IVY FOREIGN EQUITY FUND $25.26 (CWA Rating: Conservative) gained 2.1% over the past 10 years, which was better than 3.1% loss posted by the Morgan Stanley benchmark international index. Over the last year, Ivy Foreign Equity Fund lost 10.7%. The fund invests in companies based outside of Canada, but cuts its risk by avoiding direct investment in emerging markets.
The $1.9-billion fund holds 52.8% of its assets in the U.S., 10.4% in France, 10.1% in Switzerland, 8.9% in the U.K., 3.2% in Sweden and 3.0% in Denmark. It holds 11% of its assets in cash.
Ivy Foreign Equity is one of our top foreign-fund recommendations. Still, we think non-U.S. international funds should make up no more than 10% of a conservative investor’s portfolio.
The fund’s top holdings are: PepsiCo, Reckitt Benckiser plc (U.K. household and health care), McDonald’s, Synthes Inc. (Swiss health-care equipment), Staples, Becton Dickinson (U.S. medical technology), Nestle SA, Henry Schein Inc. (U.S. health care), Colgate-Palmolive (U.S. consumer products) and Danaher Corp. (U.S. tools and controls).
Ivy Foreign Equity Fund is a buy.
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