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Trending ETFs

Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$30.88

$240 M

0.36%

$0.11

1.27%

Vitals

YTD Return

10.6%

1 yr return

28.8%

3 Yr Avg Return

9.9%

5 Yr Avg Return

N/A

Net Assets

$240 M

Holdings in Top 10

41.5%

52 WEEK LOW AND HIGH

$31.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.27%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 218.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$30.88

$240 M

0.36%

$0.11

1.27%

USRTX - Profile

Distributions

  • YTD Total Return 10.6%
  • 3 Yr Annualized Total Return 9.9%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.34%
DIVIDENDS
  • Dividend Yield 0.4%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Horizon Multi-Factor U.S. Equity Fund
  • Fund Family Name
    Horizon Funds
  • Inception Date
    Jun 26, 2019
  • Shares Outstanding
    10069
  • Share Class
    Adv
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Scott Ladner

Fund Description

The Multi-Factor U.S. Equity Fund seeks to achieve its investment objective by investing primarily in large and mid-cap U.S. common stocks, and employs defensive techniques, including strategic portfolio positioning, to achieve lower overall volatility as compared to the market generally. The Multi-Factor U.S. Equity Fund’s investment adviser, Horizon Investments, LLC (“Horizon”), generally considers large and mid-cap issuers to be those that are within the range of the S&P 500 and S&P 400 indices when purchased. However, the Fund can invest in companies of any size, which may include small-cap companies, at the discretion of the Adviser.

Horizon selects and weights securities using a flexible approach that combines active management and quantitative models to allocate the Fund’s portfolio between issuers, sectors and/or factors (e.g., growth, value, momentum, quality, size and volatility) that Horizon believes offer the opportunity for the highest projected return for a given amount of risk. Horizon assesses projected return and expected risk using a multi-disciplined approach consisting of economic, quantitative and fundamental analysis. The Multi-Factor U.S. Equity Fund expects its risk/return analysis will favor defensive investments, and therefore the Multi-Factor U.S. Equity Fund may lag the performance of traditional U.S. equity markets in strong up markets, but is designed to outperform when traditional U.S. equity markets decline. The Multi-Factor U.S. Equity Fund expects to engage in frequent buying and selling of securities to achieve its investment objective.

Under normal circumstances, the Multi-Factor U.S. Equity Fund will invest not less than 80% of the value of its net assets in the equity securities of U.S. companies. Depending on market conditions, the Multi-Factor U.S. Equity Fund may at times focus its investments in particular sectors or areas of the economy.

Options. The Multi-Factor U.S. Equity Fund may also buy or write put and call options for investment purposes, to hedge other investments, or to generate option premiums for the Fund. The Multi-Factor U.S. Equity Fund’s options investments may involve “covered” positions where the Fund may write a call option on an underlying position to generate income. The Multi-Factor U.S. Equity Fund may involve a “collateralized” strategy more generally, where the Multi-Factor U.S. Equity Fund may write put options on a security whose value is collaterized by cash (“cash-secured puts”) or otherwise collaterized by the Fund’s securities.

The Multi-Factor U.S. Equity Fund’s option strategies may involve options combinations, such as spreads, straddles, and collars. In “spread” transactions, the Multi-Factor U.S. Equity Fund buys and writes a put or buys and writes a call on the same underlying instrument with the options having different exercise prices, expiration dates, or both. When the Multi-Factor U.S. Equity Fund engages in spread transactions, it seeks to profit from differences in the option premiums paid and received and in the market prices of the related options positions when they are closed out or sold. In “straddles,” the Multi-Factor U.S. Equity Fund purchases a put option and a call option or writes a put option and a call option on the same instrument with the same expiration date and the same exercise price. A “collar” position combines a put option purchased by the Multi-Factor U.S. Equity Fund (the right of the Multi-Factor U.S. Equity Fund to sell a specific security within a specified period) with a call option that is written by the Multi-Factor U.S. Equity Fund (the right of the counterparty to buy the same security) in a single instrument, and the Multi-Factor U.S. Equity Fund’s right to sell the security is typically set at a price that is below the counterparty’s right to buy the security. Thus, the combined position “collars” the performance of the underlying security, providing protection from depreciation below the price specified in the put option, and allowing for participation in any appreciation up to the price specified by the call option. In each case, the premium received for writing an option offsets, in part, the premium paid to purchase the corresponding option; however, downside protection may be limited as compared to just owning a single option. There is no limit on the number or size of the options transactions in which the Multi-Factor U.S. Equity Fund may engage.

