Category - Weekly Updates

Market Update: 08-10-20

The Issachar Fund (LIONX, BRI, ESG), is about 45% invested in 15 growth stocks as of Sunday, August 9, 2020.  (PodCast) I did more selling than buying last week as earnings were released.  I try to not hold a stock through its earnings release no matter what kind of profit cushion I may have.  Anything can happen after a company releases its earnings and guidance, so the risk of a steep decline is something I try to avoid.  I would much rather miss a stock gapping up in price after a surprise earnings release versus sitting through a water-fall gap down in price wishing I had sold. Selling a stock before an earnings release forces me to stay focused on the leaders because that is where I believe most of the money is made.  In hindsight, a lot of the leaders that LIONX was invested in had great earning announcements but many of them “blew up” after they released earnings causing the stocks to gap down in price, so I was happy to be out of harm’s way.  I do not like how many of the leaders are responding to their good news, so I view this as a sign of caution.  Maybe the market takes a breather here and does some “back and fill” action to let the money flow from weak hands to stronger ones, who knows.  I just try to take my clues from the price and volume action of leading stocks, and they are telling me that risk has increased, so I am comfortable with being only 45% invested at this time.  If things get ugly, I will not hesitate to do more selling until I am comfortable with the risk that I am taking for the reward I am expecting.  My job is to manage the risk and the market provides the return.  I believe the up-trend is still intact, but it may take some sideways action to digest recent gains before the rally continues into the November election. (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.)

The Fed’s balance sheet declined about $4 billion last week after peaking on June 16thI am not too concerned about these small weekly declines.  I would be concerned if they came out with a policy change that would cause their balance sheet to contract substantially, but I do not see that happening any time soon.  

Bottom line: It may be time to take the foot off the gas because there could be a turn ahead, so let’s keep both eyes on the road.  I believe the leaders stumbled a bit last week, so now we see if they can gain a stronger footing or they bring the rest of the market lower.  I feel like the market may have temporally lost its risk appetite, so maybe it is time to clear the deck and sit on the sidelines while the dust settles.  I worked too hard to get the gains we have in LIONX this year and I will not sit on my hands and let the market take our gains away, so I harvested some profits last week.  I believe that it is hard to go wrong taking profits!  By the Grace of God, I try to position LIONX according to the risk I see and the return I expect then I act accordingly seeking to maximize our gains and seeking to avoid life-changing losses.  I wish you the best of returns! Grace & Peace to everyone!       

For all have sinned and fall short of the glory of God, and all are justified freely by His grace through the redemption that came by Christ Jesus.  Romans 3:23-24

Click here for the LIONX 2nd Qtr. Fact Sheet     Click here to Listen to this Blog

Subscribe to Charisma Podcast Network, Spotify, or iTunes to listen to my Blogs in a PodCast

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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, which can be obtained by calling 1-866-787-8355 or visiting https://www.LIONX.net.  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 to be incorrect and may not produce the desired results. Past performance is no guarantee of future results.  For more information on LIONX, please visit LIONX.net.   NLD Review Code 4852-NLD-8/10/2020

Market Update: 08-03-20

The Issachar Fund (LIONX, BRI, ESG), is about 45% invested in 21 growth stocks as of Sunday, August 2, 2020.  (Podcast) I sold a few stocks ahead of earnings and purchased some after they reported impressive earnings and positive forward guidance.  Growth stocks still appear to be under accumulation/buying by big institutions as they pile into a select group of stocks exhibiting increasing sales and earnings.  Value stocks, for the most part, appear to be under distribution/selling but that could change if the market perceives the lockdowns will be eased.  Software, Medical, Chips, and Telecom “clouds” are the dominant themes in LIONX, and the trends still look attractive.  Prices are a bit stretched but I believe there may be a little gas still left in the tank to extend the gains into the November election.  I am comfortable with the return LIONX has been getting commensurate with the risk it has been assuming.  If I can find lower-risk entry positions in stocks with consistent sales and earnings growth, I plan to ease in lightly and add to them.  If the indexes undergo a correction, I will not hesitate to lock in profits or hedge our positions.  I never plan to buy and hold anything.  If a stock does not meet my expectation, I look for reasons to sell.  I consider myself a cautious bull patiently watching and waiting for the market to show its hand while I keep my cards close to my vest.  (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.)

