LSHAX: Kinetics Spin-Off and Corp Rest Adv A

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LSHAX Kinetics Spin-Off and Corp Rest Adv A


Profile

LSHAX - Profile

Vitals

  • YTD Return -21.3%
  • 3 Yr Annualized Return -1.2%
  • 5 Yr Annualized Return -0.8%
  • Net Assets $14.7 M
  • Holdings in Top 10 87.5%

52 WEEK LOW AND HIGH

$9.64
$6.29
$12.78

Expenses

OPERATING RELATED FEES

  • Expense Ratio 2.21%

SALES FEES

  • Front Load 5.75%
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 2.00%

TRADING FEES

  • Max Redemption Fee 2.00%

Min Investment

  • Standard (Taxable) $2,500
  • IRA $2,500

Fund Classification


Distributions

  • YTD Total Return -21.3%
  • 3 Yr Annualized Total Return 1.7%
  • 5 Yr Annualized Total Return 1.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.09%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    Kinetics Spin-Off and Corporate Restructuring Fund
  • Fund Family Name
    Kinetics
  • Inception Date
    May 04, 2007
  • Shares Outstanding
    209214
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Murray Stahl

Fund Description

The fund will pursue its investment objective by investing at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of spin-off companies, companies subject to other forms of corporate restructuring, parents of any such companies, and publicly traded shareholder activist holding companies which, by way of their shareholder ownership in other companies, have caused such other companies to undergo spin-offs and other forms of corporate restructurings. It may invest in any size company, including small- and medium-sized companies. The fund is non-diversified.


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Categories

Performance

LSHAX - Performance

Return Ranking - Trailing

Period LSHAX Return Category Return Low Category Return High Rank in Category (%)
YTD -21.3% -30.2% 1827.8% 99.47%
1 Yr -20.1% -69.7% 1860.1% 96.06%
3 Yr -1.2%* -46.2% 177.3% 74.71%
5 Yr -0.8%* -33.7% 19.6% 65.56%
10 Yr 5.1%* -17.0% 19.6% 55.18%

* Annualized

Return Ranking - Calendar

Period LSHAX Return Category Return Low Category Return High Rank in Category (%)
2019 31.3% -50.2% 44.9% 23.64%
2018 -14.9% -51.7% 9.2% 44.53%
2017 14.4% -21.1% 36.0% 56.60%
2016 9.9% -61.7% 40.3% 7.99%
2015 -11.6% -54.0% 12.2% 77.30%

Total Return Ranking - Trailing

Period LSHAX Return Category Return Low Category Return High Rank in Category (%)
YTD -21.3% -30.2% 1827.8% 99.47%
1 Yr -20.1% -69.7% 1860.1% 96.06%
3 Yr 1.7%* -41.9% 177.3% 78.96%
5 Yr 1.4%* -26.9% 22.0% 81.68%
10 Yr 6.8%* -9.9% 19.7% 76.52%

* Annualized

Total Return Ranking - Calendar

Period LSHAX Return Category Return Low Category Return High Rank in Category (%)
2019 31.3% -50.2% 44.9% 23.64%
2018 -10.7% -51.7% 12.2% 50.57%
2017 19.0% -7.0% 39.4% 76.60%
2016 11.9% -61.7% 40.3% 8.21%
2015 -11.6% -54.0% 12.2% 92.58%

NAV & Total Return History


Holdings

LSHAX - Holdings

Concentration Analysis

LSHAX Category Low Category High LSHAX % Rank
Net Assets 14.7 M 797 K 32.2 B 94.21%
Number of Holdings 33 16 2543 93.51%
Net Assets in Top 10 10.2 M 207 K 5.98 B 91.23%
Weighting of Top 10 87.50% 6.9% 96.0% 1.40%

Top 10 Holdings

  1. Texas Pacific Land Trust 34.81%
  2. DREAM Unlimited Corp Class A 11.64%
  3. PayPal Holdings Inc 9.07%
  4. Associated Capital Group Inc Class A 8.78%
  5. CSW Industrials Inc 8.30%
  6. The Howard Hughes Corp 4.31%
  7. Graham Holdings Co 3.50%
  8. Liberty Broadband Corp A 2.74%
  9. A. P. Moller Maersk A/S ADR 2.67%
  10. Capital Southwest Corp 1.68%

Asset Allocation

Weighting Return Low Return High LSHAX % Rank
Stocks
100.60% 88.42% 117.39% 1.23%
Preferred Stocks
0.00% 0.00% 1.67% 31.05%
Other
0.00% -13.50% 4.82% 34.39%
Convertible Bonds
0.00% 0.00% 0.25% 27.02%
Bonds
0.00% 0.00% 4.49% 28.60%
Cash
-0.60% -22.20% 14.04% 98.25%

Stock Sector Breakdown

Weighting Return Low Return High LSHAX % Rank
Energy
34.63% 0.00% 34.63% 0.35%
Financial Services
20.21% 0.00% 38.56% 5.09%
Real Estate
15.85% 0.00% 20.39% 2.28%
Industrials
15.12% 0.00% 35.59% 59.65%
Communication Services
7.99% 0.00% 26.42% 9.82%
Consumer Defense
4.18% 0.00% 16.95% 39.30%
Healthcare
1.73% 0.00% 40.45% 98.77%
Consumer Cyclical
0.24% 0.24% 54.76% 99.65%
Basic Materials
0.05% 0.00% 18.77% 70.53%
Utilities
0.00% 0.00% 6.70% 43.68%
Technology
0.00% 0.00% 56.27% 99.65%

Stock Geographic Breakdown

Weighting Return Low Return High LSHAX % Rank
US
84.99% 80.29% 107.56% 93.68%
Non US
15.61% 0.00% 16.25% 1.75%

Expenses

LSHAX - Expenses

Operational Fees

LSHAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.21% 0.05% 27.43% 8.30%
Management Fee 1.00% 0.00% 1.50% 93.67%
12b-1 Fee 0.25% 0.00% 1.00% 34.74%
Administrative Fee N/A 0.01% 0.40% N/A

Sales Fees

LSHAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 5.75% 2.50% 5.75% 19.12%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

LSHAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 12.00%

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.

LSHAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 2.00% 1.93% 385.00% 0.88%

Distributions

LSHAX - Distributions

Dividend Yield Analysis

LSHAX Category Low Category High LSHAX % Rank
Dividend Yield 0.00% 0.00% 40.51% 27.02%

Dividend Distribution Analysis

LSHAX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Semi-Annually Annually

Net Income Ratio Analysis

LSHAX Category Low Category High LSHAX % Rank
Net Income Ratio -0.09% -2.56% 1.52% 29.66%

Capital Gain Distribution Analysis

LSHAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Dividend Payout History

View More +

Fund Manager Analysis

LSHAX - Fund Manager Analysis

Managers

Murray Stahl


Start Date

Tenure

Tenure Rank

May 04, 2007

13.17

13.2%

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.

Steven Bregman


Start Date

Tenure

Tenure Rank

May 04, 2007

13.17

13.2%

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
0.06 33.52 8.25 0.33