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Trending ETFs

Name

As of 11/18/2022

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$87.96

$7.64 M

0.36%

$0.32

1.75%

Vitals

YTD Return

N/A

1 yr return

-4.9%

3 Yr Avg Return

-2.0%

5 Yr Avg Return

-1.1%

Net Assets

$7.64 M

Holdings in Top 10

71.1%

52 WEEK LOW AND HIGH

$88.0
$86.63
$92.47

Expenses

OPERATING FEES

Expense Ratio 1.75%

SALES FEES

Front Load N/A

Deferred Load 1.00%

TRADING FEES

Turnover 0.00%

Redemption Fee 2.00%


Min Investment

Standard (Taxable)

$2,500

IRA

$2,500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 11/18/2022

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$87.96

$7.64 M

0.36%

$0.32

1.75%

KWICX - Profile

Distributions

  • YTD Total Return N/A
  • 3 Yr Annualized Total Return -2.0%
  • 5 Yr Annualized Total Return -1.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.90%
DIVIDENDS
  • Dividend Yield 0.4%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Kinetics Alternative Income Fund
  • Fund Family Name
    Kinetics
  • Inception Date
    Jun 29, 2007
  • Shares Outstanding
    7524
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Peter Doyle

Fund Description

The Alternative Income Fund is a diversified fund that invests all of its investable assets in the Alternative Income Portfolio, a series of Kinetics Portfolios Trust. Under normal circumstances, the Alternative Income Portfolio will hold a portfolio of primarily fixed income securities and, conditions permitting, and implement an equity put writing option strategy intended to generate returns from the receipt of option premiums. The Alternative Income Portfolio will thereby only be able to seek to fulfill its primary investment objective of generating current income and gains by collecting premiums on written put options while maintaining a portfolio of primarily fixed income securities that serve as collateral to cover obligations pursuant to the written options. In addition to writing options when appropriate, the Alternative Income Portfolio may also purchase options in certain circumstances. The Alternative Income Portfolio’s secondary objective is to achieve long-term growth of capital.
The Alternative Income Portfolio implements option strategies on market indexes, exchange-traded funds (“ETFs”) or company specific equity securities, receiving up-front cash payments from the purchasers of these options in exchange for providing the purchasers with the right to potentially sell an underlying security to the Alternative Income Portfolio. If the prevailing market value of the underlying equity securities on an expiration date exceeds the exercise price of the put option that the Alternative Income Portfolio has written, it is expected that the option will not be exercised. In such instance, the Alternative Income Portfolio would not be required to purchase any securities and the received premium would be considered income.
At the time of writing (selling) a put option, the aggregated amount of all the notional obligations of the option positions (the sum of all the exercise prices referenced) held by the Alternative Income Portfolio may not exceed 100% of the Alternative Income Portfolio’s total assets. In this way, the Alternative Income Portfolio intends to have available at all times cash or fixed income investments to satisfy any obligations to purchase securities pursuant to options written.
The Investment Adviser selects option investments based on market volatility levels, underlying security valuations and perceived market risks. Further, the Investment Adviser evaluates relative option premiums and implied volatilities in determining preferred option contract terms, such as exercise prices and expiration dates. The Alternative Income Portfolio will typically buy or sell exchange-traded options on market indexes, diversified and non-diversified ETFs, real estate investment trusts (“REITs”),
convertible securities and U.S. listed stocks of individual companies. The Alternative Income Portfolio may also invest in foreign securities, including up to 100% in emerging markets, directly or through American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and International Depositary Receipts (“IDRs”). To the extent the Alternative Income Portfolio buys or sells options on single stock equity securities, the aggregate notional exposure to a specific underlying company will typically not exceed 5% of the Alternative Income Portfolio’s net assets at the time of investment.
To satisfy collateral requirements related to the use of derivatives and provide full coverage of potential security purchase obligations related to written options, the Alternative Income Portfolio may invest up to 100% of its net assets in fixed income securities including cash or cash equivalents, fixed income closed-end funds (“CEFs”) and ETFs. There are no limitations as to the maturities or credit ratings of the fixed income securities in which the Alternative Income Portfolio may invest, however, fixed income securities held by the Alternative Income Portfolio are generally issued by the U.S. government or investment grade, large capitalization U.S. companies.
In managing the Alternative Income Portfolio’s fixed income holdings, the Investment Adviser focuses on achieving a reasonable risk-adjusted return with an emphasis on capital preservation, while seeking long term growth of capital. The Investment Adviser selects fixed income securities based on market liquidity, duration risk, credit risk, and yield to maturity.
In connection with the Alternative Income Portfolio’s positions in derivatives, the Alternative Income Portfolio segregates liquid assets or will otherwise cover its position in accordance with applicable U.S. Securities and Exchange Commission (“SEC”) requirements. Additionally, the Alternative Income Portfolio may participate in securities lending arrangements up to 33-1/3% of the securities in its portfolio with brokers, dealers, and financial institutions (but not individuals) in order to increase the return on its portfolio.
The Alternative Income Portfolio may maintain during a temporary period, which could be for a short period or a longer period lasting several years or more, of abnormal conditions, a significant portion of its total assets in cash and securities, generally considered to be cash and cash equivalents, including, but not limited to: high quality, U.S. short-term debt securities and money market instruments. The Investment Adviser will invest in such short-term cash positions to the extent that the Investment Adviser is unable to find sufficient investments meeting its criteria and when the Investment Adviser believes the purchase of additional equity securities would not further the investment objective of the Alternative Income Portfolio during such periods of time. Additionally, to respond to adverse market, economic, political or other conditions, which may persist for short or long periods of time, the Alternative Income Portfolio may invest up to 100% of its assets in the types of high quality, U.S. short-term debt securities and money market instruments described above.
If the market advances during periods when the Alternative Income Portfolio is holding a large cash position, the Portfolio may not participate as much as it would have if it had been more fully invested in securities. In the aforementioned temporary defensive periods, the Investment Adviser believes that an additional amount of liquidity in the Alternative Income Portfolio is desirable both to meet operating requirements and to take advantage of new investment opportunities. When the Alternative Income Portfolio holds a significant portion of assets in cash and cash equivalents, it may not meet its investment objective.
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KWICX - Performance

