Horizon Asia Opportunity

Horizon Asia Opportunity 2Q16 Commentary

Horizon Asia Opportunity commentary for the second quarter ended June 30, 2016.

In the second quarter of 2016, the Horizon Asia Opportunity Institutional Composite (“Strategy”) rose 1.1%, net of fees, compared to the MSCI All Countries Asia Index, which rose 0.7%. The Strategy’s holdings in Consumer Discretionary names in Japan, Thailand and India contributed positively. Positions in Hong Kong gaming companies and Japanese Internet companies detracted from relative performance.

The Asian equity markets partially regained lost ground during the second quarter despite the unexpected British vote to exit the European . . .

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