.73%||—||—||1.10%|
Quarterly Rates of Return
|Fund at NAV||19.25%||13.71%||4.66%||—||—||5.13%|
|Fund at SharePrice||26.74%||25.67%||4.73%||—||—||1.10%|
Calendar Year Return
|BofAML US HY Master II TR USD||4.38||15.59||7.42||2.50||-4.64|
Expense Ratios as of 9/30/2016
|Common Shares||Total Fund|
5-Year Standard Deviation as of
|BofAML US HY Master II TR USD||6.15|
Historical Prices Inception 5/29/2013
|Date||Price||Dividend Reinvest Date||Capital Gain Reinvest Date|
Historical Distributions Inception 5/29/2013
|Ex-date||Income||Capital Gains||Reinvest Gains||Payment Date|
|7/13/2016||$0.125||Long: $0.000 Short: $0.000||—||7/13/2016|
|6/14/2016||$0.125||Long: $0.000 Short: $0.000||—||6/14/2016|
|5/12/2016||$0.125||Long: $0.000 Short: $0.000||—||5/12/2016|
|4/13/2016||$0.125||Long: $0.000 Short: $0.000||—||4/13/2016|
|2/10/2016||$0.125||Long: $0.000 Short: $0.000||—||2/10/2016|
|1/12/2016||$0.125||Long: $0.000 Short: $0.000||—||1/12/2016|
|12/14/2015||$0.227||Long: $0.000 Short: $0.000||—||12/31/2015|
|11/10/2015||$0.125||Long: $0.000 Short: $0.000||—||11/30/2015|
|10/14/2015||$0.125||Long: $0.000 Short: $0.000||—||10/30/2015|
|9/14/2015||$0.125||Long: $0.000 Short: $0.000||—||9/30/2015|
|7/15/2015||$0.125||Long: $0.000 Short: $0.000||—||7/31/2015|
|6/12/2015||$0.125||Long: $0.000 Short: $0.000||—||6/30/2015|
|5/12/2015||$0.125||Long: $0.000 Short: $0.000||—||5/29/2015|
|4/14/2015||$0.125||Long: $0.000 Short: $0.000||—||4/30/2015|
|3/13/2015||$0.125||Long: $0.000 Short: $0.000||—||3/31/2015|
|2/10/2015||$0.125||Long: $0.000 Short: $0.000||—||2/27/2015|
|1/13/2015||$0.125||Long: $0.000 Short: $0.000||—||1/30/2015|
|12/11/2014||$0.284||Long: $0.051 Short: $0.245||—||12/31/2014|
|11/7/2014||$0.125||Long: $0.000 Short: $0.000||—||11/26/2014|
|10/15/2014||$0.125||Long: $0.000 Short: $0.000||—||10/31/2014|
|9/12/2014||$0.125||Long: $0.000 Short: $0.000||—||9/30/2014|
|8/13/2014||$0.125||Long: $0.000 Short: $0.000||—||8/29/2014|
|7/15/2014||$0.125||Long: $0.000 Short: $0.000||—||7/31/2014|
|6/12/2014||$0.125||Long: $0.000 Short: $0.000||—||6/30/2014|
|5/13/2014||$0.125||Long: $0.000 Short: $0.000||—||5/30/2014|
|4/11/2014||$0.125||Long: $0.000 Short: $0.000||—||4/30/2014|
|3/13/2014||$0.125||Long: $0.000 Short: $0.000||—||3/31/2014|
|2/11/2014||$0.125||Long: $0.000 Short: $0.000||—||2/28/2014|
|1/14/2014||$0.125||Long: $0.000 Short: $0.000||—||1/31/2014|
|12/12/2013||$0.393||Long: $0.000 Short: $0.083||—||12/31/2013|
|11/12/2013||$0.125||Long: $0.000 Short: $0.000||—||11/29/2013|
|10/15/2013||$0.125||Long: $0.000 Short: $0.000||—||10/31/2013|
|9/12/2013||$0.125||Long: $0.000 Short: $0.000||—||9/30/2013|
|8/8/2013||$0.125||Long: $0.000 Short: $0.000||—||8/26/2013|
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 9/30/2016
|With Sales Charge||11.14%|
Annualized 30-Day SEC Yield as of 9/30/2016
|Subsidized - Share Price||12.47%|
|Unsubsidized - Share Price||12.47%|
|Subsidized - NAV||11.43%|
|Unsubsidized - NAV||11.43%|
Top 10 Holdings as a % of net assets 9/30/2016
|Altice S.A., 7.8%, 5/15/2022||5.69%|
|Altice S.A., 7.6%, 2/15/2025||4.44%|
|Sprint Corp., 7.3%, 9/15/2021||4.34%|
|Frontier Communications Corp., 6.3%, 9/15/2021||4.01%|
|Clear Channel Worldwide Holdings, Inc., Series B, 7.6%, 3/15/2020||3.82%|
|DISH DBS Corp., 6.8%, 6/1/2021||3.12%|
|FMG Resources Pty Ltd., 6.9%, 4/1/2022||3.04%|
|Provident Funding Associates L.P. and PFG Finance Corp., 6.8%, 6/15/2021||2.92%|
|Misys plc and Magic Newco LLC, 12.0%, 6/12/2019||2.63%|
|Universal Hospital Services, Inc., 7.6%, 8/15/2020||1.89%|
Total Portfolio Holdings
Fixed Income Country Allocation
as a % of bond holdings as of 9/30/2016
as a % of fixed income assets as of 9/30/2016
|Quality: Ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.|
as a % of net assets as of 9/30/2016
|Domestic Common Stock||0.00%|
|Cash and Cash Equivalents||-39.93%|
Total Portfolio HoldingsUpdated quarterly, upon availability.
