HMANX — Horizon Multi-Asset Income Fund

HMANX Fund Overview

HMANX — Horizon Multi-Asset Income Fund is a US mutual fund managed by Horizon Funds, categorised as Money Market. 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: Money Market
• Assets under management: $61.92M
• 1-year return: -10.7%
• Ticker: HMANX
• SEC CIK: 0001643174
• SEC series ID: S000065862
• Share class ID: C000212783

HMANX Investment Objective and Strategy

Horizon Multi-Asset Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Horizon Funds.

Investment objective

Investment Objective: The investment objective of the Horizon Multi-Asset Income Fund (the Multi-Asset Income Fund) is to seek to maximize current income with a secondary emphasis on capital appreciation.

Principal investment strategy

The Multi-Asset Income Fund seeks to achieve the Funds investment objective by allocating assets across various sectors of the global securities markets. The Multi-Asset Income Funds investment adviser, Horizon Investments, LLC (Horizon), executes this strategy by primarily investing in income-producing securities, which Horizon defines as including any of the following: dividend paying global equity securities, fixed-income securities, cash equivalents, master limited partnerships (MLPs), mortgage-backed securities (MBS), real estate investment trusts (REITs), American Depositary Receipts (ADRs) and emerging market securities. The Fund may invest in securities of companies of any market capitalization. With respect to fixed-income investments, the Fund may invest in any of the following: investment grade securities, below investment grade (high yield or junk bond) securities, sovereign debt (including U.S.

treasuries and foreign securities), fixed- and floating-rate securities of publicly traded companies, hybrid securities (i.e., convertible bonds, preferred stock), corporate bonds and notes, mortgage-backed securities, asset-backed securities and government obligations. The Multi-Asset Income Fund may invest in fixed income securities without regard to maturity or duration. Horizon selects 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, value, momentum, quality, size and volatility) that Horizon believes offer the opportunity for the highest projected return for a given amount of risk. Once selected, Horizon primarily employs a quantitative process to define the asset class allocation and portfolio weights across the multi-asset income universe.

Horizon will generally assign larger weights to securities that offer either a higher expected return (using quantitative estimates for expected current income and capital appreciation) or a lower expected risk (using estimates of volatility, expected loss of capital and diversification benefits measured by co-movements with other securities selected for inclusion). In general, the Multi-Asset Income Fund will overweight securities that offer high current income or capital appreciation potential, along with either low measures of risk or strong diversification benefits. Under normal conditions, the Multi-Asset Income Fund will invest between 30% and 70% of its total assets in global equities and between 30% and 70% of its total assets in fixed-income and/or hybrid securities. The Fund is typically invested in a combination of exchange-traded funds (ETFs) and individual securities.

Potential ETFs are reviewed for sufficient trading liquidity and fit within overall portfolio diversification needs prior to investment. Typically, the Multi-Asset Income Fund will seek passive exposure to fixed-income and international markets through the use of ETFs; however, the Fund may invest in non-ETF securities, such as individual securities, when it believes such investments may offer higher return and/or lower risk than an ETF. The Multi-Asset Income Fund may also use a proprietary volatility control process that seeks to manage volatility within the Multi-Asset Income Funds portfolio based on Horizons measures of perceived risk. In this regard, the Multi-Asset Income Fund may seek to reduce risk when market volatility is expected to be elevated or increase risk when volatility is expected to be low.

To reduce risk, the Fund may allocate a portion of the 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); U.S. Government money market funds; exchange traded options on U.S. Treasury Securities; repurchase agreements fully collateralized by U.S. Treasury Securities; or ETFs that invest in any of the foregoing (collectively, Cash Equivalents). Options. The Multi-Asset Income Fund may also use option writing strategies to generate income, by selling put and call options (the Options Portfolio) on underlying positions, or for hedging and risk management. The Multi-Asset Income Funds options investments may involve covered positions where the Fund may write a call option on an underlying position to generate income.

The Fund may involve a collateralized strategy more generally, where the Fund may write put options on a security whose value is collaterized by cash (cash-secured puts) or otherwise collaterized by the Funds securities. The Multi-Asset Income Funds option strategies may involve options combinations, such as spreads or collars. In spread transactions, the Multi-Asset Income Fund buys and writes a put or buys and writes a call on the same underlying instrument with the options having different exercise prices, expiration dates, or both. When the Multi-Asset Income Fund engages in spread transactions, it seeks to profit from differences in the option premiums paid and received and in the market prices of the related options positions when they are closed out or sold. A collar position combines a put option purchased by the Multi-Asset Income Fund (the right of the Multi-Asset Income Fund to sell a specific security within a specified period) with a call option that is written by the Multi-Asset Income Fund (the right of the counterparty to buy the same security) in a single instrument, and the Multi-Asset Income Funds right to sell the security is typically set at a price that is below the counterpartys right to buy the security.

Thus, the combined position collars the performance of the underlying security, providing protection from depreciation below the price specified in the put option, and allowing for participation in any appreciation up to the price specified by the call option. In each case, the premium received for writing an option offsets, in part, the premium paid to purchase the corresponding option; however, downside protection may be limited as compared to just owning a single option. There is no limit on the number or size of the options transactions in which the Multi-Asset Income Fund may engage; however, the Multi-Asset Income Fund will not use options for the purpose of increasing the Multi-Asset Income Funds leverage with respect to any portfolio investment. The Multi-Asset Income Fund will typically sell portfolio securities to adjust portfolio allocations as described above, to seek to secure gains or limit potential losses, or when Horizon otherwise believes it is in the best interest of the Multi-Asset Income Fund.

HMANX Performance

Total returns for HMANX (as of 2026-10-01), from SEC filings.

HMANX Risk Information

Risk metrics for HMANX, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 25.9%

HMANX Costs and Fees

HMANX costs about $117 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.17%
• Gross expense ratio: 2.12%
• Portfolio turnover: 89%
• Brokerage commissions: 4.39 bps of average net assets (SEC N-CEN)

HMANX Cashflows

Over the 12 months to 2020-08, Horizon Multi-Asset Income Fund had net inflows of $141.87M, from monthly SEC N-PORT filings.

HMANX Debt Constituents

No individual debt constituents are reported in Horizon Multi-Asset Income Fund's latest SEC N-PORT filing.

HMANX Prospectus and SEC Filings

Official Horizon Multi-Asset Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-04-17
• Prospectus (485BPOS) — filed 2020-01-15
• Prospectus supplement (497) — filed 2020-01-16
• Portfolio holdings (N-PORT) — filed 2020-10-27
• Portfolio holdings (N-PORT) — filed 2020-07-23
• Portfolio holdings (N-PORT) — filed 2020-04-22
• Annual census (N-CEN) — filed 2020-02-12

Related Funds

Other Money Market funds tracked on ABC INVEST:

• Emerald Growth Fund (HSPCX)
• Barings Active Short Duration Bond Fund (BXDIX)
• IVA Worldwide Fund (IVWAX)
• Stadion Tactical Growth Fund (ETFDX)
• BBH Partner Fund - Select Short Term Assets (BBSTX)

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.