Horizon U.S. Defensive Equity Fund

Fund Description

Investment Objective: The Horizon U.S. Defensive Equity Fund (the “Fund”) seeks capital appreciation.

To achieve the Fund’s objective, Horizon Investments (the “Adviser”) selects and weights securities using a flexible approach that combines active management and quantitative models. The Fund seeks to achieve its investment objective by investing primarily in large and mid-cap U.S. common stocks. However, the Fund can invest in companies of any size, which may include small-cap companies.

aspects of this active fund

Opportunistic Strategy: The Fund is designed for investors who want to capture the majority of the return of U.S. equity markets with lower risk, through an active stock selection strategy. The Adviser expects its risk/return analysis will favor defensive investments, and has designed the Fund with the goal of outperforming a cap-weighted index when U.S. equity markets decline. As a result, returns may lag the performance of traditional U.S. equity markets in strong up markets.

Flexible Management: The Fund is actively managed, using quantitative security selection techniques to navigate volatile market swings.
The Adviser selects and weights securities using a proprietary quantitative approach to allocate the Fund’s portfolio between issuers, sectors and/or factors (e.g., growth, value, momentum, quality, size and volatility) that it believes offer the opportunity for the highest projected return for a given amount of risk.


Fund facts

Share Classes Ticker CUSIP Inception Gross Expense Ratio Net Expense Ratio
Advisor Class USRTX 44053A796 January 31, 2020 1.31% 1.25%
Investor Class USRAX 44053A770 June 26, 2019 1.15% 1.10%
Institutional Class USRIX 44053A788 1.05% 1.00%
Class Advisor Class Investor Class Institutional Class
Ticker USRTX USRAX USRIX
CUSIP 44053A796 44053A770 44053A788
Inception January 31, 2020 June 26, 2019
Gross Exp Ratio 1.31% 1.15% 1.05%
Net Exp Ratio 1.25% 1.10% 1.00%

The Fund's investment adviser has contractually agreed to waive its advisory fees and/or reimburse expenses of the Fund, at least until March 31, 2022.


Performance

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Inception date for the table above is per share class; all returns greater than one year are presented as annualized returns. Inception dates for share classes can be found in the Fund Facts table above. Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance shown reflects contractual fee waivers. Without such waivers, total returns would be reduced.

On 3/30/21, the Fund’s name changed from Horizon Defensive Multi-Factor Fund to Horizon U.S. Defensive Equity Fund.

On 3/30/21, the Fund’s Principal Investment Strategies and Objective changed. Performance prior to 3/30/21 represents a different fund strategy and objective.

 


Top Holdings

    Holdings data as of TBD.

     Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security. 


    Important Information

    Mutual fund investing involves risk. Principal loss is possible. In addition to the costs, fees, and expenses involved in investing in ETFs, ETFs are subject to additional risks including the risks that the market price of the shares may trade at a discount to its net asset value ("NAV"), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Fund's ability to sell its shares. Small and medium capitalization companies tend to have limited liquidity and greater price volatility than large capitalization companies. The Fund may also use options, which have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of securities prices, interest rates and currency exchange rates. The investment in options is not suitable for all investors.
    The Fund’s strategy relies heavily on quantitative models and the analysis of specific metrics to construct the Fund’s portfolio. The impact of these metrics on a stock’s performance can be difficult to predict, and stocks that previously possessed certain desirable quantitative characteristics may not continue to demonstrate those same characteristics in the future. In addition, relying on quantitative models entails the risk that the models themselves may be limited or incorrect, that the data on which the models rely may be incorrect or incomplete, and that Horizon may not be successful in selecting companies for investment or determining the weighting of particular stocks in the Fund’s portfolio. Any of these factors could cause the Fund to underperform funds with similar strategies that do not select stocks based on quantitative analysis.