Category - Weekly Updates

Market Update: 06-27-22

Subject: Cash is King!

The Issachar Fund is 100% in Cash! However, Investor’s Business Day (IBD) has declared Friday a Follow Through Day (FTD). IBD states that every bull market in the last 100 years has started with an FTD, but not every FTD has led to a bull market. An FTD is a 1% index gain on greater volume four days after a market bottom. IBD suggests that investors find stocks with proper setups to buy after an FTD. The last few FTDs failed, and this one is not giving me much conviction since there are not many stocks with proper setups to buy. The S&P 500 index rallied strongly into its 21-day moving average line of resistance, so I expect the market to give back some gains. We have had two down waves of S&P 500 index selling since January, and we are in the third and possibly final wave lower to shake out shorter-term investors. Bear markets typically experience three waves of selling before a new bull market begins. Inflation is still hot with little signs of a reprieve for gas and groceries, so I expect the market to roll over and finish the final wave. The last wave of a bear market is where we could see investors capitulate or sell at any price to stop the losses. Panic selling could be triggered by analysts lowering their earnings estimates for Q3. If I am right, we could be in a good position (Cash) to take advantage of what could be an incredible buying opportunity. Thanks for your trust and patience. (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.)

Last week, the Fed increased its balance sheet by $2 billion; it is still near its all-time high! If the Fed does what it says and starts selling bonds in July to decrease its balance sheet, I expect rates to rise and stocks to fall. Analysts’ revisions of earnings estimates lower, and a reduction of QE could be a recipe for a Q3 crash and Q4 rally. I would not be surprised to see the indexes drop another 10%. However, that could set the stage for an incredible buying opportunity for investors with mental and physical capital ready to act.

Bottom Line: No changes to our 100% money market position. I do not like sitting in Cash, but it is far better than losing money in this higher-risk market. The stage is set for another wave lower if earnings estimates get lowered and the Fed reduces QE. However, I take it one day at a time to assess the risk and act accordingly. Only God knows the future, so I rely on His Wisdom and the charts to discern where stock prices may be headed. I believe the future is brighter than the past as long as capitalism does not get replaced by socialism. Thanks for trusting me to manage your money like my very own. Grace & Peace to You!   

Links: Fact Sheet, Performance, Blogs, Strategy, My Story, Docs, BRI/ESG

Issachar: An Active Alternative & Defensive Mutual Fund Managed Like A Hedge Fund!

For we live by faith, not by sight.
2 Corinthians 5:7

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Issachar Fund. This and other important information about the Fund are contained in the Prospectus, obtained by calling 1-866-787-8355 or visiting IssacharFund.com. The Prospectus should be read carefully before investing. The Issachar Fund is distributed by Northern Lights Distributors, LLC., member FINRA/SIPC. Horizon Capital Management Inc. (HCM) is not affiliated with Northern Lights Distributors, LLC.

Important Risk Information: Mutual Funds involve risks, including the possible loss of principal. An investment in the Fund may not be appropriate for all investors. The Fund may hold cash positions when the Adviser feels that the market is not producing returns greater than the short-term cash investments in which the Fund may invest. There is a risk that the sections of the market in which the Fund invests will begin to rise or fall rapidly, and the Fund will not be able to sell stocks quickly enough to avoid losses or reinvest its cash positions into areas of the advancing market quickly enough to capture the initial returns of changing market conditions. The Adviser’s judgment about the attractiveness, value, and potential appreciation of particular asset classes and securities in which the Fund invests may prove incorrect and may not produce the desired results. Past performance is no guarantee of future results. Ratings are only one form of Fund performance and should not be used as the sole consideration in making an investment decision. Opinions expressed are subject to change, not guaranteed, and should not be considered investment advice. There is no assurance these opinions or forecasts will come to pass, and past performance is no assurance of future results. For more information regarding the fund, including current performance, please visit IssacharFund.com.   Review Code: 5542-NLD-06/27/2022

Market Update: 06-21-22

Protection Mode!

