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HCM Multi-Asset Plus Fund

  • Class A Shares: HCMEX
  • Class I Shares: HCMLX
  • Investor Class Shares: HCMKX
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Overview

Objective: The Fund seeks total return.
Inception Date: 11/9/16

Key Features:
  • Invests in income ETFs that can include utilities, convertible bonds, fixed income of any maturity, duration and credit quality including “junk bonds”.
  • Uses active trading and a quantitative approach to investing in ETFs.
  • Invests in ETFs based on the Advisor’s proprietary strength criteria.
  • Attempts to keep investments in the strongest sector or sectors at any given time as measured by the model.

Investment Methodology:
  • The advisor maintains the ability to invest a large percentage of the Fund’s holdings in one asset class of the market.
  • In response to any changes the proprietary model suggests, frequent buying and selling may occur to in an effort to achieve the Fund’s objective. The overall asset allocation of the Fund will not be fixed.

*formerly known as Income Plus Fund

Fund Facts
Ticker: HCMEXLoad Type: Class A
CUSIP: 66538G155Max Sales Charge: 5.75%
Fund Type: Asset AllocationMin. Initial Investment: $2,500
Number of Holdings: 8AUM: $503.04M

Portfolio

Fund Holdings*

As of 11/30/2025

iShares Core U.S. Aggregate Bond ETF21.36%
ProShares Ultra QQQ USD Class19.89%
Vanguard Mega Cap Growth ETF16.80%
Invesco QQQ Trust Series 1 USD Class16.79%
ProShares Ultra S&P500 USD Class11.04%
Direxion Daily S&P 500 Bull 3X USD Class6.05%
Vanguard Total Bond Market ETF USD Class6.05%
HCM BBH SWEEP2.12%
Liabilities in Excess of Other Assets-0.11%
Industry Sector/Investment Type*

As of 11/30/2025

Performance

Performance (%)

As of 11/30/2025

Fund Name3MYTD1 Year3 Year5 YearInception To Date
HCM Multi-Asset - Class A*8.5216.8515.7818.318.2310.17
HCM Multi-Asset - Class A with load2.2610.119.1216.016.959.45
HCM Multi-Asset - Class I**8.5817.2716.2318.668.5213.19
HCM Multi-Asset - Investor Class*8.3116.0814.9017.437.409.37
Bloomberg US Agg Bond Index12.357.465.704.56-0.311.81

Note: Returns Greater Than 1 Year are Annualized. *The Fund’s Class A and Investor Class shares commenced operations on 11/9/16. **The Fund’s Class I shares commenced operations on 9/11/19.

 

Class A Maximum Sales Charge 5.75%: 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. Without waivers, the Fund’s Total Annual Fund Operating Expenses would be 1.64%, 1.39% and 2.39% for the Fund’s Class A, Class I, and Investor Class shares. Please review the fund’s prospectus for more information regarding the fund’s fees and expenses. For performance information current to the most recent month-end, please call toll-free 855-969-8464.
1Bloomberg US Aggregate Bond (Total) Index: Bloomberg US Aggregate Bond TR Index (100%), is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS.

Growth of $10K Since Inception ($)

As of 11/30/2025

Risk & Volatility Measures2

As of 11/30/2025

TrailingFundCategoryIndex
Alpha (%)2.261.49-
Beta0.920.96-
R2 (%)54.5388.28-
Sharpe Ratio0.420.460.49
Standard Deviation (%)13.0910.710.32

Note: Measures are calculated over last 5 years.

Annual & YTD Returns (%)

As of 11/30/2025

*There is no guarantee that the Fund will achieve its objectives, generate returns, or avoid losses. Portfolio holdings and sector Investment percentage are subject to change and should not be considered to be investment advice.

2Risk and volatility measures explained – Alpha: Excess return of an investment relative to the return of a benchmark index. Beta: Measures the responsiveness of a stock’s price to changes in the overall stock market. R2: Indicates the percentage of variance in the dependent variable that the independent variables explain collectively. Sharpe Ratio: Risk adjusted return of the portfolio. Standard Deviation: Square root of fund’s variance from its expected return.

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Investors should carefully consider the investment objectives, risks, charges, and expenses of Mutual Funds and ETFs. This and other important information about the Funds are contained in the prospectus, which can be obtained at www.howardcmfunds.com or by calling 770-642-4902/855-969-8464. The prospectus should be read carefully before investing.

