Fund Currently Managed

ICON Materials (ICBMX), since August 2003.

Investment Style Overview

Uses quantitative valuation system to analyze about 1,700 stocks in the materials sector, looking for those priced low relative to company’s intrinsic value. Then, screens for undervalued industries within sector that are performing better than the overall market. Considers income statements and balance sheets to assess financial strength.

Key Stock Selection Criteria

*High value-to-price ratio and performance that tops overall market.

*Strong cash flow and low debt.

*High returns on equity.

Key Sell Criteria

*Valuation becomes excessive.

*Finds better investment.

Biographical Notes

Derek Rollingson is a portfolio manager with ICON Advisers Inc., his employer since 2003. He was previously an analyst with Navigant Consulting. He holds a B.S. in finance from Brigham Young University.