The Issachar Fund is 100% in Cash! The S&P 500 is down over -22%, and junk bonds are down over -13% YTD, and I believe we are headed for a recession defined by two consecutive quarters of negative GDP. The Federal Reserve raised rates 75bps to fight inflation but increased its balance sheet last week. Driving with one foot on the gas and one foot on the brakes tells me we are not going anywhere fast. Rising rates increase the cost of doing business which ultimately gets passed on to the consumer in the form of higher prices leading to higher inflation. It is a vicious cycle that will likely end badly unless the market perceives a change in the destructive policies that got us here. President Roosevelt created a 10-year depression instead of a 3-year recession that caused life-changing losses for many unfortunate Americans, and I pray we are not repeating the same mistakes. I want to avoid life-changing losses, so when stocks and bonds are both in steep declines, I manage risk by sitting in money markets until the next opportunity presents itself. I recommend “keeping your powder dry” because no one knows how long this bear market will last or how long it will take to “bounce back.” (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.) 

An official Consumer Price Index of 8.6% and a Producer Price Index of 10.6% should demand a minimum Fed Funds rate of 10% if the Fed is serious about taming inflation! Dr. John Williams states actual inflation is 16.1%, the highest since 1980 at 20%. The current Fed Funds target rate is 1.50 to 1.75%, so we will likely see more rate increases in the coming weeks/months. The Swiss National Bank raised rates for the first time in 15 years, as did the Bank of England, Brazil, and Taiwan. Bitcoin is down 80% from its peak. Credit card debt hit an all-time high of $1.1 trillion. Average monthly rent hit an all-time high of $2000. Gas prices hit an all-time high of $5.00/gallon. Stocks are having the worst year since 1940. This may be a good time to draw some lines in the sand and act if they are crossed.

Last week, the Fed increased its balance sheet by $14 billion while simultaneously raising rates! In the press conference, Powell stated that inflation is out of the Fed’s control (it’s due to energy/commodities/war) and may not come down. Powell said the Fed’s “critical” goal is to get inflation down to 2% while minimizing unemployment in the inflation fight. We all know what the goal is, but what is the plan? A soft landing may not happen.  

Bottom Line: Issachar is comfortable in Cash. Inflation is created by too much money chasing too few goods, which is now undoubtedly not “transitory,” as we were told. The Fed raised rates by 75 bps last week, which was the largest in almost 30 years. A Fed-induced recession may be the only thing left to tame inflation as the Fed falls further behind the curve. If the Fed raises rates too fast, they will likely throw us into a deep recession, killing inflation and creating life-changing losses for many Americans. Oil stocks were crushed last week as the algos hit the hottest sector YTD. Cryptocurrencies should be renamed “klepto” currencies as these so-called alternative “hedges” implode. I like to invest when I have an edge, and the market rewards us for taking risk. This is a time for defense, patiently waiting for risk to subside and stocks to build base pivot points to buy. Grace & Peace to You!   

In the world, you will have tribulation. But take heart; I have overcome the world. John 16:33


Links:
Fact Sheet, Performance, Blogs, Strategy, My Story, Docs, BRI/ESG

Issachar: An Active Alternative & Defensive Mutual Fund Managed Like A Hedge Fund!

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Issachar Fund. This and other important information about the Fund are contained in the Prospectus, obtained by calling 1-866-787-8355 or visiting IssacharFund.com. The Prospectus should be read carefully before investing. The Issachar Fund is distributed by Northern Lights Distributors, LLC., member FINRA/SIPC. Horizon Capital Management Inc. (HCM) is not affiliated with Northern Lights Distributors, LLC.

Important Risk Information: Mutual Funds involve risks, including the possible loss of principal. An investment in the Fund may not be appropriate for all investors. The Fund may hold cash positions when the Adviser feels that the market is not producing returns greater than the short-term cash investments in which the Fund may invest. There is a risk that the sections of the market in which the Fund invests will begin to rise or fall rapidly, and the Fund will not be able to sell stocks quickly enough to avoid losses or reinvest its cash positions into areas of the advancing market quickly enough to capture the initial returns of changing market conditions. The Adviser’s judgment about the attractiveness, value, and potential appreciation of particular asset classes and securities in which the Fund invests may prove incorrect and may not produce the desired results. Past performance is no guarantee of future results. Ratings are only one form of Fund performance and should not be used as the sole consideration in making an investment decision. Opinions expressed are subject to change, not guaranteed, and should not be considered investment advice. There is no assurance these opinions or forecasts will come to pass, and past performance is no assurance of future results. For more information regarding the fund, including current performance, please visit IssacharFund.com.   Review Code: 5534-NLD-06/21/2022