 

The Funds’ portfolio holdings as of the end of each calendar month are posted on the Funds’ website no later than thirty days after the end of each month. This posted information generally remains accessible until the Funds post the information for the next calendar month to the Funds’ website. The Funds may choose to post their portfolio holdings on a more frequent basis, especially during periods of high market volatility. These off-cycle disclosures will be replaced with the normal monthly release when available.

 

Investments in Funds involve risk, including possible loss of principal. There is no assurance that the Funds will achieve their investment objectives. The advisor’s investment model carries a risk that the mathematical model used might be based on one or more incorrect assumptions. No assurance can be given that the Fund will be successful under all or any market conditions. The Fund’s use of derivatives, such as swaps, are subject to market risks that may cause their price to fluctuate over time. The Fund utilizes leverage to obtain investment exposure in excess of its net assets, and while the use of leverage may magnify potential gains in favorable markets, it will also magnify potential losses in adverse market conditions.

 

ETFs involve risk including possible loss of principal. When the Fund is out of the market and in cash or cash equivalents, there is a risk that the market will begin to rise rapidly and may cause the Fund to miss capturing the initial returns of changing market conditions. The mutual fund-in which the Fund may invest may use leverage. Using leverage can magnify a mutual fund’s potential for gain or loss and therefore, amplify the effects of market volatility on a mutual fund’s share price. The Fund may be subject to the risk that its assets are invested in a particular sector or group of sectors in the economy and as a result, the value of the Fund may be adversely impacted by events or developments in a sector or group of sectors. The price of small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than larger, more established companies or the market averages in general. A higher portfolio turnover will result in higher transactional and brokerage costs and may result in higher taxes when Fund shares are held in a taxable account. ETFs and mutual funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in other investment companies and may be higher than other mutual funds that invest directly in securities. The market value of ETF and mutual fund shares may differ from their net asset value. Each investment company and ETF is subject to specific risks, depending on the nature of the fund.

 

The HCM-BuyLine® is a tactical proprietary indicator used to assist in determining when and how much to invest in equities. The HCM-BuyLine® is not an automated trading program, and not all HCM-BuyLine® signals will result in securities transactions. When the HCM-BuyLine® indicates a bull market, the firm identifies the particular mutual funds, ETFs, or individual securities that it believes have the best return potential in the current market from the universe of assets available in each given program and increases investment exposure to them. When the HCM-BuyLine® indicates a bear market, the firm moves clients’ investments to less risky alternatives, which may include cash, cash equivalents, and short term bonds. However, not every HCM-BuyLine® signal will result in full investment exposure to equities, nor will every HCM-BuyLine® sell signal result in full withdrawal from equity exposure. Not every HCM-BuyLine® buy or sell signal will result in a profitable trade. There will be times when following the indicator results in a loss. Each investment strategy we provide uses independent HCM-BuyLine® parameters, meaning the HCM-BuyLine® may produce different signals for different strategies at different times.

 

Except where agreed, we retain all discretionary decision-making with respect to securities transactions resulting from HCM-BuyLine® signals. As a result, transactions resulting from HCM-BuyLine® signals may not occur on the same day the signal(s) is produced. In addition, certain products, custodians and portfolios may have a delay in execution, which could cause actual transaction dates to differ from the dates when HCM-BuyLine® produced signals. In some instances, this could result in securities transactions (or lack of transactions) which result in less favorable overall performance than if the HCM-BuyLine® system had automatically initiated such transactions (or had refrained from such transactions). Use of HCM-BuyLine® does not guarantee outperformance of any strategies not employing such programs and does not insulate an investor from the risk of loss.

 

There can be no guarantee that the HCM-BuyLine® indicator will perform as anticipated. The HCM-BuyLine® is not a stoploss order that automatically sells securities in the portfolio at a certain price. As a result, it will not necessarily limit your losses to the desired amounts due to the limitations of the HCM-BuyLine®, market conditions, and delays in executing orders.

 

HCM Funds are distributed by Northern Lights Distributors, LLC, member FINRA/ SIPC. Northern Lights Distributors, LLC and Howard Capital Management, Inc. are not affiliated.

 

Direxion HCM Tactical Enhanced US ETF is distributed by Alps Distributors, inc. For more information specific to Direxion products, please contact Direxion directly at info@direxion.com or 866-476-7523.

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