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.
1 Quantitative models and the analysis of specific metrics are used to construct the Fund’s portfolio. The impact of these metrics on a stock’s performance can be difficult to predict, and stocks that previously possessed certain desirable quantitative characteristics may not continue to demonstrate those same characteristics in the future. In addition, relying on quantitative models entails the risk that the models themselves may be limited or incorrect, that the data on which the models rely may be incorrect or incomplete, and that ICON Advisers may not be successful in selecting companies for investment or determining the weighting of particular stocks in the Fund’s portfolio. Any of these factors could cause the Fund to underperform funds with similar strategies that do not select stocks based on quantitative analysis.
2 Investments in foreign securities involve different risks than U.S. investments, including fluctuations in currency exchange rates, potentially unstable political and economic structures, less efficient trade settlement practices, reduced availability of public information, and lack of uniform financial reporting and regulatory practices similar to those that apply to U.S. issuers. Foreign stock markets may also be less liquid and more volatile than U.S. stock markets. Additionally, global natural resources may be affected by supply and demand and price fluctuations cause by inflationary trends. Investing in developing and emerging markets can be volatile as those markets may be highly vulnerable to local and global changes including risks of taxation, expropriation, and restrictions on withdrawal of assets.