The “Chat with Dex” webinar was very well attended with encouraging feedback!  We plan to do this again on the first business day after each quarter.  The next live Q&A Zoom Chat with Dex will be Thursday, October 1st at 3:15 pm Central.  Mark your calendars and look for the registration link at the end of each quarter.  Sorry they are not being recorded.       

The Fed’s balance sheet declined by about $15 billion last week to about $6.9 trillion! The Fed’s balance sheet reached an all-time high of about $7.2 trillion on 6/16/20.  From March 3rd to June 16th, the Fed created about $3 trillion out of thin air that ultimately ended up on its balance sheet.  Some of that money found its way into the stock market and may have been used to drive stock prices higher, so that is why I am a little concerned when the balance sheet declines.  If some of this QE money was used to bid up stock prices, then it could also work in reverse as the balance sheet declines.  I am not overly concerned with the Fed’s recent balance sheet contraction, but I will keep my eyes open for an early indication of a potential stock market decline.      

Bottom line: The leading stocks are still leading the indexes higher.  I am satisfied with the current positions in LIONX.  I do not try to predict or forecast returns.  I try to manage the risk daily and let the market determine the returns.  The cloud-based stocks seem to be favored among growth managers and that is where I am finding stocks to add to the LIONX portfolio.  If these stocks do not perform as expected, I will not hesitate to sell, or hedge as needed, seeking to avoid life-changing losses.  Grace & Peace to everyone and fear not!      

We love because he first loved us. John 4:19        Perfect Love Casts Out Fear 1 John 4:18

Click here for the LIONX 2nd Qtr. Fact Sheet     Click here to Listen to this Blog

Subscribe to Charisma Podcast Network, Spotify, or iTunes to listen to my Blogs in a PodCast

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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, which can be obtained by calling 1-866-787-8355 or visiting https://www.LIONX.net.  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 to be incorrect and may not produce the desired results. Past performance is no guarantee of future results.  For more information on LIONX, please visit LIONX.net.   NLD Review Code 3865-NLD-8/3/2020

Market Update: 07-27-20

The Issachar Fund (LIONX, BRI, ESG), is about 55% invested in 24 growth stocks as of Sunday, July 26, 2020.  (Podcast) I added more growth stock positions to LIONX as my conviction level increased during this minor correction.  Corrections are needed and fine as long as they do not dig a hole you get stuck in.  I believe the uptrend is still in-tact and the over-head resistance may be met with more buyers than sellers this week.  Leading growth stocks appear to be acting well (declining on light volume) allowing me to buy the ones I missed as they pull back and digest recent gains.  I missed the solar stock up move mainly because I could not find stocks that met my fundamental criteria.  Remember, I am looking for stocks with at least three consecutive quarters of increasing sales and earnings and have double-digit earnings estimates for next year.  It is harder to find stocks with these strict fundamental criteria especially during these government-mandated economic lockdowns, so P/E ratios for these leaders seem to be a little stretched.    Software, Medical, and Chips are the dominant stock theme positions in LIONX currently.  The Fed increased its balance sheet again last week by about $6 billion albeit small but at least it is up instead of down.  I remain bullish and plan to get more invested this week as I seek additional positions. If I am wrong, I plan to get right, so I believe it is okay to be wrong, but it is unacceptable to stay that way.  While my trading activity might be relatively high, my goal is to manage risk by limiting drawdowns.  (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.)

I plan to host a “Chat with Dex” live Q&A webinar on Tuesday, July 28th at 3:15 Central (15 minutes after market close).  Please Email me, Dexter@IssacharFund.com, if you want me to send you the invite details.  Please tell a friend and join us if you can!     

