IVY FOREIGN EQUITY FUND $28.85 (CWA Rating: Conservative) outperformed the Morgan Stanley benchmark international index over the last 10 years. The fund gained 4.1%, and that was better than the Morgan Stanley benchmark’s gain of 1.7%. Ivy Foreign Equity Fund lost 11.6% 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 holdings are Reckitt Benckiser plc (UK household & healthcare products), McDonald’s Corp., L’Oreal SA (French cosmetics), Becton Dickinson (U.S. medical technology), 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 $2.3 billion fund holds 45.1% of its assets in the U.S., 15.2% in the UK, 12.4% in France, 4.9% in Denmark, 4.9% in Switzerland and 2.0% in Canada. It holds 15% of its assets in cash.
Ivy Foreign Equity Fund is a buy.
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