Update: 04-01-24

Great Quarter!    Issachar Update: I continue to lock in profits and reinvest those gains in promising leaders. We finished well in the first quarter, and I expect the second quarter to be as good or better. Investing in stocks with accelerating earnings and sales in this inflationary environment seems prudent. However, the leading stocks with the best YTD performance show signs of digestion, so I have been rotating out of the sprinters and into some new, fresh legs that have broken out of the gate. I still like what I see in the AI, gold, and Bitcoin areas. (There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.)

Market Update: The S&P 500 and NASDAQ continue to flirt with new highs, and now the Mid-Cap Index has joined the party! It is healthy for a sustainable bull market to broaden into small and mid-cap stocks. The more participation we get from the broad market, the more likely the bull will continue to run.

Core Personal consumption expenditures price index (PCE) was revised up on Friday for January to an annualized month-over-month growth rate of 5.6% (up from the original 5.1%) on a significant core services inflation index upside revision to an annualized rate of 7.9% (up from the original 7.1%). This indicates that 1) the PCE numbers the government serves up every month are a bit phony, and 2) inflation is not going away and maybe reaccelerating. This could mean the Fed may not cut rates as expected in June. However, there is a good chance they will cut rates before the election to maintain the status quo in Washington, D.C.

Bottom line: We had a great quarter and remain fully invested in growth stocks, trying to stay ahead of the inflation monster! Big-cap leading stocks seem a little tired, but the mid-caps are performing better, so I am focused. Gold is our most significant weighting in Issachar, and it is a little extended after a beautiful base and price breakout. I do not plan to sell our gold position because inflation is not going away, and it is historically a good place to hide while Congress continues its irresponsible spending. Investors should not ignore risk but actively manage it to meet long-term financial goals. I hope everyone had a Happy and Blessed Eater because He is alive in us! Grace and Peace!

He was buried, and he was raised from the dead on the third day, just as the Scriptures said. 1 Corinthians 15

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 IssacharFund.com. The Prospectus should be read carefully before investing. The Issachar Fund is distributed by Northern Lights Distributors, LLC., a member of 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 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 IssacharFund.com. 3246-NLD-04/01/2024

Dexter Lyons, Portfolio Manager
Issachar Fund (LIONX & LIOTX)
Buy Issachar Fund @ Schwab, Fidelity, or
Strategy, My Story, Biblically Responsible Investing (BRI)

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