Horizon Multi-Factor Small/Mid Cap Fund
Name
As of 04/22/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
6.5%
1 yr return
27.7%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$13.7 M
Holdings in Top 10
15.0%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 3.64%
SALES FEES
Front Load N/A
Deferred Load 5.00%
TRADING FEES
Turnover 94.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,000
IRA
$2,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/22/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
HSMBX - Profile
Distributions
- YTD Total Return 6.5%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.10%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameHorizon Multi-Factor Small/Mid Cap Fund
-
Fund Family NameHorizon Funds
-
Inception DateDec 20, 2022
-
Shares OutstandingN/A
-
Share ClassAdv
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerDavid J. Elliott
Fund Description
The Multi-Factor Small/Mid Cap Fund seeks to achieve its investment objective by investing primarily in small and mid-cap U.S. equity securities. In addition, the Fund employs defensive techniques, including strategic portfolio positioning, to achieve lower overall volatility as compared to the market generally.
Under normal circumstances, the Multi-Factor Small/Mid Cap Fund will invest not less than 80% of the value of its net assets in the equity securities of small and mid-cap U.S. issuers. The Multi-Factor Small/Mid Cap Fund’s investment adviser, Horizon Investments, LLC (“Horizon”), generally considers small and mid-cap issuers to be those that are within the range of the S&P 600 and S&P 400 indices, respectively, when purchased.
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 by diversifying across stocks that have one or more high quality underlying fundamentals, such as: high profitability and stable earnings; low price variability; low fundamental valuation measures; and high recent price trends. Horizon may add or modify these characteristics as economic conditions change. In constructing the portfolio, Horizon may consider industry and position constraints to ensure sufficient diversification, as determined by Horizon. The Defensive Small/Mid-Cap Fund expects equity securities with the foregoing characteristics in aggregate to have a defensive tilt, and therefore the Defensive Small/Mid-Cap Fund may lag the performance of traditional U.S. Small/Mid-Cap equity markets in strong up markets, but is designed to outperform when U.S. Small/Mid-Cap equity markets decline. The Multi-Factor Small/Mid Cap Fund will primarily invest in common stocks and public real estate investment trusts (“REITs”). Depending on market conditions, the Multi-Factor Small/Mid Cap Fund may at times focus its investments in particular sectors or areas of the economy. The Defensive Small/Mid-Cap Fund expects to engage in frequent buying and selling of securities to achieve its investment objective.
Options. The Multi-Factor Small/Mid Cap 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 Small/Mid Cap 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 Small/Mid Cap Fund may involve a “collateralized” strategy more generally, where the Multi-Factor Small/Mid Cap Fund may write put options on a security whose value is collateralized by cash (“cash-secured puts”) or otherwise collateralized by the Fund’s securities.
The Multi-Factor Small/Mid Cap Fund’s option strategies may involve options combinations, such as spreads, straddles and collars. In “spread” transactions, the Multi-Factor Small/Mid Cap 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 Small/Mid Cap 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 Small/Mid Cap 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 Small/Mid Cap Fund (the right of the Multi-Factor Small/Mid Cap Fund to sell a specific security within a specified period) with a call option that is written by the Multi-Factor Small/Mid Cap Fund (the right of the counterparty to buy the same security) in a single instrument, and the Multi-Factor Small/Mid Cap 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 Small/Mid Cap Fund may engage.
HSMBX - Performance
Return Ranking - Trailing
Period | HSMBX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 6.5% | -12.0% | 14.4% | 0.54% |
1 Yr | 27.7% | -14.5% | 45.8% | 0.54% |
3 Yr | N/A* | -10.6% | 38.1% | N/A |
5 Yr | N/A* | -14.2% | 30.1% | N/A |
10 Yr | N/A* | -3.0% | 16.4% | 0.56% |
* Annualized
Return Ranking - Calendar
Period | HSMBX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | -49.6% | 29.0% | N/A |
2022 | N/A | -59.3% | 118.2% | N/A |
2021 | N/A | -31.6% | 39.3% | N/A |
2020 | N/A | -51.0% | 39.5% | N/A |
2019 | N/A | -16.9% | 37.8% | N/A |
Total Return Ranking - Trailing
Period | HSMBX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 6.5% | -12.0% | 14.4% | 0.54% |
1 Yr | 27.7% | -14.5% | 45.8% | 0.54% |
3 Yr | N/A* | -10.6% | 38.1% | N/A |
5 Yr | N/A* | -14.2% | 30.1% | N/A |
10 Yr | N/A* | -3.0% | 16.4% | 3.42% |
* Annualized
Total Return Ranking - Calendar
Period | HSMBX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | -21.7% | 31.8% | N/A |
2022 | N/A | -45.2% | 123.7% | N/A |
2021 | N/A | 0.0% | 47.7% | N/A |
