Fund Evaluator:

Horizon Active Risk Assist® I Overview

Horizon Active Risk Assist® I (ACRIX) is an actively managed Allocation Tactical Allocation fund. Horizon Investments launched the fund in 2016.

The investment seeks to capture the majority of the returns associated with equity market investments, while mitigating downside risk through use of a risk overlay strategy. The fund seeks to achieve its objective by using a multi-discipline active asset allocation investment approach. The adviser executes its global securities allocation strategy by allocating assets across one or more sectors of the global securities markets. Normally, the fund invests a majority of its assets in equity securities or ETFs that invest primarily in equity securities; however, it may invest in fixed income securities or in ETFs that invest primarily in such securities.

About Horizon Active Risk Assist® I (ACRIX)

There are 3 members of the management team with an average tenure of 8.24 years: Scott Ladner (2014), Michael Dickson (2018), Zachary Hill (2022). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and S&P Global Ex US BMI TR USD index with a weighting of 100%. Horizon Active Risk Assist® I has 115 securities in its portfolio. The top 10 holdings constitute 87.9% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Horizon Active Risk Assist® I is part of the Allocation global asset class and is within the Allocation fund group. Horizon Active Risk Assist® I has 41.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 58.4%. There is 41.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Horizon Active Risk Assist® I has 0.0% of the portfolio in cash.

Assets Under Management

The fund has $8 million in total assets, which is below the $222 million average for the Tactical Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

ACRIX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Horizon Active Risk Assist® I expense ratio is high compared to funds in the Tactical Allocation category. Horizon Active Risk Assist® I has an expense ratio of 1.15%, which is 35% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Horizon Active Risk Assist® I has a portfolio turnover rate of 172%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 196% for the Tactical Allocation category.

Recently, in the month of July 2026, Horizon Active Risk Assist® I returned -0.8%, which earned it a grade of D, as the Tactical Allocation category had an average return of -0.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Horizon Active Risk Assist® I has a trailing yield of 0.68%, which is below the 2.86% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Horizon Active Risk Assist® I Grades

Year to date, the fund has returned 9.8%, 1.4 percentage points better than the category, which translates into a grade of B. The fund has returned 18.7% over the past year (grade of B), 14.0% over the past three years (grade of A) and 7.1% per year over the past five years (grade of B) and 7.7% per year over the past 10 years (grade of B).

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