Fund Evaluator:

Horizon Multi-Factor U.S. Equity Inv Overview

Horizon Multi-Factor U.S. Equity Inv (USRAX) is an actively managed U.S. Equity Large Blend fund. Horizon Investments launched the fund in 2019.

The investment seeks capital appreciation. The fund seeks to achieve its investment objective by investing primarily in the equity securities of large and mid-cap U.S. issuers, and employs defensive techniques, including strategic portfolio positioning, to achieve lower overall volatility as compared to the market generally. The fund will invest not less than 80% of the value of its net assets in the equity securities of U.S. companies.

About Horizon Multi-Factor U.S. Equity Inv (USRAX)

There are 3 members of the management team with an average tenure of 6.22 years: Scott Ladner (2019), Michael Dickson (2019), 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 MSCI USA Minimum Volatility (USD) NR USD index with a weighting of 100%. Horizon Multi-Factor U.S. Equity Inv has 161 securities in its portfolio. The top 10 holdings constitute 40.8% 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 Multi-Factor U.S. Equity Inv is part of the Equity global asset class and is within the U.S. Equity fund group. Horizon Multi-Factor U.S. Equity Inv has 1.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.9%. There is 1.7% 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 Multi-Factor U.S. Equity Inv has 0.4% of the portfolio in cash.

Assets Under Management

The fund has $749 million in total assets, which is below the $6 billion average for the Large Blend 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.

USRAX 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 Multi-Factor U.S. Equity Inv expense ratio is high compared to funds in the Large Blend category. Horizon Multi-Factor U.S. Equity Inv has an expense ratio of 1.02%, which is 26% higher than its category average, making the fund expense ratio grade a D. 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 Multi-Factor U.S. Equity Inv has a portfolio turnover rate of 134%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.

Recently, in the month of July 2026, Horizon Multi-Factor U.S. Equity Inv returned -0.4%, which earned it a grade of D, as the Large Blend category had an average return of 0.4%. 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 Multi-Factor U.S. Equity Inv has a trailing yield of 0.34%, which is below the 0.56% category average. The fund normally distributes its income 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 Multi-Factor U.S. Equity Inv Grades

Year to date, the fund has returned 9.0%, 0.3 percentage points worse than the category, which translates into a grade of C. The fund has returned 15.7% over the past year (grade of D), 15.2% over the past three years (grade of D) and 10.5% per year over the past five years (grade of D).

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