Market Opportunities Fund

SPECIALTY / SECTOR KMKNX No Load Class

Overview

THE FUND
  • U.S. focused global fund invests in companies engaged in capital markets related activities and services, which trade at attractive valuations.
  • Investments are focused on companies that generally benefit from increasing transactional volume or facilitating financial transactions without employing financial leverage or risking their own capital.
  • Such companies tend to have high operating leverage, high returns on equity and scalability.

Market Opportunities Fund Commentary

Read more about the Market Opportunities Fund in this commentary.

Market Opportunities Fund Fact Sheet

Learn more about the Market Opportunities Fund in this fact sheet.

Performance Overview

GROWTH OF $10,000 SINCE INCEPTION

Portfolio Characteristics

As of June 30, 2014

Portfolio Managers


Peter Doyle

President Kinetics Mutual Funds, Inc., Co-Founder, Senior Portfolio Manager

Peter is a Senior Member of Horizon Kinetics’ Research Team. He is a member of the Investment Committee and the Board and manages customized portfol...

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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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Daily Performance

As of September 2, 2014
Benchmark Daily NAV One Day Return (%) Month to Date Quarter to Date Year to Date
KMKNX $18.36 0.49% 0.49% 3.44% 3.96%
S&P 500 Index TR $7,879.20 -0.05% -0.05% 2.52% 9.83%
MSCI EAFE Index $5,248.18 -0.03% -0.05% -2.17% 2.51%

Total Return (Annualized)

As of June 30, 2014
Benchmark 1YR 3YR 5YR Since Inception
KMKNX 20.62% 15.76% 15.52% 8.29%
S&P 500 Index TR 24.61% 16.58% 18.83% 7.47%
MSCI EAFE Index 23.57% 8.10% 11.77% 4.18%

Historical Total Return

2006 2007 2008 2009 2010 2011 2012 2013
KMKNX 20.85% 34.03% -54.83% 50.21% 11.31% -7.85% 17.52% 46.74%
S&P 500 Index TR 10.80% 5.49% -37.00% 26.46% 15.06% 2.11% 16.00% 32.39%
MSCI EAFE Index 20.97% 11.17% -43.38% 31.78% 7.75% -12.14% 17.32% 22.78%

Class Information

 
Class Ticker CUSIP 12b-1 Fee Net Expense Ratio Gross Expense Ratio
No Load Class KMKNX 494613789 - 1.64% 1.88%
Advisor A KMKAX 494613771 0.25% 1.89% 2.13%
Advisor C KMKCX 494613730 1.00% 2.39% 2.63%
Institutional KMKYX 494613615 - 1.44% 1.83%

Fund Statistics

As of June 30, 2014
KMKNX S&P 500 Index TR
Beta 1.24 1.00
Standard Deviation 21.85 15.66
Up Market Capture Ratio 1.27 -
Down Market Capture Ratio 1.29 -
Sharpe Ratio 0.31 0.38
Weighted Avg. Mkt. Cap ($mil) $12,651 $125,264
Median Market Capitalization $2,207 $18,096
Price to Book $2.03 $2.67
Price to Earnings $14.54 $18.58
Return on Equity 17.42% 19.58%

Top 10 Holdings (%)

As of June 30, 2014
Holdings Percent
Icahn Enterprises LP 9.5%
Texas Pacific Land Trust 7.6%
The Howard Hughes Corporation 6.8%
Onex Corporation 5.8%
Dream Unlimited Corp. - Class A 5.2%
Dundee Corporation - Class A 4.9%
Brookfield Asset Management Inc. - Class A 3.7%
Oaktree Capital Group LLC 3.5%
CBOE Holdings Inc. 3.5%
Leucadia National Corporation 3.3%

Top 10 Industries (%)

As of June 30, 2014
Title Percent
Asset Management 24.5%
Holding Company 15.7%
Oil and Gas 7.7%
Lessors of Nonresidential Blds. (except Miniwarehouses) 7.4%
Real Estate 5.2%
Other Exchanges 5.2%
Data Processor 4.2%
Gaming 3.6%
Sec., Cmdty Contracts, and Other Fin. Invt. and Rel. Act. 3.3%
Non-Store Retailers 2.6%

Disclosure

The Market Opportunities Fund is classified as a non-diversified fund. Therefore, the value of its shares may fluctuate more than shares invested in a broader range of industries. You should consult the Fund’s prospectus for a complete list of risks associated with your investment.

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 Market Opportunities Fund No Load Class inception date is 1/31/2006. 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 EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. 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 assume 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 (1/31/06). 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 Industries 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, Advisor Class C and Institutional 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.