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Name

As of 04/18/2024

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

Kinetics Internet Fund

KINAX | Fund

$67.11

$235 M

0.00%

2.02%

Vitals

YTD Return

26.6%

1 yr return

61.6%

3 Yr Avg Return

2.2%

5 Yr Avg Return

18.0%

Net Assets

$235 M

Holdings in Top 10

68.4%

52 WEEK LOW AND HIGH

$65.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.02%

SALES FEES

Front Load 5.75%

Deferred Load N/A

TRADING FEES

Turnover 4.00%

Redemption Fee 2.00%

Min Investment

Standard (Taxable)

$2,500

IRA

$2,500

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/18/2024

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

Kinetics Internet Fund

KINAX | Fund

$67.11

$235 M

0.00%

2.02%

KINAX - Profile

Distributions

  • YTD Total Return 26.6%
  • 3 Yr Annualized Total Return 2.2%
  • 5 Yr Annualized Total Return 18.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -1.54%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Kinetics Internet Fund
  • Fund Family Name
    7
  • Inception Date
    Oct 21, 1996
  • Shares Outstanding
    60606
  • Share Class
    Adv
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Murray Stahl

Fund Description

The Internet Fund is a non-diversified fund that invests all of its investable assets in the Internet Portfolio, a series of Kinetics Portfolios Trust. Under normal circumstances, the Internet Portfolio invests at least 80% of its net assets plus any borrowings for investment purposes in common stocks, convertible securities, warrants and other equity securities having the characteristics of common stocks (such as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and International Depositary Receipts (“IDRs”)), of U.S. and foreign companies engaged in the Internet and Internet‑related activities and whose businesses are vastly improved through the distribution of content and reduction of costs with the use of the Internet, such as content providers, computer hardware and software, venture capital, Internet service providers, Internet portals, wireless/broadband access, e-commerce, financial service companies, auction houses, and telecommunications. The Internet Portfolio may also invest in exchange-traded funds (“ETFs”) and purchase and write options for hedging purposes and/or direct investment.
The Internet Portfolio may invest up to 20% of its total assets in convertible and non-convertible debt securities rated below investment grade, also known as junk bonds, or unrated securities that the Investment Adviser has determined to be of comparable quality.
The Investment Adviser selects portfolio securities by evaluating a company’s positioning and business model as well as its ability to grow and expand its activities via the Internet or achieve a competitive advantage in cost/profitability and brand image leveraging via use of the Internet. The Investment Adviser also considers a company’s fundamentals by reviewing its balance sheets, corporate revenues, earnings and dividends. Furthermore, the Investment Adviser looks at the amount of capital a company currently expends on research and development. The Internet Portfolio may invest in companies of any size, including small and medium-sized companies. Additionally, the Internet 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 Internet Portfolio may invest indirectly in bitcoins exclusively through a Delaware statutory trust (“Grayscale Bitcoin Trust”) that offers exposure to bitcoin. Grayscale Bitcoin Trust offers shares on an ongoing basis through private placements pursuant to the exemption from registration provided by Rule 506(c) under Regulation D of the Securities Act of 1933, as amended. Bitcoins are a digital commodity that are not issued by a government, bank or central organization. Bitcoins exist on an online, peer-to-peer computer network (the “Bitcoin Network”) that hosts a public transaction ledger where bitcoin transfers are recorded (the “Blockchain”). Bitcoins have no physical existence beyond the record of transactions on the Blockchain. The Grayscale Bitcoin Trust invests principallyin bitcoins.
The Internet Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trustto a wholly-owned and controlled subsidiary organized under the laws of the Cayman Islands (the “Cayman Subsidiary”).
