The HCM-BuyLine® is clearly negative and we have built up a tremendous amount of cash. I have enclosed our cash holdings as of Monday. The market should rally up to the 3800-3900 range on the S&P 500 before the selling starts again. Some of these rallies are shorts covering their positions. Look for the markets to sell back down to the 3600 range, and if that area of support cannot hold the next logical area of support is a very low 3000-3100. The market can have some very nice rallies in a bear market, so be patient and let the HCM-BuyLine® turn back up so we can get a clear picture the trend has changed.

There are some amazing buys out there right now, and way too many to list, but they are probably going to get more amazing and trade even lower. The cash some of these firms have on their balance sheet is incredible. What to do now?  Be patient, sit on the cash we built up, let the market tell us when it has bottomed, and then we can come back in with both barrels a-blazing’.

Cash and Cash Equivalents as of June 20, 2022
Howard Capital Management, Inc.

HCM Mutual Funds Cash %

Income Plus (HCMEX)*: 74%

Tactical Growth (HCMGX)*: 61%

Dividend Sector (HCMNX)*: 40%

*Click to view top 10 holdings

HCM Mutual Funds Cash %

HCM Defender 100 Index (QQH)*: 100%

HCM Defender 500 Index (LGH)*: 100%

*Click to view top 10 holdings

PWS Models Cash %

Nasdaq 100: 100%

Index Plus: 100% 

Sector Plus: 100% 

Yield Gen: 38% 

Short Term Bond ETF: 50% 

Long Term Bond ETF: 75% 

Muni Bond ETF: 100% 

Low Volatility: 0%

SMA Model Cash %

ALP Aggressive: 70%

ALP Growth: 69% 

ALP Balanced: 67% 

ALP Conservative: 65% 

All-American Aggressive: 62% 

All-American Growth: 62% 

All-American Balanced: 65% 

All-American Conservative: 65% 

Dividend Income Growth: 48% 

Dividend Income Balanced: 56% 

Dividend Income Conservative: 65% 

ILP ETF Growth: 91% 

ILP ETF Balanced: 58% 

ILP ETF Conservative: 38% 

Viper 2 Aggressive: 77% 

Viper 2 Growth: 66% 

Viper 2 Balanced: 54% 

Viper 2 Conservative: 55% 

Ultra Aggressive: 100% 

Horizon Income: 64% 

All Weather: 48% 

MIP Income: 82% 

MIP Conservative: 81% 

MIP Balanced: 81% 

MIP Growth: 81% 

MIP Aggressive: 81%

HCM-061622-61 • 1677-NLD-06172022


Investors should carefully consider the investment objectives, risks, charges, and expenses of Mutual Funds and ETF’s. This and other important information about the Funds are contained in the prospectus, which can be obtained at or by calling 770- 642-4902. The prospectus should be read carefully before investing. HCM Funds are distributed by Northern Lights Distributors, LLC, member FINRA/ SIPC. Northern Lights Distributors, LLC and Howard Capital Management, Inc. are not affiliated. HCM Funds are distributed by Northern Lights Distributors, LLC, member FINRA/ SIPC. Northern Lights Distributors, LLC and Howard Capital Management, Inc. are not affiliated. NLD is distributor for the following: HCMEX, HCGMX, HCMNX, QQH, and LGH.

Important Risk Disclosure Mutual funds 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 funds 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 Morningstar Rating for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history.  Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes.  It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance.  The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.  The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.  The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns.  While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.