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Kinetics Global Fund
mutual fund
KGLCX
Payout Change
Pending
Price as of:
$15.44
-0.1
-0.64%
primary theme
U.S. Balanced Allocation
share class
KGLCX (Mutual Fund)
Kinetics Global Fund
Payout Change
Pending
Price as of:
$15.44
-0.1
-0.64%
primary theme
U.S. Balanced Allocation
share class
KGLCX (Mutual Fund)
Kinetics Global Fund
Payout Change
Pending
Price as of:
$15.44
-0.1
-0.64%
primary theme
U.S. Balanced Allocation
share class
Name
As of 12/10/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
79.5%
1 yr return
86.4%
3 Yr Avg Return
22.1%
5 Yr Avg Return
22.4%
Net Assets
$20.4 M
Holdings in Top 10
46.8%
52 WEEK LOW AND HIGH
$15.5
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 2.88%
SALES FEES
Front Load N/A
Deferred Load 1.00%
TRADING FEES
Turnover 7.00%
Redemption Fee 2.00%
Min Investment
Standard (Taxable)
$2,500
IRA
$2,500
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/10/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
KGLCX - Profile
Distributions
- YTD Total Return 79.5%
- 3 Yr Annualized Total Return 22.1%
- 5 Yr Annualized Total Return 22.4%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -1.65%
- Dividend Yield 1.1%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameKinetics Global Fund
-
Fund Family Name7
-
Inception DateDec 31, 1999
-
Shares Outstanding861919
-
Share ClassAdv
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMurray Stahl
Fund Description
The Global Fund is a diversified fund that invests all of its investable assets in the Global Portfolio, a series of Kinetics Portfolios Trust. Under normal circumstances, the Global Portfolio invests at least 65% of its net assets plus any borrowings for investment purposes in common stocks, exchange-traded funds (“ETFs”), convertible securities, warrants and other equity securities having the characteristics of common stocks (such as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and International Depositary Receipts (“IDRs”)) of foreign and U.S. companies listed on publicly traded exchanges. At least 40% of the Global Portfolio’s net assets will be invested in companies located outside the United States. The Global Portfolio will at all times have exposure to at least three (3) countries, which may include the United States. The Global Portfolio may also purchase and write options for hedging purposes and/or direct investment and invest in participatory notes (commonly known as “P-notes”) to take positions in certain foreign securities.
The Global Portfolio may invest up to 20% of its total assets in convertible and non-convertible debt securities rated below investment grade, also known as junk bonds, or unrated securities that the Investment Adviser has determined to be of comparable quality. The Global Portfolio may invest up to 100% of its assets in companies located in emerging markets.
The Investment Adviser selects portfolio securities by evaluating a company’s positioning and business model as well as its ability to grow and expand its activities or achieve a greater competitive advantage in cost/profitability and brand image leveraging. This evaluation by the Investment Adviser includes consideration of a company’s potential to maintain and grow long lived assets, while generating high returns on capital with operating predictability and transparency. The Investment Adviser also considers a company’s fundamentals by reviewing its balance sheets, corporate revenues, earnings and dividends. The Global Portfolio may invest in companies of any size, including small and medium-sized companies. Additionally, the Global Portfolio may participate in securities lending arrangements up to 33-1/3% of the securities in its portfolio with brokers, dealers, and financial institutions (but not individuals) in order to increase the return on its portfolio.
