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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.

New Analyst Ratings for 2 Prominent Ivy Funds

Aug 22, 2014

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.

For Ivy Asset Strategy, we brought our rating back out from Under Review to Neutral, reflecting a couple of new manager additions to the fund in the wake of Ryan Caldwell's departure in June 2015. The two portfolio managers do bring a wealth of stock-selection experience, but it's going to take some time to see how they gel with this fund's more complex mandate.

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