Horizon Multi-Factor U.S. Equity Fund - Advisor Class
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- Horizon Multi-Factor U.S. Equity Fund - Advisor Class (USRTX) is an open-end mutual fund managed by Horizon Investments, LLC that seeks capital appreciation by investing primarily in large- and mid-cap U.S. common stocks of companies across market capitalizations, including small-cap securities; the fund employs a proprietary quantitative approach combining active management and multi-factor models to allocate across issuers, sectors, and factors such as growth, value, momentum, quality, size, and volatility to optimize projected return for a given risk level. Core offerings include Advisor Class shares (ticker: USRTX, CUSIP: 44053A796, inception January 31, 2020, expense ratio 1.19%), Investor Class shares (ticker: USRAX, CUSIP: 44053A770, inception June 26, 2019, expense ratio 1.08%), and Institutional Class shares, with a focus on defensive strategies designed to capture much of U.S. equity market returns at lower risk, outperforming cap-weighted indexes in declining markets while potentially lagging in strong up markets. The fund targets financial advisors and investors seeking flexible, opportunistic equity exposure primarily in the United States, with minor non-U.S. stock holdings (approximately 0.66%), cash (0.49%), and top holdings including NVIDIA Corp (5.42%), Microsoft Corp (5.05%), Alphabet Inc (5.05%), Meta Platforms Inc (4.22%), and Broadcom Inc (4.21%) as of recent data. Horizon Investments, LLC, founded in 1995 and headquartered in Charlotte, North Carolina, serves as the investment adviser, providing goals-based investment management, technology solutions, and consulting to financial advisors and institutions managing approximately $5.4-$7.8 billion in assets. The firm operates in the investment management industry, emphasizing U.S. equity strategies within the large blend Morningstar category. In recent developments, the fund underwent a name change from Horizon U.S. Defensive Equity Fund to Horizon Multi-Factor U.S. Equity Fund on October 3, 2023, following a prior change from Horizon Defensive Multi-Factor Fund on March 30, 2021, alongside updates to its principal investment strategies and objective. Horizon Investments completed the acquisition of Anfield Capital Management in 2025 to expand into fixed income capabilities and establish a bicoastal presence with roots in California, acquired New York-based equity manager Centre Asset Management, refreshed its brand, and launched a 12-fund ETF suite including domestic and international actively managed products such as the Horizon International Managed Risk ETF (SFTX), Small/Mid Cap Core Equity ETF (SMOX), and International Equity ETF (FRGN). These strategic expansions reflect Horizon's focus on enhancing advisor tools amid volatile markets, with total net assets for USRTX at approximately $730.50 million and share class size of $7.72 million.