The Internet Portfolio is also the sole shareholder of a wholly owned subsidiary organized under Delaware law (the “Delaware Subsidiary”). The Internet Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust to the Delaware Subsidiary. Any net gains that the Delaware Subsidiary recognizes on future sales of the contributed Grayscale Bitcoin Trust shares will be subject to federal and state corporate income tax, but the dividends that the Delaware Subsidiary pays to the Internet Portfolio
i.e., those gains, net of the tax paid and any other expenses of the Delaware Subsidiary, such as its management and advisory fees) will be eligible to be treated as “qualified dividend income” under the Internal Revenue Code. The Delaware Subsidiary and the Cayman Subsidiary are each referred to herein as a “Subsidiary” and collectively as “Subsidiaries.” Additional information regarding the tax treatment of the Fund is provided in the “Taxes” section of the SAI.
In the future, the Internet Portfolio may seek to gain additional exposure to the Grayscale Bitcoin Trust that may not produce qualifying income for the Internet Fund under the Internal Revenue Code if held directly. The Internet Portfolio will not make any additional investments in the Grayscale Bitcoin Trust if as a result of such investment, its aggregate investment in the Grayscale Bitcoin Trust, either directly or through a Subsidiary, would be more than 15% of its assets at the time of the investment. However, the Portfolio’s investment in the Grayscale Bitcoin Trust may, at times, exceed 15% of its net assets, due to appreciation.
Each Subsidiary invests primarily in the Grayscale Bitcoin Trust. The Internet Portfolio will invest in its Subsidiaries in a manner that is consistent with the limitations of the federal tax laws, rules and regulations that apply to the Internet Fund as a “regulated investment company” (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code (“Subchapter M”). However, the Internet Portfolio and each Subsidiary comply with the same fundamental investment restrictions on an aggregate basis, to the extent those restrictions are applicable to the investment activities of each Subsidiary. Each Subsidiary also complies with Section 17 of the Investment Company Act of 1940 (the “1940 Act”) relating to affiliated transactions and custody. Unlike the Internet Fund, each Subsidiary does not, and will not, seek to qualify as a RIC. The Internet Portfolio is the sole shareholder of each Subsidiary and does not expect shares of the Subsidiaries to be offered or sold to other investors.
Sell decisions are generally triggered by either adequate value being achieved, as determined by the Investment Adviser, or by an adverse change in a company’s operating performance or a deterioration of the company’s business model. A sell trigger may also occur if the Investment Adviser discovers a new investment opportunity that it believes is more compelling and represents a greater risk reward profile than other investment(s) held by the Internet Portfolio.
The Internet 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 Internet 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 Internet 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 Internet 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 Internet Portfolio is desirable both to meet operating requirements and to take advantage of new investment opportunities. When the Internet Portfolio holds a significant portion of assets in cash and cash equivalents, it may not meet its investment objective.
The Internet Portfolio held 22.3% of its net assets in the Texas Pacific Land Corporation (the “Land Corporation”) as of March 31, 2023. The Land Corporation is a corporation organized under the laws of the state of New York. One of the largest land owners in Texas, the Land Corporation derives most of its income from oil and gas royalty revenue, land easements and water royalties and sales. The Land Corporation has historically operated with minimal operating expenses, little to no debt and utilized cash flow to return capital to unitholders through share repurchases and dividends. While the Land Corporation has held the majority of its assets since its formation in 1888, the development of energy resources subject to its royalty interests and related land use have experienced rapid growth in recent years due to advances in energy exploration and extraction technologies.
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KINAX - Performance