God changed my heart!  I was asked several times recently “what changed that caused LIONX to perform so well in the last year?”.  Quite simply, it was a heart change.  While attending a Kingdom Advisor Conference in February of 2019, Mark asked me why LIONX was not a BRI fund.  BRI (Biblically Responsible Investing) helps me align my investments with Biblical values.  I did not have a good answer but immediately God touched my heart.  Minutes later I watched Robert explain how I could use his software program to exclude “bad actors” from LIONX.  A “light bulb” went off in my head and God immediately changed my heart.  I changed the LIONX prospectus in June 2019 to exclude stocks that do not line up with Biblical principles and that is when the performance began to improve.  I started investing in BRI growth stocks with strong fundamentals and sound chart patterns instead of mutual funds and ETFs.  Before June 2019, I was not pleased with my performance.  Since I switched to BRI, I am very pleased with the returns and drawdowns LIONX has achieved.  Only God could do that, so He gets all the glory.  I rest in His wisdom, joy, and peace knowing that I am His Son, He is my Father, and nothing will ever change that relationship.  I pray that God would bless you more than he has blessed me, and you would have a personal Father-Son/Daughter relationship with Him! (For additional information about the Fund, including current performance please visit www.issacharfund.com)      

Bottom line: I believe the market may penetrate overhead resistance and head higher this week.  If that happens, I plan to get more invested.  Growth stock leaders still appear to be in charge, and I expect them to continue their advance at least until we get early signs of an economic recovery.  Until then, I expect the “work from home-cloud based” software, medical and chip stocks to remain under accumulation by the large institutions.  I try to follow the “big money”.  If I am wrong, I will do my best to minimize the draw-down by going back to Cash if needed.  Do not forget to send me your email to sign up for the “Chat with Dex” webinar this Tuesday.  May you receive God’s unconditional Love and live to share it!    

Love does no harm to a neighbor. Therefore, love is the fulfillment of the law.  Romans 13:10

Click here for the LIONX 2nd Qtr. Fact Sheet     Click here to Listen to this Blog

Subscribe to Charisma Podcast Network, Spotify, or iTunes to listen to my Blogs in a PodCast

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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, which can be obtained by calling 1-866-787-8355 or visiting https://www.LIONX.net.  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 to be incorrect and may not produce the desired results. Past performance is no guarantee of future results.  For more information on LIONX, please visit LIONX.net.   NLD Review Code 3853-NLD-7/27/2020

Market Update: 07-20-20

The Issachar Fund (LIONX, BRI, ESG), is about 25% invested in 14 growth stocks as of Sunday, July 19, 2020.  The market fell hard last Monday, so I did some buying in stocks that I felt offered lower-risk entries and by Friday I was pleased with the results.  Even though LIONX was 100% in Cash when the market dropped last Monday, I was still bullishly optimistic.  I just thought that the market was due for some corrective action, so I harvested some profits ahead of a potential steep sell-off which did occur on Monday.  It feels like the market takes the stairs up and the elevator down at times.  I like playing my cards close to my vest and I am more interested in keeping/harvesting gains versus missing out on opportunities.  We are now heavy into earnings season and it feels like a “chop zone” where stocks blast higher on favorable guidance and stocks with not so favorable earnings guidance gets chopped up and dies.  That is why I typically sell a stock before its earnings are released simply because of potential stock price gap downs after an earnings disappointment.  If a stock gaps up in price after an earnings release on above-average volume, I add it to my watch list and do further due diligence to see if it is a good fit for LIONX.  I am looking for stocks that continue to grow their earnings and sales in this government-mandated economic lock-down.  The cloud and software “work from home” theme stocks have taken a breather ahead of earnings, but I feel the true market leader “work from home” stocks will come back alive shortly because the economy is still stuck in the mud.  However, I am extremely optimistic that the economy will be firing on all cylinders right before the November election and Trump will be reelected along with Republican majorities in the House and Senate.  By the Grace of God, I believe He will keep His hand of blessings on America and we will continue to be the most prosperous and generous nation in the world.  If I am wrong, I will do my best to avoid life-changing losses for all LIONX shareholders.  (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.)

