The Market Opportunities Fund No Load · NASDAQ:KMKNX
The Market Opportunities Fund No Load — Kinetics Paradigm Fund — Investor Presentation (July 2026)
28 slides from The Market Opportunities Fund No Load's investor presentation, July 2026
Slide 1: Kinetics Paradigm Fund
Kinetics Paradigm Fund (WWNPX, KNPAX, KNPCX, KNPYX) 2nd Quarter 2026 © 2026 Horizon Kinetics LLC ®. All rights reserved.
Slide 2: Important Risk Disclosures
Important Risk Disclosures 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, visit our website at www.kineticsfunds.com or call 1-800-930-3828. You sh
Slide 3: Agenda
Agenda I. Firm Overview II. Investment Philosophy & Process III. Kinetics Internet Fund Review IV. Appendix – Management Bios – Research Publications – Contact Information – Definitions © 2026 Horizon Kinetics LLC ®. All rights reserved. 3
Slide 4: Firm Overview
Firm Overview © 2026 Horizon Kinetics LLC ®. All rights reserved. 4
Slide 5: Firm Overview: At a Glance
Firm Overview At a Glance Horizon Kinetics LLC Investment Approach Independent, majority employee owned, serving clients since Independent Thinking 1994. − Process driven by data and primary sources. $10.8 billion in firm-wide assets under management1. − Research analysts culturally guided to
Slide 6: Firm Overview: Guiding Principles
Firm Overview Guiding Principles Background: Our co-founders created Horizon Asset Management LLC in 1994 and Kinetics Asset Management LLC in 1996, both are now consolidated under the Horizon Kinetics Asset Management LLC, in answer to the extraordinary structural changes that were occurring in the
Slide 7: Strategy and Client Type Overview
Firm Overview Strategy and Client Type Overview Firmwide Assets Under Management1 $10.8 B Client Assets by Type1 Separately Managed Accounts2 $5.0 B Subadvised, 3% – Equities Alternatives, 17% – High-Yield – Opportunistic Investments, i.e. Distressed Debt Kinetics Funds, 22% Kinetics Mutual Funds an
Slide 8: Investment Philosophy & Process
Investment Philosophy & Process © 2026 Horizon Kinetics LLC ®. All rights reserved. 8
Slide 9: The Equity Yield Curve
Investment Philosophy The Equity Yield Curve Investors’ short-term interests can create significant mispricing of long-term investments. We believe a long-term investment horizon is essential to reducing chance of loss and earning excess return. Equity Yield Curve Return Dynamics Typical Investors L
Slide 10: Capitalizing on Market Inefficiencies
Investment Philosophy Capitalizing on Market Inefficiencies Why are securities mispriced? Information asymmetry and human emotion (fear and greed) were once the drivers for significant market pricing discrepancies. As markets have modernized, adherents have long advocated an “efficient market” due t
Slide 11: Investment Process: Idea Generation
Investment Process Idea Generation IDEA GENERATION Conventional Screens Unconventional Attributes Dynamic, unconventional thinking is required (Mainstream Investors) (Horizon Kinetics) in order to consistently find successful long- term investments over the course of a full Style Owner-Operators bus
Slide 12: Investment Process: Portfolio Construction
Investment Process Portfolio Construction Avoid attempting to time the market, and instead average into and out Time Diversification of positions over time. Positions are sized by portfolio managers’ judgment of discount rate Initial Position Sizing/ magnitude along with an assessment of unconventio
Slide 13: Portfolio Positioning: The Path Ahead
Portfolio Positioning: The Path Ahead Resilience = Full Cycle Portfolio Hard Resilient Value Strategic Assets Portfolio • High profit Secular margins Energy/Power Price Trends • Scalability • Long-life, Structural high-quality Land Margin asset base Growth • Strong cash flow generation Materials Sca
Slide 14: Fundamental Risk Management
Fundamental Risk Management Quantifiable Risk versus Actual Risk Result Diversification •Eliminate single security risk Risk Parameters • Generic portfolio with exposure Conventional to all companies, good and bad Standard Deviation •Minimize return variability • “Predictable” lower long-term Tracki
Slide 15: Investment Team
