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Ivy Funds Announces Portfolio Manager Changes

Stocks in this article: WDR

Ivy Funds announced today that, as a result of the planned retirement of Frederick Sturm as portfolio manager of the subadvised Ivy Global Natural Resources Fund, it will internalize the management of that fund and make the following portfolio manager changes, effective immediately:

  • Ivy Global Natural Resources Fund will be managed by David Ginther, who also manages the Ivy Energy Fund and Waddell & Reed Advisors Energy Fund. Ginther has 18 years of investment industry experience and has been with the Waddell & Reed/Ivy Funds organization since 1995.
  • Ivy Dividend Opportunities Fund and Waddell & Reed Advisors Dividend Opportunities Fund, previously managed by Ginther, will be managed by Cynthia Prince-Fox, a 30-year industry veteran who also manages Ivy Balanced Fund and Waddell & Reed Advisors Continental Income Fund.

Sturm, 53, who had been portfolio manager of Ivy Global Natural Resources Fund since its inception in 1997, is also chief global investment strategist at Mackenzie Investments, subadvisor to the fund. With 32 years of experience, Sturm was a driving force behind the growth of Ivy Global Natural Resources over its history. The Fund had approximately $2.4 billion in total assets at March 31, 2013.

Ivy Funds executives noted that the firm retains a strong and important relationship with Mackenzie Investments overall, as Mackenzie continues to subadvise Ivy Cundill Global Value Fund, and Ivy Investment Management Company is a subadvisor for Mackenzie across five different asset categories.

“Fred has been a tremendous steward of the Global Natural Resources Fund for many years, a great partner to the Ivy Funds, and we have benefitted from his commitment and insight. We wish him the very best in his retirement,” said Henry Herrmann, CEO of Waddell & Reed Financial, Inc. “We will put the expertise we have internally, through David Ginther, to work on the Global Natural Resources Fund, while expanding Cynthia Prince-Fox’s role with the Dividend Opportunities Funds.”

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