The investment return, price, yields, market value and net asset value (NAV) of a fund's shares will fluctuate with market conditions. Closed-end funds frequently trade at a discount to their NAV, which may increase an investor's risk of loss. At the time of sale, your shares may have a market price that is above or below NAV, and may be worth more or less than your original investment. There is no assurance that the Fund will meet its investment objective.
An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle.
Investors should carefully consider the Fund's investment objectives, risks, charges and expenses before investing. The prospectus, which contains this and other information about the Fund, should be read carefully before investing. A copy of the prospectus can be obtained by visiting the Fund’s webpage at www.ivyinvestment.com or by contacting your financial advisor.
Operating History: The Fund is a newly organized, non-diversified, closed-end management investment company with little operating history. As a result, prospective investors have no track record or history on which to base their investment decision. The Adviser currently acts as an investment adviser for managed accounts and numerous open-end registered investment companies. The Fund has little history of public trading.
Fixed Income Instruments Risk: 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. Fixed income instruments may face a number of risks related to interest rates, credit quality, the market environment, payment, prepayment and spreads.
Below Investment Grade Instruments Risk: The Fund will invest primarily in a portfolio of below investment grade securities, which are regarded as having predominately speculative characteristics with respect to an issuer's capacity to pay interest and repay principal and are commonly referred to as "high yield" securities or "junk" bonds. Investing in these securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds.
Loan Risks: The Fund may invest in loans (including loan assignments, loan participations and other loan instruments), which may 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 may trade infrequently on the secondary market.
Leverage Risk: The Fund's use of leverage may result in special risks and can magnify the effects of any losses. While leverage may result in a higher yield for the Funds, the use of leverage includes the potential for higher volatility of the NAV, fluctuations of dividends and other distributions paid by the Fund, the market price of the Fund's common stocks, higher investment advisory fees and increased operation costs, which may reduce total return.
Derivatives Risk: The Fund may enter into transactions in derivatives for investment, hedging or leverage purposes, with primary risks including the risk of loss of principal, high volatility, illiquid markets, counterparty risk, and credit risk.
Foreign Instruments Risk: The Fund may invest up to 100% of its Managed Assets in fixed income instruments and securities issued by foreign issuers. Such investments involve certain risks not involved in domestic investments and may experience more rapid and extremechanges in value than investments in securities of U.S. companies or in the U.S. government.
Market Discount Risk: Closed-end funds are not redeemable and generally trade in the secondary market. Shares of closed-end funds frequently trade at a discount to their net asset value, which creates risk of loss. This risk is greater for investors expecting to sell their sharesin a relatively short period after completion of the public offering.
The Fund is a closed-end exchange traded investment company. The material on this website is presented only to provide information and is not intended for trading purposes. Closed-end funds, unlike open-end funds, are not continuously offered. After the initial public offering, shares of closed-end funds are sold on the open market through a stock exchange. Investment policies, management fees, risks other than those mentioned above, and other matters of interest to prospective investors may be found in the closed-end fund prospectus used in its initial public offering. For additional information, contact the Ivy Funds Sales Desk at 866-263-1985.
Ivy Investment Management Company serves as the Fund's investment adviser. The Adviser is a wholly-owned subsidiary of Waddell & Reed Financial, Inc., a publicly held company.
Index Description: The BofAML U.S. HY Master II TR USD tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. 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.
Investment return, price, yields and NAV will fluctuate with changes in market conditions. At the time of sale, your shares may have a market price that is above or below net asset value, and may be worth more or less than your original investment. There is no assurance that a fund will meet its investment objective.
1. Regulatory Leverage consists of borrowings, preferred shares, debt securities or other commercial paper, and Effective Leverage, divided by Managed Assets.
2. Effective Leverage consists of Regulatory Leverage, derivatives instruments including total return swaps, securities lending arrangements and credit default swaps or other derivative transactions divided by Managed Assets.
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.
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.
Quality: Ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.
Information is subject to change and is not intended to represent any past or future investment recommendations.
Chad A. Gunther of Ivy Investment Management Company was named portfolio manager of the Fund on July 9, 2014. From November 21, 2013 through July 8, 2014 the Fund was managed by William M. Nelson. From inception through November 20, 2013, the Fund was managed by Bryan C. Krug.
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.