The Market Opportunities Fund No Load · NASDAQ:KMKNX
The Market Opportunities Fund No Load — Kinetics Global Fund — Investor Presentation (May 2024)
26 slides from The Market Opportunities Fund No Load's investor presentation, May 2024
Slide 1: Kinetics Global Fund 1st Quarter 2024
Kinetics Global Fund (WWWEX, KGLAX, KGLCX) 1st Quarter 2024 © 2024 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 Global Fund Review IV. Appendix – Management Bios – Research Publications – Contact Information – Definitions © 2024 Horizon Kinetics LLC ®. All rights reserved. 3
Slide 4: Firm Overview
Firm Overview © 2024 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, employee owned, serving clients since 1994. Independent Thinking $7.0 billion in firm-wide assets under management1. − Primary source data driven process. 79 employees. − Research analysts culturally guided to ov
Slide 6: 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 Horizon Kinetics Asset Management LLC, in answer to the extraordinary structural changes that were occurring in the per
Slide 7: Strategy and Client Type Overview
Firm Overview Strategy and Client Type Overview Firmwide Assets Under Management1 $7.0 B Client Assets by Type1 Separately Managed Accounts2 $3.5 B – Equities – High-Yield – Opportunistic Investments, i.e. Distressed Debt Kinetics Mutual Funds and Active ETF3 $2.3 B – Broad Markets – Specialty Marke
Slide 8: Investment Philosophy & Process
Investment Philosophy & Process © 2024 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 Dynamic, unconventional thinking is required IDEA GENERATION in order to consistently find successful long- Conventional Screens Unconventional Attributes term investments over the course of a full (Mainstream Investors) (Horizon Kinetics) business cycle. Style Own
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: 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 14: Investment Team
Investment Team Portfolio Management and Research Team Investment Oversight Committee Steven Bregman Murray Stahl Peter Doyle President CEO, CIO President, Kinetics Mutual Funds, Inc. (39 years of Industry Experience) (46 years of Industry Experience) (39 years of Industry Experience) Strategies Cor
Slide 15: Kinetics Global Fund Performance & Strategy Update
Kinetics Global Fund Performance & Strategy Update © 2024 Horizon Kinetics LLC ®. All rights reserved. 15
Slide 16: Historical Performance Results
Historical Performance Results The Global Fund - WWWEX − The Global Fund focuses on classic value investment opportunities worldwide with at least 40% of net assets in companies located outside the U.S. − The Fund seeks to identify unique business models with pricing dislocations. − On March 11, 200
Slide 17: The Global Fund - Fund Information
Kinetics Global Fund The Global Fund - Fund Information Inception Expense Ratios Class Assets* (MM) Ticker CUSIP 12b-1 fee Date Gross Net Advisor A 1.9 5/19/2008 KGLAX 494613631 0.50% 2.38% 1.64% Advisor C 5.9 5/19/2008 KGLCX 494613623 1.00% 2.88% 2.14% No Load 15.4 12/31/1999 WWWEX 494613805 --- 2.
Slide 18: Portfolio Top 10 Holdings
Portfolio Top 10 Holdings The Global Fund – March 31, 2024 % of Name Horizon Kinetics’ Perspective Portfolio The Bitcoin Investment Trust invests in bitcoin, a cryptocurrency with the potential to appreciate significantly should it become established as either a store of value or a transactional cur
Slide 19: Portfolio Statistics
Portfolio Statistics The Global Fund – March 31, 2024 Fund Characteristics Top 10 Sectors,4 % Total Net Assets $23.0 MM Total Number of Positions 50 Investment Style Global Equity Minimum Purchase(1) $2,500 Inception Date 12/31/99 * Calculated such that all securities issued by one issuer are counte
Slide 20: Recent Insights
Recent Insights 1st Quarter 2024 Commentary 4th Quarter 2023 Commentary Reading Length: 33 pages/May 2024 Reading Length: 24 pages/January 2024 Somewhere along the line, people got the idea that we “hate” technology Prefatory Remarks stocks. Perhaps it was because we were among the few to write shor
Slide 21: Appendix
Appendix © 2024 Horizon Kinetics LLC ®. All rights reserved. 21
Slide 22: Management Bios
Management Bios Murray Stahl Steven Bregman Chairman, Chief Executive Officer, Chief Investment Officer President Murray is Chief Executive Officer, Chairman of the Board of Horizon Kinetics Steven is the President of Horizon Kinetics and is a co-founder of the Firm. and is a co-founder of the Firm.
Slide 23: Management Bios
Management Bios Alun Williams Mark Herndon Chief Operating Officer Chief Financial Officer Alun joined the Firm in 2009 and, after 12 years as the firm’s Director of Trading Mark joined the Firm in 2024 and currently serves as Chief Financial and Operations, took over the role of Chief Operating Off
Slide 24: 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 25: Contact Information
Contact Information Offices: New York, NY 470 Park Avenue South New York, NY 10016 White Plains, NY 1 North Lexington Avenue White Plains, NY 10601 Summit, NJ 25 Deforest Avenue Summit, NJ 07901 Telephone: 646.495.7334 Fax: 646.495.0078 Email: info@kineticsfunds.com Website(s) www.horizonkinetics.co
Slide 26: 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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