As a firm, there is zero tolerance for any sign of shareholder trading activity that would negatively impact our investors.
Protection from Trading Abuses Mutual funds, like the ICON Funds, are designed for investors with long time horizons. However, certain investors trade in and out of strategically targeted mutual funds over a short time period in order to take advantage of the way those funds are managed and priced. These investors are ‘market timers’ or ‘short-term investors.’
We strongly discourage market timing and short-term investing in the ICON Funds and have attempted to identify and restrict this type of investing.
ICON staff monitors trading activity daily and has rigorous reporting procedures in place to identify potential market timers and short-term investors. And in an additional step to protect the Funds, ICON employs daily fair valuing of foreign securities traded in countries outside the Western Hemisphere to minimize stale prices and make the foreign Funds less attractive to market timers.
While fair value pricing takes into account any significant events occurring after the close of a foreign market, it cannot eliminate the possibility of market-timing or short-term trading. However, it is our belief that the procedures implemented at ICON help protect the interests of long-term Fund shareholders.
