Fund Evaluator:
ICON Equity Investor (ISTAX)
Follow This Fund
Best Performing in Mid-Cap Blend Over the Last Year
| 81.1% | Paradigm Select (PFSLX) |
| 47.8% | ICON Equity Investor (ISTAX) |
| 42.3% | CRM All Cap Value Inv (CRMEX) |
| 42.0% | Fidelity Advisor Mid Cap II Z (FZAMX) |
| 36.0% | Vanguard Strategic Equity Inv (VSEQX) |
Fund Details
ICON Equity Investor Overview
ICON Equity Investor (ISTAX) is an actively managed U.S. Equity Mid-Cap Blend fund. ICON Funds launched the fund in 2006.
The investment seeks capital appreciation, with a secondary objective of capital preservation to provide long-term growth. Normally the fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities traded in the U.S. 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.
About ICON Equity Investor (ISTAX)
There are 3 members of the management team with an average tenure of 9.26 years: Brian Callahan (2020), Scott Callahan (2020), Craig Callahan (2011). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P Composite 1500 (TR) USD index with a weighting of 100%. ICON Equity Investor has 34 securities in its portfolio. The top 10 holdings constitute 47.9% 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 Equity Investor is part of the Equity global asset class and is within the U.S. Equity fund group. ICON Equity Investor has 8.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 90.9%. There is 8.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ICON Equity Investor has 0.5% of the portfolio in cash.
Assets Under Management
The fund has $17 million in total assets, which is below the $1 billion average for the Mid-Cap Blend 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.
ISTAX 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 Equity Investor expense ratio is high compared to funds in the Mid-Cap Blend category. ICON Equity Investor has an expense ratio of 1.41%, which is 44% 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 Equity Investor has a portfolio turnover rate of 23%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Blend category.
Recently, in the month of June 2026, ICON Equity Investor returned 4.6%, which earned it a grade of B, as the Mid-Cap Blend category had an average return of 4.1%. 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 Equity Investor has a trailing yield of 0.47%, which is below the 0.47% 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 Equity Investor Grades
Year to date, the fund has returned 30.3%, 15.0 percentage points better than the category, which translates into a grade of A. The fund has returned 47.8% over the past year (grade of A), 18.5% over the past three years (grade of A) and 8.7% per year over the past five years (grade of C) and 13.7% per year over the past 10 years (grade of A).
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ISTAX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ISTAX Return (NAV) | 4.6% | 27.8% | 47.8% | 18.5% | 8.7% | 13.7% |
| ISTAX Grade | B | A | A | A | C | A |
| +/- Category | 0.5% | 13.3% | 25.8% | 3.8% | 0.4% | 2.7% |
| Mid-Cap Blend Avg | 4.1% | 14.4% | 22.0% | 14.7% | 8.2% | 11.0% |
| ISTAX Tax Cost Ratio | na | na | 2.7% | 2.1% | 2.8% | 1.5% |
ISTAX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ISTAX Return (NAV) | 30.3% | 15.5% | 5.1% | 11.8% | -18.3% | 26.4% | 15.7% | 37.8% | -16.9% | 26.4% | 10.6% |
| ISTAX Grade | A | A | F | F | D | B | B | A | F | A | D |
| +/- Category | 15.0% | 7.5% | -8.5% | -4.5% | -3.3% | 2.1% | 2.4% | 9.3% | -6.6% | 10.3% | -4.0% |
| Mid-Cap Blend Avg | 15.3% | 8.0% | 13.5% | 16.4% | -15.1% | 24.3% | 13.3% | 28.5% | -10.3% | 16.1% | 14.6% |
| Risk Measures | |
| Standard Deviation: | 18.1% |
| Total Risk Index: | 1.49 - High |
| Category Risk Index: | 1.15 - High |
| Category Risk Grade: | F (92% Rank) |
| Beta: | 1.15 |
| R-Squared: | 69% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.5% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $58 Mil |
| Fund Total Assets: | $ 17 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 23% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 15.4 years | |||
| Average Tenure: 9.3 years | |||
| Managers (Year): Callahan Craig (2011), Callahan Brian (2020), Callahan Scott (2020) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 34 |
| % in Top 10 Holdings: | 47.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 8.6% |
Portfolio Allocation |
|
| Domestic Stock: | 90.9% |
| Foreign Stock: | 8.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.5% |
Purchase Information
| Fund Family: | ICON Funds |
| Phone Number: | 800-764-0442 |
| Website: | WWW.SHELTONCAP.COM |
| Status: | Open |
| Inception Date: | May 31, 2006 |
| 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: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.41% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | ICON Equity Institutional |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
