Market Perspectives

Investable Theme: Increasing web use in China

Growth of internet usage in China may serve as a catalyst for e-commerce growth.

As China seeks to shift its economy fueled by heavy industry and exports towards consumer and service-oriented growth, the need for technological advancement leads the charge. China recently hit an important milestone in its internet development. For the first time, more than half of China’s population was online. At the end of 2016, China had 731 million internet users, more than double the population of the United States. China’s new internet users are mobile native, with approximately 95% preferring to surf the web on their smartphones.1 We believe companies able to capitalize on this secular growth trend stand to benefit.

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Investment Strategy

Investment Team

John C. Maxwell, CFA

Senior Vice President, Portfolio Manager

Mr. Maxwell is co-portfolio manager of the firm’s International Core Equity investment strategy. He has been associated with the firm’s international team since 2004. In 2006 he was named co-portfolio manager of International Core Equity and assumed sole management responsibilities in 2009. He joined the firm in 1998 as an equity investment analyst and covered industries in the Consumer Discretionary, Consumer Staples and Telecommunication sectors.

Prior to joining Waddell & Reed, Mr. Maxwell was affiliated with Fort Washington Investment Advisors from 1995 to 1998 as an equity research manager specializing in Consumer Staples. From 1992 to 1995 he gained industry experience in the finance division of Procter & Gamble.

Mr. Maxwell earned an MBA with an emphasis in Finance from The Johnson School at Cornell University and a BS in Mechanical Engineering from the University of Kentucky. He is a CFA charterholder.

Catherine L. Murray

Vice President, Portfolio Manager

Ms. Murray is co-portfolio manager of the firm’s International Core Equity investment strategy and was appointed this role in 2017. She was named assistant portfolio manager of the strategy in 2014. She is a member of the firm’s research division covering non U.S. financials. Ms. Murray joined the firm in 2011.

Prior to joining Waddell & Reed, Ms. Murray was the financial sector strategist at WJB Capital. Prior WJB Capital, Ms. Murray had significant roles as both a sell-side and buy-side financial sector analyst. She was a managing director of JP Morgan and a senior sell-side banking industry analyst at JP Morgan Securities. She also was a managing director and senior financial services analyst at Neuberger Berman.

Ms. Murray has an MBA from the Wharton School, University of Pennsylvania, majoring in Finance and a BA in French and Business Administration from the College of St. Catherine in St. Paul, Minnesota.

1Source: China Internet Network Information Centre

Past performance is not a guarantee of future results. The opinions expressed are those of the Fund’s portfolio manager and are not meant as investment advice or to predict or project the future performance of any investment product. The opinions are current through June 30, 2017, are subject to change based on market conditions or other factors, and no forecasts can be guaranteed. The holdings discussed are for illustrative purposes only and are not intended as a recommendation to purchase, sell, or hold any speci c security or to engage in any investment strategy.

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