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USRTX - Performance

Return Ranking - Trailing

Period USRTX Return Category Return Low Category Return High Rank in Category (%)
YTD 10.6% 0.3% 17.0% 20.43%
1 Yr 28.8% 3.7% 53.6% 64.52%
3 Yr 9.9%* -10.3% 30.6% 45.13%
5 Yr N/A* -7.9% 109.2% N/A
10 Yr N/A* 0.4% 21.0% N/A

* Annualized

Return Ranking - Calendar

Period USRTX Return Category Return Low Category Return High Rank in Category (%)
2023 11.8% -42.6% 47.4% 78.28%
2022 -11.2% -56.3% -4.2% 2.79%
2021 1.8% -27.2% 53.7% 90.75%
2020 N/A -36.2% 2181.7% N/A
2019 N/A -22.7% 40.4% N/A

Total Return Ranking - Trailing

Period USRTX Return Category Return Low Category Return High Rank in Category (%)
YTD 10.6% 0.3% 17.0% 20.43%
1 Yr 28.8% 3.7% 53.6% 64.52%
3 Yr 9.9%* -10.3% 30.6% 45.13%
5 Yr N/A* -7.9% 109.2% N/A
10 Yr N/A* 0.4% 21.0% N/A

* Annualized

Total Return Ranking - Calendar

Period USRTX Return Category Return Low Category Return High Rank in Category (%)
2023 14.8% -5.0% 47.4% 88.39%
2022 -10.8% -36.8% -2.2% 11.73%
2021 27.3% 3.0% 124.3% 42.61%
2020 N/A -15.8% 2266.0% N/A
2019 N/A -0.4% 241.3% N/A

NAV & Total Return History


USRTX - Holdings

Concentration Analysis

USRTX Category Low Category High USRTX % Rank
Net Assets 240 M 2.59 M 1.55 T 75.45%
Number of Holdings 162 1 4053 40.42%
Net Assets in Top 10 111 M 885 K 387 B 73.96%
Weighting of Top 10 41.45% 0.3% 112.0% 20.17%

Top 10 Holdings

  1. Microsoft Corp 5.11%
  2. Berkshire Hathaway Inc 4.99%
  3. Meta Platforms Inc 4.96%
  4. Alphabet Inc 4.89%
  5. UnitedHealth Group Inc 4.70%
  6. Visa Inc 3.82%
  7. Walmart Inc 3.74%
  8. NVIDIA Corp 3.52%
  9. Eli Lilly Co 3.15%
  10. Broadcom Inc 2.58%

Asset Allocation

Weighting Return Low Return High USRTX % Rank
Stocks
98.75% 0.00% 124.03% 51.84%
Cash
1.25% 0.00% 99.06% 47.15%
Preferred Stocks
0.00% 0.00% 2.38% 34.64%
Other
0.00% -13.91% 100.00% 52.15%
Convertible Bonds
0.00% 0.00% 5.54% 31.06%
Bonds
0.00% -0.50% 94.15% 35.50%

Stock Sector Breakdown

Weighting Return Low Return High USRTX % Rank
Technology
23.55% 0.00% 48.94% 58.31%
Healthcare
17.79% 0.00% 60.70% 13.37%
Financial Services
14.51% 0.00% 55.59% 34.84%
Communication Services
8.15% 0.00% 27.94% 54.26%
Consumer Cyclical
7.97% 0.00% 30.33% 82.10%
Industrials
7.57% 0.00% 29.90% 84.49%
Energy
5.88% 0.00% 41.64% 15.04%
Consumer Defense
5.49% 0.00% 47.71% 80.59%
Basic Materials
3.53% 0.00% 25.70% 26.33%
Real Estate
3.25% 0.00% 31.91% 29.36%
Utilities
2.32% 0.00% 20.91% 59.51%

