The Kinetics Multi-Disciplinary Income Fund No Load Class · NASDAQ:KMDNX
The Kinetics Multi-Disciplinary Income Fund No Load Class — Kinetics Multi-Disciplinary Fund — Investor Presentation (November 2010)
10 slides from The Kinetics Multi-Disciplinary Income Fund No Load Class's investor presentation, November 2010
Slide 1: November 2010
November 2010 Distributor: Kinetics Funds Distributor, Inc. is not an affiliate of Kinetics Mutual Funds, Inc.
Slide 2: Disclosures
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.kinetics.com or call 1-800-930-3828. You should read the prospe
Slide 3: Fund Overview
Fund Overview Potential ― The Fund is an integrated option and Strategy Bond Put Investment Fund Profits Income Premiums Losses Expenses bond strategy, seeking to generate consistent risk adjusted returns in excess of the broad equity markets. As of KMDNX CBOE S&P 500 S&P 500 Nov. 30, 2010 (Net of F
Slide 4: Writing Put Options
Writing Put Options Investors tend to overestimate future market Long Stock volatility (implied volatility) and consequently p y for p overpay protection. Put-Write ≡ Buy-Write Premium ― Puts are typically written at the money with Profit / Loss staggered expirations ranging from 3 to 18 Breakeven m
Slide 5: Put Writing
Put Writing Long 10,000 Short 100 Put Shares @ $18.50 Contracts Stock Put Option Stock Stock -20% $(37,000) loss $(16,000) loss $18.50 Strike Price: $18.50 Pi Price: 1 $ $14.80 – resultant stock price -20.0% -8.6% Shares 10,000 Contracts: 100 Purchased: Stock Flat $ - $21,000 gain Premium per $2.10
Slide 6: Short Duration Corporate Bonds
Short Duration Corporate Bonds Our research suggests: ― Risk-adjusted returns are higher for shorter duration corporate bonds than longer duration corporate t bonds; b d ― Transactional demands for money are very short-term (1 to 3 months) while institutions and other long-term investors tend to see
Slide 7: Monthly Performance
Performance 1.15 1.10 The Fund launched in one of the most difficult 1.05 investing environments, February 2008, and 1.00 0.95 has outperformed the S&P 500 Index since its 0.90 Growth off $1 inception. 0.85 0.80 0.75 Maximum cumulative drawdown of -24.8% vs. 0.70 KMDNX (Net of Fees) -46.4% for the S
Slide 8: Key Attributes
Key Attributes ― Writes puts with notional value equal to 100% of fund NAV. ― Diversified equity exposure; generally limit individual option positions to 1%. ― Put writing benefits from the passage of time. ― Premium and bond income earned provide a buffer during down markets. ― Option expirations/e
Slide 9: Portfolio Managers
Portfolio Managers The Lead Co-Portfolio Managers of the Multi-Disciplinary Fund are Mr. Peter Doyle, Mr. Murray Stahl and Mr. David Kingsley. Mr. Peter Doyley is a Co-Founder of Kinetics Asset Management, g Inc. and serves as Chief Investment Strategist, g overseeing the management of more than $4
Slide 10: Contact Information
Contact Information Kinetics Mutual Funds 555 Taxter Road – Suite 175 Elmsford New York 10523 Elmsford, 914-703-6950 Christopher Bell Director of Sales & Marketing Office: 914-703-6950 Email: chris@kineticsfunds.com chris@kineticsfunds com Bob Uly Senior Vice President Office: 914-703-6950 Email: bo
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