IVY FOREIGN EQUITY FUND $28.24 (CWA Rating: Conservative) outperformed the Morgan Stanley benchmark international index over the last 10 years. The fund gained 6.2%, and that was better than the Morgan Stanley benchmark’s gain of 4.6%. Ivy Foreign Equity Fund made 4.4% over the last year. The fund invests in companies based outside of Canada, but cuts risk by avoiding direct investment in emerging markets.
Ivy Foreign Equity is one of our top foreign fund recommendations. Still, we think non-U.S. international funds should make up at most 10% of the holdings of a conservative investor.
The fund’s top 10 holdings are Reckitt Benckiser plc (UK household & healthcare products), Mc- Donald’s Corp., L’Oreal SA (French cosmetics), Shopper’s Drug Mart, Nestle SA, Henry Schein Inc., (U.S. healthcare), PepsiCo (U.S. food & beverage), William Demant (hearing health products), and Diageo plc (UK alcoholic drinks).
The fund holds 42.4% of its assets in the U.S., 14.5% in the UK, 12.2% in France, 4.5% in Denmark, 4.2% in Canada and 4.0% in Switzerland. This $2.7 billion fund holds 18% of its assets in cash.
Ivy Foreign Equity Fund is a buy.
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