Fund Evaluator:

ICON Natural Resources and Infras Inv Overview

ICON Natural Resources and Infras Inv (ICBAX) is an actively managed Sector Equity Natural Resources fund. ICON Funds launched the fund in 2010.

The investment seeks long-term capital appreciation. The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies the Advisor considers Natural Resources and/or Infrastructure focused, which are companies in the Energy, Industrials, Materials and Utilities sectors. Equity securities in which the fund may invest include common stocks and preferred stocks of companies of any market capitalization. It is non-diversified.

About ICON Natural Resources and Infras Inv (ICBAX)

There are 3 members of the management team with an average tenure of 7.09 years: Brian Callahan (2019), Scott Callahan (2019), Craig Callahan (2019). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: S&P Composite 1500 (TR) USD index with a weighting of 100% and S&P North American Natural Resources TR index with a weighting of 100%. ICON Natural Resources and Infras Inv has 39 securities in its portfolio. The top 10 holdings constitute 43.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

ICON Natural Resources and Infras Inv is part of the Equity global asset class and is within the Sector Equity fund group. ICON Natural Resources and Infras Inv has 16.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 75.8%. There is 16.5% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is -0.4% (-0.4% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ICON Natural Resources and Infras Inv has 7.9% of the portfolio in cash.

Assets Under Management

The fund has $5 million in total assets, which is below the $232 million average for the Natural Resources category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

ICBAX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ICON Natural Resources and Infras Inv expense ratio is high compared to funds in the Natural Resources category. ICON Natural Resources and Infras Inv has an expense ratio of 1.56%, which is 36% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. ICON Natural Resources and Infras Inv has a portfolio turnover rate of 154%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 60% for the Natural Resources category.

Recently, in the month of June 2026, ICON Natural Resources and Infras Inv returned -0.9%, which earned it a grade of A, as the Natural Resources category had an average return of -5.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

ICON Natural Resources and Infras Inv has a trailing yield of 0.73%, which is below the 2.09% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

ICON Natural Resources and Infras Inv Grades

Year to date, the fund has returned 18.4%, 6.8 percentage points better than the category, which translates into a grade of A. The fund has returned 39.9% over the past year (grade of B), 16.4% over the past three years (grade of A) and 12.1% per year over the past five years (grade of C) and 11.8% per year over the past 10 years (grade of A).

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