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Name

As of 12/19/2024

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 Small Cap Opportunities Fund

KSOCX | Fund

$155.03

$270 M

3.67%

$5.70

2.46%

Vitals

YTD Return

65.0%

1 yr return

63.4%

3 Yr Avg Return

24.0%

5 Yr Avg Return

22.7%

Net Assets

$270 M

Holdings in Top 10

89.0%

52 WEEK LOW AND HIGH

$156.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.46%

SALES FEES

Front Load N/A

Deferred Load 1.00%

TRADING FEES

Turnover 3.00%

Redemption Fee 2.00%

Min Investment

Standard (Taxable)

$2,500

IRA

$2,500

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/19/2024

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 Small Cap Opportunities Fund

KSOCX | Fund

$155.03

$270 M

3.67%

$5.70

2.46%

KSOCX - Profile

Distributions

  • YTD Total Return 65.0%
  • 3 Yr Annualized Total Return 24.0%
  • 5 Yr Annualized Total Return 22.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -1.68%
DIVIDENDS
  • Dividend Yield 3.7%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Kinetics Small Cap Opportunities Fund
  • Fund Family Name
    7
  • Inception Date
    Aug 12, 2005
  • Shares Outstanding
    100777
  • Share Class
    Adv
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Peter Doyle

Fund Description

The Small Cap Fund is a non-diversified fund that invests all of its investable assets in the Small Cap Portfolio, a series of Kinetics Portfolios Trust. Under normal circumstances, the Small Cap 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 small capitalization companies that provide attractive valuation opportunities. The Small Cap Portfolio’s Investment Adviser considers small cap companies to be those with market capitalizations at or below the highest market capitalization of a component security within the S&P 600® SmallCap Index. The highest market capitalization of a company within the S&P 600® SmallCap Index was approximately $7.3 billion as of March 31, 2024. The Small Cap Portfolio may also invest in exchange-traded funds (“ETFs”) and purchase and write options for hedging purposes and/or direct investment.
The Small Cap 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 Small Cap Portfolio focuses on undervalued and special situation small capitalization equities that the Investment Adviser believes have the potential for rewarding long-term investment results. Small Cap Portfolio securities will generally be selected from companies that are engaged in a number of industries if, in the Investment Adviser’s opinion, they are selling below their perceived intrinsic value, have limited or no institutional ownership, have had short-term earnings shortfalls, have had a recent initial public offering (“IPO”) but have not attracted significant analyst coverage, are selling at or below book or replacement value, or have modest price to earnings ratios. The Investment Adviser considers a company’s fundamentals by reviewing its balance sheets, corporate revenues, earnings and dividends. The Investment Adviser also looks at the amount of capital a company spends on research and development. Additionally, the Small Cap 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 Small Cap Portfolio may invest indirectly in bitcoin through a Delaware statutory trust, Grayscale Bitcoin Trust ETF (“Grayscale Bitcoin Trust”) and through other pooled investment vehicles that provide exposure to crypto assets. Certain of these vehicles may not be registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and do not receive the protections of the 1940 Act. The Small Cap Portfolio will not invest directly in Bitcoin or other crypto assets. Grayscale Bitcoin Trust is one of the first spot Bitcoin ETFs in the U.S. It enables investors to gain exposure to bitcoin in the form of a security while avoiding the challenges of buying, storing, and safekeeping bitcoin, directly. Bitcoins are a type of crypto assets 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 principally in bitcoins. The Small Cap Portfolio held 6.72% of its net assets in the Grayscale Bitcoin Trust as of March 31, 2024.The Small Cap Portfolio may also invest in other pooled investment vehicles that provide exposure to the spot price of crypto assets. For example, the Small Cap Portfolio may invest in the Grayscale Ethereum Classic Trust. The amount of the Small Cap Portfolio’s investment in crypto assets may be limited by law or by tax considerations.
The Small Cap Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust to a wholly-owned and controlled subsidiary organized under the laws of the Cayman Islands (the “Subsidiary”).
In the future, the Small Cap Portfolio may seek to gain additional exposure to the Grayscale Bitcoin Trust that may not produce qualifying income for the Small Cap Fund under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) if held directly. The Small Cap 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.
The Subsidiary invests primarily in the Grayscale Bitcoin Trust. The Small Cap Portfolio will invest in its Subsidiary in a manner consistent with the limitations of the federal tax laws, rules and regulations that apply to the Small Cap Fund as a “regulated investment company” (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code (“Subchapter M”). However, the Small Cap Portfolio and its Subsidiary comply with the same fundamental investment restrictions on an aggregate basis, to the extent those restrictions are applicable to the investment activities of the Subsidiary. The Subsidiary also complies with Section 17 of the 1940 Act relating to affiliated transactions and custody, and the Investment Adviser complies with Section 15 of the 1940 Act, relating to investment advisory contracts with respect to the Subsidiary. Unlike the Small Cap Fund, the Subsidiary does not, and will not, seek to qualify as a RIC. The Small Cap Portfolio is the sole shareholder of its Subsidiary and does not expect shares of its Subsidiary to be offered or sold to other investors. The Subsidiary includes entities that engage in investment activities in securities or other assets that are primarily controlled by the Small Cap Portfolio. The Small Cap Portfolio does not intend to create or acquire primary control of any entity which primarily engages in investment activities in securities or other assets other than entities wholly-owned by the Small Cap Portfolio.
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 Small Cap Portfolio.
The Small Cap 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 Small Cap 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 Small Cap 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 Small Cap 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 Small Cap Portfolio is desirable both to meet operating requirements and to take advantage of new investment opportunities. When the Small Cap Portfolio holds a significant portion of assets in cash and cash equivalents, it may not meet its investment objective.
The Small Cap Portfolio held 47.40% of its net assets in the Texas Pacific Land Corporation (the “Land Corporation”) as of March 31, 2024. 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.
Read More

