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Trending ETFs

Horizon Active Income Fund

mutual fund
AIRIX
Payout Change
Pending
Price as of:
$7.95 +0.02 +0.25%
primary theme
U.S. Intermediate-Term Bond Duration
AIRIX (Mutual Fund)

Horizon Active Income Fund

Payout Change
Pending
Price as of:
$7.95 +0.02 +0.25%
primary theme
U.S. Intermediate-Term Bond Duration
AIRIX (Mutual Fund)

Horizon Active Income Fund

Payout Change
Pending
Price as of:
$7.95 +0.02 +0.25%
primary theme
U.S. Intermediate-Term Bond Duration

Name

As of 05/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$7.95

$222 M

1.87%

$0.15

1.22%

Vitals

YTD Return

-1.1%

1 yr return

3.4%

3 Yr Avg Return

-3.6%

5 Yr Avg Return

-0.4%

Net Assets

$222 M

Holdings in Top 10

86.0%

52 WEEK LOW AND HIGH

$7.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.22%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 93.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$10,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 05/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$7.95

$222 M

1.87%

$0.15

1.22%

AIRIX - Profile

Distributions

  • YTD Total Return -1.1%
  • 3 Yr Annualized Total Return -3.6%
  • 5 Yr Annualized Total Return -0.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.74%
DIVIDENDS
  • Dividend Yield 1.9%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Horizon Active Income Fund
  • Fund Family Name
    Horizon Funds
  • Inception Date
    Sep 30, 2013
  • Shares Outstanding
    202319
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Scott Ladner

Fund Description

The Income Fund’s investment adviser, Horizon Investments, LLC (“Horizon”), seeks to achieve the Income Fund’s investment objective by allocating assets across various sectors of the global securities markets. Horizon executes this strategy by investing in “income-producing securities”, which Horizon defines as including any of the following: equity securities that are expected to pay a dividend; fixed-income securities; cash equivalents; sovereign debt (including U.S. treasuries); fixed and floating rate securities of publicly traded companies; convertible bonds; preferred stock; master limited partnerships (“MLPs”); mortgage-backed securities (“MBS”); and real estate investment trusts (“REITs”).

Horizon selects asset classes using a flexible approach that allocates the Income Fund’s portfolio between asset classes that Horizon believes offer the opportunity for the highest projected return for a given amount of risk. This flexible approach to investing typically seeks to maximize returns by adjusting portfolio asset-allocations among various asset classes based upon near-term forecasts. Horizon assesses projected return and expected risk using a multi-disciplined approach consisting of economic, quantitative and fundamental analysis. Horizon expects to engage in frequent buying and selling of securities to achieve the Income Fund’s investment objective.

Horizon may execute the Income Fund’s strategy by investing in exchange-traded funds (“ETFs”) or by investing directly in individual securities or baskets of securities. Potential investments are reviewed for trading efficiency, liquidity, risk/return profile, and fit within overall portfolio diversification needs prior to investment. Horizon generally expects to select individual securities or baskets of securities instead of ETFs, when it believes such investments are more cost effective, more operationally efficient or will provide strategic exposure to a specific sector or market segment.

The Income Fund will invest primarily in U.S. Dollar denominated securities, but may also invest a portion of its assets in non-U.S. Dollar denominated securities. Horizon selects portfolio investments without restriction as to the issuer country, capitalization, currency, maturity or credit quality. In addition, the Income Fund may buy or write options on puts or calls for investment purposes, to hedge other investments or to generate option premiums for the Income Fund, and may implement such investments through option combinations such as spreads, straddles, and collars.

The Income Fund’s option strategies may involve options combinations, such as spreads or collars. In “spread” transactions, the Income 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 Income 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. A “collar” position combines a put option purchased by the Income Fund (the right of the Income Fund to sell a specific security within a specified period) with a call option that is written by the Income Fund (the right of the counterparty to buy the same security) in a single instrument, and the Income 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 Income Fund may engage; however, the Income Fund will not use options for the purpose of increasing the Income Fund’s leverage with respect to any portfolio investment.

The Income Fund will typically sell portfolio securities to adjust portfolio allocations as described above, to seek to secure gains or limit potential losses, or when Horizon otherwise believes it is in the best interest of the Income Fund. Depending on market conditions, the Income Fund may at times focus its investments in particular sectors or areas of the economy.

