--- title: ICON Insights | November, 2026 description: ICON’s Value Methodology is a systematic and quantifiable approach that focuses on delivering reliable investment solutions. As an active, value-based investment firm, we offer a variety of funds to help position your portfolio for long-term success. image: https://blog.iconadvisers.com/hubfs/Marketing%20Files/ICON%20Insights%20Assets/Feature%20Images/AI-Market-Graph.jpg --- - [Linkedin](https://www.linkedin.com/company/icon-advisers/) - [Mail](https://iconadvisers.com/contact-us/) - [Account Access](https://iconadvisers.com/account-access/) - [Open an Account](https://iconadvisers.com/open-an-account/) - [Contact Us](https://iconadvisers.com/contact-us/) - [Contact ICON’s Sales Team](https://iconadvisers.com/contact-icons-sales-team/) - [Corporate Codes and Policies](https://iconadvisers.com/corporate-codes-and-policies/) 1-800-828-4881 [![ICON Advisers](https://blog.iconadvisers.com/hs-fs/hubfs/raw_assets/public/IconAdvisers_December2022/images/ICON_Advisers_logo.png?width=340&name=ICON_Advisers_logo.png "ICON Advisers")](https://iconadvisers.com/) - [Home](https://iconadvisers.com/#top) - Services and Solutions - 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One involves the Federal Reserve (Fed) tightening monetary policy, and the other involves Artificial Intelligence (AI) capital investing. In September, the Fed raised its Federal Funds target rate to try to bring down inflation. Surveys suggest investors expect one or two more increases over the next six months. Wall Street has an old rule of thumb that you don’t want to own cyclical or economically sensitive stocks, like industrials or consumer discretionary, when the Fed is tightening. It seems like many investors have adopted that rule of thumb as, at times, economically sensitive, cyclical sectors have become quite sluggish. That rule of thumb evolved over previous economic cycles when inflation was embedded into the economy and was 7%, 8%, 9%, or even double digits. The Fed had to tighten significantly over a year or more. Currently, inflation as measured by the CPI is only 3.7% over the last year and is not embedded into the economy. It’s simply due to the war in Iran and the resulting spike in oil prices. We believe the Fed can easily get inflation heading back toward its target of 2%. Our portfolios are tilted toward where we find value in sectors such as Technology, Industrials, Financials, Consumer Discretionary and Materials, and we ride through short-term periods when investors turn away from the economically sensitive, cyclical sectors. AI is so revolutionary that it is requiring significant capital investment, primarily in data centers and the production of semiconductors (chips). Concerns and worries on Wall Street vary day to day and week to week, but they generally are among the following: (1) that companies will raise too much capital and not get a decent return on investment, (2) that the time between raising capital and getting income from that capital is too long, (3) that companies will raise capital through debt and not be able to handle that debt, and (4) that if the companies raise capital by issuing equity, earnings will be diluted. At ICON, we believe those concerns are misguided. Corporate managements are fiduciaries of shareholder assets. Capital investment projects are analyzed many times over and run up and down the corporate ladder. We expect technology companies to “get it right” and find the recent worries very reminiscent of Y2K. We expect AI-related earnings to grow and stock prices to break out of the recent slump. ### Bonds The graph, at right, is the yield on the 10-year Treasury note since June 30, 2026. In the summer, it rose as the price of oil headed higher, but recently it’s dropped below 5%. By late September, some analysts were predicting it would go to 6%. In the October issue of the ICON Insights, we wrote, “A yield over 5.2% suggests bond investors expect inflation to remain in the 3.0% to 4.0% range. We think our view on inflation will prevail and that the yield will head lower over the next year.” It is too early to tell if the yield will continue its recent decline, but we do not expect a surge higher. [![ICON\_Insights\_Nov2026-Table](https://blog.iconadvisers.com/hs-fs/hubfs/Marketing%20Files/ICON%20Insights%20Assets/Graphs%20and%20Tables/ICON_Insights_Nov2026-Table.png?width=500&height=419&name=ICON_Insights_Nov2026-Table.png)](https://blog.iconadvisers.com/hubfs/ICON%20Insights%20(Monthly%20Commentary)/ICON_Insights_Nov2026.pdf) ### Summary As of November 2, 2026, 766 of the companies in the S&P 1500 Index reported their quarterly earnings. On average, they beat estimates by 3.50%, but more impressively, they were, on average, 28.48% greater than the same quarter a year ago. There has been a surge in earnings in 2026 that we believe is not reflected in stock prices. Analysts who predict earnings are calling for above-average growth over the next two years, not at the rate of 2026, but good enough to support higher stock prices. We like owning stocks and believe the concerns about economically sensitive, cyclical stocks and AI-related investment will fade.  --- [Download the PDF here](https://blog.iconadvisers.com/hubfs/ICON%20Insights%20(Monthly%20Commentary)/ICON_Insights_Nov2026.pdf) --- ***The data quoted represents past performance, which is no guarantee of future results.*** *Opinions and forecasts regarding sectors, industries, companies, countries and/or themes, and portfolio composition and holdings, are all subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security, industry, or sector.