KSOCX - Performance

Return Ranking - Trailing

Period KSOCX Return Category Return Low Category Return High Rank in Category (%)
YTD 65.0% -3.5% 68.6% 0.74%
1 Yr 63.4% -2.2% 64.2% 0.37%
3 Yr 24.0%* -15.1% 62.1% 0.94%
5 Yr 22.7%* -4.3% 45.1% 0.98%
10 Yr 16.7%* 1.2% 24.6% 1.55%

* Annualized

Return Ranking - Calendar

Period KSOCX Return Category Return Low Category Return High Rank in Category (%)
2023 -20.5% -20.5% 54.6% 100.00%
2022 31.0% -82.1% 32.2% 0.75%
2021 48.2% -90.6% 300.1% 0.38%
2020 1.5% -63.0% 127.9% 99.61%
2019 26.1% -7.7% 42.9% 32.19%

Total Return Ranking - Trailing

Period KSOCX Return Category Return Low Category Return High Rank in Category (%)
YTD 65.0% -3.5% 68.6% 0.74%
1 Yr 63.4% -2.2% 64.2% 0.37%
3 Yr 24.0%* -15.1% 62.1% 0.94%
5 Yr 22.7%* -4.3% 45.1% 0.98%
10 Yr 16.7%* 1.2% 24.6% 1.55%

* Annualized

Total Return Ranking - Calendar

Period KSOCX Return Category Return Low Category Return High Rank in Category (%)
2023 -15.7% -19.0% 136.8% 99.63%
2022 31.0% -59.9% 44.3% 0.94%
2021 49.2% -22.7% 411.9% 1.32%
2020 1.5% 1.5% 150.8% 100.00%
2019 26.1% 5.5% 55.3% 67.00%

