Co-manager Michael Avery has the flexibility to invest in a range of asset classes throughout the world. Currently, the fund is primarily invested in U.S. and European companies that derive a large amount of profits from rapidly-growing emerging markets like China. "We're investing in them because they make a good or a service that appeals to the emerging middle class outside of the developing markets," Avery says. Over the past 12 months, the fund has gained 24 percent. Read more about Ivy Asset Strategy.