Category - Weekly Updates

Market Update: 03-29-21

The Issachar Fund (LIONX & LIOTX) is lightly invested on Sunday, March 28, 2021.  The rotation trade out of last year’s winners (tech) into last year’s losers (value/cyclical) is still ongoing, and oil is looking better.  It has been a choppy market in 2021, but I believe the worst may be behind us, and the uptrend may resume now that excesses have been worked off.  I view this recent choppiness as a technical correction and not a fundamental change.  However, one never knows how low the market will go, so I rely on sell rules to get us out of harm’s way.  In just 33 days last year, the S&P 500 Index dropped over 33%, while Issachar fell less than 4% after sell stops were triggered.  The S&P 500 Index dropped over 19% in less than 90 days in 2018, and Issachar declined less than 1%.  I am not willing to bet my life’s savings on the Fed’s ability to print money to bail out our next problem, so I plan to keep following my time-tested discipline.  Does anyone believe that the Fed can keep expanding its balance sheet forever without any consequences?  Sooner or later, there will be a price to pay for all this excess spending but not today.  I try to remain flexible and adapt to what is working.  Price and volume tell me all I need to know about where we are and where we may be headed.  My buy list of stocks is growing again with many “pent up demand” theme stocks. I hope to put some money back to work this week if the market meets my expectations. (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.)

The Fed printed another $26 billion last week!  20-year Treasury yields have been rising at over a 600% annualized rate, and 30-Year Fed Rate Mortgages are growing at over a 100% annualized rate this year.  Rising yields have been good for bank profit margins, and the small-cap Russell 2000 Index has a significant weighting in financials which could explain its outperformance thus far.  I believe the Fed could slow the rapid rise in rates by printing more money and buying more bonds because they should know that rising rates and higher taxes could derail this recovering economy.       

Bottom Line: Issachar is lightly invested, and I plan to buy more stocks this week if the market does what I expect.  I have a process for letting stocks pull me in and push me out, and it has served us well by avoiding the significant declines and capturing the uptrends.  I believe the big-cap growth stocks will continue to underperform the small-cap value/cyclical stocks, so that is where I am focused.  Many “pent up demand” stocks are poised to advance, so this is an exciting time to be investing. May God’s peace fill your heart!       

May the God of hope fill you with all joy and peace as you trust in him, so that you may overflow with hope by the power of the Holy Spirit.  Romans 15:13

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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.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.  S&P 500 Index measures the stock performance of 500 large companies in America. For more information regarding the fund, including current performance, please visit www.IssacharFund.com.  NLD Review Code: 5157-NLD-3/29/2021

Market Update: 03-22-21

The Issachar Fund (LIONX & LIOTX) is 75% invested in 49 stocks (25% Cash) on Sunday, March 21, 2021, with $63mil in AUM @ $11.98/shr.  From 10/30/20 to 3/17/21, oil was up over 73%, then had its worst drop on Thursday by over -7.5%.  On Friday, oil prices rebounded over 3% higher, and I believe we may have just experienced a technical correction to shake out short-term investors.  Issachar holds stocks in the Oil & Gas, Retail, Transportation, Steel, Medical, Finance, and Metals Industries, which could be poised for a nice rebound rally.  I believe the stay-at-home tech trade that worked well for us last year may underperform the back-to-work reopen trade in which we are invested.  The $1.9 Trillion spending bill has to go somewhere, and some of it may end up in the stock market lifting many boats.  I believe we are well-positioned to benefit from a rising tide of liquidity that may reward us for taking risk.  If the tide changes, I will readjust the sails to maximize our gains and minimize losses. (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.)

The Fed did it again!  The Fed increased its balance sheet last week by $113 Billion to a record $7.7 Trillion!  Now that the Fed has purchased $113 Billion of bonds from investors, this money has to go somewhere, and a lot should end up in the stock market, again bidding up stock prices.  No one knows how long the Fed will be allowed to keep printing “free” money, so I plan to enjoy the ride while it lasts.  If the dollar would start to free-fall, signaling possibly the Fed has printed too much; then we could be close to the mother of all bear markets.  However, I do not see the warning signs, but I will keep my eyes and ears open for clues. 

Bottom Line: Issachar is 75% invested in cyclical and small-cap stocks with accelerating earnings and sales that appear to be under institutional accumulation.  I believe we just experienced a technical correction, but the fundamentals and new money creation should help to bid up stock prices.  Yields are still rising, and it has not derailed the stock market, but it could if the rate of increase accelerates.  If the market responds positively to the excess liquidity that was newly printed, I expect to increase exposure.  I plan to let stocks pull me in as prices rise and push me out as stops are hit.  If the market thinks the Democrat proposed higher taxes and increased regulation will kill the economic recovery, stocks could fall into a steep correction.  However, I believe the excess liquidity will boost stock prices, and the uptrend will resume, so I am positioned accordingly.  If I am wrong, I will do my best not to stay that way.  I continually pray that God’s Wisdom would steer us in the right direction and away from danger.      