Stock Geographic Breakdown

Weighting Return Low Return High USRTX % Rank
US
98.75% 0.00% 124.03% 40.27%
Non US
0.00% 0.00% 62.81% 46.91%

USRTX - Expenses

Operational Fees

USRTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.27% 0.01% 16.07% 22.97%
Management Fee 0.80% 0.00% 1.89% 93.17%
12b-1 Fee 0.25% 0.00% 1.00% 39.94%
Administrative Fee N/A 0.00% 0.85% N/A

Sales Fees

USRTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

USRTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.25% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

USRTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 218.00% 0.00% 496.00% 99.26%

USRTX - Distributions

Dividend Yield Analysis

USRTX Category Low Category High USRTX % Rank
Dividend Yield 0.36% 0.00% 25.10% 34.56%

Dividend Distribution Analysis

USRTX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Quarterly Semi-Annually

Net Income Ratio Analysis

USRTX Category Low Category High USRTX % Rank
Net Income Ratio 0.34% -54.00% 6.06% 70.47%

Capital Gain Distribution Analysis

USRTX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Quarterly Annually

Distributions History

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USRTX - Fund Manager Analysis

Managers

Scott Ladner


Start Date

Tenure

Tenure Rank

Jun 26, 2019

2.93

2.9%

Mr. Ladner serves as Chief Investment Officer and is the Chair of the Investment Committee for Horizon. In these capacities, he oversees all aspects of the Investment Management division for the firm. He also provides the Investment Management division with Macro analysis and interpretation of global derivatives, credit, foreign exchange, equity, and funding markets. His previous roles at Horizon included Head of Risk and Director of Quantitative & Alternative Strategies. Prior to Horizon, Mr. Ladner was a founder of Charlotte Global Advisors and Principal Guard, LLC. Mr. Ladner helped to launch an equity index volatility and dispersion trading unit at PEΔK6 Investments in Chicago, a proprietary listed option and volatility trading firm. Previously at First Union/Wachovia, Mr. Ladner founded and ran the equity swap and forwards portfolio while also managing equity option and volatility portfolios. He also co-founded and managed the Risk Arbitrage and Special Situations portfolio.Mr. Ladner then managed the swaption and cap/floor portion of the bank’s interest rate derivatives portfolio. Mr. Ladner received his BA in Economics and Russian Language & Literature from the University of North Carolina at Chapel Hill.

Michael Dickson


Start Date

Tenure

Tenure Rank

Jun 26, 2019

2.93

2.9%

Dr. Dickson serves as Head of Portfolio Management and in this role oversees all investment strategies managed by Horizon. He also conducts research on the development of quantitative methods and strategies that support Horizon’s investment process and new product development. His research is published in scholarly journals and he frequently speaks on these topics at industry conferences. In previous roles at Horizon, he served as Director of Structured Financial Solutions and as a portfolio manager with an emphasis on retirement income and protection strategies. Dr. Dickson specializes in the areas of empirical asset pricing, portfolio construction, and factor models. Both during and after his Ph.D. studies he taught undergraduate and graduate school coursework in finance and portfolio management at UNC Charlotte. Prior to earning his Ph.D. he worked in financial analysis support roles at Premier, Inc. and Global Compliance. Dr. Dickson received his BS in Chemistry from Winthrop University and both an MS in Economics and Ph.D. in Finance from UNC Charlotte.

Zachary Hill


Start Date

Tenure

Tenure Rank

Feb 18, 2022

0.28

0.3%

Mr. Hill is part of the Investment Management division at Horizon Investments focusing on and providing investment insight on a broad range of asset allocation decisions from a global macro and derivatives perspective. Prior to joining Horizon in 2019, Mr. Hill served as a Senior Portfolio Analyst for Cold Spring Asset Management in New York from July 2016 to January 2017 and was a director within the foreign exchange option trading group at Wells Fargo in New York from 2010 to 2016. Mr. Hill began his career at Wachovia, acquired by Wells Fargo in 2008, in Charlotte in the FX Division. Mr. Hill holds a BA in Economics and a BA in Physics from the University of Virginia. Mr. Hill is also a CFA ® Charterholder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 39.02 7.21 2.42