Good News!  Due to increased demand, LIONX is now available for purchase at Charles Schwab on their One Source No Transaction Fee (NTF) platform!  To all the new and old LIONX shareholders, Thank You for trusting me to manage your hard-earned assets and I promise to treat your investment like my very own.  LIONX is also available at Fidelity, TDA, TCA, Scottrade, Envestnet, Interactive Brokers, Pershing, and very soon Matrix.

More Good News! The Fed started expanding its balance sheet once again last week by $38 billion!  The Fed was reducing its balance sheet in the prior four weeks by about $248 billion so this upturn is a welcome surprise.  I believe the market has been treading water or stuck in a trading range since June 8th but now the pump may be primed enough for the market to break out and head higher.  I believe growth will continue to outperform value until the lockdowns are removed.  I believe the Truth will eventually expose the lies of fear and we will soon get back to some sense of a new normal because Truth always trumps evil.  

Even More Good News!  I plan to host a “Chat with Dex” live Q&A webinar on Tuesday, July 28th at 3:15 Central (15 minutes after market close).  Please Email me, Dexter@IssacharFund.com, if you want me to send you the invite details.  I am super excited to do this and I hope you can join us!        

Bottom line:  I believe we will break out of this trading range and head higher into November.  The Fed currently appears to have our back.  If things go as planned, I plan to increase exposure this week.  If I am wrong, I will do my best to minimize the draw-down risk by going back to Cash if needed.  Don’t forget to sign up for the “Chat with Dex” webinar.  Grace and Peace to everyone!  Peace is a Fruit of the Spirit, so please do not let anyone steal the Peace that Jesus died to give you. 

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

Click here for the LIONX 2nd Qtr. Fact Sheet     Click here to Listen to this Blog

Subscribe to Charisma Podcast Network, Spotify, or iTunes to listen to my Blogs in a PodCast

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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, which can be obtained by calling 1-866-787-8355 or visiting https://www.LIONX.net.  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 to be incorrect and may not produce the desired results. Past performance is no guarantee of future results.  For more information on LIONX, please visit LIONX.net.   NLD Review Code 3822-NLD-7/20/2020

Market Update: 07-13-20

The Issachar Fund (LIONX, BRI, ESG), is 100% in CASH as of Sunday, July 12, 2020!  (Click here to Listen to this Blog) (Click here for the LIONX 2nd Qtr. Fact Sheet) I locked in some gains last week as many LIONX stocks reached my price targets.  Many of the leaders appear to be running out of steam and may need to form new bases while digesting recent gains.  I do not want to be greedy, so I felt harvesting gains was a good way for me to refocus on the current trends and themes.  All rallies come to an end sooner or later and I believe it is better to sell when I can instead of when I have to.  It is better to take some chips off the table when I have them instead of giving them back in a sell-off.  I am not predicting a bear market or steep decline; I am just trying to manage risk as I perceive it. 2nd quarter earnings season is here, and I expect to see more stock blow-ups due to Covid-19 than normal so that could create some volatile markets.  I try to never hold stocks through earnings, and I like to buy stocks that gap-up on above-average volume after an earnings announcement.  A stock gaping higher than the previous close after an earnings release on high volume tells me that big money may want to own it at any price.  I believe that price and volume are the “tell” as to where a stock may be headed, and price trumps volume.  Money is always changing hands so as institutional money flows out of the high-flyers; they often flow into the laggards and that is what I am expecting to see this week. I am seeing some interesting chart patterns in the retail and insurance sectors and the 21-day moving average may be the new 50-day moving average.  If I am wrong and the true market leaders continue their advance, then I will look for lower risk buy points hoping to ride the wave a little longer into the election. I am not trying to be right, just trying to be a wise steward of what has been entrusted to me.  (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.           

The Fed reduced its balance sheet again last week by $88 billion!  That makes 4-weeks in a row of steady weekly declines in the Fed’s balance sheet totaling over $248 billion since June 15th.  I do not understand why the Fed feels the need to reduce its balance sheet during this uncertain time of economic Covid-19 lockdowns.  I certainly hope it is not a political reason because I believe that would be a grave blow to capitalism in America.          

