Morningstar

Horizon Multi-Factor Small/Mid Cap Fund Advisor Class HSMBX

Medalist Rating as of Aug 31, 2026 See Horizon Investments Investment Hub

Strategy

The investment seeks capital appreciation. The fund seeks to achieve its investment objective by investing primarily in the equity securities of small and mid-cap U.S. companies. It employs defensive techniques, including strategic portfolio positioning, to achieve lower overall volatility as compared to the market generally. Under normal circumstances, the fund will invest not less than 80% of the value of its net assets in the equity securities of small and mid-cap U.S. issuers. Its investment adviser generally considers small and mid-cap issuers to be those that are within the range of the S&P 600 and S&P 400 indices, respectively, when purchased.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
HSMNX	Horizon Multi-Factor Small/Mid Cap Fund Investor Class	No Load	Open			Dec 20, 2022	$780.68M	1.090%	Average	$2,500	$107.30M
HSMBX	Horizon Multi-Factor Small/Mid Cap Fund Advisor Class	No Load	Open			Mar 7, 2023	$13.06M	1.240%	Above Average	$2,500	$3.94M

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