New Analyst Ratings for 2 Prominent Ivy Funds
Shifts in management lead to a downgrade for Ivy High Income and a Neutral rating for Ivy Asset Strategy.
Michael Herbst: It's been a busy couple of months at Waddell & Reed, advisor to the Waddell & Reed and Ivy Funds, which have affected two of our ratings on their prominent strategies.
For Ivy High Income, we have downgraded our rating from Neutral to Negative on the heels of two manager departures over the past year, which have left the research and risk-management resources for the fund very thin at a time when its credit quality and less-liquid holdings have increased as a share of the fund--plus the fund has ballooned to over $11 billion as of late.
Michael Herbst does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.