* *Investing in securities involves inherent risks, including the risk that you can lose the value of your investment. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. Investments in international securities may entail unique risks, including political, market, regulatory, and currency risks. In general, there is less governmental supervision of foreign stock exchanges and securities brokers and issuers. Investing in fixed-income securities such as bonds involves interest rate risk. When interest rates rise, the value of fixed-income securities generally decreases.* *Individual account holdings and composition may vary. Opinions and forecasts regarding sectors, industries, companies, countries and/or themes, and portfolio composition and holdings, are all subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security, industry, or sector.* *This material is intended for investment professionals and other financially sophisticated readers. It contains hypothetical illustrations based on expectations for future outcomes. This material is for educational and informational purposes only and does not represent the performance of any actual account or strategy.* *ICON’s value-based investing model is an analytical, quantitative approach to investing that employs various factors, including projected earnings growth estimates and bond yields, in an effort to determine whether securities are over- or underpriced relative to ICON’s estimates of their intrinsic value. ICON’s value approach involves forward-looking statements and assumptions based on judgments and projections that are neither predictive nor guarantees of future results. Value readings are contingent on several variables, including, without limitation, earnings, growth estimates, interest rates, and overall market conditions. Although valuation readings serve as guidelines for our investment decisions, we retain the discretion to buy and sell securities that fall beyond these guidelines as needed. Value investing involves risks and uncertainties and does not guarantee better performance or lower costs than other investment methodologies.* *ICON’s value-to-price ratio is a ratio of the intrinsic value, as calculated using ICON’s proprietary valuation methodology, of a broad range of domestic and international securities within ICON’s system as compared to the current market price of those securities. According to our methodology, a V/P reading of 1.00 indicates stocks are priced at intrinsic value. We believe stocks with a V/P reading below 1.00 are overvalued, while stocks with a V/P reading above 1.00 are undervalued. For example, we interpret a V/P reading of 1.15 to mean that for every $1.00 of market value, there is $1.15 of intrinsic value which has not yet been realized in the market price.* *The unmanaged Standard & Poor’s Composite 1500 (S&P 1500) Index is a broad-based capitalization-weighted index comprising 1,500 stocks of Large-cap, Mid-cap, and Small-cap U.S. companies. Individuals cannot invest directly in an index. A direct comparison to any index has limitations, and prospective clients should not assume that future performance of any account will correspond to the performance of the index. An index is an unmanaged product and does not include the impact of fees or expenses.* *The Consumer Price Index (CPI) is a measure of the average change in prices over time of goods and services purchased by households. The CPIs are based on prices of food, clothing, shelter, fuels, transportation fares, charges for doctors’ and dentists’ services, drugs, and other goods and services that people buy for day-to-day living. Federal Funds Rate: In the United States, the federal funds rate is the interest rate at which private depository institutions (mostly banks) lend (federal funds) at the Federal Reserve to other depository institutions, usually overnight. Changing the target rate is one form of open market operations that the Chairman of the Federal Reserve uses to regulate the supply of money in the U.S. economy. Individuals cannot invest directly in an index. A direct comparison to any index has limitations, and prospective clients should not assume that future performance of any account will correspond to the performance of the index. An index is an unmanaged product and does not include the impact of fees or expenses.¡*  *The 10-year yield is the benchmark 10-year yield to maturity reflected by the current issue 10-year U.S. Treasury note.* *Sources: Bloomberg* ***Please visit ICON online at ICONAdvisers.com or call 1-800-828-4881 for the most recent copy of ICON’s Form ADV, Part 2****.* *© 2026 ICON Advisers, All Rights Reserved.