2020 | N/A | -50.5% | 46.9% | N/A |
2019 | N/A | -12.6% | 43.7% | N/A |
NAV & Total Return History
HSMBX - Holdings
Concentration Analysis
HSMBX | Category Low | Category High | HSMBX % Rank | |
---|---|---|---|---|
Net Assets | 13.7 M | 529 K | 145 B | 97.72% |
Number of Holdings | 303 | 2 | 2519 | 37.61% |
Net Assets in Top 10 | 1.94 M | 104 K | 9.83 B | 98.42% |
Weighting of Top 10 | 15.04% | -2849.0% | 100.5% | 59.08% |
Top 10 Holdings
- Fair Isaac Corp 2.24%
- Reliance Steel Aluminum Co 1.87%
- Reinsurance Group of America Inc 1.51%
- Williams-Sonoma Inc 1.49%
- Deckers Outdoor Corp 1.47%
- Toll Brothers Inc 1.39%
- Dick's Sporting Goods Inc 1.31%
- EMCOR Group Inc 1.26%
- TopBuild Corp 1.25%
- Casey's General Stores Inc 1.24%
Asset Allocation
Weighting | Return Low | Return High | HSMBX % Rank | |
---|---|---|---|---|
Stocks | 99.40% | -565235.00% | 108.16% | 22.32% |
Cash | 0.90% | 0.00% | 565934.00% | 72.06% |
Preferred Stocks | 0.00% | 0.00% | 7.53% | 70.47% |
Other | 0.00% | -598.74% | 39.24% | 80.32% |
Convertible Bonds | 0.00% | 0.00% | 3.17% | 70.42% |
Bonds | 0.00% | -2.00% | 74.53% | 71.88% |
Stock Sector Breakdown
Weighting | Return Low | Return High | HSMBX % Rank | |
---|---|---|---|---|
Financial Services | 15.58% | 0.00% | 35.52% | 44.94% |
Healthcare | 15.55% | 0.00% | 26.53% | 29.13% |
Technology | 14.60% | 0.00% | 54.70% | 44.23% |
Real Estate | 12.82% | 0.00% | 29.43% | 2.84% |
Consumer Cyclical | 11.23% | 0.99% | 47.79% | 54.71% |
Industrials | 11.05% | 2.46% | 37.42% | 98.58% |
Consumer Defense | 6.99% | 0.00% | 18.87% | 8.88% |
Basic Materials | 6.48% | 0.00% | 18.66% | 13.50% |
Energy | 2.05% | 0.00% | 37.72% | 84.01% |
Communication Services | 1.57% | 0.00% | 14.85% | 77.09% |
Utilities | 1.33% | 0.00% | 18.58% | 77.98% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | HSMBX % Rank | |
---|---|---|---|---|
US | 99.40% | -565235.00% | 108.16% | 17.57% |
Non US | 0.00% | 0.00% | 94.14% | 74.69% |
HSMBX - Expenses
Operational Fees
HSMBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 3.64% | 0.01% | 38.45% | 2.12% |
Management Fee | 0.80% | 0.00% | 1.50% | 68.25% |
12b-1 Fee | 1.00% | 0.00% | 1.00% | 93.92% |
Administrative Fee | N/A | 0.01% | 0.45% | N/A |
Sales Fees
HSMBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.50% | 5.75% | N/A |
Deferred Load | 5.00% | 1.00% | 5.00% | 3.92% |
Trading Fees
HSMBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 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.
HSMBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 94.00% | 1.00% | 314.00% | 86.83% |
HSMBX - Distributions
Dividend Yield Analysis
HSMBX | Category Low | Category High | HSMBX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 43.91% | 56.94% |
Dividend Distribution Analysis
HSMBX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annually | Annual | Annual |
Net Income Ratio Analysis
HSMBX | Category Low | Category High | HSMBX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.10% | -2.40% | 2.49% | 54.17% |
Capital Gain Distribution Analysis
HSMBX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 21, 2023 | $0.223 | OrdinaryDividend |
Jan 02, 2014 | $0.036 | OrdinaryDividend |
Dec 24, 2012 | $0.047 | OrdinaryDividend |
HSMBX - Fund Manager Analysis
Managers
David J. Elliott
Start Date
Tenure
Tenure Rank
Jun 04, 2012
5.33
5.3%
David J. Elliott, CFA, FRM, Vice President, Co-Director of Quantitative Investments, and Director of Quantitative Portfolio Management. As director of portfolio management for the Quantitative Investment Group (QIG), David is responsible for overseeing the investment processes for QIG's global suite of products. He oversees the development of the group's portfolio construction platform and related analytical tools. He also contributes to research, particularly in the areas of portfolio construction and risk management. He has done extensive work on the development of the firm's global managed volatility strategies. David also collaborates with investors outside of QIG to deliver quantitative risk management tools and insights. Additionally, David is the lead portfolio manager on the Total Return Intersection product. The approach combines fundamental and quantitative inputs globally with the objective of maximizing risk-adjusted returns on an absolute basis. Prior to joining Wellington Management in 1995, David served as an independent information technology consultant to health care and financial service firms, focusing on applying business intelligence techniques to large databases. David received dual BS degrees in mathematics and computer and information sciences, Phi Beta Kappa, from the University of Massachusetts at Amherst (1989). Subsequently, he was admitted to the doctoral program at the Massachusetts Institute of Technology and completed all but his dissertation in the field of computational neuroscience. He holds the Chartered Financial Analyst designation and is a member of the Boston Security Analysts Society. He is also certified by the Global Association of Risk Professionals as a Financial Risk Manager (FRM).
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 49.61 | 7.05 | 2.58 |