Investment Team Portfolio Management and Research Team Investment Oversight Committee Steven Bregman Peter Doyle Co-Founder, Co-CEO, Co-CIO Co-Founder, Co-CEO, Co-CIO Investment (40+ years of Industry Experience) (40+ years of Industry Experience) Oversight Committee James Davolos Director of Resear
Slide 16: Kinetics Paradigm Fund Performance & Strategy Update
Kinetics Paradigm Fund Performance & Strategy Update © 2026 Horizon Kinetics LLC ®. All rights reserved. 16
Slide 17: Historical Performance Results
Historical Performance Results The Paradigm Fund - WWNPX − U.S. focused global all-cap fund comprised of investments in misunderstood or underappreciated companies whose businesses exhibit long product life cycles and have substantial barriers to entry. − Proprietary in-house research sources origin
Slide 18: The Paradigm Fund - Fund Information
Kinetics Paradigm Fund The Paradigm Fund - Fund Information Inception Expense Ratios Class Assets* (MM) Ticker CUSIP 12b-1 fee Date Gross Net Advisor A 239.3 Apr-01 KNPAX 494613854 0.50% 1.89% 1.89% Advisor C 75.9 Jun-02 KNPCX 494613821 1.00% 2.39% 2.39% Institutional 321.7 May-05 KNPYX 494613797 --
Slide 19: Portfolio Top Holdings
Portfolio Top 10 Holdings The Paradigm Fund – June 30, 2026 % of Name Horizon Kinetics’ Perspective Portfolio Texas Pacific Land Corp. is a landowner that generates cash flow via easement and oil royalties from owned land in Texas, Texas Pacific Land Corporation 69.3 and its water services business
Slide 20: Portfolio Statistics
Portfolio Statistics The Paradigm Fund – June 30, 2026 Fund Characteristics Total Net Assets(1) $1,185.9 MM Total Number of Holdings* 44 Top 10 Sectors,5 % Investment Style Global Equity Market Cap Focus All Cap Minimum Purchase(2) $2,500 Inception Date 12/31/99 * Calculated such that all securities
Slide 21: Investment Examples
Kinetics Small Cap Opportunities Fund Investment Examples Texas Pacific Land Corporation (Ticker: TPL)1 • TPL was created as a land trust in 1888 as a result of the bankruptcy of the Texas and Pacific Railway Company. In January 2020, it completed a reorganization into a C Corp, which we believe is
Slide 22: Recent Insights
Recent Insights 2nd Quarter 2026 Commentary Under the Hood Revived: What’s In Your Index? The Metamorphosis of the Mega-cap IT Company Business Model Reading Length: 41 pages/July 2026 Here at Horizon, we are fortunate to have a deeply engaged client Reading Length: 6 pages/July 2026 base—meaning lo
Slide 23: Appendix
Appendix © 2026 Horizon Kinetics LLC ®. All rights reserved. 23
Slide 24: Management Bios
Management Bios Murray Stahl (1953-2026) Steven Bregman Co-Founder Co-Founder, Co-Chief Executive Officer, Co-Chief Investment Officer Murray Stahl (1953-2026) co-founded the Firm in 1994. He served as Chief Steven is a co-founder, Co-Chief Executive Officer and Co-Chief Investment Executive Officer
Slide 25: Management Bios
Management Bios Alun Williams Mark Herndon Chief Operating Officer Chief Financial Officer Alun is the Chief Operating Officer of Horizon Kinetics Holding Corporation Mark is Chief Financial Officer of Horizon Kinetics Holdings Corporation (OTCQX: HKHC), a wholly owned subsidiary of Horizon Kinetics
Slide 26: Written Research
Written Research At The Foundation of Our Process Horizon Kinetics Research Reports Horizon Kinetics White Papers Contrarian Research The Equity Yield Curve Eclectic Musings Report Established April 1995 • The Equity Yield Curve, 2012 • Russell 2000® Index Construction: When Small Caps Became a Big
Slide 27: Contact Information
Contact Information Offices: New York, NY 1270 Avenue of the Americas 27th Floor New York, NY 10020 White Plains, NY 1 North Lexington Avenue White Plains, NY 10601 Summit, NJ 1 Deforest Avenue Suite 303 Summit, NJ 07901 Telephone: 646.495.7334 Fax: 646.495.0078 Email: info@kineticsfunds.com Website
Slide 28: Definitions
Definitions Beta: A statistic that measures the volatility of the fund, as compared to that of the overall market. The market’s beta is set at 1.00; 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. The Beta has
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