Fund Evaluator:
ICON Flexible Bond Institutional (IOBZX)
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Fund Details
ICON Flexible Bond Institutional Overview
ICON Flexible Bond Institutional (IOBZX) is an actively managed Taxable Bond Multisector Bond fund. ICON Funds launched the fund in 2004.
The investment seeks maximum total return. The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in a broad range of U.S. dollar-denominated fixed income products. These include corporate bonds, notes and debentures, and closed-end funds that invest at least 80% of their assets in fixed income securities, as well as U.S. government and agency securities.
About ICON Flexible Bond Institutional (IOBZX)
There are 1 members of the management team with an average tenure of 13.05 years: Donovan (Jerry) Paul (2013). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Universal Ex MBS TR index with a weighting of 100%. ICON Flexible Bond Institutional has 148 securities in its portfolio. The top 10 holdings constitute 22.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
ICON Flexible Bond Institutional is part of the Fixed Income global asset class and is within the Taxable Bond fund group. ICON Flexible Bond Institutional has 5.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 3.0%. There is 0.0% allocated to foreign stock, and 24.4% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 68.6% (62.7% domestic bond, 5.9% foreign bond and 0.2% convertible bond). ICON Flexible Bond Institutional has 3.3% of the portfolio in cash.
Assets Under Management
The fund has $517 million in total assets, which is below the $1 billion average for the Multisector Bond 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.
IOBZX 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 Flexible Bond Institutional expense ratio is high compared to funds in the Multisector Bond category. ICON Flexible Bond Institutional has an expense ratio of 0.95%, which is 1% higher than its category average, making the fund expense ratio grade a D. 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 Flexible Bond Institutional has a portfolio turnover rate of 158%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 162% for the Multisector Bond category.
Recently, in the month of July 2026, ICON Flexible Bond Institutional returned 0.3%, which earned it a grade of A, as the Multisector Bond category had an average return of -0.7%. 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 Flexible Bond Institutional has a trailing yield of 6.61%, which is above the 5.31% category average. The fund normally distributes its income monthly 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 Flexible Bond Institutional Grades
Year to date, the fund has returned 2.6%, 1.7 percentage points better than the category, which translates into a grade of A. The fund has returned 5.4% over the past year (grade of A), 6.5% over the past three years (grade of C) and 4.0% per year over the past five years (grade of A) and 4.1% per year over the past 10 years (grade of B).
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IOBZX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| IOBZX Return (NAV) | 0.3% | 1.2% | 5.4% | 6.5% | 4.0% | 4.1% |
| IOBZX Grade | A | A | A | C | A | B |
| +/- Category | 1.0% | 1.1% | 1.1% | 0.2% | 1.7% | 0.6% |
| Multisector Bond Avg | -0.7% | 0.0% | 4.3% | 6.3% | 2.4% | 3.5% |
| IOBZX Tax Cost Ratio | na | na | 2.6% | 2.6% | 2.5% | 2.1% |
IOBZX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| IOBZX Return (NAV) | 2.6% | 5.7% | 8.3% | 9.2% | -5.6% | 4.2% | 4.6% | 8.1% | 0.8% | 4.2% | 6.1% |
| IOBZX Grade | A | F | A | B | A | A | D | D | A | F | D |
| +/- Category | 1.7% | -2.4% | 2.6% | 0.8% | 4.5% | 1.9% | -1.7% | -2.1% | 2.6% | -2.4% | -1.4% |
| Multisector Bond Avg | 0.9% | 8.1% | 5.7% | 8.4% | -10.1% | 2.2% | 6.3% | 10.3% | -1.9% | 6.6% | 7.5% |
| Risk Measures | |
| Standard Deviation: | 2.9% |
| Total Risk Index: | 0.23 - Low |
| Category Risk Index: | 0.64 - Low |
| Category Risk Grade: | A (11% Rank) |
| Beta: | 0.39 |
| R-Squared: | 61% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 6.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $548 Mil |
| Fund Total Assets: | $ 517 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 158% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 13.1 years | |||
| Average Tenure: 13.1 years | |||
| Managers (Year): Paul Donovan (Jerry) (2013) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 148 |
| % in Top 10 Holdings: | 22.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 5.9% |
Portfolio Allocation |
|
| Domestic Stock: | 3.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 24.4% |
| Domestic Bond: | 62.7% |
| Foreign Bond: | 5.9% |
| Convertible Bond: | 0.2% |
| Other: | 0.5% |
| Cash: | 3.3% |
Purchase Information
| Fund Family: | ICON Funds |
| Phone Number: | 800-764-0442 |
| Website: | WWW.SHELTONCAP.COM |
| Status: | Open |
| Inception Date: | May 6, 2004 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.95% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.94% |
| Share Class: | ICON Flexible Bond Institutional |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
