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

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 below, 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.

Portfolio Characteristics

As of September 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 December 19, 2014
Benchmark Daily NAV One Day Return (%) Month to Date Quarter to Date Year to Date
WWWEX $5.30 0.38% -6.69% -8.46% -12.40%
S&P 500 Index TR $8,198.24 0.46% 0.26% 5.48% 14.28%
MSCI ACW Index $188.94 0.67% -1.73% 0.62% 4.37%

Total Return (Annualized)

As of September 30, 2014
Benchmark 1YR 3YR 5YR 10YR Since Inception
WWWEX 2.41% 16.46% 10.36% 6.01% -2.03%
S&P 500 Index TR 19.73% 22.99% 15.70% 8.11% 3.98%
MSCI ACW Index 11.32% 16.61% 10.07% 7.28% 3.29%

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 September 30, 2014
WWWEX S&P 500 Index TR
Beta 1.01 1.00
Standard Deviation 23.25 15.37
Up Market Capture Ratio 0.95 -
Down Market Capture Ratio 1.17 -
Sharpe Ratio -0.18 0.13
Weighted Avg. Mkt. Cap ($mil) $9,271 $130,658
Median Market Capitalization $3,179 $17,161
Price to Book $1.58 $2.65
Price to Earnings $17.46 $18.43
Return on Equity 11.34% 19.60%

Top 10 Holdings (%)

As of September 30, 2014
Holdings Percent
Icahn Enterprises LP 6.6%
The Howard Hughes Corporation 6.1%
Siem Industries Inc. 5.9%
Dream Unlimited Corp. - Class A 5.8%
Dundee Corporation - Class A 5.5%
Bollore SA 5.4%
Texas Pacific Land Trust 5.3%
Liberty Interactive Corporation - Class A 4.4%
The Wendy's Company 4.2%
Onex Corporation 4.0%

Top 10 Sectors (%)

As of September 30, 2014
Percent
Information 17.7%
Finance and Insurance 15.9%
Real Estate and Rental and Leasing 15.5%
Management of Companies and Enterprises 13.6%
Mining, Quarrying, and Oil and Gas Extraction 10.6%
Retail Trade 7.3%
Manufacturing 6.0%
Petroleum & Gas 5.3%
Arts, Entertainment, and Recreation 2.3%
Wholesale Trade 1.7%

Top Countries (%)

As of September 30, 2014
Name Percent
United States 56.8%
Canada 23.5%
France 7.1%
Cayman Islands 6.5%
Switzerland 2.3%

Portfolio Allocation

As of September 30, 2014
Description Percent
Common Stocks 95.9%
Cash and Cash Equivalents 3.3%
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.

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 May 1, 2015 and may be discontinued at any time by the Fund’s adviser after May 1, 2015.

Definitions:

Beta: A statistic that measures the volatility of the fund, as compared to that of the overall market. The market’s beta is set at 1.00; a beta higher than 1.00 is considered to be more volatile than the market, while a beta lower than 1.00 is considered to be less volatile. The Beta has been calculated using data since the fund’s inception.

Standard Deviation: A statistical measure of portfolio risk used to measure variability of total return around an average, over a specified period of time. The greater the standard deviation over the period, the wider the variability or range of returns and hence, the greater the fund’s volatility. The standard deviation has been calculated since inception.

Up Market Capture Ratio: A statistical measure of an investment manager’s overall performance in up-markets. The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The up-market capture ratio has been calculated since inception.

Down Market Capture Ratio: A statistical measure of an investment manager’s overall performance in down-markets. The down-market capture ratio is used to evaluate how well or poorly an investment manager performed relative to an index during periods when that index has dropped. The down-market capture ratio has been calculated since inception.

Sharpe Ratio: A statistical measure that uses standard deviation and excess return to determine reward per unit of risk. A higher Sharpe ratio implies a better historical risk-adjusted performance. The Sharpe ratio has been calculated since inception using the 3-month treasury bill for the risk-free rate of return.

Weighted Avg. Mkt. Cap: The mean market capitalization (value of outstanding shares) of a basket of stocks, taking into account the relative weight of each investment.

Median Market Capitalization: The median market capitalization (value of outstanding shares) of a basket of stocks.

Price to Book Ratio: The harmonic weighted average of the price/book (P/B) ratios of the equity securities referenced. The ratio calculated by dividing the current price of the stock by the company’s book value per share (assets minus liabilities).

Price to Earnings Ratio: The harmonic weighted average of the price/earnings (P/E) ratios of the equity securities referenced. The P/E ratio is calculated by dividing the current price of the stock by the trailing one year earnings.

Return on Equity: The amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation’s profitability by revealing how much profit a company generates with the money shareholders have invested.

Turnover Ratio: A measure of how frequently assets within a fund are bought and sold by the managers represented over a one year period.