Market Update: 06-13-22

Back on Defense!  The Issachar Fund is 100% in Cash! My line in the sand was crossed Thursday as leading stocks hit sell triggers, so I went to a Cash position. The market may be anticipating that inflation has not peaked as previously assumed, and the higher CPI number on Friday would reveal more inflation to come. Either way, I followed price and volume, and they told me to lock in some gains, so I did. It is frustrating to get invested after a follow-through day thinking the bottom was in and then suddenly sell everything because the market changed direction. Sometimes, it is easy to make money in the market, and other times difficult; the key is knowing the difference. This market is challenging, but I have seen this type of action before. Investors who preserve assets and mental capital can likely take advantage of the incredible opportunities on the other side of a bear market. We could be in a recession, and I believe the current administration is making matters worse, so I have no confidence in their ability to do what is right. My focus is changing from longs to shorts seeking to profit from a declining stock and bond market in a recession. I believe the Fed will raise rates this week, causing stocks and bonds to fall, so Cash may be a good place to wait out the carnage. (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.) 

The Fed increased its balance sheet by $4 billion last week instead of an anticipated reduction! Powell said they would begin reducing their balance sheet and raise rates by 50 bps in June, but it has not happened yet. They created the very inflation they are trying to tame. The Fed will likely keep one foot on the gas by keeping the balance sheet steady and one foot on the brakes by raising rates to create a proverbial soft-landing. The market may be losing confidence in the Fed’s ability to right the sinking ship, so I expect more selling.

The S&P 500 Index touched the 5/19/22 bottom of support on Friday! If the market cannot hold this low, I would not be surprised to see the market drop another 10% as it begins its third wave lower since January. Junk bonds are well below their 50-DMA and have broken support which tells me that the market will likely follow suit. Credit card debt soared by $17.8 billion in April, the second-highest amount ever. The highest was March when it soared by a staggering $25.6 billion. Consumers are tapped out and using credit cards to buy the necessities of food and gas. Now we know why April Retail Sales held up. Credit card spending growth of 19.6% continues to outpace that of cars/student loans of 7.1%. Mortgage demand is at the lowest since 2001, as rates doubled and refinance demand is down 75%. 20% of home listings reduced their prices last month. What happens when we lose the housing market? It cant be good for the market.

Bottom Line: My price line-in-the-sand was crossed last week and sold all positions. Sticky inflation soared 8.6% over the last year to a 40-year high, and the genie is out of the bottle! The 10-Year Treasury Yield finished Friday at 3.156%, its highest weekly close since November 2018. Energy was doing well for us but then came under heavy selling. I followed my discipline regardless of what I thought the market would and should do. Price is the final judge, and the price is always right. Time to focus on making money in a bear market/recession. Grace & Peace to everyone!    

For the Grace of God has been revealed, bringing salvation to all people. Titus 2:11

Links: Fact Sheet, Performance, Blogs, Strategy, My Story, Docs, BRI/ESG

Issachar: An Active Alternative & Defensive Mutual Fund Managed Like A Hedge Fund!

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Issachar Fund. This and other important information about the Fund are contained in the Prospectus, obtained by calling 1-866-787-8355 or visiting IssacharFund.com. The Prospectus should be read carefully before investing. The Issachar Fund is distributed by Northern Lights Distributors, LLC., member FINRA/SIPC. Horizon Capital Management Inc. (HCM) is not affiliated with Northern Lights Distributors, LLC.

Important Risk Information: Mutual Funds involve risks, including the possible loss of principal. An investment in the Fund may not be appropriate for all investors. The Fund may hold cash positions when the Adviser feels that the market is not producing returns greater than the short-term cash investments in which the Fund may invest. There is a risk that the sections of the market in which the Fund invests will begin to rise or fall rapidly, and the Fund will not be able to sell stocks quickly enough to avoid losses or reinvest its cash positions into areas of the advancing market quickly enough to capture the initial returns of changing market conditions. The Adviser’s judgment about the attractiveness, value, and potential appreciation of particular asset classes and securities in which the Fund invests may prove incorrect and may not produce the desired results. Past performance is no guarantee of future results. Ratings are only one form of Fund performance and should not be used as the sole consideration in making an investment decision. Opinions expressed are subject to change, not guaranteed, and should not be considered investment advice. There is no assurance these opinions or forecasts will come to pass, and past performance is no assurance of future results. For more information regarding the fund, including current performance, please visit IssacharFund.com.   Review Code: 5524-NLD-06/13/2022

