Special Opportunity Investing is managed by Murray Stahl, Chairman and Cofounder of Horizon Asset Ma

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Horizon Asset Management, Inc.
Special Opportunity Portfolio

• Special Opportunity Investing is managed by
  Murray Stahl, Chairman and Co-founder of Horizon
  Asset Management, Inc. This equity strategy
  focuses on large, well capitalized companies with
  substantial assets and revenues. Portfolios are
  constructed from the bottom-up based on a
  valuation process that seeks to identify
  companies possessing enduring competitive
  advantages or tangible and intangible assets
  which will enable them to realize or continue to
  earn a high return on owners invested capital.
  Special Opportunity Investing is designed to
  provide superior long-term returns characterized
  by earning a premium to the market during down or
  adverse periods, rather than during periods of
  market euphoria and irrational pricing.
• Annualized Returns Net of All Costs
• Qtr. 1 Year 3 Years 5 Years 10 Years
  Since Inception
• Total Returns (Period) Jan 07/ Mar 06/ Mar
  04/ Mar 02/ Mar 97/ June 95/
  Volatility
• Mar 07 Mar 07 Mar 07 Mar 07
  Mar 07 Mar 07 Risk
• Special Opportunity Investing
  1.2 18.3 19.5 16.4 16.5 16.8 12.1
• Environment Benchmarks
• Standard Poors 500 Index 0.6 11.8 10.0
  6.3 8.2 10.3 14.7
• Russell 1000 Index 1.2 11.9 10.8 6.9 8.6
  10.6 14.9

Growth of 1 Million
Strategy Details (Account Minimum is
500,000) Inception Date July 1995 Beta
(inception) .56 Benchmark Russell 1000
Index Alpha (inception) 9.35 Average Number of
Holdings 35-40 Issues Sharpe Ratio
(inception) 1.10