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Top 15 Utility
Growth & Income Strategy
Number of Equity Holdings:.............................15
Benchmark:...............S&P 1500 Utility Sector Index
Strategy Description: The Top 15 Utility strategy is an all equity investment approach comprised of 15 utility stocks we believe have the best mix of valuation and growth potential.
Top 15 Utility Strategy
Since Inception October 31, 2011
through March 31, 2013
Strategy Methodology: On the initial investment selection, we select an equal-weighted basket of 15 utility stocks designed to produce yield in line with the S&P 1500 Utility Sector Index.
- Actively managed strategy focusing on Horizon's 15 favorite utilities
- $50,000 minimum investment
- Annual management fee of 1%
- Expected dividend yield in the 3.5% to 4.5% range, but there is no guarantee of minimum yield
- Each stock initially accounts for 1/15th of strategy
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*Top 15 Utility Composite contains fully discretionary Top 15 Utility accounts and, for comparison purposes, is measured against the S&P 1500 Utility Sector Index, as calculated monthly by Horizon. The Top 15 Utility strategy is an all-equity portfolio consisting of Horizon’s favorite 15 utility stocks we believe have the best mix of valuation and growth potential. For the initial investment selection, we select an equal-weighted basket of 15 utility stocks designed to produce yield in line with the S&P 1500 Utility Sector Index. The S&P 1500 Utility Sector Index represents the utility sector portion of the S&P Composite 1500. The S&P Composite 1500 is an investable U.S. equity benchmark, which combines the S&P 500, the S&P MidCap 400, and the S&P SmallCap 600 to cover approximately 90% of the U.S. market capitalization.
Horizon Investment Services, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Horizon Investment Services, LLC has been independently verified for the periods September 1, 2000 through December 31, 2012. A copy of the verification report is available upon request.
Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.
Horizon Investment Services, LLC is an independent registered investment adviser. The firm maintains a complete list of composite descriptions, which is available upon request.
The composite performance results include all fully discretionary active and terminated non-wrap accounts for the strategy and exclude any accounts with significant client-imposed investment restrictions.
The U.S. Dollar is the currency used to express performance. All composite performance returns include the reinvestment of all income. Gross composite performance returns are asset-weighted total return figures after brokerage commissions, but do not reflect the payment of management fees. Net composite performance returns are further reduced by the highest applicable management fee of 1.00%, applied monthly. The annual composite dispersion presented is equal-weighted standard deviation calculated for the accounts in the composite the entire year.Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.
The investment management fee schedule for the composite is 1.00% of assets under management. Actual investment advisory fees incurred by clients may vary depending on fee schedule and portfolio size. Management fee schedules are available upon request or may be found in Part 2A of Horizon Investment Services’ Form ADV.
The Top 15 Utility Composite was created October 31, 2011.
Past performance is no guarantee of future results.