Market Update: 06-06-22

Energy is Hot! The Issachar Fund is still about 40% invested in energy, agriculture, retail, transportation, and utility stocks! We hold many energy-related stocks that have worked well while other sectors are experiencing heavy selling pressure/distribution. Biden has not changed his “anti-fossil fuel” position to increase oil production in the US, so I expect oil prices to continue rising, producing higher profits for the energy sector. The market is trying to digest higher gas prices, higher interest rates, supply chain problems, and the Fed’s response to these inflationary issues. Two weeks ago, stocks were dropping 30%-50% on earnings beats, and now we are seeing companies reduce guidance, and they are rallying. That is an encouraging sign! I believe 5/20/22 marked a tradable bottom and expect the market to drift until we get more economic data, possibly the jobs report on Friday. I hope to get us back in the black for the year shortly. (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.)      

Treasury yields are rising again, causing high P/E stocks to pause! The 10-year Treasury yield is approaching the 3% highwater mark last seen on 5/6/22. From 11/23/18 to 5/6/22, the yield chart looks like a giant cup formation, and we are trading near the top right side of the cup. The dollar is rallying higher again, indicating higher rates. The 3% treasury yield should serve as a hard ceiling of resistance, but if it does not hold and rates continue beyond 3%, it will likely not be good for the economy or the bond market. Higher interest rates caused by higher expected inflation can cause higher growth stocks to get repriced lower. However, selected stocks could do well in a post-3% yield environment as investors get out of bonds seeking higher yields. I expect active risk management stock-picking to outperform passive index buying in the foreseeable future.    

The Fed kept its balance sheet steady last week with little change! However, the Fed indicated they would raise rates 50bps in June and start quantitative tightening (QT) by reducing its balance sheet. I believe the Fed will raise rates by 50bps, but they will find an excuse not to materially sell down its massive $9 trillion of government bonds. If the Fed shuts off liquidity by selling bonds too fast, they run the risk of higher rates and higher inflation, so they will likely take a measured approach and do very little bond selling. The Fed created the inflation they are tasked with fixing. How crazy is that! It is like asking an arsonist to put out the fire they started.   

William O’Neil founded Investor’s Business Daily (IBD) to share his money management secrets that helped him become a self-made billionaire. I have studied several systems and models in my 32-years of active risk management, and I believe that O’Neil’s time-tested method is the best. It uses a proven logical and common-sense approach to fundamental and technical analysis, and I understand how and why it works. I use O’Neil’s Market Smith program and highly recommend it to anyone passionate about managing risk to grow and protect their hard-earned assets. I have no affiliation with O’Neil or IBD; it has helped me, and I simply want to help you achieve your financial goals.      

Bottom Line: I am still holding our positions but will not hesitate to sell if they do not perform as expected. Energy is hot, but higher oil prices are typically not good for the economy. I believe the Biden administration wants higher oil prices to force everyone into more expensive electric vehicles. They could use rolling black-outs of the government-controlled electric grid to show us who has the power. I believe the masks and social distancing were a trial run for the bigger plan agenda of socialism, so please vote for people who will honor God and the Constitution. My eyes are on what the Fed does and how the market reacts. Grace & Peace until we meet again!    

Love one another. As I have loved you, so you must love one another. John 13:34

Links: Fact Sheet, Performance, Blogs, Strategy, My Story, Docs, BRI/ESG

Issachar: Active Alternative & Defensive Managed Like A Hedge Fund!

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Issachar Fund. This and other important information about the Fund are contained in the Prospectus, obtained by calling 1-866-787-8355 or visiting IssacharFund.com. The Prospectus should be read carefully before investing. The Issachar Fund is distributed by Northern Lights Distributors, LLC., member FINRA/SIPC. Horizon Capital Management Inc. (HCM) is not affiliated with Northern Lights Distributors, LLC.

Important Risk Information: Mutual Funds involve risks, including the possible loss of principal. An investment in the Fund may not be appropriate for all investors. The Fund may hold cash positions when the Adviser feels that the market is not producing returns greater than the short-term cash investments in which the Fund may invest. There is a risk that the sections of the market in which the Fund invests will begin to rise or fall rapidly, and the Fund will not be able to sell stocks quickly enough to avoid losses or reinvest its cash positions into areas of the advancing market quickly enough to capture the initial returns of changing market conditions. The Adviser’s judgment about the attractiveness, value, and potential appreciation of particular asset classes and securities in which the Fund invests may prove incorrect and may not produce the desired results. Past performance is no guarantee of future results. Ratings are only one form of Fund performance and should not be used as the sole consideration in making an investment decision. Opinions expressed are subject to change, not guaranteed, and should not be considered investment advice. There is no assurance these opinions or forecasts will come to pass, and past performance is no assurance of future results. For more information regarding the fund, including current performance, please visit IssacharFund.com.   Review Code: 5511-NLD-06/06/2022.

