Fund Evaluator:
Horizon Active Income Investor (AIMNX)
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Best Performing in Intermediate Core-Plus Bond Over the Last Year
| 4.1% | Diamond Hill Core Plus Bond Y (DHNYX) |
| 3.9% | Diamond Hill Core Plus Bond I (DHNIX) |
| 3.7% | Diamond Hill Core Plus Bond Investor (DHNAX) |
| 3.5% | Weitz Core Plus Income Investor (WCPNX) |
| 3.4% | Nuveen Core Plus Bond I (TCBHX) |
Fund Details
Horizon Active Income Investor Overview
Horizon Active Income Investor (AIMNX) is an actively managed Taxable Bond Intermediate Core-Plus Bond fund. Horizon Investments launched the fund in 2013.
The investment seeks income. The fund seeks to achieve the fund's investment objective by allocating assets across various sectors of the global securities markets. The manager may execute the fund strategy by investing in exchange-traded funds (“ETFs”) or by investing directly in individual securities or baskets of securities. The 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.
About Horizon Active Income Investor (AIMNX)
There are 3 members of the management team with an average tenure of 8.67 years: Scott Ladner (2013), Michael Dickson (2019), Zachary Hill (2019). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. Horizon Active Income Investor has 11 securities in its portfolio. The top 10 holdings constitute 99.6% 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 Income Investor is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Horizon Active Income Investor has 25.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 118.5% (92.7% domestic bond, 25.8% foreign bond and 0.0% convertible bond). Horizon Active Income Investor has -18.5% of the portfolio in cash.
Assets Under Management
The fund has $285 million in total assets, which is below the $1 billion average for the Intermediate Core-Plus Bond 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.
AIMNX 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 Income Investor expense ratio is high compared to funds in the Intermediate Core-Plus Bond category. Horizon Active Income Investor has an expense ratio of 1.28%, which is 64% higher than its category average, making the fund expense ratio grade a F. 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 Income Investor has a portfolio turnover rate of 93%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 181% for the Intermediate Core-Plus Bond category.
Recently, in the month of July 2026, Horizon Active Income Investor returned -1.7%, which earned it a grade of F, as the Intermediate Core-Plus Bond category had an average return of -1.3%. 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 Income Investor has a trailing yield of 4.14%, which is below the 4.36% category average.
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 Income Investor Grades
Year to date, the fund has returned -1.0%, 0.4 percentage points worse than the category, which translates into a grade of F. The fund has returned 2.2% over the past year (grade of F), 3.0% over the past three years (grade of F) and -1.2% per year over the past five years (grade of F) and 0.4% per year over the past 10 years (grade of F).
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AIMNX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AIMNX Return (NAV) | -1.7% | -1.0% | 2.2% | 3.0% | -1.2% | 0.4% |
| AIMNX Grade | F | F | F | F | F | F |
| +/- Category | -0.4% | -0.2% | -0.6% | -1.2% | -1.1% | -1.4% |
| Intermediate Core-Plus Bond Avg | -1.3% | -0.7% | 2.7% | 4.2% | -0.2% | 1.8% |
| AIMNX Tax Cost Ratio | na | na | 1.6% | 1.6% | 1.3% | 1.2% |
AIMNX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AIMNX Return (NAV) | -1.0% | 5.0% | 1.8% | 5.0% | -14.9% | -0.8% | 7.7% | 8.7% | -4.8% | 4.1% | -0.9% |
| AIMNX Grade | F | F | D | F | F | C | D | D | F | D | F |
| +/- Category | -0.4% | -2.3% | -0.5% | -1.1% | -1.6% | -0.2% | -1.0% | -0.5% | -3.9% | -0.4% | -5.3% |
| Intermediate Core-Plus Bond Avg | -0.6% | 7.3% | 2.3% | 6.1% | -13.4% | -0.6% | 8.6% | 9.1% | -0.9% | 4.4% | 4.3% |
| Risk Measures | |
| Standard Deviation: | 5.8% |
| Total Risk Index: | 0.47 - Below Average |
| Category Risk Index: | 1.03 - Average |
| Category Risk Grade: | C (59% Rank) |
| Beta: | 1.00 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 4.1% |
| Dividend Distribution: | |
| Cap Gains Distribution: | |
| Total Assets: | $290 Mil |
| Fund Total Assets: | $ 286 Mil |
| Share Class Type: | N |
| Portfolio Turnover: | 93% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 12.8 years | |||
| Average Tenure: 8.7 years | |||
| Managers (Year): Ladner Scott (2013), Dickson Michael (2019), Hill Zachary (2019) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 11 |
| % in Top 10 Holdings: | 99.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 25.8% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 92.7% |
| Foreign Bond: | 25.8% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | -18.5% |
Purchase Information
| Fund Family: | Horizon Investments |
| Phone Number: | 855-754-7932 |
| Website: | www.horizonmutualfunds.com |
| Status: | Open |
| Inception Date: | September 30, 2013 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.28% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.78% |
| Share Class: | Horizon Active Income Investor |
| Min. Subsequent Purchase: | $ 250 |
| Min. Subsequent IRA Purchase: | $ 0 |