Return Ranking - Trailing

Period KWICX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -9.6% 2.7% 18.32%
1 Yr -4.9% -15.2% -0.5% 26.44%
3 Yr -2.0%* -7.0% 2.4% 41.45%
5 Yr -1.1%* -10.9% 2.7% 51.22%
10 Yr 0.6%* -12.2% 2.5% 5.81%

* Annualized

Return Ranking - Calendar

Period KWICX Return Category Return Low Category Return High Rank in Category (%)
2023 -5.2% -17.7% 17.8% 20.10%
2022 -1.0% -20.8% 2.9% 76.75%
2021 0.5% -2.8% 4.6% 63.57%
2020 0.2% -50.6% 3.0% 93.60%
2019 0.0% -3.7% 0.4% 7.52%

Total Return Ranking - Trailing

Period KWICX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -9.6% 2.7% 17.29%
1 Yr -4.9% -15.2% -0.5% 25.59%
3 Yr -2.0%* -7.0% 2.4% 41.45%
5 Yr -1.0%* -8.4% 2.7% 55.49%
10 Yr 0.7%* -10.7% 2.5% 9.88%

* Annualized

Total Return Ranking - Calendar

Period KWICX Return Category Return Low Category Return High Rank in Category (%)
2023 -5.2% -17.7% 17.7% 20.27%
2022 -1.0% -20.8% 2.9% 76.57%
2021 0.5% -2.8% 4.6% 63.57%
2020 0.2% -28.6% 3.0% 95.29%
2019 0.0% -1.0% 4.2% 19.72%

NAV & Total Return History


KWICX - Holdings

Concentration Analysis

KWICX Category Low Category High KWICX % Rank
Net Assets 7.64 M 5.81 M 70.5 B 99.67%
Number of Holdings 5 4 4919 96.03%
Net Assets in Top 10 5.68 M -23.9 M 9.45 B 96.53%
Weighting of Top 10 71.12% 1.7% 100.0% 4.55%

Top 10 Holdings

Asset Allocation

Weighting Return Low Return High KWICX % Rank
Bonds
65.12% 0.00% 194.71% 98.51%
Cash
29.06% -102.46% 100.00% 1.82%
Convertible Bonds
5.82% 0.00% 27.71% 10.25%
Stocks
0.00% -0.66% 11.31% 80.99%
Preferred Stocks
0.00% 0.00% 25.64% 84.30%
Other
0.00% -2.59% 10.19% 77.52%

Bond Sector Breakdown

Weighting Return Low Return High KWICX % Rank
Corporate
66.76% 0.00% 100.00% 12.56%
Cash & Equivalents
29.83% 0.00% 100.00% 1.65%
Securitized
1.76% 0.00% 97.27% 88.93%
Government
1.65% 0.00% 73.63% 86.78%
Derivative
0.00% 0.00% 45.97% 83.64%
Municipal
0.00% 0.00% 17.46% 88.60%

Bond Geographic Breakdown

Weighting Return Low Return High KWICX % Rank
US
50.13% 0.00% 165.96% 97.52%
Non US
14.99% 0.00% 72.71% 34.71%

