Category - Weekly Updates

Market Update: 05-16-22

Bear Bounce!

The Issachar Fund remains patiently in Cash! On Friday, the market rallied strongly after several weekly declines forcing short sellers to cover their beaten-down NASDAQ stocks. I have not seen anything that fundamentally changed the economic outlook of higher inflation and rising rates; therefore, I call it a bear market bounce. However, I am watching the dollar and treasury yields for clues on where the market may be headed. The dollar is trading near its 3/19/20 high, marked by its 1/6/21 V-shaped bottom, which could be a ceiling of resistance and a possible turning point for interest rates. The 10-year Treasury yield has been in an uptrend since 12/3/21, indicating that inflation was on the rise and not “transitory,” but that could be changing. CME futures predict an 85% probability the Fed will raise rates 50bps at their June meeting. However, CME futures assign a slight 15% chance the Fed will raise rates 50bps after June, so the market thinks one more rate hike is all we need to halt inflation. The market expected a positive 1.1% GDP growth rate in Q-1 but received a -1.4% decline. The market may now be slowing faster than anticipated, and the Fed may not have to aggressively raise rates because the economy may already be in recession. Gold prices that have historically been negatively correlated to the dollar are stuck in a steep downtrend and have declined by -1.2% YTD. Cryptocurrencies and NFTs (non-fungible tokens) are in crash mode as liquidity is drying up due to less free government stimulus money. When credit is easy, and liquidity is flowing, it may seem easy to make money, but this is not one of those times. Until the fundamental and technical picture changes, we will remain on defense in capital preservation mode. (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.)      

The Fed’s balance sheet barely budged last week, up $2 billion! Powell indicated they would reduce their balance sheet by about $47 billion in June, then $95 billion a month starting in September. However, they may put that on hold if the market senses the economy may be slowing faster than anticipated. If the data-dependent Fed raises rates in June 50bps and the market tanks, the dollar could go into a steep decline because king dollar was advancing based on several more rate Fed rate hikes. Higher rates in the US attract global assets converted into dollars to buy higher-yielding treasury bonds. If the market thinks we are already in a recession, there will be less need for the Fed to raise rates to bring inflation down, which could cause rates to stop rising and the dollar to decline. A steep decline in the dollar could be a significant disrupter for global markets, so I am watching the dollar, rates, and gold closely for our next opportunities.      

Bottom Line: Issachar is on defense as my perception of risk is too high for the potential reward. The sun will shine again, and we will have fun making money, but the sky is cloudy today. The market is forward-looking and may be telling us that we are in a recession and the Fed will not need to raise rates to tame inflation. Gold has not proven safe-haven status, but it could become insurance against a declining dollar. I pray the dollar does not lose its “king dollar” status because that could be a massive disruption to the stock and bond markets around the world. We win in the end, but life-changing losses could be in the cards for those unprepared.

The one who conquers and who keeps my works until the end, to him I will give authority over the nations. Revelation 2:26  

Please watch “2000 Mules” to see how elections are stolen and share the Truth with your neighbor.
 

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 www.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 www.IssacharFund.com.   Review Code: 5479-NLD-05162022.

Market Update: 05-09-22

Still on Defense! The Issachar Fund remains in Cash as of April 21, 2022! The Fed raised rates 50-bps on Wednesday, and the market blasted higher after Powell said a 75-bps hike in June is off the table. However, the sellers overwhelmed buyers and erased gains to end last week again in the red. This is a good time to play defense until the indexes bottom and rally on above-average volume. The S&P 500 traded below the 4,114 Feb. 24 intra-day low on Friday, then closed higher at 4,123 on lighter volume showing signs of institutional support. Institutions have drawn a line in the sand, indicating they like and will support prices at these levels. Trying to catch a falling knife of falling stock prices in this environment could produce portfolio pain of 1,000 paper cuts. The NASDAQ is in a bear market down over -22% YTD and the S&P 500 is in a correction down around -13% YTD. The violent price swings are tempting as FOMO (fear of missing out) lurks, but I have learned in the last 32 years that some of the strongest rallies occurred in bear markets. Patience and discipline are key to reaching our long-term financial goals, so I will keep building my watch list of longs and shorts. Rest assured that the sun will come out again, and we will make money, but the skies are dark today so grab an umbrella if you must go outside and play. It is tough to stay out of a bear market, but avoiding life-changing losses and protecting mental capital is both wise and prudent in the long run. (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.)         

