HORIZON FINANCIAL SERVICES, LLC

CIK 0001674020 · Q1 2026

13F Equity AUM

$226.2M

+3.0% QoQ

Positions

371

+16 QoQ

AUM Rank

#6,931

Top 56%

Skill Alpha (FF)

-4.7%/yr

Underperformer

Rank #7,320 · Top 89%

vs S&P -12.4%/yr (unadj.)

Quarters Tracked

~5 years

Portfolio Concentration

Top 5: 35.6%Top 10: 57.4%Top 20: 75.3%

SPSB8.4%

SPYG8.0%

SPYV8.0%

SPDW5.6%

SCHM5.5%

SPHY5.1%

SRLN4.9%

VGSH4.7%

XLK3.6%

SCHA3.5%

Others (361)42.6%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services93.1%

Technology2.5%

Other4.4%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 371Median: 0.01%Avg: 0.27%

0–0.5%

334(9.2%)

0.5–1%

9(6.1%)

1–3%

18(27.3%)

3–5%

4(16.7%)

5%+

6(40.6%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 347Unique: 24vs 20 funds

4.7%Low

371

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

6.5%

BANK OF AMERICA CORP /DE/

7.3%

6.9%

10.4%

7.5%

VANGUARD CAPITAL MANAGEMENT LLC

7.4%

GEODE CAPITAL MANAGEMENT, LLC

7.2%

VANGUARD PORTFOLIO MANAGEMENT LLC

8.5%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New35Increased221Decreased32Exited14

New Positions

DFAU0.1%

+2K

DFAS0.0%

+890

DFAI0.0%

+2K

BUSD0.0%

+1K

DFIS0.0%

+1K

DFIV0.0%

+491

FLEX0.0%

+410

DFAE0.0%

+993

KRE0.0%

+220

ETD0.0%

+2K

Increased

SPHY5.1%

+102K(+26%)

SPSB8.4%

+85K(+15%)

SRLN4.9%

+55K(+25%)

SCHP2.1%

+45K(+33%)

XLF2.0%

+31K(+50%)

SPEM2.1%

+24K(+31%)

SJNK1.1%

+11K(+13%)

XLU0.7%

+10K(+45%)

SCHA3.5%

+10K(+4%)

XLP0.9%

+7K(+41%)

Decreased

SCHM5.5%

-96,993(-19%)

SPYV8.0%

-33,873(-10%)

SPYG8.0%

-22,469(-11%)

FLRN1.0%

-12,217(-14%)

SCHR0.5%

-9,147(-18%)

XLE0.4%

-9,072(-39%)

XLC0.8%

-6,083(-26%)

XLI1.3%

-4,360(-19%)

JPST0.6%

-3,393(-11%)

SPMB2.1%

-2,768(-1%)

Exited

-2,820

PONY

-1,000

FQI

-78

-208

-989

-9

-160

-58

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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