Money Life with Chuck Jaffe | Infrastructure Investing

The Underlying Dividend Yield reflects the annualized income net of expenses of the fund as a percentage of the market unit price of the fund as at the day show. It is based on a snapshot of the fund on that day. It does not include any preliminary charge and investors may be subject to tax on distributions. The institutional share class fund’s 30 day subsidized SEC yield as of August 31, 2025 was 2.24%. The advisor share class fund’s 30 day subsidized SEC yield as of August 31, 2025 was 2.09%. The institutional share class fund’s 30 day unsubsidized SEC yield as of August 31, 2025 was 2.18%. The advisor share class fund’s 30 day unsubsidized SEC yield as of August 31, 2025 was 2.03%.

The advisor share class gross expense ratio is 1.53% and the net expense ratio is 1.30%. The investor share class gross expense ratio is 1.38% and the net expense ratio is 1.15%. The Fund’s investment adviser has contractually agreed to waive its fees and/or reimburse expenses of the Fund, at least until March 31, 2028.

Prospectus: https://horizonmutualfunds.com/assets/docs/Centre_Funds_Prospectus.pdf

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted.

For standardized returns and Top Holdings for the Fund, visit https://horizonmutualfunds.com/cgi-fund

The iShares National Muni Bond ETF (MUB) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds. For key facts related to MUB, as well as expense fees, performance, and other information, visit https://www.ishares.com/us/products/239766/ishares-national-amtfree-muni-bond-etf . 
Equities, bonds, and other asset classes have different risk profiles, which should be considered when investing. All investments contain risk and may lose value. Investments in ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risk that an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Funds ability to sell its shares. Tax features of the products may vary based on individual circumstances and treatment of income or return of capital versus capital gain. Consult a tax professional for additional information.

Mutual fund investing involves risk. Principal loss is possible. In addition to the costs, fees, and expenses involved in investing in ETFs, ETFs are subject to additional risks including the risks that the market price of the shares may trade at a discount to its net asset value (“NAV”), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Fund’s ability to sell its shares. The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater in emerging markets. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. Small and medium capitalization companies tend to have limited liquidity and greater price volatility than large capitalization companies. Investments in Real Estate Investment Trusts (REITs) involve additional risks such as declines in the value of real estate and increased susceptibility to adverse economic or regulatory developments. The Fund may also use options, which have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of securities prices, interest rates and currency exchange rates. The investment in options is not suitable for all investors.

Infrastructure assets are often considered a potential inflation hedge for the following reasons:
– Contractual inflation adjustments: Many infrastructure projects are structured with long-term contracts that include mechanisms to adjust pricing based on inflation, such as index-linked increases to tolls, fees, or utility rates.
– Pricing power and inelastic demand: Infrastructure assets provide essential services (like electricity, water, roads) with inelastic demand, meaning people and businesses need to use them regardless of economic conditions. This allows operators to pass on increased costs due to inflation to customers, thereby maintaining profitability.
– Hard assets: Investing in tangible assets like infrastructure can provide a natural hedge against inflation because the value of hard assets tends to rise with inflation.
– Long-term contracts and stability: Infrastructure investments often involve long-term contracts that provide predictable cash flows, which are often backed by strong credit parties (e.g., governments or regulated entities) or offer long-term leases with inflation-linked adjustments.

The statements and opinions expressed are those of the presenter, James Abate. Any discussion of investments and investment strategies represents Mr. Abate’s views as of July 23, 2025 and are subject to change without notice. Information presented is for general purposes only and is not intended to provide specific advice or recommendations for any individual.

Return on equity (ROE) is a measure of a company’s financial performance. It is calculated dividing net income by shareholders’ equity.

Return on capital is a financial metric that shows how well a company is generating profits from used capital.

A yield curve is a line that plots the yields or interest rates of bonds that have equal credit quality but different maturity dates. The slope of the yield curve predicts the directions of interest rates and the economic expansion or contraction that could result.

The price-to-book (P/B) ratio is a financial metric that compares a company’s market value to its book value, which is the value of all its assets minus its liabilities, helping investors identify undervalued stocks.

The Horizon Funds are distributed by Quasar Distributors, LLC which is not affiliated with any other individual or entity referenced.