Return Ranking - Trailing

Period KINAX Return Category Return Low Category Return High Rank in Category (%)
YTD 26.6% -32.3% 100.1% 19.35%
1 Yr 61.6% -48.8% 77.9% 12.90%
3 Yr 2.2%* -42.6% 16.0% 30.00%
5 Yr 18.0%* -29.2% 20.3% 11.54%
10 Yr 12.6%* -3.0% 12.7% 12.50%

* Annualized

Return Ranking - Calendar

Period KINAX Return Category Return Low Category Return High Rank in Category (%)
2023 28.4% -34.8% 38.7% 12.90%
2022 -25.2% -72.7% 8.2% 41.94%
2021 14.0% -31.7% 27.4% 20.00%
2020 56.0% -29.0% 233.6% 41.38%
2019 24.1% -2.0% 66.0% 62.50%

Total Return Ranking - Trailing

Period KINAX Return Category Return Low Category Return High Rank in Category (%)
YTD 26.6% -32.3% 100.1% 19.35%
1 Yr 61.6% -48.8% 77.9% 12.90%
3 Yr 2.2%* -42.6% 16.0% 30.00%
5 Yr 18.0%* -29.2% 20.3% 11.54%
10 Yr 12.6%* -3.0% 12.7% 12.50%

* Annualized

Total Return Ranking - Calendar

Period KINAX Return Category Return Low Category Return High Rank in Category (%)
2023 29.4% -33.0% 39.0% 12.90%
2022 -24.5% -72.7% 8.2% 41.94%
2021 15.1% -31.7% 28.3% 23.33%
2020 56.0% -28.9% 233.9% 44.83%
2019 26.1% 0.4% 66.5% 62.50%

NAV & Total Return History

KINAX - Holdings

Concentration Analysis

KINAX Category Low Category High KINAX % Rank
Net Assets 235 M 3.65 M 31.2 B 54.29%
Number of Holdings 45 20 389 60.00%
Net Assets in Top 10 137 M 2.2 M 5.86 B 60.00%
Weighting of Top 10 68.39% 11.8% 91.3% 22.86%

Top 10 Holdings

  1. Grayscale Bitcoin Trust (BTC) 32.77%
  2. Texas Pacific Land Corp 14.21%
  3. Texas Pacific Land 8.80%
  4. CACI International Inc Class A 6.02%
  5. PayPal Holdings Inc 4.77%
  6. OTC Markets Group Inc 3.75%
  7. Visa Inc Class A 2.33%
  8. LendingTree Inc 2.29%
  9. Alphabet Inc Class C 2.23%
  10. Alphabet Inc Class A 2.22%

Asset Allocation

Weighting Return Low Return High KINAX % Rank
Stocks 		44.32% 0.00% 99.96% 68.57%
Other 		33.83% -0.20% 91.95% 8.57%
Cash 		21.86% 0.00% 93.41% 20.00%
Preferred Stocks 		0.00% 0.00% 41.72% 65.71%
Convertible Bonds 		0.00% 0.00% 3.05% 70.59%
Bonds 		0.00% 0.00% 94.79% 65.71%

Stock Sector Breakdown

Weighting Return Low Return High KINAX % Rank
Energy 		32.10% 0.00% 32.10% 7.69%
Financial Services 		24.87% 0.00% 95.51% 15.38%
Technology 		19.67% 0.00% 72.56% 53.85%
Communication Services 		16.38% 0.00% 16.38% 7.69%
Consumer Cyclical 		5.08% 0.00% 34.19% 53.85%
Industrials 		1.70% 0.00% 90.47% 88.46%
Basic Materials 		0.20% 0.00% 17.92% 65.38%
Utilities 		0.00% 0.00% 85.14% 84.62%
Real Estate 		0.00% 0.00% 16.54% 80.77%
Healthcare 		0.00% 0.00% 65.82% 73.08%
Consumer Defense 		0.00% 0.00% 50.44% 73.08%

Stock Geographic Breakdown

Weighting Return Low Return High KINAX % Rank
US 		43.72% 0.00% 99.93% 57.14%
Non US 		0.60% 0.00% 83.83% 65.71%

KINAX - Expenses

Operational Fees

KINAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.02% 0.41% 5.61% 22.86%
Management Fee 1.25% 0.25% 1.90% 80.00%
12b-1 Fee 0.50% 0.00% 1.00% 91.67%
Administrative Fee N/A 0.03% 0.19% 15.47%

Sales Fees

KINAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 5.75% 4.25% 5.75% 33.33%
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

KINAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 2.00% 2.00% 75.00%

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.

KINAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 4.00% 0.00% 124.00% 13.64%

KINAX - Distributions

Dividend Yield Analysis

KINAX Category Low Category High KINAX % Rank
Dividend Yield 0.00% 0.00% 12.50% 82.86%

Dividend Distribution Analysis

KINAX Category Low Category High Category Mod
Dividend Distribution Frequency None Annually Quarterly Quarterly

Net Income Ratio Analysis

KINAX Category Low Category High KINAX % Rank
Net Income Ratio -1.54% -2.66% 5.19% 88.57%

Capital Gain Distribution Analysis

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

Distributions History

View More +

KINAX - Fund Manager Analysis

Managers

Murray Stahl

Start Date

Tenure

Tenure Rank

Apr 30, 1999

23.1

23.1%

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.

Peter Doyle

Start Date

Tenure

Tenure Rank

Jun 30, 1999

22.93

22.9%

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

Steven Tuen

Start Date

Tenure

Tenure Rank

Jun 30, 1999

22.93

22.9%

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.

James Davolos

Start Date

Tenure

Tenure Rank

Apr 30, 2006

16.1

16.1%

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.

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
0.75 23.1 8.85 1.25

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