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Trending ETFs

Kinetics Spin-Off and Corporate Restructuring Fund

mutual fund
LSHCX
Payout Change
Suspended
Price as of:
$18.2 -1.03 -5.36%
primary theme
U.S. Mid-Cap Growth Equity
LSHCX (Mutual Fund)

Kinetics Spin-Off and Corporate Restructuring Fund

Payout Change
Suspended
Price as of:
$18.2 -1.03 -5.36%
primary theme
U.S. Mid-Cap Growth Equity
LSHCX (Mutual Fund)

Kinetics Spin-Off and Corporate Restructuring Fund

Payout Change
Suspended
Price as of:
$18.2 -1.03 -5.36%
primary theme
U.S. Mid-Cap Growth Equity

Name

As of 12/04/2023

Price

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

$18.20

$25.4 M

0.00%

2.67%

Vitals

YTD Return

-20.9%

1 yr return

-25.2%

3 Yr Avg Return

18.2%

5 Yr Avg Return

14.5%

Net Assets

$25.4 M

Holdings in Top 10

96.7%

52 WEEK LOW AND HIGH

$19.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.67%

SALES FEES

Front Load N/A

Deferred Load 1.00%

TRADING FEES

Turnover 1.00%

Redemption Fee 2.00%


Min Investment

Standard (Taxable)

$2,500

IRA

$2,500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/04/2023

Price

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

$18.20

$25.4 M

0.00%

2.67%

LSHCX - Profile

Distributions

  • YTD Total Return -20.9%
  • 3 Yr Annualized Total Return 18.2%
  • 5 Yr Annualized Total Return 14.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -1.37%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Kinetics Spin-Off and Corporate Restructuring Fund
  • Fund Family Name
    9
  • Inception Date
    Jul 11, 2007
  • Shares Outstanding
    47639
  • Share Class
    Adv
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Steven Bregman

Fund Description

Under normal market conditions, the Fund will pursue its investment objective by investing at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of spin-off companies, companies subject to other forms of corporate restructuring, parents of any such companies, and publicly traded shareholder activist holding companies which, by way of their shareholder ownership in other companies, have caused such other companies to undergo spin-offs and other forms of corporate restructurings. The Fund is non-diversified. The Fund considers a spin-off company or a company subject to a corporate restructuring to be any company that has experienced one of the following events within five years of the Fund’s investment in the company: a spin-off distribution of stock of a subsidiary company by its parent company to parent company shareholders; an equity “carve-out” or
“partial initial public offering” in which a parent company sells a percentage of the equity of a subsidiary in a public offering; or the parent company of any such company after the public disclosure of the corporate restructuring. The Fund may invest in a parent company of a spin-off company or a company subject to a corporate restructuring, or a publicly traded shareholder activist holding company which has caused such other companies to undergo the spin-off or corporate restructuring, after the public disclosure of the planned spin-off or corporate restructuring, during the spin-off or corporate restructuring process, or after the actual spin-off or corporate restructuring. If the Fund invests in a parent company of a spin-off company or a company subject to a corporate restructuring prior to a spin-off or restructuring, the Fund would, upon the completion of the spin-off or restructuring, receive the shares of the spin-off company. The Fund may retain shares of both the parent and the spin-off company, the shares of only one, or the shares of neither.
The Fund will invest in both U.S. and foreign equity stocks. The Fund’s investments in foreign equity stocks may be in both developed and emerging markets. The Fund’s equity investments may include common stock, preferred stock, securities convertible into common stock, warrants, rights and other equity securities having the characteristics of common stock (such as depositary receipts). The Fund may invest in any size company, including small- and medium-sized companies, and further may invest in companies which are financially distressed.
The Fund may invest up to 20% of its assets in companies that, for a variety of reasons, the Fund’s Investment Adviser believes may have the potential to be subject to a spin-off or corporate restructuring within a reasonable period of time; for example, a similar company may have recently announced a spin-off; the company may be under investor pressure to consider strategic alternatives; or the current segments of the company may not have a synergistic fit, and as a result the company’s stock trades at a discount to that of its closest peers. The Fund may invest in potential spin-off and corporate restructuring companies that the Fund’s Investment Adviser believes may, based on its in-house research, have the most favorable risk/reward characteristics.
The Investment Adviser seeks to avoid short-term investing and significant portfolio turnover. The Investment Adviser utilizes its in-house research capabilities to seek to identify businesses at inflection points in their corporate life cycles with what the Investment Adviser believes are attractive risk/reward profiles. The Investment Adviser believes that returns are often the result of the market’s inefficiency in initially valuing corporate restructurings due in part to lack of coverage by the investment community and initial indiscriminate selling pressure. For instance, companies that have been "spun-off" from their corporate parents by way of corporate restructurings may not be followed closely by financial sector analysts, which could lead to advantageous disparities between a company’s valuation and growth prospects relative to its pricing in the marketplace. The Investment Adviser uses a process that focuses primarily on the analysis of individual companies rather than on the industry in which the company may operate. This “bottom-up” approach may result in multiple investments in the same sector or industry. However, the Investment Adviser pays careful attention to the limitation of sector and industry concentrations.
The Fund 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 Adviser believes the purchase of additional equity securities would not further the investment objective of the Fund 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 Fund 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 Fund is holding a large cash position, the Fund 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 Fund is desirable both to meet operating requirements and to take advantage of new investment opportunities. When the Fund holds a significant portion of assets in cash and cash equivalents, it may not meet its investment objective.
The Fund held 55.5% of its net assets in the Texas Pacific Land Corporation (the “Land Corporation”) as of March 31, 2023. 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.
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LSHCX - Performance