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AIRIX - Performance

Return Ranking - Trailing

Period AIRIX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.1% -8.4% 5.4% 91.08%
1 Yr 3.4% -6.5% 14.8% 73.47%
3 Yr -3.6%* -10.8% 25.4% 82.33%
5 Yr -0.4%* -7.1% 190.9% 84.06%
10 Yr N/A* -2.7% 73.4% N/A

* Annualized

Return Ranking - Calendar

Period AIRIX Return Category Return Low Category Return High Rank in Category (%)
2023 1.1% -16.2% 8.1% 84.09%
2022 -16.3% -34.7% 131.9% 58.60%
2021 -2.6% -11.6% 4.4% 20.97%
2020 5.5% -10.1% 946.1% 22.58%
2019 5.5% -1.7% 16.9% 54.52%

Total Return Ranking - Trailing

Period AIRIX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.1% -8.4% 5.4% 91.08%
1 Yr 3.4% -6.5% 14.8% 73.47%
3 Yr -3.6%* -10.8% 25.4% 82.33%
5 Yr -0.4%* -7.1% 190.9% 84.06%
10 Yr N/A* -2.7% 73.4% N/A

* Annualized

Total Return Ranking - Calendar

Period AIRIX Return Category Return Low Category Return High Rank in Category (%)
2023 5.2% -11.3% 11.0% 79.25%
2022 -14.8% -32.2% 131.9% 83.83%
2021 -0.7% -9.4% 9.2% 37.53%
2020 7.7% -1.9% 1009.0% 65.63%
2019 8.5% 1.1% 21668.0% 59.28%

NAV & Total Return History


AIRIX - Holdings

Concentration Analysis

AIRIX Category Low Category High AIRIX % Rank
Net Assets 222 M 2.9 M 314 B 78.06%
Number of Holdings 29 1 17889 97.19%
Net Assets in Top 10 191 M 1.57 M 34.8 B 59.54%
Weighting of Top 10 85.95% 4.4% 134.1% 2.62%

Top 10 Holdings

  1. SPDR Portfolio Short Term Corporate Bond ETF 13.85%
  2. VanEck Fallen Angel High Yield Bond ETF 11.93%
  3. SPDR Doubleline Total Return Tactical ETF 10.93%
  4. Janus Henderson Mortgage-Backed Securities ETF 9.89%
  5. Vanguard Total International Bond ETF 8.90%
  6. Xtrackers USD High Yield Corporate Bond ETF 8.06%
  7. First Trust TCW Opportunistic Fixed Income ETF 6.89%
  8. Hartford Total Return Bond ETF 5.95%
  9. PIMCO Active Bond Exchange-Traded Fund 4.97%
  10. First American Government Obligations Fund 4.59%

Asset Allocation

Weighting Return Low Return High AIRIX % Rank
Stocks
99.60% 0.00% 99.83% 0.50%
Cash
4.94% -54.51% 87.74% 33.63%
Convertible Bonds
1.87% 0.00% 7.93% 35.19%
Preferred Stocks
0.00% 0.00% 74.98% 64.16%
Other
0.00% -10.23% 50.66% 89.86%
Bonds
0.00% 0.00% 215.98% 99.30%

Stock Sector Breakdown

Weighting Return Low Return High AIRIX % Rank
Financial Services
99.80% 0.00% 100.00% 8.43%
Energy
0.20% 0.00% 100.00% 48.19%
Utilities
0.00% 0.00% 100.00% 61.45%
Technology
0.00% 0.00% 43.45% 60.84%
Real Estate
0.00% 0.00% 99.26% 58.43%
Industrials
0.00% 0.00% 48.31% 67.47%
Healthcare
0.00% 0.00% 17.70% 56.63%
Communication Services
0.00% 0.00% 100.00% 62.65%
Consumer Defense
0.00% 0.00% 99.67% 58.43%
Consumer Cyclical
0.00% 0.00% 100.00% 66.27%
Basic Materials
0.00% 0.00% 100.00% 61.45%

Stock Geographic Breakdown

Weighting Return Low Return High AIRIX % Rank
US
99.60% 0.00% 99.83% 0.50%
Non US
0.00% 0.00% 86.52% 52.01%

AIRIX - Expenses

Operational Fees

AIRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.22% 0.01% 39.10% 17.46%
Management Fee 0.77% 0.00% 1.76% 99.09%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.50% 59.82%

Sales Fees

AIRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

AIRIX 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.

AIRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 93.00% 2.00% 493.39% 41.30%

AIRIX - Distributions

Dividend Yield Analysis

AIRIX Category Low Category High AIRIX % Rank
Dividend Yield 1.87% 0.00% 10.11% 34.87%

Dividend Distribution Analysis

AIRIX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annual Monthly Monthly

Net Income Ratio Analysis

AIRIX Category Low Category High AIRIX % Rank
Net Income Ratio 1.74% -1.28% 4.79% 47.15%

Capital Gain Distribution Analysis

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

Distributions History

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AIRIX - Fund Manager Analysis

Managers

Scott Ladner


Start Date

Tenure

Tenure Rank

Sep 30, 2013

8.67

8.7%

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.

Zachary Hill


Start Date

Tenure

Tenure Rank

Dec 31, 2019

2.42

2.4%

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.

Michael Dickson


Start Date

Tenure

Tenure Rank

Dec 31, 2019

2.42

2.4%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.43 6.78 1.16