For I know the plans I have for you, declares the Lord, plans for welfare and not for evil, to give you a future and a hope.  Jeremiah 29:11

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The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information current to the most recent month-end, please call toll-free 866-787-8355.  Total annual fund operating expenses are 2.56%. 

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.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.  S&P 500 Index measures the stock performance of 500 large companies in America. For more information regarding the fund, including current performance, please visit www.IssacharFund.com.  NLD Review Code: 5143-NLD-3/22/2021

Market Update: 03-15-21

The Issachar Fund (LIONX & LIOTX) is 95% invested (5% Cash) on Sunday, March 14, 2021, with $66mil in AUM @ $12.54/shr.  After exiting the lagging large-cap “stay at home” stocks that had performed well for us, I repositioned Issachar to the “reopen” stocks that appear to be leading the market higher. Reopen cyclical stock sectors like Energy, Retail, Machinery, Finance, Autos, Chemicals, and Construction seem to be under institutional accumulation as their prices have risen on above-average volumes.  It looks like last year’s losers are becoming this year’s winners and vice versa, so we will stay here as long as the market rewards us for taking risk.  I like what I see in the market and feel we are well-positioned to take advantage of these new uptrends in the cyclical and small-cap stocks.  These stocks also have great fundamentals of increasing earnings and sales with sound technical chart patterns, so my conviction level is high, being close to 100% invested. I plan to do more buying this week as new money continues to flow into Issachar.  For all the recent new shareholders, Thank You for Your Trust and Welcome Aboard! I promise to treat your money like my very own.  (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.)                    

The 20-Year Treasury Yield has risen over 59% this year!  This also means that the 20-Year Treasury Bond has lost over 13% of its value as commodity prices surpass 18% YTD.  I believe the market is trying to discount inflationary pressures of an expanding Federal Reserve balance sheet that will likely finance several Democrat-led spending bills full of pork.  In my opinion, the good news of irresponsibly spending money we don’t have is it will probably be good for cyclical stocks that may benefit from an accelerated economic expansion.  So far, the dollar has advanced slightly due to higher interest rates, but the negative impact of 28 Trillion dollars of federal debt will likely take a toll on the dollar when the rate rise honeymoon is over.  Check out the US Debt Clock if you want to see some scary numbers.  Our Debt/GDP ratio is now over 145%!  Sooner or later, there will be a price to pay for all this irresponsible spending, but the market does not seem to care for now.  I am dancing but always next to the door listening for any “last call” signs indicating the lights may be coming on, which could be a sign that the party is over.  Until I see or hear the warning signs that it may be time to cash in our chips, I plan to enjoy the ride while it lasts.

Bottom Line: Issachar is 95% invested in cyclical and small-cap names as they appear to be under institutional accumulation.  The “stay at home” tech stocks seem to be breaking down while the “real economy” stocks appear to be breaking out, so that is where we will stay as long as we feel welcome.  If the Democrats keep passing pork-barreled spending bills without Republican support, we may get to a breaking point in the market before the 2022 elections.  The wind is at our back for now, and I expect smooth sailing ahead.  However, may God help us if the dollar starts to free-fall.  I believe that it is only by the Grace and Love of God that America is still a beacon of hope.  Thank You, Jesus!     

Give thanks to the LORD, for he is good; his love endures forever.   1 Chronicles 16:34

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The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information current to the most recent month-end, please call toll-free 866-787-8355.  Total annual fund operating expenses are 2.56%.

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.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.  S&P 500 Index measures the stock performance of 500 large companies in America. For more information regarding the fund, including current performance, please visit www.IssacharFund.com.  NLD Review Code: 5114-NLD-3/15/2021

Market Update: 03-08-21

 Fear to Cheer!  Correction Over?      