* ### Read Previous Commentaries - [![Post image](https://blog.iconadvisers.com/hubfs/wall-street-Street%20Sign.jpg) **ICON Insights | September, 2026September 2, 2026 8 PM**](https://blog.iconadvisers.com/icon-insights-market-commentary/icon-insights-september-2026) - [![Post image](https://blog.iconadvisers.com/hubfs/Marketing%20Files/ICON%20Insights%20Assets/Feature%20Images/Stock%20Exchange%20Tickers%20with%20Graph.jpg) **ICON Insights | May, 2026May 6, 2026 4 PM**](https://blog.iconadvisers.com/icon-insights-market-commentary/icon-insights-may-2026) - [![Post image](https://blog.iconadvisers.com/hubfs/Marketing%20Files/ICON%20Insights%20Assets/Feature%20Images/Economy-Graph-Arrows-Up.jpg) **ICON Insights | July, 2026July 6, 2026 6 PM**](https://blog.iconadvisers.com/icon-insights-market-commentary/icon-insights-july-2026) - [![Post image](https://blog.iconadvisers.com/hubfs/Marketing%20Files/ICON%20Insights%20Assets/Feature%20Images/Federal-Reserve-Facade.jpeg) **ICON Insights | October, 2026October 2, 2026 7 PM**](https://blog.iconadvisers.com/icon-insights-market-commentary/icon-insights-october-2026) - [![Post image](https://blog.iconadvisers.com/hubfs/Marketing%20Files/ICON%20Insights%20Assets/Feature%20Images/Small_Caps_Ticker.jpg) **ICON Insights | February, 2026February 5, 2026 9 PM**](https://blog.iconadvisers.com/icon-insights-market-commentary/icon-insights-february-2026) ### More News and Views - [ICON Blog](https://iconadvisers.com/news-views/icon-blog/) - [Media Room](https://iconadvisers.com/news-views/media-room/) - [Articles and White Papers](https://iconadvisers.com/news-views/articles-and-white-papers/) - [Monthly Market Commentaries](https://blog.iconadvisers.com/icon-insights-market-commentary) - [Portfolio Reallocation Commentary](https://iconadvisers.com/news-views/portfolio-reallocation-commentary/) ### Quick Search Search for: - Services and Solutions - [Individual Investors](https://iconadvisers.com/services-solutions/individual-investors/) - [Investment Professionals](https://iconadvisers.com/services-solutions/investment-professionals/) - [Institutional Investors](https://iconadvisers.com/services-solutions/institutional-investors/) - Investment Products - [Mutual Funds](https://iconadvisers.com/investment-products/mutual-funds/) - [Tactical Allocation Portfolios](https://iconadvisers.com/investment-products/tactical-allocation-portfolios/) - [Strategy Based Investing Portfolios](https://iconadvisers.com/investment-products/strategy-based-investing-portfolios/) - Resource Center - [Mutual Fund Forms](https://iconadvisers.com/resource-center/mutual-fund-forms/) - [Mutual Fund Literature](https://iconadvisers.com/resource-center/mutual-fund-literature/) - [Portfolio Solutions Forms](https://iconadvisers.com/resource-center/portfolio-solutions-forms/) - [Portfolio Solutions Literature](https://iconadvisers.com/resource-center/portfolio-solutions-literature/) - [Fund Performance and Prices](https://iconadvisers.com/resource-center/fund-performance-and-prices/) - [Tax Center](https://iconadvisers.com/resource-center/tax-center/) - News and Views - [ICON Blog](https://iconadvisers.com/news-views/icon-blog/) - [Media Room](https://iconadvisers.com/news-views/media-room/) - [Articles and White Papers](https://iconadvisers.com/news-views/articles-and-white-papers/) - [Monthly Market Commentaries](https://iconadvisers.com/news-views/monthly-market-commentaries/) - [Portfolio Reallocation Commentary](https://iconadvisers.com/news-views/portfolio-reallocation-commentary/) - About Us - [Investment Committee](https://iconadvisers.com/about-us/investment-committee/) - [Key Personnel](https://iconadvisers.com/about-us/key-personnel/) [![icon](https://blog.iconadvisers.com/hs-fs/hubfs/raw_assets/public/IconAdvisers_December2022/images/icon-logo-white-transparent.png?width=200&name=icon-logo-white-transparent.png "icon")](https://iconadvisers.com/) ICON Advisers, Inc. 8480 E Orchard Road, Suite 1200 Greenwood Village, CO 80111 [1-800-828-4881](tel:+1-800-828-4881) [info@InvestwithICON.com](mailto:info@InvestwithICON.com) [ICON Advisers on LinkedIn](https://www.linkedin.com/company/icon-advisers/) *Investing in securities involves inherent risks, including the risk that you can lose the value of your investment. There is no assurance that the investment process will consistently lead to successful results.* ***Consider the investment objectives, risks, charges, expenses, and share classes of each ICON Fund carefully before investing. The [prospectus](https://iconadvisers.com/literature-forms/mutual-fund-literature/) contains this and other information about the Funds; please read the prospectus and carefully before investing. RFS Partners, Distributor.*** *ICON Funds are offered only to U.S. citizens or residents of the U.S., and the information on this website is intended only for such persons. Nothing on this website should be considered a solicitation to buy or an offer to sell shares of any ICON Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.* *ICON Advisers, Inc. is the sub-adviser to the ICON Funds. RFS Partners is the distributor of the ICON Funds.*   © 2026 Copyright - ICON AdvisersSM All rights reserved. - [Account Access](https://iconadvisers.com/account-access/) - [Open an Account](https://iconadvisers.com/open-an-account/) - [Contact Us](https://iconadvisers.com/contact-us/) - [Contact ICON’s Sales Team](https://iconadvisers.com/contact-icons-sales-team/) - [Corporate Codes and Policies](https://iconadvisers.com/corporate-codes-and-policies/) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Dr. Craig Callahan ICON Advisers – Founder & Executive Committee Chair", "url" : "https://blog.iconadvisers.com/icon-insights-market-commentary/author/dr-craig-callahan-icon-advisers-founder-president" }, "dateModified" : "2026-11-05T19:53:25.514Z", "datePublished" : "2026-11-05T19:53:25.000Z", "headline" : "ICON Insights | November, 2026", "image" : [ "https://blog.iconadvisers.com/hubfs/Marketing%20Files/ICON%20Insights%20Assets/Feature%20Images/AI-Market-Graph.jpg" ], "mainEntityOfPage" : { "@id" : "https://blog.iconadvisers.com/icon-insights-market-commentary/icon-insights-november-2026", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.iconadvisers.com/hubfs/ICON_Advisers_logo-1.jpg" }, "name" : "ICON Advisers" } } ```