25-year veteran has managed high-yield
portfolios for 15 years; takes over for Krug
Ivy Funds today announced that veteran high-yield portfolio
manager William M. Nelson has assumed management of Ivy High Income
Fund, effective immediately. Nelson adds management responsibility
for Ivy High Income Fund to his existing responsibilities as
portfolio manager of Ivy Funds VIP High Income and Waddell &
Reed Advisors High Income Fund. He takes over Ivy High Income Fund
from Bryan C. Krug, who had managed the fund since 2006 and
recently accepted a position with another firm. The high income
research team, which had supported both Nelson and Krug, remains
intact.
“Bill Nelson has a very strong track record as a portfolio
manager in the high-yield space and we’re fortunate to have a
manager with his skills to take the helm of Ivy High Income Fund,”
said Henry J. Herrmann, CEO of Waddell & Reed Financial, Inc.
(NYSE: WDR), parent firm to Ivy Investment Management Company, the
investment advisor to Ivy Funds. “The transition is already
underway and we expect it to be smooth.”
Nelson joined the firm in 1995 as a fixed income investment
analyst specializing in high-yield securities. He was appointed
vice president and portfolio manager of Ivy Funds VIP High Income
($644 million in assets) in 1999 and portfolio manager of the
Waddell & Reed Advisors High Income Fund ($2 billion in assets)
in 2008. He has 25 years of industry experience. During Nelson’s
tenure both funds have demonstrated strong performance. As of
September 30, 2013, like the Ivy High Income Fund, Ivy Funds VIP
High Income and Waddell & Reed Advisors High Income Fund have
enjoyed top quintile performance across all standard time periods
in their respective Lipper peer groups.*
Average annual total returns at NAV as
of September 30, 2013
Fund YTD 1 yr 3 yr
5 yr 10 yr Life Waddell &
Reed Advisors High Income – Class A shares 7.04%
11.01% 11.73 % 12.64%
8.25% 8.58% Ivy Funds VIP
6.77%
10.64% 11.62% 13.36%
9.04% 8.05% Ivy High Income – Class A
shares 6.69% 10.40%
11.39% 13.62% 8.96% 8.45%
Nelson now manages the entire suite of high-yield investment
products at the firm, as he also takes over management of Ivy High
Income Opportunities Fund (NYSE: IVH), a closed-end fund launched
in May of this year.
“We believe that advisors and their clients are in very good
hands with Bill, as his performance over time has illustrated,”
said Thomas W. Butch, president and CEO of Ivy Funds Distributor,
Inc. “We are pleased to have a proven manager of Bill’s caliber
already in place to take the reins of the Ivy High Income Fund and
to provide continuity for its shareholders.”
Both Ivy Funds Distributor, Inc. and Waddell & Reed, Inc.
are affiliates of Waddell & Reed Financial, Inc. Ivy Funds are
offered through the company’s wholesale channel, which includes
national and regional broker/dealers, registered investment
advisors and retirement platforms. The Waddell & Reed Advisors
Funds are offered through Waddell & Reed financial advisors,
the company’s network of personal financial planners with offices
around the country.
Ivy Funds VIP (Variable Insurance Portfolios) are only available
as investment options in variable life insurance policies and
variable annuity contracts issued by participating insurance
companies. They are not offered or made available directly to the
general public.
Through its subsidiaries, Waddell & Reed Financial, Inc.
provides investment management and financial planning services to
clients throughout the U.S. The firm had approximately $114 billion
in total assets under management at Sept. 30, 2013. Waddell &
Reed Investment Management Company serves as investment advisor to
the Waddell & Reed Advisors Funds, Ivy Funds Variable Insurance
Portfolios and InvestEd Portfolios, while Ivy Investment Management
Company serves as investment advisor to the Ivy Funds and Ivy High
Income Opportunities Fund. Waddell & Reed, Inc. serves as
principal underwriter and distributor to the Waddell & Reed
Advisors Funds, Ivy Funds Variable Insurance Portfolios, and
InvestEd Portfolios, while Ivy Funds Distributor, Inc. serves as
principal underwriter and distributor to the Ivy Funds.
Investors should consider the investment objectives, risks,
charges and expenses of a fund, a portfolio and the variable
insurance product carefully before investing. For a prospectus, or
if available, a summary prospectus, containing this and other
information for any of the funds or portfolios mentioned, call your
financial advisor or visit
www.ivyfunds.com.
Please read the prospectus or summary prospectus carefully
before investing.
Past performance is not a guarantee of future
results.
Data quoted is past performance and current performance may be
lower or higher. 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.
* Lipper Rankings are based on total returns and past
performance is not a guarantee of future results. For the 1-. 5-,
and 10-yr periods ending 9/30/2013, respectively, Ivy High Income
Fund’s percentile rank was 6 out of 540 funds, 4 out of 392, and 7
out of 263. Waddell & Reed Advisors High Income Fund was 4/540,
13/392, and 19/263. Ivy Funds VIP High Income was 5/109, 7/90, and
4/62. All funds are in the Lipper High Yield Funds category.
Risk Factors: As with any mutual fund, 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. 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 below
investment grade securities may carry a greater risk of nonpayment
of interest or principal than higher-rated bonds. Loans (including
loan assignments, loan participations and other loan instruments)
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
sometimes trade infrequently on the secondary market.
Waddell & Reed Financial, Inc. / Ivy FundsInvestor
contact:Nicole McIntosh-Russell, 913-236-1880VP of Investor
RelationsorMedia contact:Roger Hoadley, 913-236-1993VP,
Director of Communications
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