The Global Portfolio may invest indirectly in bitcoin through a Delaware statutory trust, Grayscale Bitcoin Trust ETF (“Grayscale Bitcoin Trust”) and through other pooled investment vehicles that provide
exposure to crypto assets. Certain of these vehicles may not be registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and do not receive the protections of the 1940 Act. The Global Portfolio will not invest directly in Bitcoin or other crypto assets. Grayscale Bitcoin Trust is one of the first spot Bitcoin ETFs in the U.S. It enables investors to gain exposure to bitcoin in the form of a security while avoiding the challenges of buying, storing, and safekeeping bitcoin, directly. Bitcoins are a type of crypto assets that are not issued by a government, bank or central organization. Bitcoins exist on an online, peer-to-peer computer network (the “Bitcoin Network”) that hosts a public transaction ledger where bitcoin transfers are recorded (the “Blockchain”). Bitcoins have no physical existence beyond the record of transactions on the Blockchain. The Grayscale Bitcoin Trust invests principallyin bitcoins. The Global Portfolio held 41.84% of its net assets in the Grayscale Bitcoin Trust as of March 31, 2024. The Global Portfolio may also invest in other pooled investment vehicles that provide exposure to the spot price of crypto assets. For example, the Global Portfolio may invest in the Grayscale Ethereum Classic Trust. The amount of the Global Portfolio’s investment in crypto assets may be limited by law or by tax considerations.
The Global Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trustto a wholly-owned and controlled subsidiary organized under the laws of the Cayman Islands (the “Cayman Subsidiary”).
The Global Portfolio is also the sole shareholder of a wholly owned subsidiary organized under Delaware law (the “Delaware Subsidiary”). The Global Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust to the Delaware Subsidiary. Any net gains that the Delaware Subsidiary recognizes on future sales of the contributed Grayscale Bitcoin Trust shares will be subject to federal and state corporate income tax, but the dividends that the Delaware Subsidiary pays to the Global Portfolio (i.e., those gains, net of the tax paid and any other expenses of the Delaware Subsidiary, such as its management and advisory fees) will be eligible to be treated as “qualified dividend income” under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Delaware Subsidiary and the Cayman Subsidiary are each referred to herein as a “Subsidiary” and collectively as “Subsidiaries.” Additional information regarding the tax treatment of the Fund is provided in the “Taxes” section of the SAI.
In the future, the Global Portfolio may seek to gain additional exposure to the Grayscale Bitcoin Trust that may not produce qualifying income for the Global Fund under the Internal Revenue Code if held directly. The Global Portfolio will not make any additional investments in the Grayscale Bitcoin Trust if as a result of such investment, its aggregate investment in the Grayscale Bitcoin Trust, either directly or through a Subsidiary, would be more than 15% of its assets at the time of the investment. However, the Portfolio’s investment in the Grayscale Bitcoin Trust may, at times, exceed 15% of its net assets, due to appreciation.
Each Subsidiary invests primarily in the Grayscale Bitcoin Trust. The Global Portfolio will invest in its Subsidiaries in a manner that is consistent with the limitations of the federal tax laws, rules and regulations that apply to the Global Fund as a “regulated investment company” (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code (“Subchapter M”). However, the Global Portfolio and each Subsidiary comply with the same fundamental investment restrictions on an aggregate basis, to the extent those restrictions are applicable to the investment activities of each Subsidiary. Each Subsidiary also complies with Section 17 of the 1940 Act elating to affiliated transactions and custody, and the Investment Adviser complies with Section 15 of the 1940 Act relating to investment advisory contracts with respect to the Subsidiaries. Unlike the Global Fund, each Subsidiary does not, and will not, seek to qualify as a RIC. The Global Portfolio is the sole shareholder of each Subsidiary and does not expect shares of the Subsidiaries to be offered or sold to other investors. The Subsidiaries include entities that engage in investment activities in securities or other assets that are
primarily controlled by the Global Portfolio. The Global Portfolio does not intend to create or acquire primary control of any entity which primarily engages in investment activities in securities or other assets other than entities wholly-owned by the Global Portfolio.
Sell decisions are generally triggered by either adequate value being achieved, as determined by the Investment Adviser, or by an adverse change in a company’s operating performance or a deterioration of the company’s business model. A sell trigger may also occur if the Investment Adviser discovers a new investment opportunity that it believes is more compelling and represents a greater risk reward profile than other investment(s) held by the Global Portfolio.
