HESIX — Horizon Defensive Core Fund
Data updated: 2026-07-10
HESIX — Horizon Defensive Core Fund. United States Large Cap Growth Equity · $530.80M AUM · 0.83% expense ratio. Holdings, fees, performance and SEC filings.
HESIX Fund Overview
HESIX — Horizon Defensive Core Fund is a US mutual fund managed by Horizon Funds, categorised as United States Large Cap Growth Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Horizon Funds
- Category: United States Large Cap Growth Equity
- Assets under management: $530.80M
- Ticker: HESIX
- SEC CIK: 0001643174
- SEC series ID: S000065863
- Share class ID: C000212786
HESIX Investment Objective and Strategy
Horizon Defensive Core Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Horizon Funds.
Investment objective
The investment objective of the Horizon Defensive Core Fund (the Defensive Core Fund or the Fund) is to seek to capture the majority of returns associated with U.S. equity market investments, while mitigating downside risk through the use of a risk overlay strategy (the Risk Assist strategy).
Principal investment strategy
The Defensive Core Fund seeks to achieve its investment objective by utilizing two strategies: (1) the Core Equity Strategy; and (2) the Risk Assist Strategy. The Core Equity Strategy invests primarily in common stocks of large and mid-cap U.S. companies that exhibit high quality and growth characteristics, while the Risk Assist Strategy is an actively managed risk reduction strategy intended to guard against large declines in the Funds equity portfolio. The Funds investment adviser (Horizon Investments, LLC (Horizon or the Adviser)) will determine how to allocate the Defensive Core Funds assets between the Core Equity Strategy and the Risk Assist Strategy. Core Equity Strategy . Horizon executes the Core Equity Strategy by investing the Funds assets primarily in equity securities of large and mid-cap U.S.
companies. Horizon generally considers large and mid-cap companies to be those that are within the range of the S&P 500 and S&P 400 indices when purchased. However, the Fund can invest in companies of any size, which may include small-cap companies, at the discretion of Horizon. Horizon employs a multi-factor process to select investments that Horizon believes have high quality and growth characteristics as compared to the market generally. Horizon considers high quality characteristics to include, without limitation, high profitability and stable earnings; low price variability; low fundamental valuation measures; and high recent price trends. Horizon considers growth characteristics to include, without limitation, revenue growth, earnings per share (EPS) growth, gross profit, and free cash flow (FCF) growth.
Horizon selects and weights securities using a flexible approach that combines active management and quantitative models to allocate the Funds portfolio between issuers, sectors and/or factors (e.g., growth, profitability, sentiment and fundamental safety) that Horizon believes offer the opportunity for the highest quality characteristics that may provide higher projected return for a given amount of risk. In constructing the portfolio, Horizon may consider industry and position constraints to ensure sufficient diversification, as determined by Horizon, and may invest in other investment companies, including ETFs, that invest in equity securities of U.S. companies. The Core Equity Strategy expects securities with the foregoing characteristics in aggregate to have a similar performance and risk as traditional U.S.
equity markets. The Fund expects to engage in frequent buying and selling of securities to achieve its investment objective. Risk Assist Strategy. Under the Risk Assist strategy, Horizon continually measures market conditions with a specific focus on characteristics that indicate abnormal or severe risk conditions (such as increases in market volatility and decreases in global equity markets), in order to apply a proprietary process that prompts a risk reduction of the portfolio. The Defensive Core Fund typically executes this strategy by investing up to 100% of the Defensive Core Funds portfolio in U.S. Treasuries or other cash equivalents, which may include, without limitation, U.S. Treasury-focused securities, which may include, without limitation, Treasury bonds, Treasury notes, Treasury Inflated Protection Securities (collectively, U.S.
Treasury Securities); exchange traded options on U.S. Treasury Securities; repurchase agreements fully collateralized by U.S. Treasury Securities; and money market instruments, including obligations of U.S. and foreign banks, corporate obligations, U.S. government securities, municipal securities, repurchase agreements and asset-backed securities, paying a fixed, variable or floating interest rate (collectively, Cash Equivalents); or money market funds or ETFs that invest in Cash Equivalents (collectively Defensive Investments). The Defensive Core Fund may invest in U.S. Treasury Securities without regard to maturity or duration. Although Horizon may elect to allocate 100% of the Defensive Core Funds assets to the Risk Assist strategy, it is not required to. Instead, Horizon typically employs the Risk Assist strategy in stages, and Horizon may elect to allocate between 0% and 100% of the Defensive Core Funds assets to the Risk Assist strategy, depending on Horizons determination of current market risk.
The Risk Assist algorithm includes a process by which it systematically attempts to protect investment gains within the portfolio based on Horizons measures of perceived risk. The result of this process is referred to as a ratchet. To implement the ratchet, Horizon first determines the lowest portfolio value that the algorithm is calculated to accommodate during any 12-month period. As the Risk Assist strategy portfolio value grows (typically when the portfolio has experienced 3-5% of appreciation, depending on market conditions), the Risk Assist algorithm will increase (i.e., ratchet up) the value of the loss tolerance limit in an attempt to protect those gains.
HESIX Holdings
Top 10 holdings of Horizon Defensive Core Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Roundhill Magnificent Seven ET | 8.79% |
| NVIDIA Corp | 7.58% |
| Apple Inc | 6.19% |
| Alphabet Inc | 5.04% |
| Microsoft Corp | 4.61% |
| Broadcom Inc | 3.60% |
| Amazon.com Inc | 3.60% |
| Eli Lilly & Co | 1.85% |
| Meta Platforms Inc | 1.76% |
| Walmart Inc | 1.72% |
HESIX Portfolio Allocation
Asset-class allocation of Horizon Defensive Core Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 99.9% |
| Cash & Equivalents | 0.2% |
HESIX Performance
Total returns for HESIX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 9.1% |
| 1 year | 27.7% |
| 3 years (annualised) | 19.1% |
| 5 years (annualised) | 10.7% |
HESIX Risk Information
Risk metrics for HESIX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 12.8%
HESIX Costs and Fees
HESIX costs about $83 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.83%
- Gross expense ratio: 0.83%
- Portfolio turnover: 216%
- Brokerage commissions: 1.87 bps of average net assets (SEC N-CEN)
HESIX Cashflows
Over the 12 months to 2026-05, Horizon Defensive Core Fund had net inflows of $8.45M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-05 | $8.99M |
| 2026-04 | $2.08M |
| 2026-03 | $1.89M |
| 2026-02 | −$5.96M |
| 2026-01 | −$3.52M |
| 2025-12 | $63.56M |
HESIX Debt Constituents
No individual debt constituents are reported in Horizon Defensive Core Fund's latest SEC N-PORT filing.
HESIX Prospectus and SEC Filings
Official Horizon Defensive Core Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-07-08
- Prospectus (485BPOS) — filed 2026-03-26
- Prospectus supplement (497) — filed 2025-04-01
- Portfolio holdings (N-PORT) — filed 2026-07-10
- Portfolio holdings (N-PORT) — filed 2026-04-29
- Portfolio holdings (N-PORT) — filed 2026-01-14
- Annual census (N-CEN) — filed 2026-02-13
- Annual census (N-CEN) — filed 2025-02-13
Related Funds
Other United States Large Cap Growth Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.