OVERLAND PARK, Kan.--(BUSINESS WIRE)--Ivy Asset Strategy Fund, Waddell & Reed Advisors Asset Strategy Fund and Ivy Funds Asset Strategy VIP today sold all holdings in Sands China Ltd (1928 HK) in a transaction with Merrill Lynch International. The funds concurrently established a similar position in the parent company of Sands China Ltd., Las Vegas Sands (LVS), of 16,963,601 shares.
The portfolio managers noted the benefit of greater market liquidity in shares of Las Vegas Sands compared to Sands China Ltd., and added that the transaction improves the overall liquidity of the Asset Strategy portfolios. The managers said they continue to have a positive view on the investment outlook of Las Vegas Sands and its ability to generate revenue in China and elsewhere around the world. As a result of this transaction, Las Vegas Sands is one of the largest holdings in the Asset Strategy portfolios.
The Waddell & Reed Advisors Funds are offered through Waddell & Reed financial advisors, the company’s network of personal financial planners with offices around the country. Ivy Funds are offered through the company’s wholesale channel, which includes national and regional broker/dealers, registered investment advisors and retirement platforms.
Through its subsidiaries, Waddell & Reed Financial, Inc. (NYSE:WDR) provides investment management and financial planning services to clients throughout the U.S. The firm had approximately $131 billion in total assets under management at Mar. 31, 2014. Waddell & Reed Investment Management Company serves as investment advisor to the Waddell & Reed Advisors Group of Mutual Funds, Ivy Funds Variable Insurance Portfolios and InvestEd Portfolios, while Ivy Investment Management Company serves as investment advisor to the Ivy Funds. Waddell & Reed, Inc. serves as principal underwriter and distributor to the Waddell & Reed Advisors Group of Mutual Funds, Ivy Funds Variable Insurance Portfolios, and InvestEd Portfolios, while Ivy Funds Distributor, Inc. serves as principal underwriter and distributor to the Ivy Funds.
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