Market Update: 05-31-22

Time to Buy! The Issachar Fund is about 40% invested in energy, agriculture, retail, transportation, and utility stocks! We have been in cash since 4/21/22, and now it seems the market may have put in a tradeable bottom. The S&P 500 declined for seven weeks, then turned positive last week, so stocks were ready to bounce. The market is historically a forward-looking discounting mechanism. Maybe it is telling us that inflation may have peaked, causing Powell not to raise rates as aggressively as the market was anticipating. That is my current read on the market, so I have purchased stocks that could benefit if the Fed does not hit the inflation brakes too hard. I believe the Fed is political and Powell is a politician with political friends invested in the stock market, so he will likely do what is necessary to appease his people. Junk bonds are trading above their 50-DMA, indicating that investors have increased their risk appetite, which could be good for us. Treasury bonds (TLT) bottomed on 5/6/22, and the dollar is down over -3% since peaking on 5/12/22, which tells me that rates may have peaked. I have been actively managing risk since 1990, seeking to make money when the trend is up and avoid life-changing losses when the trend is down. The short-term trend is up, so I have dipped my toe in the water and will buy more if we are rewarded for taking risk. If I am wrong and our positions do not work out as planned, I do not intend to stay wrong. (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.)           

William O’Neil founded Investor’s Business Daily (IBD) to share his money management secrets that helped him become a self-made billionaire. IBD declared last Thursday a Follow Through Day (FTD), which is a 1% index gain on greater volume at least four days after a bottom. IBD claims that every bull market started with an FTD in the last 100 years, but not every FTD leads to a bull market. Since no one knows if the FTD will work, the system suggests followers buy stocks with great fundamentals and technical chart patterns and add to them if they are profitable. I have studied several systems and models that have worked very well for many years until they don’t, and no one rings a bell when they stop working. I follow O’Neil’s time-tested system because I believe it is logical, and I understand how and why it works. I use O’Neil’s Market Smith program and highly recommend it to anyone passionate about managing risk to grow and protect their hard-earned assets.    

The Fed’s balance sheet surprisedly dropped by $32 billion last week! The Fed has indicated it will start to unwind its balance sheet beginning in June, so maybe it will slowly decrease its balance sheet and only raise rates two more times. I believe the Fed can manufacture a soft-landing and avoid a throwing us into a deep recession, which may be what the market is excited about. I believe there are evil forces in the market trying to crash the economy and stock market to bring in more government power and control (Marxism/Socialism). However, I believe good overcomes evil, the light will reveal the darkness, and God will be glorified.   

Bottom Line: It is time to buy! We had an FTD, and our positions have been working, so we will add more if the market continues to reward us for taking risk. If this turns out to be a failed FTD, we will cut our losses and patiently wait for the next opportunity. I believe the bear market decline could be over, and we could put some hay in the barn. Also, I think the 18,465 crypto-currencies and Non-Fungible Tokens (NFTs) resulting from a $9 trillion “free money” bloated Fed balance sheet has caused the biggest bouquet of tulips (Tulip Bulb Mania 1634) I have ever seen. The cards lying face-up on the table tell me that crypto and NFTs could vaporize at some point, so I plan to invest in things that I understand.

The sons of Issachar were known for their understanding of the times…. 1 Chronicles 12:32


Links:
Fact Sheet, Performance, Blogs, Strategy, My Story, Docs, BRI/ESG

Issachar: Active Alternative & Defensive Managed Like A Hedge Fund!

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Issachar Fund. This and other important information about the Fund are contained in the Prospectus, obtained by calling 1-866-787-8355 or visiting IssacharFund.com. The Prospectus should be read carefully before investing. The Issachar Fund is distributed by Northern Lights Distributors, LLC., member FINRA/SIPC. Horizon Capital Management Inc. (HCM) is not affiliated with Northern Lights Distributors, LLC.

