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Trending ETFs

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$26.22

$112 M

0.77%

$0.20

1.09%

Vitals

YTD Return

5.1%

1 yr return

2.1%

3 Yr Avg Return

3.2%

5 Yr Avg Return

N/A

Net Assets

$112 M

Holdings in Top 10

36.0%

52 WEEK LOW AND HIGH

$25.8
$22.67
$26.34

Expenses

OPERATING FEES

Expense Ratio 1.09%

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

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$26.22

$112 M

0.77%

$0.20

1.09%

USRAX - Profile

Distributions

  • YTD Total Return 5.1%
  • 3 Yr Annualized Total Return 3.2%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.50%
DIVIDENDS
  • Dividend Yield 0.8%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    Horizon U.S. Defensive Equity Fund
  • Fund Family Name
    Horizon Investments
  • Inception Date
    Jun 26, 2019
  • Shares Outstanding
    4338491
  • Share Class
    Inv
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Scott Ladner

Fund Description

The Defensive 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 Defensive 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 Defensive Fund expects its risk/return analysis will favor defensive investments, and therefore the Defensive 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 Defensive Fund expects to engage in frequent buying and selling of securities to achieve its investment objective.

Under normal circumstances, the Defensive Fund will invest not less than 80% of the value of its net assets in the equity securities of U.S. companies.

Options. The Defensive 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 Defensive Fund’s options investments may involve “covered” positions where the Fund may write a call option on an underlying position to generate income. The Defensive Fund may involve a “collateralized” strategy more generally, where the Defensive 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 Defensive Fund’s option strategies may involve options combinations, such as spreads, straddles, strangles and collars. In “spread” transactions, the Defensive 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 Defensive 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 Defensive 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 Defensive Fund (the right of the Defensive Fund to sell a specific security within a specified period) with a call option that is written by the Defensive Fund (the right of the counterparty to buy the same security) in a single instrument, and the Defensive 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 Defensive Fund may engage.

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USRAX - Performance

Return Ranking - Trailing

Period USRAX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.1% -51.8% 22.1% 82.69%
1 Yr 2.1% -58.9% 46.9% 6.93%
3 Yr 3.2%* -25.7% 197.6% 75.59%
5 Yr N/A* -29.1% 93.8% N/A
10 Yr N/A* -17.2% 37.0% N/A

* Annualized

Return Ranking - Calendar

Period USRAX Return Category Return Low Category Return High Rank in Category (%)
2022 -11.4% -69.4% 53.7% 8.83%
2021 0.9% -94.0% 152.6% 90.85%
2020 1.6% -13.9% 183.6% 84.38%
2019 N/A -18.2% 8.9% N/A
2018 N/A -80.2% 35.2% N/A

Total Return Ranking - Trailing

Period USRAX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.1% -97.2% 22.1% 82.69%
1 Yr 2.1% -58.9% 67.6% 8.35%
3 Yr 3.2%* -25.7% 197.6% 75.91%
5 Yr N/A* -28.1% 93.8% N/A
10 Yr N/A* -11.8% 37.0% N/A

* Annualized

Total Return Ranking - Calendar

Period USRAX Return Category Return Low Category Return High Rank in Category (%)
2022 -11.4% -69.4% 53.7% 8.91%
2021 0.9% -94.0% 152.6% 90.85%
2020 1.6% -13.9% 183.6% 84.30%
2019 N/A -12.8% 8.9% N/A
2018 N/A -60.0% 35.2% N/A

NAV & Total Return History


USRAX - Holdings

Concentration Analysis

USRAX Category Low Category High USRAX % Rank
Net Assets 112 M 177 K 1.21 T 80.50%
Number of Holdings 161 2 4154 41.01%
Net Assets in Top 10 48.8 M 1.74 K 270 B 77.80%
Weighting of Top 10 36.02% 1.8% 100.0% 31.78%

Top 10 Holdings

  1. Berkshire Hathaway Inc Class B 5.84%
  2. Alphabet Inc Class A 5.10%
  3. Apple Inc 5.04%
  4. Microsoft Corp 4.94%
  5. Meta Platforms Inc Class A 4.86%
  6. Amazon.com Inc 3.94%
  7. The Home Depot Inc 3.94%
  8. UnitedHealth Group Inc 3.64%
  9. Bank of America Corp 3.05%
  10. Walmart Inc 2.83%

Asset Allocation

Weighting Return Low Return High USRAX % Rank
Stocks
99.04% 0.00% 130.24% 48.82%
Cash
0.95% -102.29% 100.00% 48.48%
Preferred Stocks
0.00% 0.00% 2.23% 37.48%
Other
0.00% -13.91% 134.98% 37.90%
Convertible Bonds
0.00% 0.00% 5.54% 33.26%
Bonds
0.00% -0.04% 95.81% 33.75%

Stock Sector Breakdown

Weighting Return Low Return High USRAX % Rank
Technology
23.55% 0.00% 48.94% 57.49%
Healthcare
17.79% 0.00% 60.70% 13.87%
Financial Services
14.51% 0.00% 55.59% 34.80%
Communication Services
8.15% 0.00% 27.94% 54.76%
Consumer Cyclical
7.97% 0.00% 50.47% 82.00%
Industrials
7.57% 0.00% 29.90% 83.68%
Energy
5.88% 0.00% 41.64% 14.85%
Consumer Defense
5.49% 0.00% 49.14% 79.90%
Basic Materials
3.53% 0.00% 26.10% 26.47%
Real Estate
3.25% 0.00% 37.52% 29.90%
Utilities
2.32% 0.00% 25.44% 59.24%

Stock Geographic Breakdown

Weighting Return Low Return High USRAX % Rank
US
97.29% 0.00% 127.77% 43.57%
Non US
1.75% 0.00% 33.51% 49.38%

USRAX - Expenses

Operational Fees

USRAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.09% 0.01% 2.95% 23.84%
Management Fee 0.80% 0.00% 2.00% 92.34%
12b-1 Fee 0.10% 0.00% 1.00% 26.15%
Administrative Fee N/A 0.00% 0.85% N/A

Sales Fees

USRAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

USRAX 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.

USRAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 218.00% 0.00% 496.00% 99.22%

USRAX - Distributions

Dividend Yield Analysis

USRAX Category Low Category High USRAX % Rank
Dividend Yield 0.77% 0.00% 19.15% 66.48%

Dividend Distribution Analysis

USRAX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Quarterly Annually

Net Income Ratio Analysis

USRAX Category Low Category High USRAX % Rank
Net Income Ratio 0.50% -54.00% 6.06% 62.11%

Capital Gain Distribution Analysis

USRAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

USRAX - 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 7.17 2.42