The Issachar Fund (LIONX & LIOTX) is 100% in Cash on Sunday, March 7, 2021, with $64mil in AUM @ $12.30/shr.  Sell stops were triggered last week, so I followed my discipline and exited positions.  Many indexes traded below their respective 50-day moving averages on above-average volume by Thursday as fear of rising rates dominated the tape. Friday’s better-than-expected jobs report, and the expectation of two trillion dollars of deficit spending seemed to mark a bottom and cheer the markets higher into the close.  It is hard to keep the stock market down for long when trillions of newly created dollars could be eagerly looking for a new home.  It appears to me that big institutional money has been flowing out of the “COVID stay at home” stocks to the “reopen” cyclical stocks like the energy, machinery, mining, retail, and financial sectors.  My watch list is full of “reopen” stocks, and I believe many are extended in price, so I plan to wait for alternative buy points.  I try to remain open-minded and flexible staying in sync with the market, not getting stuck in the bull or bear camp because the market does not care what I think.  My goal is to capture most of the gains in a bull market and avoid the life-changing losses in a bear market. The charts tell me to be patient and let the market prove itself by slowly pulling me in like April 2020 and pushing me out during the COVID Crash last year and the Christmas Crash of 2018. (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.)       

 The Fed decreased its balance sheet last week by $32 billion!  I am a little concerned that the Fed could not stop the 50% rise in 20-year Treasury yields this year.  The Fed has expanded its balance sheet by over $194 billion this year, biding up bond prices, but sellers have dominated and forced 20-year bond prices lower by over -11%.  I believe the market is trying to digest this $2 trillion spending bill by demanding higher yields on government-issued bonds and deciding which stocks will benefit from the excess spending.  I plan to buy stocks that will do well as the economy reopens from the COVID lockdowns.  $2 trillion of newly created dollars has the potential to lift a lot of boats in the stock market sea.  This could be a great buying opportunity!          

Bottom Line: Issachar is in cash, but that could change quickly if the bottom on Friday holds and institutions continue buying.  When institutional money moves in and out of the market, they show their hand by leaving big volume footprints.  I believe the big boys have been selling last year’s winners and buying cyclical stocks based on a robust economic recovery expectation.  Once the COVID “fear” runs out of steam and Americans get back to “normal,” I expect the economy could zoom higher as $2 trillion finds a happy home. I believe the correction could be over, and a new breed of stocks could lead us higher.  The Bible tells us that fear is not from God, so fear not!          

There is no fear in love. But perfect love drives out fear, because fear has to do with punishment. The one who fears is not made perfect in love. John 4:18

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The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information current to the most recent month-end, please call toll-free 866-787-8355.  Total annual fund operating expenses are 2.56%.

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.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.  S&P 500 Index measures the stock performance of 500 large companies in America. For more information regarding the fund, including current performance, please visit www.IssacharFund.com.  NLD Review Code: 5100-NLD-3/8/2021

Market Update: 03-01-21

The Issachar Fund (LIONX & LIOTX) is 25% invested (75% Cash) in 19 growth stocks on Sunday, February 28, 2021, with $55mil in AUM @ $12.52/shr. US Treasury 20yr bond yields have been rising since January, and the stock market seemed to be okay as it continued higher.  However, last Monday through Thursday, yields spiked over 13%and spooked investors as stocks dropped.  No one knows if this is a 10% correction or a pullback of something less or the start of a bear market, so I followed my discipline.  I sold stocks as my stops were triggered and kept the cyclical and energy names that seem to have been attracting institutional money.  It looks like there is a rotation out of last year’s winners into more economic recovery names, so we will stay predominantly in the cyclicals as long as they make us feel welcome.  The good news is that money seems to be moving from one sector to another versus going to cash.  If the volatility picks up, indicating a sign of distribution, we may attempt to further reduce risk and sit in cash for a while as we did in the Covid crash.  (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.)  

The Fed increased its balance sheet again last week by $32 billion to an all-time high of $7.59 Trillion!  US Treasury 20yr bond prices spiked 3.3% higher on Friday, which seemed to halt the stock market decline for at least one day.  I suspect the Fed was in the market on Friday printing more money and buying more bonds to slow the rapid rise in yields.  It seems that no one is holding the Fed accountable, so they may continue to print free money until the world has enough dollars.  Europe and Japan have their printing presses in high gear also, and no one seems to care, at least for now.  The market is anticipating a $1.9 trillion spending bill and its impact on the economy, and it may be telling us that higher inflation is headed our way.  When the market expects inflation to rise, lower current bond yields become less attractive as future higher yields are expected.  Some money will flow out of bonds into cyclical stocks that may benefit from an economic recovery as America gets back to work.  Gold dropped over -2.4%, and Bitcoin dropped over -5.3% on Friday, so I do not see a flight to these perceived safe havens.  Gold is down over -9% YTD, and that is puzzling since I would expect gold as a commodity to rise with anticipated higher inflation, but that has not happened.  That is what I love about the market. Just when you think you have it figured out; it throws you a curve.   