The Global Portfolio may maintain during a temporary period, which could be for a short period or a longer period lasting several years or more, of abnormal conditions, a significant portion of its total assets in cash and securities, generally considered to be cash and cash equivalents, including, but not limited to: high quality, U.S. short-term debt securities and money market instruments. The Investment Adviser will invest in such short-term cash positions to the extent that the Investment Adviser is unable to find sufficient investments meeting its criteria and when the Investment Adviser believes the purchase of additional equity securities would not further the investment objective of the Global Portfolio during such periods of time. Additionally, to respond to adverse market, economic, political or other conditions, which may persist for short or long periods of time, the Global Portfolio may invest up to 100% of its assets in the types of high quality, U.S. short-term debt securities and money market instruments described above.
If the market advances during periods when the Global Portfolio is holding a large cash position, the Portfolio may not participate as much as it would have if it had been more fully invested in securities. In the aforementioned temporary defensive periods, the Investment Adviser believes that an additional amount of liquidity in the Global Portfolio is desirable both to meet operating requirements and to take advantage of new investment opportunities. When the Global Portfolio holds a significant portion of assets in cash and cash equivalents, it may not meet its investment objective.
The Global Portfolio held 21.55% of its net assets in the Texas Pacific Land Corporation (the “Land Corporation”) as of March 31, 2024. The Land Corporation is a corporation organized under the laws of the state of New York. One of the largest land owners in Texas, the Land Corporation derives most of its income from oil and gas royalty revenue, land easements and water royalties and sales. The Land Corporation has historically operated with minimal operating expenses, little to no debt and utilized cash flow to return capital to unitholders through share repurchases and dividends. While the Land Corporation has held the majority of its assets since its formation in 1888, the development of energy resources subject to its royalty interests and related land use have experienced rapid growth in recent years due to advances in energy exploration and extraction technologies.
KGLCX - Performance
Return Ranking - Trailing
| Period | KGLCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 79.5% | -2.2% | 85.5% | 0.44% |
| 1 Yr | 86.4% | -0.9% | 87.3% | 0.44% |
| 3 Yr | 22.1%* | -3.9% | 24.1% | 0.45% |
| 5 Yr | 22.4%* | -2.5% | 23.9% | 0.48% |
| 10 Yr | 13.6%* | 1.2% | 14.4% | 0.65% |
* Annualized
Return Ranking - Calendar
| Period | KGLCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 9.0% | -12.2% | 23.9% | 63.62% |
| 2022 | -8.7% | -34.7% | 2.8% | 3.89% |
| 2021 | 12.6% | -11.9% | 18.1% | 5.71% |
| 2020 | 24.1% | -20.9% | 39.7% | 1.45% |
| 2019 | 20.7% | 0.8% | 25.7% | 2.50% |
Total Return Ranking - Trailing
| Period | KGLCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 79.5% | -2.2% | 85.5% | 0.44% |
| 1 Yr | 86.4% | -0.9% | 87.3% | 0.44% |
| 3 Yr | 22.1%* | -3.9% | 24.1% | 0.45% |
| 5 Yr | 22.4%* | -2.5% | 23.9% | 0.48% |
| 10 Yr | 13.6%* | 1.2% | 14.4% | 0.65% |
* Annualized
Total Return Ranking - Calendar
| Period | KGLCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 11.2% | -12.2% | 26.8% | 79.97% |
| 2022 | -7.2% | -29.0% | 10.9% | 7.04% |
| 2021 | 15.4% | -3.0% | 27.3% | 24.23% |
| 2020 | 24.1% | -19.5% | 40.6% | 1.62% |
| 2019 | 20.7% | 2.2% | 32.7% | 32.28% |
NAV & Total Return History
