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Name

As of 11/19/2024

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 Multi-Disciplinary Income Fund

KMDNX | Fund

$10.02

$14.1 M

6.32%

$0.63

1.63%

Vitals

YTD Return

6.2%

1 yr return

7.1%

3 Yr Avg Return

0.7%

5 Yr Avg Return

-0.5%

Net Assets

$14.1 M

Holdings in Top 10

36.0%

52 WEEK LOW AND HIGH

$10.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.63%

SALES FEES

Front Load N/A

Deferred Load N/A

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 11/19/2024

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 Multi-Disciplinary Income Fund

KMDNX | Fund

$10.02

$14.1 M

6.32%

$0.63

1.63%

KMDNX - Profile

Distributions

  • YTD Total Return 6.2%
  • 3 Yr Annualized Total Return 0.7%
  • 5 Yr Annualized Total Return -0.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.69%
DIVIDENDS
  • Dividend Yield 6.3%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Kinetics Multi-Disciplinary Income Fund
  • Fund Family Name
    7
  • Inception Date
    Feb 11, 2008
  • Shares Outstanding
    200666
  • Share Class
    Individual
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Murray Stahl

Fund Description

The Multi-Disciplinary Income Fund is a diversified fund that invests all of its investable assets in the Multi-Disciplinary Income Portfolio, a series of Kinetics Portfolios Trust. “Total Return” sought by the Multi-Disciplinary Income Portfolio consists of income earned on the Multi-Disciplinary Income Portfolio’s investments, plus capital appreciation. The Multi-Disciplinary Income Portfolio utilizes a two-part investment strategy, which includes fixed-income components, including fixed-income exchange-traded funds (“ETFs”), collateralized loan obligations (“CLOs”) and senior secured corporate loans, and derivatives components. Under normal circumstances, the Multi-Disciplinary Income Portfolio will invest at least 65% of its net assets in fixed-income securities (which includes CLOs and corporate loans), derivatives and cash or cash equivalents committed as collateral for written option contracts.
There is no limit on the amount of assets the Multi-Disciplinary Income Portfolio may invest in fixed-income securities. The Multi-Disciplinary Income Portfolio may invest in the debt tranches of CLOs.The CLO debt tranches may have any stated maturity and may be rated (at time of issuance), from “AAA” to and including “B-” (or equivalent by a nationally recognized statistical rating organization (“NRSRO”)), or if unrated, determined to be of comparable credit quality by the Investment Adviser. An NRSRO is a credit rating agency that is registered with the U.S. Securities and Exchange Commission (“SEC”) that issues credit ratings that the SEC permits other financial firms to use for certain regulatory purposes.
The Multi-Disciplinary Income Portfolio may invest up to 35% of its net assets in senior secured corporate loans, issued by either public or privately owned companies. Senior secured corporate loans will be first lien or second lien loans, have maturities of up to 8 years, and may be 100% rated below investment grade by an NRSRO.
The Multi-Disciplinary Income Portfolio may invest up to 20% of its total assets in selling equity put options. The Multi-Disciplinary Income Portfolio may also invest in U.S. Treasury note futures; selling or buying equity calls, bond calls, and bond put options, as well as other derivatives, to manage risk or to enhance return. The Multi-Disciplinary Income Portfolio may also buy puts on specific underlying equity securities that are traded on a national securities exchange. The Multi-Disciplinary Income Portfolio will not invest more than 15% of its net assets in illiquid investments.
The Investment Adviser uses a bottom-up approach in managing the Multi-Disciplinary Income Fund, which means that the focus is on the analysis of individual securities. By engaging in quantitative and
qualitative analysis of individual securities, the Investment Adviser examines an investment’s current valuation, income potential, risk adjusted return and credit profile.
The Multi-Disciplinary Income Portfolio will invest in CLOs and senior secured corporate loans with a minimum initial total offering size of $250 million, that are floating rate and are U.S. dollar denominated. The Multi-Disciplinary Income Portfolio may purchase CLOs and senior secured corporate loans in both the primary and secondary markets.
The Multi-Disciplinary Income Portfolio will generally not invest more than 5% of its portfolio in any single investment measured at the time of purchase. It is intended that the Multi-Disciplinary Income Portfolio will hold between 20 to 75 investments with a position weighing between 1% to 5% per security. The Multi-Disciplinary Income Portfolio may temporarily deviate from this diversification weighting due to, among other reasons, market conditions and the initial size of the fund as determined by the Investment Adviser, in its sole discretion. The Investment Adviser may sell a security due to changes in credit characteristics or outlook, as well as changes in portfolio strategy or cash flow needs. A security may also be sold and replaced with one that presents a better value or risk adjusted return profile. The Investment Adviser may actively trade Multi-Disciplinary Income Portfolio securities.
The Multi-Disciplinary 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. Additionally, to respond to adverse market, economic, political or other conditions, which may persist for short or long periods of time, the Multi-Disciplinary 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 Multi-Disciplinary 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 Multi-Disciplinary Income Portfolio is desirable both to meet operating requirements and to take advantage of new investment opportunities. When the Multi-Disciplinary Income Portfolio holds a significant portion of assets in cash and cash equivalents, it may not meet its investment objective.
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KMDNX - Performance

Return Ranking - Trailing

Period KMDNX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.2% -10.3% 17.0% 40.59%
1 Yr 7.1% -8.0% 21.1% 83.02%
3 Yr 0.7%* -16.7% 16.3% 63.13%
5 Yr -0.5%* -14.4% 14.1% 90.65%
10 Yr -0.4%* -7.0% 6.8% 96.15%