NAV & Total Return History

KSOCX - Holdings

Concentration Analysis

KSOCX Category Low Category High KSOCX % Rank
Net Assets 270 M 209 K 34.3 B 72.96%
Number of Holdings 48 7 1226 90.00%
Net Assets in Top 10 235 M 53.8 K 3.02 B 44.44%
Weighting of Top 10 88.96% 7.5% 100.0% 2.04%

Top 10 Holdings

  1. Texas Pacific Land Corp 51.83%
  2. Texas Pacific Land 43.95%
  3. DREAM Unlimited Corp Registered Shs -A- Subord Vtg 12.69%
  4. Dream Unlimited 8.34%
  5. CACI International Inc Class A 5.43%
  6. Grayscale Bitcoin Trust (BTC) 3.47%
  7. Partners Value Investments LP Unit 3.41%
  8. Associated Capital Group Inc Class A 3.03%
  9. Live Nation Entertainment Inc 2.92%
  10. Civeo Corp 2.66%

Asset Allocation

Weighting Return Low Return High KSOCX % Rank
Stocks 		95.53% 92.05% 107.62% 87.59%
Other 		3.52% -0.26% 6.70% 2.96%
Cash 		0.94% 0.00% 28.78% 70.37%
Preferred Stocks 		0.00% 0.00% 4.59% 31.11%
Convertible Bonds 		0.00% 0.00% 1.57% 23.89%
Bonds 		0.00% 0.00% 2.40% 23.89%

Stock Sector Breakdown

Weighting Return Low Return High KSOCX % Rank
Energy 		55.49% 0.00% 55.49% 0.19%
Real Estate 		15.31% 0.00% 15.31% 0.19%
Financial Services 		7.26% 0.00% 42.95% 42.78%
Industrials 		5.98% 0.00% 36.64% 96.48%
Technology 		5.73% 2.91% 75.51% 99.07%
Communication Services 		3.29% 0.00% 15.31% 31.11%
Consumer Defense 		2.74% 0.00% 13.56% 73.33%
Consumer Cyclical 		2.01% 0.00% 24.04% 98.33%
Basic Materials 		1.77% 0.00% 9.24% 64.81%
Utilities 		0.42% 0.00% 5.57% 24.26%
Healthcare 		0.00% 0.00% 47.90% 99.44%

Stock Geographic Breakdown

Weighting Return Low Return High KSOCX % Rank
US 		75.14% 17.30% 107.62% 98.89%
Non US 		20.39% 0.00% 77.12% 0.74%

KSOCX - Expenses

Operational Fees

KSOCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.46% 0.05% 23.20% 2.97%
Management Fee 1.25% 0.05% 1.62% 96.85%
12b-1 Fee 1.00% 0.00% 1.00% 85.76%
Administrative Fee N/A 0.01% 0.40% 12.15%

Sales Fees

KSOCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load 1.00% 1.00% 5.00% 22.03%

Trading Fees

KSOCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 8.70%

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.

KSOCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 3.00% 3.00% 264.00% 0.21%

KSOCX - Distributions

Dividend Yield Analysis

KSOCX Category Low Category High KSOCX % Rank
Dividend Yield 3.67% 0.00% 6.91% 36.85%

Dividend Distribution Analysis

KSOCX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Annual Annual

Net Income Ratio Analysis

KSOCX Category Low Category High KSOCX % Rank
Net Income Ratio -1.68% -2.47% 1.10% 94.76%

Capital Gain Distribution Analysis

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

Distributions History

View More +

KSOCX - Fund Manager Analysis

Managers

Peter Doyle

Start Date

Tenure

Tenure Rank

Mar 20, 2000

22.21

22.2%

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

Murray Stahl

Start Date

Tenure

Tenure Rank

Apr 30, 2000

22.1

22.1%

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.

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.

Matthew Houk

Start Date

Tenure

Tenure Rank

Oct 01, 2011

10.67

10.7%

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

May 01, 2016

6.08

6.1%

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 30.44 9.17 5.25

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