The Market Opportunities Fund No Load · NASDAQ:KMKNX
The Market Opportunities Fund No Load — Kinetics Multi-Disciplinary Income Fund — Investor Presentation (October 2026)
12 slides from The Market Opportunities Fund No Load's investor presentation, October 2026
Slide 1: Multi-Disciplinary Income Fund
Multi-Disciplinary Income Fund 3RD Quarter 2026 © 2026 Horizon Kinetics LLC® All rights reserved.
Slide 2: Kinetics Multi-Disciplinary Income Fund
Kinetics Multi-Disciplinary Income Fund The Kinetics Multi-Disciplinary Income Fund (“KMDNX”, the “Fund”) seeks to generate current income and avoid significant interest rate risks inherent in more traditional fixed income investment strategies. • We believe that CLO debt tranches represent an attra
Slide 3: What is a CLO?
What is a CLO? A Collateralized Loan Obligation (“CLO”) facility is structured as a securitization vehicle. • CLOs are typically $300 million to $600+ million in total facility size. • CLOs invest primarily in floating rate, first lien senior secured corporate loans (required to be at least 90% of t
Slide 4: CLO Investment Portfolio and Capital Structure
CLO Investment Portfolio and Capital Structure CLO Investment Portfolio CLO Capital Structure Actively Managed by a CLO Class A Tranche: AAA Rated Manager ~60% to 65% of Total Facility CLO receives ~200 to 350 Unique Assets Contractual Class B Tranche AA Rated ~20 to 30 Different Industries Cash Flo
Slide 5: Lifecycle of a CLO
Lifecycle of a CLO Reinvestment Period Ramp-Up Wind-down Period1 Period Warehouse Wind-down Period Period ~6 months Lifecycle of a CLO (Stated maturity is generally 12 to 13 years after the Closing of CLO) 1 to 2 years after Closing CLO 3 to 5 years after Closing CLO ~6 weeks prior to Closing CLO ~6
Slide 6: CLO Priority of Payments – Interest and Principal Waterfalls
CLO Priority of Payments – Interest and Principal Waterfalls Interest Principal Waterfall Waterfall Interest Proceeds Received Principal Proceeds Received Fees, Taxes not covered by Interest Trustee Fees, Taxes (if applicable) Proceeds CLO Manager – Senior AAA Debt not covered by interest Management
Slide 7: Why Invest in CLOs?
Why Invest in CLOs? • CLO debt tranches have a floating interest rate that provide a hedge against duration/ interest rate risk. • CLO debt tranches are denominated in U.S. dollars which eliminates foreign currency exposure. • The default rates for CLO debt tranches are low. • There have been no def
Slide 8: Recent CLO Pricing
Recent CLO Pricing • The coupon rate1 for CLO debt tranches is determined by adding together the 3-month term Secured Overnight Financing Rate2 (“SOFR”) plus a credit spread. • The coupon rate is a floating interest rate that resets every 3-months based on 3-month SOFR. • In the primary market, CLO
Slide 9: CLO Risk Profile
CLO Risk Profile Default rates • Since the establishment of the CLO market in the 1990’s: • No AAA rated CLO tranche issued in the U.S. markets has defaulted. • There has been one technical default of an AA rated CLO tranche in 2010 (which was issued in 2002), with no loss of principal or interest d
Slide 10: CLO Prices during Market Dislocations
CLO Prices during Market Dislocations • The most significant market price dislocation during the past 20 years started during the Great Financial Crisis (“GFC”) in 2008 and lasted for the longest period of time (~3 ½ years). • By early/mid 2009, AAA CLO tranche pricing was ~65% to 70% of par and AA
Slide 11: CLO Outlook and Growth Drivers
CLO Outlook and Growth Drivers • The CLO market is expected to continue to become more liquid, have better pricing information, and grow in both dollar amount and number of CLO deals. • The U.S. CLO market had grown from ~$600 billion seven years ago to ~$1.0 trillion as of 12/31/2025. • The anticip
Slide 12: 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
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