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AAANX Horizon Active Asset Allocation Investor

  • Fund
  • AAANX
  • Price as of: Jul 15, 2019
  • $12.38 + $0.01 + 0.08%
  • Category
  • Diversified Portfolio

AAANX - Profile

Vitals

  • YTD Return 15.1%
  • 3 Yr Annualized Return 1.8%
  • 5 Yr Annualized Return 0.1%
  • Net Assets $550 M
  • Holdings in Top 10 97.9%

52 WEEK LOW AND HIGH

$12.38
$10.26
$13.85

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.28%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 256.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$2,500

IRA

N/A

Investment Themes

CATEGORY

Diversified Portfolio
  • Fund Type Open End Mutual Fund
  • Investment Style Tactical Allocation

Distributions

  • YTD Total Return 15.1%
  • 3 Yr Annualized Total Return 6.1%
  • 5 Yr Annualized Total Return 4.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.56%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name Horizon Active Asset Allocation Fund
  • Fund Family Name Horizon Investments
  • Inception Date Jan 31, 2012
  • Shares Outstanding 42068791
  • Share Class N
  • Currency USD
  • Domiciled Country United States
  • Manager Ronald B. Saba

Fund Description

The adviser selects asset classes using a flexible approach that allocates the Allocation fund's portfolio between asset classes that Horizon believes offer the opportunity for the highest projected return for a given amount of risk. Horizon typically executes its strategy by investing in exchange-traded funds ("ETFs"). Potential ETFs are reviewed for sufficient trading liquidity and fit within overall portfolio diversification needs prior to investment.

AAANX - Performance

Return Ranking - Trailing

Period AAANX Return Category Return Low Category Return High Rank in Category (%)
YTD 15.1% -52.8% 20.9% 4.88%
1 Yr -7.7% -62.9% 11.7% 83.24%
3 Yr 1.8%* -27.1% 13.5% 39.82%
5 Yr 0.1%* -24.9% 7.6% 35.77%
10 Yr N/A* -15.3% 9.0% N/A

* Annualized


Return Ranking - Calendar

Period AAANX Return Category Return Low Category Return High Rank in Category (%)
2018 -15.4% -34.6% 1.6% 83.79%
2017 8.8% -12.4% 33.2% 31.80%
2016 3.6% -65.8% 23.3% 42.87%
2015 -7.1% -64.9% 4.8% 61.50%
2014 1.1% -29.5% 68.3% 42.87%

Total Return Ranking - Trailing

Period AAANX Return Category Return Low Category Return High Rank in Category (%)
YTD 15.1% -52.8% 20.9% 5.07%
1 Yr -7.7% -60.7% 12.4% 90.73%
3 Yr 6.1%* -22.5% 14.3% 29.80%
5 Yr 4.3%* -22.2% 47.3% 28.60%
10 Yr N/A* -12.5% 13.1% N/A

* Annualized


Total Return Ranking - Calendar

Period AAANX Return Category Return Low Category Return High Rank in Category (%)
2018 -15.4% -32.7% 1.6% 93.32%
2017 22.2% -8.4% 33.2% 1.41%
2016 4.6% -65.2% 23.3% 68.44%
2015 -4.2% -62.9% 9.2% 62.66%
2014 5.9% -28.5% 76.9% 30.02%

NAV & Total Return History

AAANX - Holdings

Concentration Analysis

AAANX Category Low Category High AAANX % Rank
Net Assets 550 M 608 K 147 B 53.20%
Number of Holdings 36 2 13352 55.29%
Net Assets in Top 10 519 M -120 M 26.4 B 34.43%
Weighting of Top 10 97.92% 5.6% 3196.0% 13.70%

Top 10 Holdings

  1. SPDR® Portfolio S&P 500 Growth ETF 19.77%

  2. SPDR® Portfolio S&P 500 Value ETF 14.59%

  3. iShares Edge MSCI USA Quality Factor ETF 9.83%

  4. SPDR® Portfolio Emerging Markets ETF 9.83%

  5. Invesco S&P 500® Equal Weight ETF 9.76%

  6. SPDR® Portfolio Developed Wld ex-US ETF 9.71%

  7. Invesco S&P MidCap Low Volatility ETF 9.68%

  8. iShares MSCI BRIC ETF 4.97%

  9. Invesco Water Resources ETF 4.92%

  10. iShares MSCI Europe Small-Cap ETF 4.87%


Asset Allocation

Weighting Return Low Return High AAANX % Rank
Stocks
97.70% -37.73% 135.47% 1.01%
Cash
2.23% -283.85% 353.31% 70.58%
Other
0.06% -253.31% 53.08% 53.27%
Preferred Stocks
0.02% 0.00% 65.70% 62.71%
Convertible Bonds
0.00% 0.00% 26.92% 92.14%
Bonds
0.00% -47.15% 261.66% 98.80%

