Overview | Philosophy | Fundamentals | Buy/Sell Disciplines | Performance Benchmark | Historical Sector Performance

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Focusing on valuation, relative strength, and industry rotation to capture changing market themes, ICON relies on in-house research to provide portfolio solutions for financial advisers and their clients. As a disciplined, quantitative system designed to remove the emotion from investing, the ICON methodology:

  • Computes value-to-price ratios (V/P) utilizing the fundamentals of finance - earnings, projected growth, risk, and interest rates.
  • Determines industries within market sectors that our system shows to be demonstrating leadership against the broader market.
  • Rotates among undervalued and overvalued industries, buying those believed to be on sale, selling those seen as overpriced.
  • Selects individual securities that are underpriced relative to their estimated intrinsic value.
  • Filters out corporate noise and goes against the crowd when valuation dictates.
  • Places no restrictions on market capitalization or simplistic value/growth characteristics; instead seeks the best value identified by the system for the investment dollar.

Based on the fair value methodology of Benjamin Graham, the "Father of Securities Analysis," the ICON quantitative valuation model has adapted and advanced Graham's approach to today's ever-changing market conditions. By combining valuation and relative strength to uncover leading market themes, ICON stresses industry exposure, thereby lessening the random risk associated with selecting individual securities.

Brochure on ICON's Methodology

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The figures shown are past results. Past performance does not guarantee future results. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment, and the Technology sector has been among the most volatile sectors in the market. To analyze intrinsic value, the ICON valuation methodology relies on the integrity of publicly released financial statements. ICON’s value-to-price ratio is a ratio of the intrinsic value, as calculated using ICON’s proprietary valuation methodology, of a broad range of domestic and international securities within ICON’s system as compared to the current market price of those securities. To analyze intrinsic value, the ICON valuation methodology relies on the integrity of publicly released financial statements.

ICON’s “relative strength” estimate reflects ICON’s calculation of how an individual stock has performed compared to the broad stock market over a six-month period.

The beta coefficient is a measure of a portfolio’s volatility relative to the market. An index relevant to the portfolio is used as the proxy for the market, and is considered to have a 1.00 beta. Therefore, if the portfolio has a beta of 1.50, it has historically been 50% more volatile than the market for the periods shown.