Horizon Defensive Core Fund;Adv
HESAX
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- Horizon Defensive Core Fund - Advisor Class (HESAX) is a mutual fund managed by Horizon Investments, LLC that seeks to generate returns comparable to the large- and mid-cap segments of the U.S. equity market, while mitigating downside risk through a proprietary risk overlay strategy known as Risk Assist®. The fund employs two primary strategies: an ESG equity strategy tracking the MSCI USA ESG Leaders Index, which invests in companies exhibiting high environmental, social, and governance performance relative to sector peers and excludes those involved in activities such as alcohol, gambling, tobacco, nuclear power, fossil fuels extraction, thermal coal power, and controversial weapons; and the Risk Assist® strategy, an actively managed overlay that shifts up to 100% of the portfolio into U.S. Treasuries or cash equivalents during periods of heightened market risk. Under normal circumstances, at least 80% of net assets are allocated to a combination of these ESG-screened equities, held in approximate proportion to the index with quarterly rebalancing (subject to industry concentration limits), and defensive securities; top holdings as of recent data include NVIDIA Corp., Microsoft Corp., Tesla Inc., Alphabet Inc., and Eli Lilly & Co.. The Advisor Class (HESAX, CUSIP 44053A762, inception January 8, 2020, net expense ratio 1.20%) complements Investor (HESGX) and Institutional (HESIX) share classes offered by the fund. Horizon Investments, LLC, founded in 1995 and headquartered in Charlotte, North Carolina, serves as investment adviser, providing goals-based strategies primarily to financial advisors across the United States. In October 2023, the fund underwent a name change from Horizon ESG & Defensive Core Fund to its current designation, reflecting an evolution in branding amid continued focus on risk-managed equity exposure. Horizon Investments has pursued strategic growth through acquisitions, including the April 2025 closing of its majority asset purchase of New York-based Centre Asset Management to bolster active equity capabilities and establish a physical presence in New York City, alongside a December 2025 acquisition of Anfield Capital Management to expand into fixed income offerings; the firm also refreshed its brand in 2025 and launched a twelve-fund ETF suite. These developments enhance the ecosystem supporting HESAX and related Horizon Funds products.