The Fed held its balance sheet steady last week at about $9 trillion! Powell indicated they would reduce their balance sheet by about $47 billion in June, then $95 billion a month starting in September. The more money the Fed prints, the more inflation devalues the $30 trillion of debt we owe, so they will likely find a reason to keep the printing press flowing so congress can continue to tax and spend. If the Fed produces a “hard landing,” the market could fall further unless another source of liquidity fills the void of Fed money printing (over $8 trillion) since 2008. The Fed has been creating money out of thin air at over 38% per year since September 2019. Companies could embark on massive buy-backs, but that would not be good for long-term healthy economic growth. Companies reinvesting profits back into their business produces long-term sustainable growth. November may be a time for political changes in America to get us back on the right track. I am pro-life, and thank God He is changing hearts to overturn the legalization of abortion. Science says the heart beats at 6-weeks, and that is life!       

Bottom Line: We are on defense with 100% in Cash until the fundamental and technical chart patterns present setups to buy. Investors’ appetite for risk has dramatically declined, which could reset base patterns to set us up for some incredible opportunities, but we are not there yet. If the Fed takes the “QE floaties” off too soon, the stock and bond market could come under more selling pressure as margin calls are met. I have not seen any bottoming capitulation selling causing bonds to rally in a flight to safety trade, but we could be getting closer. Sometimes it is hard to do nothing, but that could be the best thing. It may be raining now, but the sun will shine again, and there will be plenty of opportunity for those with physical and mental capital intact.  

God created mankind in his image; he created them, male and female, he created them. Genesis 1:27

 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 www.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 www.IssacharFund.com.   Review Code: 5466-NLD-05092022.

Market Update: 05-02-22

Cash is King!    

The Issachar Fund is 100% in Cash as of April 21, 2022! I believe there are times to go on offense when the market is rewarding risk-takers, and there are times such as now to sit patiently on defense. I also believe that preserving assets and mental capital in a bear market is key to achieving your long-term financial goals. A bull market can hide all sorts of undisciplined trades, whereas a bear market tends to expose investors without an exit strategy. While the market has always gone up over time, there have been extended periods where the market will test the resolve of a buy-and-hold strategy. This could be a test! Interest rates have been falling for the last 40 years, but we are now in a new cycle of rising rates. Inflation caused by central banks creating too much money chasing fewer goods has caused unforeseen disruptions in the supply chain. Surprisingly, first-quarter GDP growth came in at -1.4% vs. expectations of 1% growth, and the NASDAQ dropped over 4% on Friday. The Fed has indicated they would raise rates by 50 bps at their next meeting on Wednesday, May 4th. The market fears this could throw us into a recession of two consecutive quarters of negative GDP growth. Big-cap leaders have been under heavy institutional distribution as they get crushed under indiscriminate selling. I have been actively managing risk for over 32 years, and this is not a time to throw caution to the wind. Heed the warnings and do what you know is right so you can live to fight another day. Cash is a viable position, and I believe Cash is king for now. (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.)       

All major indexes are in down-trends, trading well below their 50-day moving averages! This is a sign of distribution and high risk, but it will not last forever. There will be great opportunities on the other side of this bear market, but one must preserve capital to participate when the time is right. I love what I do, looking at stock charts and finding setups to buy or short, but I have not found a better risk-adjusted position than Cash. The NASDAQ just had its worst month since October 2008 at the height of the Great Financial Crisis, down over -13%, breaking major support on Friday. The NASDAQ is now down over 21% YTD, while the S&P 500 is down over -13% YTD wiping out all S&P 500 gains since May 17, 2021. Coal is up over 200% YTD, natural gas is up over 100%, and oil prices are up over 40% YTD, but they may experience massive profit-taking if the Fed steps on the brakes too hard. God help us if they do!      

The Fed decreased its balance sheet by another $16 billion last week to a level it was last month but still near an all-time high of $9 trillion. The Fed seems to be in a precarious position promising to raise rates to combat the inflation they created, but we just experienced negative GDP growth, so now what do they do. I cannot remember when the economy contracted while the Fed raised rates to pre-empt inflation. This could be an economic disaster in the making if the Fed raises rates and unwinds its balance sheet to fight inflation that may already be in decline. We may have to endure more economic pain until we get God-honoring leaders back in power. Please pray for God to raise His mighty hand and bring us closer to Him!  

