HESAX Performance — Horizon Defensive Core Fund, Advisor Class
Data updated: 2026-07-10
HESAX returned +9.00% year to date and +27.50% over one year to May 2026. Annualised returns are +18.97% over 3 years and +10.49% over 5 years. Against its US Large Growth category average the fund came out behind over three years but ahead over one: $100 invested three years ago grew to $168, against $187 for the category, and to $128 over one year, against $125. Volatility over the past three years was 13.89% a year. In the 12 months to May 2026 the fund took in a net $8.4M, and assets reached $530.80M.
HESAX Growth of $100
What $100 invested in Horizon Defensive Core Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Large Growth category average over the same months.
| Period | HESAX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $128 | $125 |
| 3 years (Jun 2023 – May 2026) | $168 | $187 |
| 5 years (Jun 2021 – May 2026) | $165 | $176 |
| Since data start (Feb 2020 – May 2026) | $226 | $250 |
HESAX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +9.00% |
| 1 year | +27.50% |
| 3 years (annualised) | +18.97% |
| 5 years (annualised) | +10.49% |
HESAX Annual Returns
Calendar-year total returns of Horizon Defensive Core Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +9.00% |
| 2025 | +9.34% |
| 2024 | +22.20% |
| 2023 | +23.32% |
| 2022 | −18.95% |
| 2021 | +27.20% |
| 2020 (Feb–Dec) | +21.89% |
HESAX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.9% | −1.1% | −5.1% | +9.8% | +4.7% | — | — | — | — | — | — | — |
| 2025 | +1.7% | −2.4% | −6.4% | −4.0% | +4.7% | +4.8% | +2.9% | +1.7% | +3.9% | +2.6% | +0.3% | −0.3% |
| 2024 | +2.1% | +5.5% | +3.6% | −4.6% | +4.8% | +3.6% | +0.3% | +1.8% | +2.2% | −1.1% | +5.9% | −3.2% |
| 2023 | +4.0% | −2.3% | +3.0% | +1.0% | +0.9% | +6.5% | +3.4% | −0.5% | −5.1% | −2.7% | +9.7% | +4.2% |
| 2022 | −5.0% | −2.7% | +3.5% | −7.9% | −0.7% | −6.0% | +5.0% | −3.0% | −6.2% | +3.9% | +3.3% | −3.8% |
| 2021 | +0.2% | +1.8% | +4.8% | +3.9% | +1.2% | +2.8% | +2.7% | +3.2% | −5.1% | +7.4% | −2.3% | +4.3% |
| 2020 | — | −8.4% | −5.0% | +8.1% | +3.2% | +1.7% | +4.6% | +7.8% | −3.6% | −3.5% | +11.6% | +5.5% |
HESAX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 13.89%
- 3-year Sharpe ratio: 1.04 (vs 4.5% risk-free rate)
- Best month: +9.84% (Apr 2026)
- Worst month: −6.37% (Mar 2025)
HESAX Fund Flows
Monthly money in and out of Horizon Defensive Core Fund, from SEC Form N-PORT.
- 12-month net flow: $8.4M
- 12-month gross sales (incl. reinvestments): $230.9M
- Sales ÷ redemptions: 1.04×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $30.2M | $21.2M | $9.0M |
| Apr 2026 | $10.0M | $7.9M | $2.1M |
| Mar 2026 | $13.8M | $11.9M | $1.9M |
| Feb 2026 | $8.8M | $14.8M | −$6.0M |
| Jan 2026 | $15.5M | $19.0M | −$3.5M |
| Dec 2025 | $78.7M | $15.2M | $63.6M |
| Nov 2025 | $8.8M | $11.3M | −$2.5M |
| Oct 2025 | $9.4M | $10.4M | −$989K |
| Sep 2025 | $10.6M | $11.3M | −$665K |
| Aug 2025 | $9.2M | $24.4M | −$15.2M |
| Jul 2025 | $15.6M | $70.1M | −$54.5M |
| Jun 2025 | $20.3M | $4.9M | $15.3M |
HESAX Assets Under Management
Net assets of Horizon Defensive Core Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $530.80M |
| 2026-02-28 | $473.67M |
| 2025-11-30 | $491.47M |
| 2025-08-31 | $463.40M |
| 2025-05-31 | $472.87M |
| 2025-02-28 | $468.99M |
| 2024-11-30 | $467.06M |
| 2024-08-31 | $405.16M |
| 2024-05-31 | $349.77M |
| 2024-02-29 | $280.56M |
| 2023-11-30 | $238.16M |
| 2023-08-31 | $240.24M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.