| SMA Portfolio |
YTD |
1 Year |
Total Return (%)
as of 12/31/09
Since Inception |
| Multi-Cap U.S. Equity Portfolio |
18.46 |
18.46 |
-19.69* |
| S&P 1500 Index |
27.23 |
27.23 |
-10.09 |
| Multi-Cap International ADR Portfolio |
40.13 |
40.13 |
-22.98** |
| MSCI ACWI ex. U.S. |
42.16 |
42.16 |
-13.65 |
* The inception date for the ICON Multi-Cap U.S. Equity Portfolio is 9/1/08.
** The inception date for the ICON Multi-Cap International ADR Portfolio is 7/1/08.
The performance data shown represents past performance and current performance may be higher or lower. Past performance does not guarantee future results.
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The data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the data quoted. Please call 1-800-828-4881 or visit www.iconadvisers.com for performance results current to the most recent month-end. Returns assume the reinvestment of dividends and capital gain distributions and reflect applicable fees and expenses.
Investing in securities involves inherent risks, including the risk that you can lose the value of your investment. There is no assurance that the investment process will consistently lead to successful results. Investments in international securities may entail unique risks, including political, market, regulatory and currency risks. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, do not exist in foreign countries. In general, there is less governmental supervision of foreign stock exchanges and securities brokers and issuers. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. There are risks associated with Small and Mid Cap investing such as less liquidity, limited product lines, and small market share.
Investments in separately managed accounts, like all investments, involve certain risks, including the risk of loss of principal, which will vary depending on the securities selected. Managed accounts are subject to other risks including, but not limited to the risk of a concentration in sectors, industries, asset classes, or geographic regions.
Investors may find there are fewer managed accounts focused on certain asset classes, limiting one’s ability to gain access to those classes. Investors without significant assets to invest may find it difficult to achieve broad diversification within a portfolio, and this could result in a concentrated, non-diversified portfolio. Managed accounts may not be suitable for all investors.
The inception date for the ICON Multi-Cap U.S. Equity Portfolio is 9/1/08. The inception date for the ICON Multi-Cap International ADR Portfolio is 7/1/08.
An American Depository Receipt (ADR) is a certificate that trades in the U.S. markets representing shares of a foreign company. U.S. depository banks issue these certificates and the price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of ADRs to foreign company shares. Investments in ADRs have many of the same risks as international investing, including politi¬cal, market, regulatory, inflation, exchange rate, and currency risks of the underlying shares in foreign countries.
ICON Advisers, Inc. (“ICON”) is a registered investment adviser incorporated in 1991. ICON’s disciplined, quantitative investment system utilizes sector and industry rotation to invest in U.S. and foreign securities of any market capitalization. ICON offers its disciplined, quantitative investment system across a wide range of portfolio solutions, including mutual fund allocation portfolios, diversified and sector mutual funds, as well as diversified and concentrated separate accounts.
ICON has prepared and presented this report in compliance with Global Investment Performance Standards (GIPS®). The results of the Composite have been verified from January 1, 2005 through December 31, 2007 by independent verifiers whose report is available upon request. In addition ICON Advisers, Inc. has been verified for the periods from January 1, 1995 through December 31, 2007 by the independent verifiers. The periods prior to January 1, 1995 have not been verified. A copy of the independent verifier’s report is available upon request. To receive a complete list and description of ICON’s composites and/or a presentation that adheres to the GIPS® standards, please call 1-800-828-4881 or visit www.iconadvisers.com. Additional information regarding ICON’s policies for calculating and reporting returns is available upon request. Returns are calculated in U.S. dollars. The Portfolios do not utilize leverage or derivatives. The Multi-Cap International ADR Portfolio seeks capital appreciation through American Depository Receipts (ADRs) investments in selected industries and sectors by utilizing a value-based sector allocation strategy. The Multi-Cap International ADR Portfolio does not utilize leverage or derivatives. Multi-Cap International ADR Composite assets as of 12/31/09 were $2.4 millon, which represented approximately 0.09% of ICON’s total assets under management. Non-fee paying accounts comprised 6.32% of the Multi-Cap International ADR Composite. Results are net of fees and calculated in U.S. dollars. The Multi-Cap U.S. Equity Portfolio seeks capital appreciation through U.S. common stock investments in selected industries and sectors utilizing a value-based sector allocation strategy. The Multi-Cap U.S. Equity Portfolio does not utilize leverage or derivatives. Multi-Cap U.S. Equity Composite assets as of 12/31/09 were $905,796, which represented approximately 0.03% of ICON’s total assets under management. Non-fee paying accounts comprised 17.74% of the Multi-Cap U.S. Equity Composite. Results are net of fees and calculated in U.S. dollars.
The unmanaged Standard & Poor’s Composite 1500 (S&P1500) Index is a broad-based capitalization-weighted index comprising 1,500 stocks of Large-cap, Mid-cap, and Small-cap U.S. companies. The Morgan Stanley Capital International (MSCI) All Country World Index ex-United States (ACWI ex-U.S.) is a leading unmanaged benchmark of international stock performance. The capitalization-weighted index is representative of the performance of securities of companies located in developed and emerging markets outside of the United States. The Portfolios’ composition may differ significantly from the indexes. Individuals cannot invest directly in an index.
The performance results displayed represent the composite performance for all discretionary client accounts in a Portfolio. The performance results reflect the deduction of management fees, brokerage commissions, and expenses and the reinvestment of dividends and other distributions made to client accounts. Please refer to Part II of ICON’s Form ADV for ICON’s current management fee structure.
Source: FactSet Research Systems Inc.
Please click here for the most recent copy of ICON's Form ADV, Part II.
Consider the investment objectives, risks, charges, expenses, and share classes of each ICON Fund carefully before investing. The prospectus, summary prospectus and the statement of additional information contain this and other information about the Funds; please read the prospectus, summary prospectus and the statement of additional information carefully before investing. ICON DistributorsSM, Distributor
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