Internet Fund

WWWFX No Load Class


  • A fund that invests in undervalued companies participating in the growth of the Internet.
  • Focused not only on investing in traditional technology companies, but also those that provide new kinds of services or products made possible by development or improvement of Internet-related technologies within a variety of sectors.
  • Favor companies with strong alignment of interest and high barriers to entry, such as growing information library, scalability and network/adoption.

Internet Fund Commentary

Read more about the Internet Fund in this Commentary.

Internet Fund Fact Sheet

Learn more about the Internet Fund in this fact sheet.

Performance Overview


The Internet Fund No Load Class inception date is 10/21/1996.  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 June 30, 2023

Portfolio Managers

Murray Stahl

Chairman, Chief Executive Officer, Chief Investment Officer, Co-Founder

Murray is Chief Executive Officer, Chairman of the Board of Horizon Kinetics and is a co-founder of the Firm. He has over thirty years of investing ex...


Peter Doyle

Managing Director, President of Kinetics Mutual Funds, Inc., Co-Founder

Peter is a Managing Director and co-founder of the Firm.  He is a senior member of the research team, and a member of the Investment Committee and th...


James Davolos

Portfolio Manager, Research Analyst

James joined the Firm in 2005 and currently serves as Co-Portfolio Manager for the Inflation Beneficiaries ETF (INFL), the Internet Fund as well as se...


Daily Performance

As of September 29, 2023
Benchmark Daily NAV One Day Return (%) Month to Date Quarter to Date Year to Date
WWWFX $49.69 -0.54% -0.88% 5.79% 9.14%
S&P 500 Index TR $20,007.26 -0.27% -4.77% -3.27% 13.07%
Nasdaq Index $13,219.32 0.14% -5.81% -4.12% 26.30%

Total Return (Annualized)

As of June 30, 2023
Benchmark 1YR 3YR 5YR 10YR Since Inception
WWWFX 9.47% 11.69% 8.75% 9.44% 13.11%
S&P 500 Index TR 19.59% 14.60% 12.31% 12.86% 9.13%
Nasdaq Index 25.02% 11.08% 12.92% 15.02% 9.46%

Historical Total Return

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
WWWFX -5.80% 12.74% 196.14% 216.44% -51.49% -9.62% -23.44% 40.11% 10.06% -1.69% 16.49% 26.81% -42.24% 48.61% 21.18% -1.98% 23.24% 44.28% -0.16% -5.42% 2.59% 57.43% -27.32% 26.45% 56.42% 15.36% -24.28%
S&P 500 Index TR 4.80% 33.36% 28.58% 21.04% -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% 13.69% 1.38% 11.96% 21.83% -4.38% 31.49% 18.40% 28.71% -18.11%
Nasdaq Index 4.42% 21.64% 39.63% 85.59% -39.29% -21.05% -31.53% 50.01% 8.59% 1.37% 9.52% 9.81% -40.54% 43.89% 16.91% -1.80% 15.91% 38.32% 13.40% 5.73% 7.50% 28.24% -3.88% 35.23% 43.64% 21.39% -33.10%

Class Information

Class Ticker CUSIP 12b-1 Fee Net Expense Ratio Gross Expense Ratio
No Load Class WWWFX 460953102 - 1.77% 1.77%
Advisor A KINAX 494613862 0.50% 2.02% 2.02%
Advisor C KINCX 494613763 1.00% 2.25% 2.52%

Fund Statistics

As of June 30, 2023
WWWFX S&P 500 Index TR
Beta 1.20 1.00
Standard Deviation 29.75 15.68
Up Market Capture Ratio 1.33 -
Down Market Capture Ratio 1.16 -
Sharpe Ratio 0.36 0.45
Weighted Avg. Mkt. Cap ($mil) $32,004 $679,489
Median Market Capitalization $2,129 $31,117
Price to Book 5.55 4.01
Price to Earnings 24.51 23.65
Return on Equity 40.38% 24.81%
Active Share 98.26% -

Top 10 Holdings (%)

As of June 30, 2023
Holdings Percent
Grayscale Bitcoin Trust 26.0%
Texas Pacific Land Corp 17.5%
CACI International, Inc. - Class A 8.6%
OTC Markets Group, Inc. - Class A 4.4%
MasterCard, Inc. - Class A 1.5%
Miami International Holdings, Inc. 1.2%
Verisk Analytics, Inc. 1.0%
Liberty Media Corp.-Liberty Formula One - Class A 0.8%
CME Group, Inc. 0.5%
Mesabi Trust 0.5%

Top 10 Industries (%)

As of June 30, 2023
Title Percent
Sec., Cmmdty Contracts, and Other Fin. Inv. and Rel. Act. 30.4%
Oil and Gas Extraction 17.7%
Aerospace and Defense 8.6%
Data Processing, Hosting, and Related Services 2.5%
Securities and Commodities Exchanges 1.8%
Spectator Sports 1.3%
Funds, Trusts, and Other Financial Vehicles 0.5%
Management of Companies and Enterprises 0.4%
Other Professional, Scientific, and Technical Services 0.3%
Other Information Services 0.2%


The Internet 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.

S&P 500 Index statistics data is based on the iShares S&P 500 Index Fund for market cap, price to book, price to earnings, return on equity, and active share. iShares is a product of BlackRock, Inc.

The NASDAQ Composite (NASDAQ) and the Standard & Poor’s 500 Index (S&P 500) each represent an unmanaged, broad-based basket of stocks. They are typically used as a proxy for overall market performance. NASDAQ Composite returns stated above do NOT include reinvested dividends, while 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 (10/21/96). 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.

The Gross expense ratios listed are as of 12/31/2021 as reported in the 4/30/2023 prospectus. The Fund’s adviser voluntarily agreed to waive management fees and reimburse fund expenses so that net annual fund operating expenses do not exceed certain levels, not including acquired fund fees and expenses (AFFE), through April 30, 2024 and may be discontinued at any time by the Fund’s adviser after April 30, 2024.

*Number of Positions are calculated such that all securities issued by one issuer are counted as one position.


Beta: A statistic that measures the volatility of the fund, as compared to the overall market. The market’s beta is set at 1.00; therefore 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. It is important to note that a low beta for a fund does not necessarily imply that the fund has a low level of volatility, a low beta signifies only that the fund’s market-related risk is low.  The Beta has been calculated since 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.

Active share: A measure of the percentage of holdings in a portfolio that differ from a benchmark index. It is calculated by taking the sum of the differences of the weight of each holding in the portfolio and the weight of each holding in the benchmark index and dividing by two. Active Share Ratio: Active share is measured against the iShares S&P 500 ETF.