Horizon Defensive Core Fund
Fund Description
Investment Objective: The investment objective of the Horizon Defensive Core Fund (the “Defensive Core Fund”) is to seek to capture the majority of returns associated with U.S. equity market investments, while mitigating downside risk through the use of a risk overlay strategy (the “Risk Assist® strategy”).
Aspects of this Fund
Core Equity Strategy + Risk Assist®
The Defensive Fund seeks to achieve its investment objective by utilizing two strategies: (1) the Core Equity Strategy; and (2) the Risk Assist® strategy. The Core Equity Strategy invests primarily in common stocks of large and mid-cap U.S. companies that exhibit high quality and growth characteristics, while the Risk Assist® Strategy is an actively managed risk reduction strategy intended to guard against large declines in the Fund’s equity portfolio. Horizon will determine how to allocate the Defensive Core Fund’s assets between the Core Equity Strategy and the Risk Assist® Strategy.
Equity Selection. The Defensive Fund expects to invest primarily in equity securities of large and mid-cap U.S. companies. However, the Fund can invest in companies of any size, which may include small-cap companies, at the discretion of Horizon. Horizon employs a multi-factor process to select investments that Horizon believes have high quality and growth characteristics as compared to the market generally. Horizon considers high quality characteristics to include, without limitation, high profitability and stable earnings; low price variability; low fundamental valuation measures; and high recent price trends. The Core Equity Strategy expects securities with the foregoing characteristics in aggregate to have a similar performance and risk as traditional U.S. equity markets.
Risk Assist® Strategy During periods of heightened market risk, the Fund is designed to mitigate downside risk through Risk Assist®, which is an active risk reduction strategy designed to guard against large declines in the Fund’s portfolio by investing up to 100% of the portfolio in U.S. Treasuries or other cash equivalents (or in securities that invest in the same).
Fund Facts
| Share Classes | Ticker | CUSIP | Inception | Expense Ratio |
| Advisor Class | HESAX | 44053A762 | January 8, 2020 | 1.11% |
| Investor Class | HESGX | 44053A747 | December 26, 2019 | 0.95% |
| Class | Advisor Class | Investor Class | ||
| Ticker | HESAX | HESGX | ||
| CUSIP | 44053A762 | 44053A747 | ||
| Inception | January 8, 2020 | December 26, 2019 | ||
| Expense Ratio | 1.11% | 0.95% |
The fund's adviser has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until March 31, 2026, so that the Total Annual Fund Operating Expenses After Fee Waivers and Reimbursement (exclusive of front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); payments, if any, under a Rule 12b-1 Distribution Plan; expenses paid with securities lending expense offset credits; taxes; and extraordinary expenses (such as litigation)) do not exceed 0.87% of average daily net assets for each of the Advisor Class, Investor Class and Institutional Class shares; provided, however, that any fees waived and expenses reimbursed are subject to possible recoupment by Horizon, within 36 months after such fees have been waived or expenses reimbursed, if such recoupment can be achieved without exceeding the lower of the expense limit in place at the time of the waiver or reimbursement and the expense limit in place at the time of recoupment.
Performance
Monthly (as of TBD)
| Class | 1-Mon | 3-Mon | YTD | 1-Yr | 3-Yr | 5-Yr | Inception |
|---|---|---|---|---|---|---|---|
| Advisor Class | - | - | - | - | - | - | - |
| Investor Class | - | - | - | - | - | - | - |
| Advisor Class | |
| 1-Month | - |
| 3-Month | - |
| YTD | - |
| 1-Year | - |
| 3-Year | - |
| 5-Year | - |
| Inception | - |
| Investor Class | |
| 1-Month | - |
| 3-Month | - |
| YTD | - |
| 1-Year | - |
| 3-Year | - |
| 5-Year | - |
| Inception | - |
Quarterly (as of TBD)
| Class | 1-Mon | 3-Mon | YTD | 1-Yr | 3-Yr | 5-Yr | Inception |
|---|---|---|---|---|---|---|---|
| Advisor Class | - | - | - | - | - | - | - |
| Investor Class | - | - | - | - | - | - | - |
| Advisor Class | |
| 1-Month | - |
| 3-Month | - |
| YTD | - |
| 1-Year | - |
| 3-Year | - |
| 5-Year | - |
| Inception | - |
| Investor Class | |
| 1-Month | - |
| 3-Month | - |
| YTD | - |
| 1-Year | - |
| 3-Year | - |
| 5-Year | - |
| Inception | - |
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 10/3/23, the Fund's name changed from Horizon ESG & Defensive Core Fund to Horizon Defensive Core Fund.
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.
Disclosure
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. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.
There can be no guarantee that the Risk Assist strategy, including the ratchet function, will be successful in preventing losses in the Fund’s portfolio. Because the Risk Assist strategy may be implemented in stages, the Fund may have market exposure during times when the Risk Assist strategy is being implemented. To the extent that the Risk Assist strategy is implemented, the Fund will likely not benefit from capital appreciation or income from the equity markets.