KGLCX - Holdings
Concentration Analysis
| KGLCX | Category Low | Category High | KGLCX % Rank | |
|---|---|---|---|---|
| Net Assets | 20.4 M | 861 K | 235 B | 96.05% |
| Number of Holdings | 53 | 2 | 16143 | 50.37% |
| Net Assets in Top 10 | 14 M | 859 K | 66.9 B | 94.70% |
| Weighting of Top 10 | 46.81% | 10.8% | 122.7% | 54.05% |
Top 10 Holdings
- Grayscale Bitcoin Trust (BTC) 16.03%
- Texas Pacific Land Corp 13.10%
- Texas Pacific Land 10.26%
- CACI International Inc Class A 5.38%
- Galaxy Digital Holdings Ltd 2.48%
- Clarkson PLC 2.17%
- Clarkson PLC 2.17%
- Clarkson PLC 2.17%
- Clarkson PLC 2.17%
- Clarkson PLC 2.17%
Asset Allocation
| Weighting | Return Low | Return High | KGLCX % Rank | |
|---|---|---|---|---|
| Cash | 43.67% | -7.92% | 100.00% | 0.59% |
| Stocks | 40.26% | 0.00% | 100.10% | 89.69% |
| Other | 16.04% | -42.55% | 113.97% | 1.62% |
| Preferred Stocks | 0.03% | 0.00% | 24.59% | 22.39% |
| Convertible Bonds | 0.00% | 0.00% | 23.84% | 91.84% |
| Bonds | 0.00% | 0.00% | 75.29% | 70.99% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | KGLCX % Rank | |
|---|---|---|---|---|
| Energy | 37.30% | 0.00% | 85.65% | 0.89% |
| Financial Services | 19.08% | 0.00% | 38.77% | 7.89% |
| Basic Materials | 16.04% | 0.00% | 25.57% | 1.34% |
| Technology | 13.65% | 0.00% | 44.21% | 84.97% |
| Industrials | 13.34% | 0.00% | 24.37% | 8.33% |
| Real Estate | 0.33% | 0.00% | 65.01% | 93.01% |
| Consumer Defense | 0.12% | 0.00% | 15.14% | 98.21% |
| Communication Services | 0.09% | 0.00% | 38.10% | 96.58% |
| Utilities | 0.05% | 0.00% | 99.55% | 91.37% |
| Healthcare | 0.00% | 0.00% | 29.35% | 97.92% |
| Consumer Cyclical | 0.00% | 0.00% | 19.36% | 98.96% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | KGLCX % Rank | |
|---|---|---|---|---|
| US | 27.77% | 0.00% | 100.10% | 90.13% |
| Non US | 12.49% | 0.00% | 42.80% | 5.15% |
KGLCX - Expenses
Operational Fees
| KGLCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 2.88% | 0.03% | 27.98% | 4.10% |
| Management Fee | 1.25% | 0.00% | 1.83% | 98.25% |
| 12b-1 Fee | 1.00% | 0.00% | 1.00% | 88.25% |
| Administrative Fee | N/A | 0.01% | 0.83% | 13.54% |
Sales Fees
| KGLCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.25% | 5.75% | N/A |
| Deferred Load | 1.00% | 1.00% | 5.00% | 47.25% |
Trading Fees
| KGLCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | 2.00% | 0.00% | 2.00% | 21.05% |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| KGLCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 7.00% | 0.83% | 343.00% | 3.15% |
KGLCX - Distributions
Dividend Yield Analysis
| KGLCX | Category Low | Category High | KGLCX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 1.11% | 0.00% | 17.90% | 68.57% |
Dividend Distribution Analysis
| KGLCX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Quarterly | Quarterly | Quarterly |
Net Income Ratio Analysis
| KGLCX | Category Low | Category High | KGLCX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -1.65% | -2.34% | 13.92% | 99.70% |
Capital Gain Distribution Analysis
| KGLCX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 28, 2023 | $0.173 | OrdinaryDividend |
| Dec 29, 2022 | $0.127 | CapitalGainLongTerm |
| Dec 29, 2021 | $0.215 | OrdinaryDividend |
| Dec 28, 2018 | $0.004 | CapitalGainLongTerm |
| Dec 28, 2017 | $0.049 | CapitalGainShortTerm |
| Dec 28, 2017 | $0.501 | CapitalGainLongTerm |
| Dec 28, 2017 | $0.069 | OrdinaryDividend |
| Dec 30, 2016 | $0.021 | CapitalGainShortTerm |
| Dec 30, 2015 | $0.003 | CapitalGainLongTerm |
| Dec 30, 2014 | $0.001 | CapitalGainLongTerm |
| Dec 30, 2013 | $0.006 | OrdinaryDividend |
| Dec 27, 2012 | $0.103 | OrdinaryDividend |
| Dec 29, 2011 | $0.030 | OrdinaryDividend |
| Dec 30, 2010 | $0.022 | OrdinaryDividend |
| Dec 30, 2009 | $0.002 | OrdinaryDividend |