Important Risk Information: Mutual Funds involve risks, including the possible loss of principal. An investment in the Fund may not be appropriate for all investors. The Fund may hold cash positions when the Adviser feels that the market is not producing returns greater than the short-term cash investments in which the Fund may invest. There is a risk that the sections of the market in which the Fund invests will begin to rise or fall rapidly, and the Fund will not be able to sell stocks quickly enough to avoid losses or reinvest its cash positions into areas of the advancing market quickly enough to capture the initial returns of changing market conditions. The Adviser’s judgment about the attractiveness, value, and potential appreciation of particular asset classes and securities in which the Fund invests may prove incorrect and may not produce the desired results. Past performance is no guarantee of future results. Ratings are only one form of Fund performance and should not be used as the sole consideration in making an investment decision. Opinions expressed are subject to change, not guaranteed, and should not be considered investment advice. There is no assurance these opinions or forecasts will come to pass, and past performance is no assurance of future results. For more information regarding the fund, including current performance, please visit IssacharFund.com.   Review Code: 5498-NLD-05/31/2022.

Market Update: 05-23-22

Stagflation! The Issachar Fund went to an all-cash position on 4/21/22 and remains there today! The S&P 500 index is down about -11% since going to cash, so it has been a good place to be while risk increases. I believe there is still more selling to come since I have not seen a capitulation bottom. Capitulation is when investors throw in the towel and sell at any price to ease the pain of loss. An S&P 500 drop of over -5% with a flight to safety in Treasuries on the same day might mark a bottom that could produce a tradable rally that I might be interested in. I have not seen any potential fundamental changes in inflation, nor do I expect Biden to change his restrictive energy policy, which is a major factor causing prices to rise. Could Biden want higher gas prices to force people to buy higher priced electric vehicles, making more people rely on the electric grid controlled by local governments? If so, that could be defined as evil! (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.)     

The Fed’s balance sheet went up by $4 billion last week, and the S&P 500 dropped about -3%! Since the end of March, the Fed’s balance sheet has gone sideways, and the market has fallen over -15%. The stock and bond market has been going up since the financial crisis of 2008 mainly because the Fed has been buying bonds with money created out of thin air. I believe we are in a stagflationary environment that will push us into a recession (2 qtrs of negative GDP), and inflation will worsen before demand wanes.           

Bottom Line: I am not interested in trying to catch a falling knife of declining stock prices. I am waiting for a bottom and a follow-through day (FTD). An FTD can occur four days after a bottom where the market gains at least 1% on greater volume. After an FTD, I look for stocks with accelerating earnings and sales coming out of sound base patterns to buy. My buy list is minimal, which tells me that risk is still very high, so cash is an excellent place to patiently wait for the next opportunity. 

The fruit of the Spirit is love, joy, peace, patience, kindness, goodness, and faithfulness. Galatians 5:22


Links:
Fact Sheet, Performance, Blogs, Strategy, My Story, Docs, BRI/ESG

Issachar: Active Alternative & Defensive Managed Like A Hedge Fund!

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Issachar Fund. This and other important information about the Fund are contained in the Prospectus, obtained by calling 1-866-787-8355 or visiting IssacharFund.com. The Prospectus should be read carefully before investing. The Issachar Fund is distributed by Northern Lights Distributors, LLC., member FINRA/SIPC. Horizon Capital Management Inc. (HCM) is not affiliated with Northern Lights Distributors, LLC.

Important Risk Information: Mutual Funds involve risks, including the possible loss of principal. An investment in the Fund may not be appropriate for all investors. The Fund may hold cash positions when the Adviser feels that the market is not producing returns greater than the short-term cash investments in which the Fund may invest. There is a risk that the sections of the market in which the Fund invests will begin to rise or fall rapidly, and the Fund will not be able to sell stocks quickly enough to avoid losses or reinvest its cash positions into areas of the advancing market quickly enough to capture the initial returns of changing market conditions. The Adviser’s judgment about the attractiveness, value, and potential appreciation of particular asset classes and securities in which the Fund invests may prove incorrect and may not produce the desired results. Past performance is no guarantee of future results. Ratings are only one form of Fund performance and should not be used as the sole consideration in making an investment decision. Opinions expressed are subject to change, not guaranteed, and should not be considered investment advice. There is no assurance these opinions or forecasts will come to pass, and past performance is no assurance of future results. For more information regarding the fund, including current performance, please visit IssacharFund.com.   Review Code: 5492-NLD-05/23/2022.