Global Fund

EQUITIES WWWEX No Load Class

Overview

THE FUND
  • The Global Fund focuses on classic value investment opportunities worldwide with at least 40% of net assets in companies located outside the U.S.
  • The Fund seeks to identify unique business models with pricing dislocations.

Global Fund Commentary

Read more about the Global Fund in this commentary.

Global Fund Fact Sheet

Learn more about the Global Fund in this fact sheet.

Performance Overview

GROWTH OF $10,000 SINCE INCEPTION

Portfolio Characteristics

As of June 30, 2014

Portfolio Managers


Murray Stahl

Chairman, Chief Investment Officer, Co-Founder

Murray is Chairman of the Board of Horizon Kinetics and was a co-founder of the Firm. He has over thirty years of investing experience and is responsi...

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Steven Tuen, CFA®

Research Analyst

Steven joined the firm in 1996 and is responsible for conducting and authoring research. As a senior analyst, Steven’s responsibilities include cove...

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Daily Performance

As of August 29, 2014
Benchmark Daily NAV One Day Return (%) Month to Date Quarter to Date Year to Date
WWWEX $6.17 0.33% 3.35% -0.80% 1.98%
S&P 500 Index TR $7,883.13 0.34% 4.00% 2.57% 9.89%
MSCI ACW Index $194.07 0.24% 2.21% 0.97% 7.21%

Total Return (Annualized)

As of June 30, 2014
Benchmark 1YR 3YR 5YR 10YR Since Inception
WWWEX 20.90% 11.98% 14.68% 6.26% -1.58%
S&P 500 Index TR 24.61% 16.58% 18.83% 7.78% 3.97%
MSCI ACW Index 22.95% 10.25% 14.28% 7.46% 3.51%

Historical Total Return

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
WWWEX -63.10% 16.53% -24.65% 33.56% 7.67% 2.65% 16.90% 4.27% -50.72% 66.86% 20.30% -15.41% 23.16% 28.59%
S&P 500 Index TR -9.10% -11.89% -22.10% 28.68% 10.88% 4.91% 15.79% 5.49% -37.00% 26.46% 15.06% 2.11% 16.00% 32.39%
MSCI ACW Index -14.21% -16.21% -19.32% 33.99% 15.23% 10.84% 20.95% 11.66% -42.20% 34.63% 12.67% -7.35% 16.13% 22.80%

Class Information

 
Class Ticker CUSIP 12b-1 Fee Net Expense Ratio Gross Expense Ratio
No Load Class WWWEX 494613805 - 1.40% 2.84%
Advisor A KGLAX 494613631 0.25% 1.65% 3.09%
Advisor C KGLCX 494613623 1.00% 2.15% 3.59%

Fund Statistics

As of June 30, 2014
WWWEX S&P 500 Index TR
Beta 1.01 1.00
Standard Deviation 23.35 15.46
Up Market Capture Ratio 0.95 -
Down Market Capture Ratio 1.15 -
Sharpe Ratio -0.16 0.12
Weighted Avg. Mkt. Cap ($mil) $11,520 $125,264
Median Market Capitalization $3,441 $18,096
Price to Book $1.75 $2.67
Price to Earnings $20.74 $18.58
Return on Equity 12.58% 19.58%

Top 10 Holdings (%)

As of June 30, 2014
Holdings Percent
Dream Unlimited Corp. - Class A 6.6%
The Howard Hughes Corporation 5.8%
Siem Industries Inc. 5.7%
Bollore SA 5.5%
Icahn Enterprises LP 5.5%
Dundee Corporation - Class A 5.3%
The Wendy's Company 4.7%
Onex Corporation 4.6%
Liberty Media Corporation - Class A 4.5%
Liberty Interactive Corporation - Class A 4.1%

Top 10 Sectors (%)

As of June 30, 2014
Percent
Finance and Insurance 16.5%
Real Estate and Rental and Leasing 15.8%
Information 14.1%
Management of Companies and Enterprises 13.1%
Retail Trade 10.9%
Mining, Quarrying, and Oil and Gas Extraction 10.5%
Manufacturing 6.5%
Petroleum & Gas 4.0%
Wholesale Trade 2.5%
Arts, Entertainment, and Recreation 2.3%

Top Countries (%)

As of June 30, 2014
Name Percent
UNITED STATES 53.9%
CANADA 24.6%
FRANCE 8.1%
CAYMAN ISLANDS 6.3%
SWITZERLAND 2.7%

Portfolio Allocation

As of June 30, 2014
Description Percent
Common Stocks 96.7%
Cash and Cash Equivalents 2.5%
Other Investments 0.8%

Disclosure

You should consider the investment objectives, risks, charges and expenses of the fund carefully before investing.  For a free copy of the fund’s prospectus, which contains this and other information, you may click here or call us at 1-800-930-3828.  You should read the prospectus carefully before you invest.

The Global Fund No Load Class inception date is 12/31/1999.  Figures include changes in principal value, reinvested dividends and capital gains distributions.  Performance data quoted represents past performance and does not guarantee future results.  Investment return and principal value will vary, and shares may be worth more or less at redemption than at original purchase.  The most recent month-end performance data is listed above, or you may obtain it by calling us at 1-800-930-3828.  Current performance may be lower or higher than the performance data quoted.  Performance data does not reflect the deduction of the sales load or fee which, if reflected, would reduce the performance quoted.  You will be charged a redemption fee equal to 2.00% of the net amount of the redemption if you redeem or exchange your shares 30 days or less after you purchase them.

S&P 500 Index statistics data is based on the iShares S&P 500 Index Fund.

The MSCI ACWI (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Standard & Poor’s 500 Index represents an unmanaged, broad-based basket of stocks. It is typically used as a proxy for overall market performance. The S&P 500 Index returns assumes that dividends are reinvested. An investor cannot invest directly in an index.

The Growth of $10,000 chart illustrates the performance of a hypothetical $10,000 investment made in No Load Class shares commencement of operations (12/31/99). It assumes reinvestment of capital gains and dividends. This chart is not intended to imply any future performance.

Holdings are expressed as a percentage of total net investments and may vary over time. Equity holdings are subject to change, and may not be indicative of actual market position due to the use of call and put options.

The Top 10 Sectors displayed represent a percentage of the net assets and excludes cash equivalents and other assets in excess of liabilities.

Assets represent the total net assets for the specified portfolio, which includes all fund classes.

Gross expense ratio listed for No-Load Class, Advisor Class A and Advisor Class C Class are referenced in the April 30, 2014 respective prospectus.

The Fund’s adviser, Kinetics Asset Management LLC, has voluntarily agreed to waive management fees and reimburse fund expenses so that net annual fund operating expenses of the No Load Class do not exceed certain levels through April 20, 2015 and may be discontinued at any time by the Fund’s adviser after April 29, 2015.