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Performance Benchmark

A Valuation Discipline Focused on Industries

As a multi-cap manager, ICON views the U.S. market as one asset class, affording us the flexibility to go anywhere on the market cap and style grid in order to find value. While the ICON system starts with the calculation of value-to-price ratios (V/P) for individual stocks, we calculate them in order to establish industry V/P ratios. We believe markets have themes with industries assuming leadership for many quarters, even years. We use industry V/P ratios in an attempt to identify those themes early in the market cycle.

Our investment approach is based on the belief that it is easier to select industries than it is to select individual stocks. By stressing industry exposure, and by holding a selected group of stocks within an industry, we try to reduce the random risk associated with investing in individual securities. We use this methodology to manage all ICON portfolios.

Sectors and Industries in Today’s Economy
Listed below are the 154* industries, categorized by ICON among 9 sectors, that make up the Standard & Poor’s and MSCI Barra Global Industry Classification Standard (GICS ®) structure.

Consumer Discretionary Sector Energy Sector Financials Sector
(36 Industries) (7 Industries) (26 Industries)
Advertising Coal & Consumable Fuels Asset Management & Custody Banks
Apparel, Accessories & Luxury Goods Integrated Oil & Gas Consumer Finance
Apparel Retail Oil & Gas Drilling Diversified Banks
Auto Parts & Equipment Oil & Gas Equipment & Services Diversified Capital Markets
Automobile Manufacturers Oil & Gas Exploration & Production Diversified Real Estate Activities
Automotive Retail Oil & Gas Refining & Marketing Diversified REIT’s
Broadcasting Oil & Gas Storage & Transportation Industrial REIT’s
Cable & Satellite Insurance Brokers
Casinos & Gaming Investment Banking & Brokerage
Catalog Retail Life & Health Insurance
Computer & Electronics Retail   Mortgage REIT’s
Consumer Electronics   Multi-line Insurance
Department Stores   Multi-Sector Holdings
Distributors   Office REIT’s
Education Services   Other Diversified Financial Services
Footwear   Property & Casualty Insurance
General Merchandise Stores   Real Estate Development
Home Furnishings   Real Estate Operating Companies
Home Improvement Retail   Real Estate Services
Homebuilding   Regional Banks
Homefurnishing Retail   Reinsurance
Hotels, Resorts & Cruise Lines Residential REIT’s
Household Appliances   Retail REIT’s
Housewares & Specialties   Specialized Finance
Internet Retail   Specialized REIT’s
Leisure Facilities Thrifts & Mortgage Finance
Leisure Products
Motorcycle Manufacturers  
Movies & Entertainment
Photographic Products
Publishing
Restaurants
Specialized Consumer Services  
Specialty Stores  
Textiles  
Tires & Rubber  
Health Care Sector Industrials Sector Information Technology Sector
(10 Industries) (24 Industries) (16 Industries)
Biotechnology Aerospace & Defense Application Software
Health Care Distributors Air Freight & Logistics Communications Equipment
Health Care Equipment Airlines Computer Hardware
Health Care Facilities Airport Services Computer Storage & Peripherals
Health Care Services Building Products Data Processing & Outsourced Services
Health Care Supplies Commercial Printing Electronic Components
Health Care Technology Construction & Engineering Electronic Equipment & Instruments
Life Sciences Tools & Services Construction & Farm Machinery & Heavy Trucks Electronic Manufacturing Services
Managed Health Care Diversified Support Services Home Entertainment Software
Pharmaceuticals Electrical Components & Equipment Internet Software & Services
Environmental & Facilities Services IT Consulting & Other Services
Heavy Electrical Equipment Office Electronics
Highways & Railtracks Semiconductor Equipment
Human Resource & Employment Services Semiconductors
Industrial Conglomerates Systems Software
Industrial Machinery Technology Distributors
Marine
Marine Ports & Services
Office Services & Supplies
Railroads
Research & Consulting Services
Security & Alarm Services
Trading Companies & Distributors
 Trucking
Consumer Staples Sector Materials Sector Telecommunication & Utilities Sector1
(12 Industries) (15 Industries) (8 Industries)
Agricultural Products Aluminum Alternative Carriers
Brewers Commodity Chemicals Electric Utilities
Distillers & Vintners Construction Materials Gas Utilities
Drug Retail Diversified Chemicals Independent Power Producers & Energy Traders
Food Distributors Diversified Metals & Mining Integrated Telecommunication Services
Food Retail Fertilizers & Agricultural Chemicals Multi-Utilities
Household Products Forest Products Water Utilities
Hypermarkets & Super Centers Gold Wireless Telecommunication Services
Packaged Foods & Meats Industrial Gases
Personal Products Metal & Glass Containers
Soft Drinks Paper Packaging
Tobacco Paper Products
Precious Metals & Minerals
Specialty Chemicals
Steel
 

Holdings Data as of :
S&P Composite 1500 Index – 9/30/11
MSCI AC World Index – 9/30/11
* Industries subject to change. As of September 30, 2011. This number may vary over time.

1The GICS Telecommunication sector and the GICS Utilities sector are combined by ICON to form the ICON Telecommunication & Utilities sector.

There are risks involved with mutual fund investing, including the risk of loss of principal. There is no assurance that the investment process will consistently lead to successful 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. There are risks associated with Small and Mid Cap investing such as less liquidity, limited product lines, and small market share.

ICON’s value-based investing model is an analytical, quantitative approach to investing that employs various factors, including projected earnings growth estimates and bond yields, in an effort to determine whether securities are over- or underpriced relative to ICON’s estimates of their intrinsic value. ICON’s value approach involves forward-looking statements and assumptions based on judgments and projections that are neither predictive nor guarantees of future results. Value readings are contingent on several variables including, without limitation, earnings, growth estimates, interest rates and overall market conditions. Although valuation readings serve as guidelines for our investment decisions, we retain the discretion to buy and sell securities that fall beyond these guidelines as needed. Value investing involves risks and uncertainties and does not guarantee better performance or lower costs than other investment methodologies.

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.

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


ICON Funds are offered only to U.S. citizens or residents of the U.S., and the information on this Website is intended only for such persons. Nothing on this Website should be considered a solicitation to buy or an offer to sell shares of any ICON Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.