Stock Sector Breakdown

Weighting Return Low Return High AAANX % Rank
Financial Services
17.71% -0.38% 47.66% 2.61%
Technology
16.14% -3.22% 31.95% 5.98%
Industrials
12.20% -0.28% 27.17% 2.23%
Consumer Cyclical
11.56% -10.37% 42.25% 3.82%
Healthcare
10.34% -1.99% 45.45% 9.10%
Consumer Defense
6.82% -4.62% 18.58% 5.92%
Real Estate
5.56% -3.85% 76.20% 11.26%
Utilities
5.34% -0.60% 23.50% 3.50%
Energy
5.17% -2.23% 34.31% 14.95%
Basic Materials
4.48% -1.52% 22.33% 6.17%
Communication Services
2.48% -0.92% 7.14% 19.78%

Stock Geographic Breakdown

Weighting Return Low Return High AAANX % Rank
US
68.32% -39.12% 134.61% 3.42%
Non US
29.38% -85.22% 74.42% 5.52%

AAANX - Expenses

Operational Fees

AAANX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.28% 0.00% 11.64% 31.83%
Management Fee 0.99% 0.00% 2.50% 90.55%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.83% N/A

Sales Fees

AAANX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.14% 5.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

AAANX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.11% 2.00% N/A

Turnover 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.

AAANX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 256.00% 0.00% 6067.00% 96.07%

AAANX - Distributions

Dividend Yield Analysis

AAANX Category Low Category High AAANX % Rank
Dividend Yield 0.01% 0.00% 0.57% 71.27%

Dividend Distribution Analysis

AAANX Category Low Category High Category Mode
Dividend Distribution Frequency Annually Annually Monthly Monthly

Dividend Payout History


Net Income Ratio Analysis

AAANX Category Low Category High AAANX % Rank
Net Income Ratio 0.56% -4.09% 6.99% 88.52%

Capital Gain Distribution Analysis

AAANX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Monthly Annually

AAANX - Managers

Ronald B. Saba

Manager

Start Date

Tenure

Tenure Rank

Jan 31, 2012

7.42

7.4%

With three decades of investment management experience, Mr. Saba he is responsible for the management of Horizon's dividend and equity portfolio strategies and also contributes bottom-up, fundamental research for the investment team. Prior to joining Horizon in 2009, Mr. Saba was Managing Partner and Chief Investment Officer of Charlotte Capital, LLC where he was lead portfolio manager for the firm’s two institutional investment products. Prior to Charlotte Capital, Mr. Saba was a Portfolio Manager with Pioneer Investments. Before Pioneer he served as a Portfolio Manager and Analyst with Heartland Advisors. Mr. Saba regularly contributes to the financial media. He has appeared on CNBC and has been featured in Barron’s magazine. Mr. Saba holds an MBA from the University of Chicago Graduate School of Business and a BS in Business Administration from The Ohio State University.


Kevin W Blocker

Manager

Start Date

Tenure

Tenure Rank

Feb 28, 2013

6.34

6.3%

One of the original developers of the firm’s investment process, Mr. Blocker specializes in quantitative analysis and portfolio construction using traditional and alternative investment strategies. As a member of the firm’s Investment Committee, Mr. Blocker is responsible for screening investment opportunities and portfolio optimization. Mr. Blocker received a BA and BS in mathematics, computer science, and Spanish at Wofford College. Mr. Blocker also holds the CAIA designation. Before Horizon, Mr. Blocker played shortstop for the Colorado Rockies organization.


Scott E. Ladner

Manager

Start Date

Tenure

Tenure Rank

Mar 31, 2018

1.25

1.3%

Mr. Ladner provides trading, risk management and quantitative expertise to several of the firm’s strategies, with a particular emphasis on building Horizon’s capabilities within the alternative and absolute return investment space. Prior to Horizon, Mr. Ladner was a founder of Charlotte Global Advisor 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 trading firm. Previously at First Union/Wachovia, Mr. Ladner founded and ran the $4 billion equity swap and forwards portfolio. He also co-founded and managed the Risk Arbitrage and Special Situations portfolio. Mr. Ladner then managed the $300 billion notional swap and cap/floor portion of the bank’s interest rate derivatives portfolio. Mr. Ladner received his BS in economics from North Carolina at Chapel Hill.


Tenure Analysis

Category Low

0.25

Category High

31.98

Category Average

8.31

Category Mode

2.33