| Dec 30, 2008 | $0.040 | OrdinaryDividend |
KGLCX - Fund Manager Analysis
Managers
Murray Stahl
Start Date
Tenure
Tenure Rank
Apr 30, 1999
23.1
23.1%
Mr. Stahl is a Portfolio Manager at Horizon and is Chief Executive Officer, Chairman of the Board and is a co-founder of Horizon Kinetics. Mr. Stahl serves as the Firm's Chief Investment Officer, and chairs the Firm's Investment Committee, which is responsible for portfolio management decisions across the entire firm. Previously, Murray spent 16 years at Bankers Trust Company (1978-1994) as a senior portfolio manager and research analyst. He was also a member of the Equity Strategy Group and the Investment Strategy Group, which established asset allocation guidelines for the Private Bank. Murray received a BA and MA from Brooklyn College and an MBA from Pace University.
Peter Doyle
Start Date
Tenure
Tenure Rank
Apr 30, 1999
23.1
23.1%
Peter is a Senior Member of Horizon Kinetics’ Research Team. He is a member of the Investment Committee and the Board and manages customized portfolios for a number of Horizon Kinetics’ private clients. Peter is also the President of the Kinetics Mutual Funds, Inc., a series of U.S. mutual funds managed by Kinetics Asset Management LLC, a subsidiary of Horizon Kinetics. Previously, Peter was with Bankers Trust Company as a Senior Investment Officer, where he also served on the Finance, Utility and REIT Research sub-group teams. Peter received a BS from St. John’s University and an MBA from Fordham University
Steven Tuen
Start Date
Tenure
Tenure Rank
Apr 30, 2003
19.1
19.1%
Steven Tuen joined the Investment Adviser in 1999 as a research analyst. He joined Horizon in 1996, also as a research analyst, and between 1999 and 2011 was a dual employee of both the Investment Adviser and Horizon. Previously, Steven spent seven years with Bankers Trust Company as a Portfolio Manager in the Private Client Group, serving high net worth individual and trust accounts. He received a Bachelors of Business Administration from Baruch College – City University of New York. Steve is a CFA® charter holder and a member of the CFA Institute as well as the New York Society of Security Analysts.
James Davolos
Start Date
Tenure
Tenure Rank
Apr 30, 2006
16.1
16.1%
James joined the firm in 2005 and currently serves as an Assistant Portfolio Manager for several funds. He began his investment career with the firm in 2005, as a member of the trading desk and transitioned to the investment team in December 2006. James began his tenure on the investment team as a junior analyst covering investment and research opportunities for various strategies managed by the firm. James received a BBA in Finance from Loyola University in Maryland and was a member of the Sellinger Scholars business honors program.
Steven Bregman
Start Date
Tenure
Tenure Rank
Dec 31, 2015
6.42
6.4%
Steven is the Portfolio Manager of Horizon’s Core Value strategy and was a co-founder of the Firm. Steven serves on the Investment Committee, the Board and is a senior member of Horizon Kinetics’ Research Team, with oversight responsibilities for all research reports produced by the Firm. Previously, he was a senior investment officer in the Private Bank at Bankers Trust Company (1985-1994), where he was a member of the Institutional/Individual Group responsible for the bank’s larger individual relationships and for setting equity investment guidelines for the Private Bank. Steven also served as a member of the Special Situations Equity Strategy Group, and in a variety of new product development projects. By 1994 Steven managed approximately $600 million in private client assets. He received a BA from Hunter College.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 34.51 | 6.39 | 2.41 |