Bottom Line: Cash is King, and I am at peace. The market may find support near the 5/12/21 low, meaning another 2% drop before institutions may start buying again. However, significant big-picture opposing forces are weighing on the market, so I would not be surprised to see the market continue to slide lower. We could see a red wave of Republican wins in November, which might give us some hope, but until then, we must be the light in a dark world.

Let your light shine before others so that they may see your good deeds and glorify your Father in heaven. Matthew 5:16

 
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 www.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 www.IssacharFund.com.   Review Code: 5456-NLD-05/02/2022.

Market Update: 04-25-22

On Defense!  The Issachar Fund is 100% in Cash! Powell said taming inflation is “absolutely essential,” and a 50-basis point hike was possible for their May 4th meeting. The S&P 500 index dropped -1.5% on Thursday and -2.7% on Friday, and it is down over 10% YTD. Our sell-stops were triggered, so we went to an all-cash position on Thursday. I did not see investors flocking to recent favored areas like gold, chemicals, energy, real estate, or utilities. This tells me there may be more selling before the market finds support near its March 14th bottom, about 2.5% lower. I am comfortable in Cash on defense until the market presents better opportunities, possibly on the short side. (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.)    

I believe there are times the market rewards investors for taking risk, and there are times the market may punish investors who fail to manage risk. Unlike most mutual funds that must stay fully invested at all times, Issachar can go on offense when the risk is low and switch to defense in a higher risk environment. I believe the Fed has artificially supported the stock and bond market since the 2008 “financial crisis.” We may roll into a severe bear market and or recession if the Fed gets too aggressive at slowing down the inflation they created. Too much money chasing too few goods causes inflation, and inflation is a hidden tax that affects everyone. If the Fed creates a hard/crash landing in America, the world may suffer the consequences. I believe we have been watching our government create or compound problems. I believe these elected officials try to justify revoking our power, liberty, and freedoms in measured rollbacks to fix the very troubles they made or exacerbated. Until we stand up for the Truth, call out evil and restore common sense, we will get the government we deserve. Stand with me and pray daily for God to raise up men and women to do what is right and not what feels good.         

The Fed has created over $8 trillion of “free money out of nothing” since the 2008 crisis! They decreased their balance sheet by $10 billion last week, but it is still near an all-time high of over $9 trillion! It will be hard to watch the carnage in the stock and bond market if the Fed unwinds its balance sheet faster than the market can handle. I cannot see a positive outcome for the stock or bond market if the Fed aggressively raises rates and lets its balance sheet run-off too fast, or God forbid, they start selling bonds. I can not imagine how they will navigate a soft-landing in this inflationary environment, but I remain an optimist looking at the glass as half-full. There is always hope, but hope is not an investment strategy.   

Bottom Line: I am comfortable in Cash while the market tries to find a bottom. Shorting may be our next trade, but I do not have enough conviction yet. I believe the market has more selling as it prices in higher rates and higher inflation from Powell’s pivot. 13 years of global central bank money creation supporting stock prices will not likely digest well if they reverse course too quickly. Sometimes we win by losing less, but my goal is to make money. Avoiding life-changing losses is just as important as making money. Yesterday’s returns are history, and the only thing that matters is what we are doing today and tomorrow. I am all in this with you, so I have every incentive to succeed.

We know that all things work together for the good of those who love God, who are called according to his purpose. Romans 8:28

 
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 www.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 www.IssacharFund.com.   Review Code: 5439-NLD-04/24/2022.

Market Update: 04-18-22

Alternative Investing    The Issachar Fund is about 50% invested primarily in aerospace, agriculture, energy, and utility stocks. My conviction level increased in the energy sector, so I added exposure to a few stocks with great fundamentals and technically strong chart patterns. Biden suspended oil and gas leases in January 2021, but a federal judge in LA just ordered lease sales to resume saying there was no “rational explanation” for canceling them. Biden was not happy, so he increased the royalty rate from 12.5% to 18.75% (50% increase) in hopes of deterring drilling. Common sense says that more drilling could lead to more supply and lower oil prices could help combat inflation, but Biden appears to be more concerned with pleasing the “green agenda” crowd. More lease sale drilling could be good for the energy sector, so it will be interesting to see how the market reacts to this new ruling to increase domestic oil production. Until we find a replacement for natural gas and coal to power the electric plants that keep our lights on, the energy sector could be a good place to invest. (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.)    

