ICARX — ICON Emerging Markets Fund

ICARX Fund Overview

ICARX — ICON Emerging Markets Fund is a US mutual fund managed by ICON Funds, categorised as Emerging Markets Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: ICON Funds
• Category: Emerging Markets Value Equity
• Assets under management: $22.90M
• Ticker: ICARX
• SEC CIK: 0001025770
• SEC series ID: S000008829
• Share class ID: C000024050

ICARX Investment Objective and Strategy

ICON Emerging Markets Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by ICON Funds.

Investment objective

Seeks long-term capital appreciation.

Principal investment strategy

The Fund uses a quantitative methodology to identify industries and sectors in emerging market securities that ICONs methodology suggests are underpriced or overpriced relative to our calculation of intrinsic value. ICON believes that equity markets go through themes over time. Simply stated, stocks in industries that were market leaders at one time tend to become overpriced relative to intrinsic value, and stocks in industries that were not in favor tend to drop below intrinsic value. We compute a value-to-price ratio for the securities in our database to determine whether industries, sectors and a countrys securities markets are over- or underpriced. As themes in the market change over time, different countries, industries, and sectors may become leaders. We sell industries we believe are overpriced and buy industries we believe are underpriced, as identified by our valuation model, to capture developing industry and sector themes without restrictions on market capitalization.

The Fund may invest up to 25% of its assets in a single industry. Under normal market conditions, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in securities of issuers whose principal activities are in an emerging market, or are economically tied to an emerging market country. In general, countries may be considered emerging or developing if they are included on any one of the Morgan Stanley Capital International (MSCI) Emerging Markets Index, classified as a developing or emerging market or classified under a similar or corresponding classification, by organizations such as the World Bank and the International Monetary Fund. For purposes of the Funds investments, a determination is made that an issuers principal activities are in an emerging market country or that an issuer is economically tied to an emerging market country by utilizing the Morgan Stanley Capital International (MSCI) global classification of securities methodology (MSCI Global Classification).

The MSCI Global Classification, in general, looks at the country of incorporation and where the securities are primarily listed. However, in some situations additional factors may also need to be considered, such as: the geographic distribution of the issuers operations (in terms of assets and production); the location of its headquarters; and the country in which investors consider the issuer to be most appropriately classified. Such a determination can also be based, in whole or in part, on classifications under the MSCI Emerging Markets Economic Index. This strategy may not be changed unless Fund shareholders are given at least 60 days prior notice. Equity securities in which the Fund may invest include common and preferred stocks of companies of any market capitalization.

ICARX Costs and Fees

ICARX costs about $158 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.58%
• Gross expense ratio: 1.80%
• Portfolio turnover: 78%
• Brokerage commissions: 17.77 bps of average net assets (SEC N-CEN)

ICARX Cashflows

Over the 12 months to 2020-06, ICON Emerging Markets Fund had net outflows of $10.14M, from monthly SEC N-PORT filings.

ICARX Debt Constituents

No individual debt constituents are reported in ICON Emerging Markets Fund's latest SEC N-PORT filing.

ICARX Prospectus and SEC Filings

Official ICON Emerging Markets Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-02-03
• Prospectus (485BPOS) — filed 2019-02-07
• Prospectus (485BPOS) — filed 2018-02-02
• Portfolio holdings (N-PORT) — filed 2020-08-27
• Portfolio holdings (N-PORT) — filed 2020-05-27
• Annual census (N-CEN) — filed 2019-12-12
• Annual census (N-CEN) — filed 2018-12-06

Related Funds

Other Emerging Markets Value Equity funds tracked on ABC INVEST:

• iShares Emerging Markets Dividend ETF (DVYE)
• SPDR® S&P® Emerging Markets Dividend ETF (EDIV)
• Cambria Emerging Shareholder Yield ETF (EYLD)
• Fidelity Emerging Markets Multifactor ETF (FDEM)
• VictoryShares Emerging Markets Value Momentum ETF (UEVM)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.