Return Ranking - Trailing

Period LSHCX Return Category Return Low Category Return High Rank in Category (%)
YTD -20.9% -16.4% 55.9% 100.00%
1 Yr -25.2% -21.0% 35.7% 100.00%
3 Yr 18.2%* -25.1% 93.9% 1.31%
5 Yr 14.5%* -5.0% 98.0% 3.17%
10 Yr 7.3%* -0.1% 35.1% 78.59%

* Annualized

Return Ranking - Calendar

Period LSHCX Return Category Return Low Category Return High Rank in Category (%)
2022 35.8% -85.6% 350.1% 1.09%
2021 41.5% -77.0% 238.3% 0.93%
2020 4.4% -44.1% 2474.5% 93.46%
2019 30.3% -50.2% 44.0% 27.92%
2018 -16.1% -51.7% 102.3% 58.06%

Total Return Ranking - Trailing

Period LSHCX Return Category Return Low Category Return High Rank in Category (%)
YTD -20.9% -16.4% 55.9% 100.00%
1 Yr -25.2% -21.0% 35.7% 100.00%
3 Yr 18.2%* -25.1% 93.9% 1.31%
5 Yr 14.5%* -5.0% 98.0% 3.17%
10 Yr 7.3%* -0.1% 35.1% 78.59%

* Annualized

Total Return Ranking - Calendar

Period LSHCX Return Category Return Low Category Return High Rank in Category (%)
2022 38.3% -67.0% 440.7% 1.09%
2021 41.7% -23.5% 342.2% 0.93%
2020 4.5% 2.6% 2549.1% 99.23%
2019 30.3% 14.6% 44.8% 76.83%
2018 -11.8% -25.2% 124.7% 94.21%

NAV & Total Return History


LSHCX - Holdings

Concentration Analysis

LSHCX Category Low Category High LSHCX % Rank
Net Assets 25.4 M 1.94 M 84.5 B 94.98%
Number of Holdings 28 24 3681 98.57%
Net Assets in Top 10 24.6 M 889 K 8.58 B 87.81%
Weighting of Top 10 96.70% 0.5% 96.7% 0.72%

Top 10 Holdings

  1. Texas Pacific Land Corp 61.63%
  2. US BANK MMDA - USBGFS 7 10.71%
  3. CSW Industrials Inc 6.90%
  4. Associated Capital Group Inc 4.93%
  5. GAMCO Investors Inc 3.26%
  6. Civeo Corp 3.02%
  7. DREAM Unlimited Corp 3.02%
  8. Capital Southwest Corp 1.48%
  9. Howard Hughes Holdings Inc 0.88%
  10. PrairieSky Royalty Ltd 0.88%

Asset Allocation

Weighting Return Low Return High LSHCX % Rank
Stocks
89.28% 0.91% 100.41% 98.03%
Cash
10.72% 0.00% 99.09% 3.94%
Preferred Stocks
0.00% 0.00% 5.88% 77.96%
Other
0.00% -0.04% 14.15% 81.54%
Convertible Bonds
0.00% 0.00% 0.40% 76.52%
Bonds
0.00% -2.66% 3.43% 76.88%

Stock Sector Breakdown

Weighting Return Low Return High LSHCX % Rank
Energy
59.99% 0.00% 62.10% 2.15%
Real Estate
13.11% 0.00% 19.28% 1.08%
Financial Services
10.53% 0.00% 43.01% 27.24%
Industrials
10.12% 0.00% 38.23% 81.72%
Consumer Defense
3.00% 0.00% 16.40% 32.44%
Communication Services
2.16% 0.00% 18.33% 61.65%
Consumer Cyclical
0.50% 0.00% 57.41% 99.10%
Basic Materials
0.21% 0.00% 17.25% 75.45%
Technology
0.20% 0.04% 62.17% 99.28%
Healthcare
0.18% 0.00% 37.06% 97.31%
Utilities
0.00% 0.00% 12.94% 82.80%

Stock Geographic Breakdown

Weighting Return Low Return High LSHCX % Rank
US
85.22% 0.65% 100.41% 97.13%
Non US
4.06% 0.00% 36.79% 11.83%

LSHCX - Expenses

Operational Fees

LSHCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.67% 0.02% 18.45% 2.35%
Management Fee 1.00% 0.00% 1.50% 95.51%
12b-1 Fee 0.75% 0.00% 1.00% 82.80%
Administrative Fee N/A 0.00% 0.40% N/A

Sales Fees

LSHCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.00% 5.75% N/A
Deferred Load 1.00% 1.00% 5.00% 80.65%

Trading Fees

LSHCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 68.18%

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.

LSHCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 1.00% 0.00% 250.31% 2.60%

LSHCX - Distributions

Dividend Yield Analysis

LSHCX Category Low Category High LSHCX % Rank
Dividend Yield 0.00% 0.00% 2.93% 79.21%

Dividend Distribution Analysis

LSHCX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Quarterly Annual

Net Income Ratio Analysis

LSHCX Category Low Category High LSHCX % Rank
Net Income Ratio -1.37% -2.24% 2.75% 90.00%

Capital Gain Distribution Analysis

LSHCX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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LSHCX - Fund Manager Analysis

Managers

Steven Bregman


Start Date

Tenure

Tenure Rank

May 04, 2007

15.08

15.1%

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.

Murray Stahl


Start Date

Tenure

Tenure Rank

May 04, 2007

15.08

15.1%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 36.3 9.29 2.25