Institutional Manager · CIK 0001674020

HORIZON FINANCIAL SERVICES, LLC

WINSTON SALEM, NC · File #028-20382

Latest AUM

$219.8M

Positions

404

Top-10 Concentration

62.2%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	XLK	81369Y803	+32,693	+$4.7M	-$3.5M
ADD	XLF	81369Y605	+36,295	+$2.0M	+$23,426
ADD	XLY	81369Y407	+12,566	+$1.5M	-$755,018
ADD	SPSB	78464A474	+35,807	+$1.1M	-$46,281
ADD	SPHY	78468R606	+24,562	+$581,382	-$98,566
ADD	SRLN	78467V608	+13,875	+$572,622	-$64,198
ADD	XLB	81369Y100	+12,204	+$553,443	-$419,024
REDUCE	XLI	81369Y704	-3,336	-$517,472	+$23,001
ADD	XLU	81369Y886	+11,938	+$509,637	-$446,513
REDUCE	GLDM	GLDW	-5,823	-$497,111	+$378,648

Sector Allocation

Technology

1.7%$3.8M

Financials

0.9%$1.9M

Consumer Discretionary

0.8%$1.7M

Healthcare

0.6%$1.4M

Industrials

0.4%$846,640

Energy

0.1%$191,829

Communication Services

0.1%$197,407

0.1%$132,251

0.0%$103,285

0.0%$23,977

0.0%$14,920

Filing History

Jan 12, 202613F HOLDINGS REPORTQ/E Dec 2025404 pos · $219.8M
Nov 12, 202513F HOLDINGS REPORTQ/E Sep 2025395 pos · $209.6M
Aug 12, 202513F HOLDINGS REPORTQ/E Jun 2025321 pos · $188.6M
May 7, 202513F COMBINATION REPORT (Amended)Q/E Mar 2025292 pos · $179.4M
Apr 28, 202513F HOLDINGS REPORTQ/E Mar 2025370 pos · $4.3M
Feb 12, 202513F HOLDINGS REPORTQ/E Dec 2024272 pos · $177.8M
Nov 13, 202413F HOLDINGS REPORTQ/E Sep 2024285 pos · $168.3M
Aug 15, 202413F HOLDINGS REPORT (Amended)Q/E Jun 2024276 pos · $158.3M
Jul 30, 202413F HOLDINGS REPORTQ/E Jun 2024276 pos · $158.3M
Apr 26, 202413F HOLDINGS REPORTQ/E Mar 2024266 pos · $155.8M
Oct 26, 202313F HOLDINGS REPORTQ/E Dec 202349 pos · $124.5M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	SPYG	78464A409	207,357	$22.1M	10.50%
2	SPYV	78464A508	353,399	$20.1M	9.53%
3	SPSB	78464A474	549,960	$16.6M	7.88%
4	SCHM	808524508	498,477	$15.0M	7.11%
5	SPDW	78463X889	274,991	$12.2M	5.80%
6	VGSH	92206C102	183,941	$10.8M	5.13%
7	SPHY	78468R606	389,582	$9.2M	4.38%
8	SRLN	78467V608	221,016	$9.1M	4.33%
9	XLK	81369Y803	58,318	$8.4M	3.98%
10	SCHA	808524607	262,982	$7.5M	3.55%
11	SPMB	78464A383	213,188	$4.8M	2.27%
12	VCLT	92206C813	56,005	$4.2M	2.02%
13	ICVT	46435G102	41,750	$4.1M	1.95%
14	SPEM	78463X509	78,552	$3.7M	1.74%
15	SCHP	808524870	134,740	$3.6M	1.69%
16	VSS	922042718	24,483	$3.5M	1.67%
17	XLI	81369Y704	22,617	$3.5M	1.66%
18	XLF	81369Y605	62,313	$3.4M	1.62%
19	SPTL	78464A664	121,363	$3.2M	1.52%
20	VWOB	921946885	46,957	$3.2M	1.50%