Small Cap Opportunities Fund

EQUITIES KSCOX No Load Class

Overview

THE FUND
  • U.S. focused global small-cap fund seeking to invest in fundamentally undervalued companies with market capitalizations at or below the highest market capitalization of a component security within the Russell 2000® Index.
  • Investments are concentrated in companies that have a small market capitalization with the potential to expand to higher valuations either through revaluation, growth or a combination thereof.
  • The Fund targets companies with substantial barriers to entry, long product life cycles and sound capital structures; on occasion the Fund invests in less mature companies in the process of developing a superior product or market niche.

Small Cap Opportunities Fund Commentary

Read more about the Small Cap Opportunities Fund in this commentary.

Small Cap Opportunities Fund Fact Sheet

Learn more about the Small Cap 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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Matthew Houk

Portfolio Manager, Research Analyst

Matt joined the firm in 2008 and has responsibilities in both Research and Portfolio Management. Matt is a member of the Investment Committee and has ...

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Daily Performance

As of August 26, 2014
Benchmark Daily NAV One Day Return (%) Month to Date Quarter to Date Year to Date
KSCOX $41.95 0.46% 5.85% 0.72% 4.56%
Russell 2000 Index TR $5,514.43 0.86% 5.00% -1.35% 1.79%
S&P 500 Index TR $7,866.62 0.11% 3.78% 2.35% 9.66%

Total Return (Annualized)

As of June 30, 2014
Benchmark 1YR 3YR 5YR 10YR Since Inception
KSCOX 28.95% 22.15% 19.63% 10.43% 11.41%
Russell 2000 Index TR 23.64% 14.57% 20.21% 8.70% 6.99%
S&P 500 Index TR 24.61% 16.58% 18.83% 7.78% 4.07%

Historical Total Return

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
KSCOX 14.25% 30.63% -30.28% 66.51% 16.40% 13.17% 28.37% 19.65% -57.88% 58.16% 13.86% -13.65% 26.74% 59.40%
Russell 2000 Index TR -11.05% 2.49% -20.48% 47.25% 18.33% 4.55% 18.37% -1.57% -33.79% 21.17% 26.85% -4.18% 16.35% 38.82%
S&P 500 Index TR -8.57% -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%

Class Information

 
Class Ticker CUSIP 12b-1 Fee Net Expense Ratio Gross Expense Ratio
No Load Class KSCOX 494613706 - 1.64% 1.73%
Advisor A KSOAX 494613839 0.25% 1.89% 1.98%
Advisor C KSOCX 494613748 1.00% 2.39% 2.48%
Institutional KSCYX 494613813 - 1.44% 1.68%

Fund Statistics

As of June 30, 2014
KSCOX S&P 500 Index TR
Beta 1.09 1.00
Standard Deviation 20.69 15.31
Up Market Capture Ratio 1.33 -
Down Market Capture Ratio 0.97 -
Sharpe Ratio 0.46 0.12
Weighted Avg. Mkt. Cap ($mil) $4,033 $125,264
Median Market Capitalization $1,352 $18,096
Price to Book $2.16 $2.67
Price to Earnings $19.90 $18.58
Return on Equity 7.76% 19.58%

Top 10 Holdings (%)

As of June 30, 2014
Holdings Percent
The Howard Hughes Corporation 10.3%
Texas Pacific Land Trust 8.5%
Icahn Enterprises LP 7.8%
Dream Unlimited Corp. - Class A 7.6%
Jarden Corporation 6.6%
The Wendy's Company 5.9%
Onex Corporation 5.5%
DreamWorks Animation SKG, Inc. - Class A 4.1%
Live Nation Entertainment, Inc. 3.8%
Dundee Corporation - Class A 3.4%

Top 10 Sectors (%)

As of June 30, 2014
Percent
Real Estate and Rental and Leasing 23.9%
Manufacturing 23.9%
Finance and Insurance 15.7%
Petroleum & Gas 8.5%
Management of Companies and Enterprises 8.0%
Information 5.6%
Retail Trade 5.4%
Arts, Entertainment, and Recreation 3.8%
Mining, Quarrying, and Oil and Gas Extraction 1.6%
Accommodation and Food Services 1.1%

Disclosure

The Small Cap 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 Small Cap Opportunities Fund No Load Class inception date is 3/20/2000. 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 Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. 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 (3/20/00). 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, 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.