10-Year Treasury Yields ended the week at 2.82%, its highest level since December 2018. Higher rates have not been good for the higher PE stocks that populate the major indexes. However, the lower PE value stocks have benefited as money flows out of one sector into another. I am encouraged to see this rotation because it tells me that money may not be hiding in cash but finding a new home in value stocks. I would not be surprised to see the indexes retest the March 14th area of support which could mean another -5% decline. If the market continues to slide, our positions could benefit, and we have an ETF that goes up when interest rates rise. If I am wrong, I do not plan to stay wrong. I manage risk every day, deciding whether to buy, sell, or hold, to grow and preserve all shareholder assets.   

The Fed increased its balance sheet by $28 billion last week to an all-time high. The Fed has indicated they plan to raise rates 50-bps next month and unwind its balance sheet by $95 billion/month. The market sees that inflation may be “over its skis” and has increased rates, causing bond prices to fall since December. Rapidly rising market rates could cause the Fed to play “catch up,” raising rates more aggressively, throwing us into a recession ahead of the November elections. That would likely not be good for the democrats. However, it could be good for America as we turn from woke fossil fuel-hating leadership to a capitalistic entrepreneurial spirit that made America great. There is always hope, so follow the Spirit in your heart, and we will be better together.     

Bottom Line: I believe Issachar is positioned to benefit in a rising rate environment. Money has been flowing into the alternative cyclical lower PE stocks and out of higher PE growth stocks. Banks, clouds, and semiconductor stocks have come under heavy selling pressure, while the alternative energy and agriculture stocks seem to be under institutional accumulation. I plan to follow the money but always dance close to the door.

He is not here; he has risen! Remember how he told you, while he was still with you in Galilee: ‘The Son of Man must be delivered over to the hands of sinners, be crucified, and on the third day be raised again.’
Luke 24:6-7

 
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 www.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 and are not guaranteed, and should not be considered investment advice. For more information regarding the fund, including current performance, please visit www.IssacharFund.com.   Review Code: 5374-NLD-04/18/2022.

Market Update: 04-11-22

Alternative Investing!    

The Issachar Fund is about 35% invested primarily in agriculture, energy, and utility stocks! The market is trying to position itself ahead of higher inflation, slower growth, and a less accommodative Fed, so they came after the chips, transportation, and higher P/E growth stocks last week. The junk bond market rolled over in January, indicating that the market may have lost its risk appetite and has been struggling since. When the market is not rewarding risk-takers, I look at alternative investments or cyclicals that are more defensive. We seem to be positioned well in this stagflationary environment, but a “ceasefire” in Ukraine could change the dynamics of how we are positioned. Money must go somewhere, and it seems to be flowing out of bonds and riskier stocks into the more “value” (lower P/E) stocks. The money does not appear to be hiding out in cash, which gives me conviction for holding the stocks we own. However, our stocks ran up on Friday, so I would not be surprised to see some profit-taking. Our stocks appear to be in fundamentally and technically strong positions under institutional accumulation. I will continue to do my best to monitor risk daily and adjust the portfolio accordingly, seeking to avoid life-changing losses. (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.)     

The Fed’s balance sheet was flat last week! Since the Fed minutes were delivered on Apr 6, the CME Fed Fund Futures is now pricing in 9 more 25 bps rate hikes this year with a 77% chance of a 50-bps hike at their next meeting in May. The Fed indicated it plans to run off $60 billion in Treasurys and $35 billion in mortgage-backed securities each month, above estimates of $70-90 billion. This tells me the Fed may be focused on reducing the “transitory” inflation they created by printing money out of nothing. Market interest rates have been rising at an unsustainable pace as bonds come under selling pressure, believing the Fed will do what it says to get inflation under control. If the Fed raises rates and unwinds its balance sheet too fast, it could throw us into a “hard landing” recession and a severe bear market. This is not a time to throw caution to the wind.   

Bottom Line: We are positioned in stocks that seem to be in favor. If that changes, I will not hesitate to hedge or sell to preserve and grow shareholder assets.  

Do not be anxious about anything, but in every situation, by prayer and petition, with thanksgiving, present your requests to God. Philippians 4:6

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

Issachar: 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 www.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 and are not guaranteed, and should not be considered investment advice. For more information regarding the fund, including current performance, please visit www.IssacharFund.com.   Review Code: 5327-NLD-04/11/2022.