KWICX - Expenses

Operational Fees

KWICX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.75% 0.02% 2.48% 1.18%
Management Fee 0.90% 0.00% 1.19% 99.50%
12b-1 Fee 1.00% 0.00% 1.00% 95.18%
Administrative Fee N/A 0.01% 0.50% 8.14%

Sales Fees

KWICX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 5.75% N/A
Deferred Load 1.00% 0.50% 5.00% 72.06%

Trading Fees

KWICX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 66.67%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

KWICX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 0.00% 0.00% 500.00% 0.76%

KWICX - Distributions

Dividend Yield Analysis

KWICX Category Low Category High KWICX % Rank
Dividend Yield 0.36% 0.00% 12.16% 95.71%

Dividend Distribution Analysis

KWICX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Monthly Monthly

Net Income Ratio Analysis

KWICX Category Low Category High KWICX % Rank
Net Income Ratio -0.90% -1.27% 4.98% 99.83%

Capital Gain Distribution Analysis

KWICX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

KWICX - Fund Manager Analysis

Managers

Peter Doyle


Start Date

Tenure

Tenure Rank

Jul 16, 2010

11.88

11.9%

Peter is a Senior Member of Horizon Kinetics’ Research Team. He is a member of the Investment Committee and the Board and manages customized portfolios for a number of Horizon Kinetics’ private clients. Peter is also the President of the Kinetics Mutual Funds, Inc., a series of U.S. mutual funds managed by Kinetics Asset Management LLC, a subsidiary of Horizon Kinetics. Previously, Peter was with Bankers Trust Company as a Senior Investment Officer, where he also served on the Finance, Utility and REIT Research sub-group teams. Peter received a BS from St. John’s University and an MBA from Fordham University

James Davolos


Start Date

Tenure

Tenure Rank

Jul 16, 2010

11.88

11.9%

James joined the firm in 2005 and currently serves as an Assistant Portfolio Manager for several funds. He began his investment career with the firm in 2005, as a member of the trading desk and transitioned to the investment team in December 2006. James began his tenure on the investment team as a junior analyst covering investment and research opportunities for various strategies managed by the firm. James received a BBA in Finance from Loyola University in Maryland and was a member of the Sellinger Scholars business honors program.

Murray Stahl


Start Date

Tenure

Tenure Rank

Apr 30, 2011

11.09

11.1%

Mr. Stahl is a Portfolio Manager at Horizon and is Chief Executive Officer, Chairman of the Board and is a co-founder of Horizon Kinetics. Mr. Stahl serves as the Firm's Chief Investment Officer, and chairs the Firm's Investment Committee, which is responsible for portfolio management decisions across the entire firm. Previously, Murray spent 16 years at Bankers Trust Company (1978-1994) as a senior portfolio manager and research analyst. He was also a member of the Equity Strategy Group and the Investment Strategy Group, which established asset allocation guidelines for the Private Bank. Murray received a BA and MA from Brooklyn College and an MBA from Pace University.

Matthew Houk


Start Date

Tenure

Tenure Rank

Dec 31, 2015

6.42

6.4%

Matt joined Horizon Asset Management LLC in 2008 and has responsibilities in both Research and Portfolio Management. Matt is a member of the Investment Committee and has responsibilities in the identification, analysis and monitoring of certain investment opportunities for the firm. Previously, from 2005 through 2008, Matt was an Associate with Goldman, Sachs & Co. Matt received a BA in Economics and Political Science from Yale University.

Steven Tuen


Start Date

Tenure

Tenure Rank

Dec 31, 2015

6.42

6.4%

Steven Tuen joined the Investment Adviser in 1999 as a research analyst. He joined Horizon in 1996, also as a research analyst, and between 1999 and 2011 was a dual employee of both the Investment Adviser and Horizon. Previously, Steven spent seven years with Bankers Trust Company as a Portfolio Manager in the Private Client Group, serving high net worth individual and trust accounts. He received a Bachelors of Business Administration from Baruch College – City University of New York. Steve is a CFA® charter holder and a member of the CFA Institute as well as the New York Society of Security Analysts.

Steven Bregman


Start Date

Tenure

Tenure Rank

Dec 31, 2015

6.42

6.4%

Steven is the Portfolio Manager of Horizon’s Core Value strategy and was a co-founder of the Firm. Steven serves on the Investment Committee, the Board and is a senior member of Horizon Kinetics’ Research Team, with oversight responsibilities for all research reports produced by the Firm. Previously, he was a senior investment officer in the Private Bank at Bankers Trust Company (1985-1994), where he was a member of the Institutional/Individual Group responsible for the bank’s larger individual relationships and for setting equity investment guidelines for the Private Bank. Steven also served as a member of the Special Situations Equity Strategy Group, and in a variety of new product development projects. By 1994 Steven managed approximately $600 million in private client assets. He received a BA from Hunter College.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 28.77 6.13 2.41