Multi-Disciplinary Income Fund

KMDNX No Load Class

Overview

THE FUND
  • In May 2023, the Fund’s investment strategy shifted toward investing in CLO debt tranches from its prior approach of investing in individual bonds combined with an option strategy for income generation.
  • The Fund’s investment strategy seeks to generate current income while minimizing interest rate risks inherent in more traditional fixed income investments.
  • Fund investments comprise the floating rate debt tranches of collateralized loan obligation (CLO) vehicles, which are securitization structures. The CLOs issue several debt tranches, which are typically rated AAA through BB, as well as an equity tranche. The proceeds from the debt and equity tranches are used by the CLO to invest in a diversified portfolio of collateral assets. Their collateral assets of CLOs are primarily floating rate, first lien, senior secured loans, issued by public and private, cash flow positive companies.

Multi-Disciplinary Income Fund Commentary

Read more about the Multi-Disciplinary Income Fund in this commentary.

Multi-Disciplinary Income Fund Fact Sheet

Learn more about the Multi-Disciplinary Income Fund in this fact sheet.

Performance Overview

GROWTH OF $10,000 SINCE INCEPTION

The Multi-Disciplinary Income Fund No Load Class inception date is 2/11/2008.  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 March 31, 2024

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...

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Darryl Monasebian

Senior Portfolio Manager

Darryl joined the Firm in 2022 and currently serves as a Senior Portfolio Manager. Before joining the Firm, Darryl served as an Executive Vice Preside...

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Daily Performance

As of May 24, 2024
Benchmark Daily NAV One Day Return (%) Month to Date Quarter to Date Year to Date
KMDNX $10.03 0.00% 0.50% 1.01% 3.03%

Total Return (Annualized)

As of March 31, 2024
Benchmark 1YR 3YR 5YR 10YR Since Inception
KMDNX 6.80% 1.53% 1.68% 2.56% 3.72%

Historical Total Return

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
KMDNX -17.76% 22.90% 13.04% 0.24% 15.38% 4.28% 2.46% -2.17% 10.41% 4.75% -1.00% 9.08% -1.38% 1.18% -2.30% 5.15%

Class Information

 
Class Ticker CUSIP 12b-1 Fee Net Expense Ratio Gross Expense Ratio
No Load Class KMDNX 494613672 - 1.02% 1.63%

Fund Statistics

As of March 31, 2024
KMDNX
Beta 0.17
Standard Deviation 5.20
Up Market Capture Ratio 0.37 -
Down Market Capture Ratio 0.16 -
Sharpe Ratio -0.07 -0.28

Top Fixed Income Holdings (%)

As of March 31, 2024
Holdings Percent
Babson CLO Ltd./Cayman Islands 2023-1, AAA tranche 4.6%
Rad CLO 2023-20A, AA tranche 4.2%
Regatta XVI Funding Ltd. 2019-16B, AA tranche 4.2%
Venture 48 CLO Ltd. 2023-48, AA tranche 4.2%
Fortress Credit BSL Ltd. 2023-18, AAA tranche 4.2%
Battery Park CLO Ltd. 2022-2, AAA tranche 4.2%
ICG US CLO 2023-1 (i), Ltd., AA tranche 4.2%
Magnetite CLO Ltd. 2023-37A, AA tranche 4.2%
Man US CLO 2023-1 LTD., AAA tranche 4.2%
37 Capital CLO Ltd. 2023-3, AAA tranche 4.1%

Portfolio Allocation

As of March 31, 2024
Description Percent
Collateralized Loan 95.0%
Cash and Cash Equivalents 5.0%

Recent Fund Distributions

As of March 31, 2024
Distribution Per Share
March 31, 2024 $0.19
December 31, 2023 $0.13
September 30, 2023 $0.17
June 30, 2023 $0.11

Distributions by the Fund are subject to change and may discontinue at any time without notice. To see the full list of fund distributions, click here.

Disclosure

The Multi-Disciplinary Income Fund is classified as a diversified fund. Investing in a diversified fund does not ensure a profit or protect against loss in a declining market.

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 Fund statistics have been calculated for the past five years.

Distributions by the Fund are subject to change and may discontinue at any time without notice.

The Growth of $10,000 chart illustrates the performance of a hypothetical $10,000 investment made in No Load Class shares commencement of operations (2/11/08). 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. For purposes of calculating the top percentage holdings of the fund, the top 10 equity and fixed income holdings are valued at their applicable market value. Fixed Income Statistics include details on instruments held directly by the Fund and do not include securities which may be held within a portfolio owned by the Fund.

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

The Gross expense ratios listed are as of 12/31/2023 as reported in the 4/30/2024 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, 2025 and may be discontinued at any time by the Fund’s adviser after April 30, 2025.

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

Definitions:

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 for the past five years.

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 for the past 5 years.

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 for the past five years.

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 for the past five years.

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 for the past five years using the 3-month treasury bill for the risk-free rate of return.

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

Allocation Box: The allocation box has been created by Kinetics. The horizontal axis of the box is divided into three investment style classifications: Value, Core (a blend of Value and Growth) and Growth. The vertical axis is divided into three categories based on individual company size: large, mid and small. Generally, the 400 largest companies in the U.S. are considered Large, the next 1000 largest are Mid and the remainder are Small. Classifications made by Kinetics are for representative purposes only and may change at any time without notice.

Delta: A statistical measure relating the changes in an option’s price to price changes of the option’s underlying security.

Average Put Option % Moneyness: % moneyness refers to a put option’s strike price relative to the price of its underlying security in percentage terms. The average put option % moneyness is the average % moneyness for the option exposures weighted by each option’s % of notional exposure. In-the-money (ITM) refers to a put option with a strike price that is above the underlying security’s price. At-the-money (ATM) refers to a put option with a strike prices that is equal to the underlying security’s price. Out-the-money (OTM) refers to a put option with a strike price that is below the underlying security’s price. For example, a put option that is 5% OTM has a strike price that is 5% below the underlying security’s price and a put option that is 5% ITM has a strike price that is 5% higher than the underlying security’s price.

Annual Distribution Yield: Represents a fund’s distribution made to shareholders of the No Load Class over the past 12 months divided by the No Load Class NAV of the last business day of the period. The distributions consist of income and realized capital gains, and may include return of capital if shareholders of record at the time of the distribution were provided with such notice. The Fund’s investment advisor has voluntarily agreed to waive management fees and reimburse Fund expenses. The Annual Distribution Yield would have been lower if not for the Fund’s voluntary waivers. The Annual Distribution Yield does not reflect a sales load/charge, which, if applied would lower the yields shown.