Bottom Line: Risk has been rising, so I reduced exposure to stay in step with the market.  The short-term trend is down, and we could slide further unless the Fed steps on the gas of liquidity creation.  The $1.9 trillion stimulus bill should be good for the stock market and maybe not so good for the bond market.  Either way, I will take my cues from the charts and follow my discipline seeking to avoid life-changing losses.  If the market heads higher, I plan to quickly get in sync with the trend.  Sometimes it is easy to make money, and other times it is hard not to lose it.  However, my faith is in Jesus, and I trust that God is still on the throne of Grace, working all things for our good.  I pray that you would see God’s hand of blessing today.   

Now faith is the assurance of things hoped for, the conviction of things not seen. Hebrews 11:1

Issachar Fund is celebrating its 7th year of continued success by offering an Institutional “I” share class (LIOTX) that is now available at major brokerages!

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The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information current to the most recent month-end, please call toll-free 866-787-8355.  Total annual fund operating expenses are 2.56%.

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.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.  For more information regarding the fund, including current performance, please visit www.IssacharFund.com.  NLD Review Code: 5079-NLD-3/1/2021

Market Update: 02-22-21

The Issachar Fund (LIONX, BRI, ESG) is 98% invested (2% Cash) in 44 leading growth stocks on Sunday, February 21, 2021, with $59mil in AUM @ $13.51/shr.  I sold a few stocks before their earnings announcements last week to avoid any potential negative surprises.  Consequently, I would rather miss out on a gap up in price after earnings than sustain a steep loss in an earnings miss.  Very few growth stocks are blowing up after earnings, and I believe that is a healthy sign.  However, growth stocks did take a breather last week, but I think they may be ready to resume their uptrends. My job is to manage the risk, and I view this as a favorable risk/reward relationship, so we are all in for now. Yes, all my eggs are in one big basket (LIONX), but I am watching it like a hawk! (Please see performance table below, and there is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.)     

Yields on the US Treasury 20-Year Bonds have risen over 36% this year!  That means these Treasury bonds have lost over -9% in real value.  Commodity prices have increased over 12%, and Oil is up over 20%.  Gold is down over -6%, while the digital gold, Bitcoin, is up over 77% YTD! I believe inflation is rearing its ugly head, and we should pay attention to its impact on the economy and stock market.  However, the stock market does not seem to care because it is less than 1% from an all-time high.  If inflation is causing rates to rise and bond prices to decline, I would expect growth stocks to continue to shine as bond investors seek better returns.  I believe this disruption we are witnessing is being caused by the Fed’s excessive money printing, and I do not see them stopping anytime soon.  I will continue to do my best to maximize gains and minimize losses, so let’s enjoy the ride while it lasts.                  

The Fed increased its balance sheet last week by $115 billion to an all-time high of $7.55 Trillion!  Wow, they have really stepped on the gas this time.  I wonder if they see trouble ahead.  I also wonder why the Fed is allowing rates to rise.  Can’t they create more free money to buy more bonds and cause rates to fall?  Maybe that is what they are doing, but isn’t the market bigger than the Fed’s ability to control rates?  If that is the case, we could be in trouble, and things could get ugly.  However, I do not believe the Fed will go down without a fight, so get ready for them to crank up the printing presses even more.  The more money they print, the more some will likely flow into the stock market, lifting many growth stock boats.   

Bottom Line: Issachar is fully invested and doing well.  Growth stocks took a breather last week and might be ready to run higher along with the cyclical/value stocks (basic materials, machines, finance, etc.) that seem to be under accumulation.  I am encouraged to see a bit of rotation into the cyclicals as this may confirm this bull may have more room to run higher.  Cyclicals are at the top of my buy list as new money flows into Issachar.  So, Thank You for adding to your account and trusting me to steward your assets.  I believe the Fed has our back, which adds to my conviction level as I find new inventory to buy.  I trust that God is giving me the wisdom to manage His fund in a way that brings Glory to His Name.  God is Truth, and He will never leave us because He loves us unconditionally!  I pray this gives you peace.            

It is better to take refuge in the Lord than to trust in man.  Psalm 118:8  
The Issachar Board approved an institutional share class (LIOTX), and I expect it to be available soon at Schwab, Fidelity, TD Ameritrade, Pershing, and ETrade.

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Issachar is a Tactical, Alternative, Mutual Fund Actively Managed like a Hedge Fund.

Performance results highlighted below show that LIONX is outperforming both indexes YTD.

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information current to the most recent month-end, please call toll-free 866-787-8355.  Total annual fund operating expenses are 2.56%.

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 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.  For more information regarding the fund, including current performance, please visit www.issacharfund.com. For more information on LIONX, please visit LIONX.net.   NLD Review Code: 4362-NLD-2/22/2021