Bottom line:  Price is the final judge and it is telling me that the leaders and indexes are stretched and may be due for some backing and filling. LIONX is in cash but my guns are locked and loaded looking for lower risk buy points.  I am still optimistic that the Fed will do the right thing and not undermine Trump’s chances for reelection.  However, the trend of the Fed’s declining balance sheet in the last four weeks says otherwise.  On the other hand, QE is still in the system and liquidity is strong.  Fear not because God is still in control.  I pray for God’s Grace and Peace to be with everyone reading or hearing this message.       

Therefore, do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own.  Matthew 6:34 

 (Subscribe on Charisma Podcast Network, Spotify, or iTunes to listen to my Blogs.) 

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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, which can be obtained by calling 1-866-787-8355 or visiting https://www.LIONX.net.  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 to be incorrect and may not produce the desired results. Past performance is no guarantee of future results.  For more information on LIONX, please visit LIONX.net.   NLD Review Code 3756-NLD-7/13/2020

Market Update: 06-29-20

The Issachar Fund (LIONX), is about 25% invested in 27 growth stocks as of Sunday, June 28th!  (Listen to this Blog) I took some profits last week and purchased some new growth stocks, but LIONX is only about 25% invested as my conviction level has been declining.  I believe this market has been fueled by large amounts of excess QE money that has been finding its way into the stock market.  However, this excess QE that the Fed has created has started to decline and that has me concerned.  Two weeks ago, the Fed’s balance sheet declined by $74 billion, and last week it declined by another $12 billion.  There could be a legit reason for these declines, but I do not like the fact that the Fed’s balance sheet is declining in a pandemic.  I cannot imagine the Fed purposely undermining Trump’s chances for reelection by removing liquidity, but politics and personal biases can cause people to do dumb things.  I hope the Fed’s balance sheet starts expanding again because I believe the stock market has been hooked on QE and less QE may be enough to sustain a steep decline in the stock market.  If this minor pullback turns out to be more expected, then I will likely go to a 100% cash position seeking to avoid any life-changing losses.  (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.)

There was some heavy volume index rebalancing last Friday that has challenged my bullish bias!  I have been bullish on the stock market, but I am pulling in my horns a little to see how the indexes act this week.  Tuesday marks the end of the 2nd quarter and money managers typically try to make their portfolios look good by selling the laggards and buying the leaders, so we may see more volatility as managers do a little window dressing.  I believe the “work from home” theme of stocks still looks like they are under accumulation and that is where LIONX is primarily invested.  If these leaders start to roll over in price under heavy selling distribution, I will not hesitate to liquidate positions and wait for the next buying opportunity. 

Bottom line:  I believe this is a stock pickers market and not a buy the index market where a rising QE tide lifts all boats.  The leaders are still leading, but some have come in hard recently and my eyes are on the exits should the selling continue.  The big cap index is about 10.4% below its high.  The small-cap index is about 18.8% off its high while the tech index is only about 3.5% off its all-time high.  Cloud, software, medical, and internet tech stocks have been the leaders and we should soon find out if they will maintain their leadership.  If the techs breakdown, then I believe we could be in for some serious economic trouble.  I believe a steep stock market decline ahead of the election would not bode well for Trump’s reelection.  I believe God gives favor to whom He decides will be President and God gives wisdom to anyone who asks.  May God’s grace, mercy, and wisdom be with you always!           

The one who gets wisdom loves life; the one who cherishes understanding will soon prosper. Proverbs 13:8

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(Listen to this Blog/Podcast Here or Subscribe on Charisma Podcast Network, Spotify, or iTunes.) 

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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, which can be obtained by calling 1-866-787-8355 or visiting https://www.LIONX.net.  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 to be incorrect and may not produce the desired results. Past performance is no guarantee of future results.  For more information on LIONX, please visit LIONX.net.   NLD Review Code: 4637-NLD-6/29/2020