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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Horizon's active models remained fully invested during a volatile Q4 2024, benefiting from an overweight to U.S. equities over international markets and a positive structural stance on high-yield corporate credit."
During a choppy and volatile Q4 2024, characterized by Federal Reserve rate cuts, U.S. election developments, and significant U.S. equity outperformance over international markets, Horizon Investments kept its Gain, Protect, and Spend models fully invested. The Gain models favored domestic growth stocks, software, semiconductors, and regional banks, while shifting away from Europe. In fixed income, the models maintained an overweight to corporate and high-yield credit, and actively managed duration upwards as yields rose. The Protect models' Risk Assist algorithm remained in its default 'off' position as drawdowns did not breach de-risking triggers, and all Protect models successfully ratcheted. Spend models also maintained full exposure and enter 2025 with 11 quarters of spend reserves.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Horizon's active models remained fully invested during a volatile Q4 2024, benefiting from an overweight to U.S. equities over international markets and a positive structural stanc...
Growth Outlook
Market outlook remains above average conviction: Horizon's active models remained fully invested during a volatile Q4 2024, benefiting from an overweight to U.S. equities over international markets and a positive structural stanc...
Risk Appetite
Risk appetite posture is above average conviction: Horizon's active models remained fully invested during a volatile Q4 2024, benefiting from an overweight to U.S. equities over international markets and a positive structural stanc...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Horizon's active models remained fully invested during a volatile Q4 2024, benefiting from an overweight to U.S. equities over international markets and a positive structural stanc...
Forward Guidance
Forward guidance signal: Horizon's active models remained fully invested during a volatile Q4 2024, benefiting from an overweight to U.S. equities over international markets and a positive structural stanc...
Language Signal
Tone analysis indicates above average conviction language: Horizon's active models remained fully invested during a volatile Q4 2024, benefiting from an overweight to U.S. equities over international markets and a positive structural stanc...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Horizon's active models remained fully invested during a volatile Q4 2024, benefiting from an overweight to U.S. equities over international markets and a positive structural stanc...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Horizon's active models remained fully invested during a volatile Q4 2024, benefiting from an overweight to U.S. equities over international markets and a positive structural stanc...
Time Horizon
Investment time horizon reflects a above average conviction orientation. Horizon's active models remained fully invested during a volatile Q4 2024, benefiting from an overweight to U.S. equities over international markets and a positive structural stanc...