* Annualized

Return Ranking - Calendar

Period KMDNX Return Category Return Low Category Return High Rank in Category (%)
2023 -0.2% -12.0% 8.9% 87.67%
2022 -4.4% -31.8% 18.4% 5.21%
2021 -0.5% -16.2% 25.7% 31.05%
2020 -4.6% -31.1% 18.7% 88.63%
2019 4.7% -6.1% 15.3% 48.75%

Total Return Ranking - Trailing

Period KMDNX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.2% -10.3% 17.0% 40.59%
1 Yr 7.1% -8.0% 21.1% 83.02%
3 Yr 0.7%* -16.7% 16.3% 63.13%
5 Yr -0.5%* -14.4% 14.1% 90.65%
10 Yr -0.4%* -7.0% 6.8% 96.15%

* Annualized

Total Return Ranking - Calendar

Period KMDNX Return Category Return Low Category Return High Rank in Category (%)
2023 1.1% -6.9% 22.2% 94.45%
2022 -4.4% -31.8% 21.1% 23.38%
2021 -0.5% -13.5% 49.9% 83.66%
2020 -4.6% -28.6% 24.1% 92.36%
2019 4.7% -4.8% 19.1% 86.18%

NAV & Total Return History

KMDNX - Holdings

Concentration Analysis

KMDNX Category Low Category High KMDNX % Rank
Net Assets 14.1 M 2.63 M 143 B 98.25%
Number of Holdings 10 4 9195 94.87%
Net Assets in Top 10 7.13 M -204 M 80.4 B 96.58%
Weighting of Top 10 35.97% 5.8% 265.8% 32.76%

Top 10 Holdings

  1. Penske Automotive Group, Inc. 12.70%
  2. Ashland Inc 4.75% 11.29%
  3. Stolt-Nielsen Ltd 6.38% 6.38% 10.20%
  4. Lennar Corporation 4.75% 4.75% 9.98%
  5. PIMCO Dynamic Income 7.96%
  6. Howard Hughes Corp 5.38% 6.49%
  7. Murphy Oil Corporation 4.95% 4.65%
  8. Doubleline Opportunistic Credit 4.30%
  9. Lamb Weston Holdings Inc 4.63% 3.87%
  10. Sirius XM Holdings Inc 4.63% 3.65%

Asset Allocation

Weighting Return Low Return High KMDNX % Rank
Cash 		56.86% -94.66% 99.97% 1.87%
Bonds 		41.31% 0.00% 199.60% 86.78%
Stocks 		1.32% -6.18% 99.66% 39.19%
Preferred Stocks 		0.27% 0.00% 26.42% 26.91%
Convertible Bonds 		0.15% 0.00% 33.50% 77.32%
Other 		0.10% -73.61% 147.15% 74.49%

Stock Sector Breakdown

Weighting Return Low Return High KMDNX % Rank
Energy 		76.55% 0.00% 100.00% 17.34%
Real Estate 		9.46% 0.00% 100.00% 18.50%
Communication Services 		9.19% 0.00% 100.00% 22.25%
Financial Services 		4.70% 0.00% 100.00% 47.69%
Industrials 		0.10% 0.00% 100.00% 47.69%
Utilities 		0.00% 0.00% 100.00% 75.14%
Technology 		0.00% 0.00% 28.30% 73.12%
Healthcare 		0.00% 0.00% 18.60% 72.54%
Consumer Defense 		0.00% 0.00% 99.97% 72.25%
Consumer Cyclical 		0.00% 0.00% 89.95% 77.46%
Basic Materials 		0.00% 0.00% 100.00% 73.70%

Stock Geographic Breakdown

Weighting Return Low Return High KMDNX % Rank
US 		1.18% -6.18% 99.66% 37.01%
Non US 		0.14% -0.26% 17.73% 7.93%

Bond Sector Breakdown

Weighting Return Low Return High KMDNX % Rank
Cash & Equivalents 		59.78% 0.00% 94.89% 0.47%
Corporate 		26.51% 0.00% 96.66% 59.07%
Securitized 		7.87% 0.00% 99.65% 70.47%
Government 		3.61% 0.00% 99.43% 72.87%
Derivative 		1.65% -73.61% 147.15% 11.08%
Municipal 		0.58% 0.00% 54.26% 19.42%

Bond Geographic Breakdown

Weighting Return Low Return High KMDNX % Rank
US 		26.57% 0.00% 199.60% 84.14%
Non US 		14.74% 0.00% 74.14% 21.62%

KMDNX - Expenses

Operational Fees

KMDNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.63% 0.03% 20.67% 33.95%
Management Fee 1.00% 0.00% 2.29% 85.49%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.70% 8.23%

Sales Fees

KMDNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 1.50% N/A

Trading Fees

KMDNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 0.50% 2.00% 30.77%

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.

KMDNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 0.00% 0.00% 632.00% 0.56%

KMDNX - Distributions

Dividend Yield Analysis

KMDNX Category Low Category High KMDNX % Rank
Dividend Yield 6.32% 0.00% 23.30% 29.12%

Dividend Distribution Analysis

KMDNX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly SemiAnnual Monthly Monthly

Net Income Ratio Analysis

KMDNX Category Low Category High KMDNX % Rank
Net Income Ratio 1.69% -1.55% 11.51% 83.25%

Capital Gain Distribution Analysis

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

Distributions History

View More +

KMDNX - Fund Manager Analysis

Managers

Murray Stahl

Start Date

Tenure

Tenure Rank

Feb 11, 2008

14.31

14.3%

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

Feb 11, 2008

14.31

14.3%

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

May 05, 2008

14.08

14.1%

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.

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 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
0.08 28.19 5.71 3.19

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