You may not have a fungus ... you may have cattle fly larvae just now showing up from flies that layed eggs in their bites last fall.
Cattle fly larvae will not live in a horse when they start migrating to become cattle grubs and move to the backline of an animal. This is the reason you see bumps and nasties all over your horse.
Look and see if you see a weep hole in the circle with crusties on it... there is a dead grub hiding inside ... the hairless feature is inflammation from the dead grub. Any greasy antibiotic type stuff like Furazone will work on relieving the itch and healing.... just takes time for hair to grow back ..
If ring worm ... it is caused by a mite larvae burrowing into the skin ... anything with heavy oil or grease will suffocate the mites larvae and cure the ring worm and most other itchy areas you find on horses or dogs ...
I keep a spray bottle of this in my barn for all of the little itchies and scritches horses get on a daily basis .... Mix 6 ounces of strong iodine 6-7% strength with one gallon of common old cooking corn oil .... shake well and put into a qt spray bottle ... save the rest to use when needed over the next year ... lol .. A little dab will fix almost anything ...