Fund Evaluator:
Horizon Equity Premium Income Investor (HNDDX)
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Best Performing in Derivative Income Over the Last Year
| 22.1% | Horizon Equity Premium Income Investor (HNDDX) |
| 21.1% | Goldman Sachs US Eq Div and Premium Inv (GVIRX) |
| 19.7% | Lincoln U.S. Equity Income Maximizer A (LFTOX) |
| 17.6% | Cantor Fitzgerald Equity Div Plus Inst (FBPEX) |
| 17.4% | Invesco Income Advantage U.S. Fund Y (SCAYX) |
Fund Details
Horizon Equity Premium Income Investor Overview
Horizon Equity Premium Income Investor (HNDDX) is an actively managed Nontraditional Equity Derivative Income fund. Horizon Investments launched the fund in 2016.
The investment seeks capital appreciation and current income. The adviser seeks to achieve the fund's investment objective by investing primarily in the equity securities of U.S. and foreign dividend paying companies. Equity securities include common and preferred stock, convertible debt securities, ADRs, and REITs. It will invest not less than 80% of the value of its net assets in "dividend paying securities", which the Adviser defines as equity securities that have paid a dividend in the prior 12 calendar months or that the Adviser believes are reasonably likely to pay a dividend in the 12 calendar months following the fund's acquisition of the security.
About Horizon Equity Premium Income Investor (HNDDX)
There are 3 members of the management team with an average tenure of 4.58 years: Scott Ladner (2023), Michael Dickson (2018), Zachary Hill (2023). 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 CBOE S&P 500 BuyWrite BXM TR USD index with a weighting of 100%. Horizon Equity Premium Income Investor has 208 securities in its portfolio. The top 10 holdings constitute 34.4% 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 Equity Premium Income Investor is part of the Equity global asset class and is within the Nontraditional Equity fund group. Horizon Equity Premium Income Investor has 0.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.6%. There is 0.9% 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 Equity Premium Income Investor has 0.6% of the portfolio in cash.
Assets Under Management
The fund has $169 million in total assets, which is below the $233 million average for the Derivative Income 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.
HNDDX 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 Equity Premium Income Investor expense ratio is high compared to funds in the Derivative Income category. Horizon Equity Premium Income Investor has an expense ratio of 1.08%, which is 4% lower than its category average, making the fund expense ratio grade a C. 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 Equity Premium Income Investor has a portfolio turnover rate of 10%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 115% for the Derivative Income category.
Recently, in the month of June 2026, Horizon Equity Premium Income Investor returned 0.1%, which earned it a grade of D, as the Derivative Income category had an average return of 0.1%. 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 Equity Premium Income Investor has a trailing yield of 6.93%, which is above the 4.51% 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 Equity Premium Income Investor Grades
Year to date, the fund has returned 10.3%, 4.0 percentage points better than the category, which translates into a grade of A. The fund has returned 22.1% over the past year (grade of A), 18.9% over the past three years (grade of A) and 10.9% per year over the past five years (grade of A).
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HNDDX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HNDDX Return (NAV) | 0.1% | 11.4% | 22.1% | 18.9% | 10.9% | na |
| HNDDX Grade | D | B | A | A | A | na |
| +/- Category | -0.1% | 3.9% | 7.8% | 6.8% | 3.1% | na |
| Derivative Income Avg | 0.1% | 7.5% | 14.4% | 12.1% | 7.8% | 8.7% |
| HNDDX Tax Cost Ratio | na | na | 2.9% | 2.3% | 1.9% | na |
HNDDX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HNDDX Return (NAV) | 10.3% | 18.9% | 21.7% | 6.2% | -6.9% | 20.4% | -3.2% | 17.2% | -8.4% | 24.1% | na |
| HNDDX Grade | A | A | A | F | B | D | F | C | D | A | na |
| +/- Category | 4.0% | 6.6% | 8.8% | -6.2% | 1.2% | 0.1% | -8.2% | -1.9% | -1.7% | 9.7% | na |
| Derivative Income Avg | 6.2% | 12.3% | 12.9% | 12.5% | -8.1% | 20.3% | 5.0% | 19.1% | -6.7% | 14.4% | 9.7% |
| Risk Measures | |
| Standard Deviation: | 10.5% |
| Total Risk Index: | 0.86 - Average |
| Category Risk Index: | 1.06 - Above Average |
| Category Risk Grade: | D (66% Rank) |
| Beta: | 0.78 |
| R-Squared: | 94% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 6.9% |
| Dividend Distribution: | |
| Cap Gains Distribution: | |
| Total Assets: | $172 Mil |
| Fund Total Assets: | $ 170 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 10% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 8.3 years | |||
| Average Tenure: 4.6 years | |||
| Managers (Year): Dickson Michael (2018), Hill Zachary (2023), Ladner Scott (2023) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 208 |
| % in Top 10 Holdings: | 34.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.9% |
Portfolio Allocation |
|
| Domestic Stock: | 98.6% |
| Foreign Stock: | 0.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.6% |
Purchase Information
| Fund Family: | Horizon Investments |
| Phone Number: | 855-754-7932 |
| Website: | www.horizonmutualfunds.com |
| Status: | Open |
| Inception Date: | December 28, 2016 |
| 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: | 0.10% |
Expenses and Fees | |
| Expense Ratio (%): | 1.08% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.12% |
| Share Class: | Horizon Equity Premium Income Investor |
| Min. Subsequent Purchase: | $ 250 |
| Min. Subsequent IRA Purchase: | $ 0 |
