Shareholder Report
Dec. 31, 2024
USD ($)
$ / shares
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Advisor Class A
|
$231
|
1.64%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended December 31, 2024, the Fund’s No-Load class posted 76.44% outperforming benchmarks S&P 500 Index and the NASDAQ Composite Index which posted 25.02% and 28.64%, respectively.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s performance was largely driven by its exposure to blockchain and cryptocurrency, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to distinguish itself from other cryptocurrencies, which is supported by an increasingly supportive regulatory environment. Additionally, the Fund benefited from strong gains in “hard asset” companies, which we believe stand to benefit from rising price levels as well as technological innovations, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. However, our investments in energy-related royalties and land/infrastructure were less impacted by commodity market fluctuations due to distinct growth drivers.
POSITIONING
The portfolio remains focused on undervalued companies participating in the growth of the internet as well as companies that provide new services or products made possible by internet-related technologies. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.
PERFORMANCE
The Fund’s top contributor: Security selection collectively contributed positively to performance particularly with the Fund’s overweight exposure to blockchain and cryptocurrency. Grayscale Bitcoin Trust ETF (“GBTC”) was the largest contributor to returns.
The Fund’s top detractor: Bakkt Holdings, Inc (“BKKT”) detracted marginally from returns.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
Advisor Class A (without sales charge)
|
76.00
|
25.31
|
15.66
|
|
Advisor Class A (with sales charge)
|
65.87
|
23.83
|
14.98
|
|
S&P 500 TR
|
25.02
|
14.53
|
13.10
|
|
NASDAQ Composite Total Return Index
|
29.57
|
17.49
|
16.20
|
|
NASDAQ Composite Index Price
|
28.64
|
16.57
|
15.09
|
Visit https://kineticsfunds.com/resources/ for more recent performance information.
Visit https://kineticsfunds.com/resources/ for more recent performance information.
KEY FUND STATISTICS (as of December 31, 2024)
|
Net Assets
|
$331,557,134
|
|
Number of Holdings
|
30
|
|
Net Advisory Fee
|
$3,259,047
|
|
Portfolio Turnover
|
43%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Finance and Insurance
|
57.3%
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
22.1%
|
|
Professional, Scientific, and Technical Services
|
4.9%
|
|
Information
|
1.6%
|
|
Management of Companies and Enterprises
|
0.7%
|
|
Real Estate
|
0.3%
|
|
Entertainment
|
0.1%
|
|
Arts, Entertainment, and Recreation
|
0.1%
|
|
Media
|
0.0%
|
|
Retail Trade
|
0.0%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Grayscale Bitcoin Trust ETF
|
47.8%
|
|
Texas Pacific Land Corp.
|
21.0%
|
|
Grayscale Bitcoin Mini Trust ETF
|
5.4%
|
|
CACI International, Inc.
|
4.9%
|
|
OTC Markets Group, Inc. - Class A
|
1.9%
|
|
Landbridge Co. LLC
|
1.0%
|
|
Miami International Holdings Inc.
|
0.9%
|
|
Mastercard, Inc.
|
0.8%
|
|
Galaxy Digital Holdings Ltd.
|
0.7%
|
|
Bakkt Holdings, Inc.
|
0.6%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Advisor Class C
|
$290
|
2.14%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended December 31, 2024, the Fund’s No-Load class posted 76.44% outperforming benchmarks S&P 500 Index and the NASDAQ Composite Index which posted 25.02% and 28.64%, respectively.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s performance was largely driven by its exposure to blockchain and cryptocurrency, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to distinguish itself from other cryptocurrencies, which is supported by an increasingly supportive regulatory environment. Additionally, the Fund benefited from strong gains in “hard asset” companies, which we believe stand to benefit from rising price levels as well as technological innovations, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. However, our investments in energy-related royalties and land/infrastructure were less impacted by commodity market fluctuations due to distinct growth drivers.
POSITIONING
The portfolio remains focused on undervalued companies participating in the growth of the internet as well as companies that provide new services or products made possible by internet-related technologies. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.
PERFORMANCE
The Fund’s top contributor: Security selection collectively contributed positively to performance particularly with the Fund’s overweight exposure to blockchain and cryptocurrency. Grayscale Bitcoin Trust ETF (“GBTC”) was the largest contributor to returns.
The Fund’s top detractor: Bakkt Holdings, Inc (“BKKT”) detracted marginally from returns.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
Advisor Class C (without sales charge)
|
75.11
|
24.68
|
15.08
|
|
Advisor Class C (with sales charge)
|
74.11
|
24.68
|
15.08
|
|
S&P 500 TR
|
25.02
|
14.53
|
13.10
|
|
NASDAQ Composite Total Return Index
|
29.57
|
17.49
|
16.20
|
|
NASDAQ Composite Index Price
|
28.64
|
16.57
|
15.09
|
Visit https://kineticsfunds.com/resources/ for more recent performance information.
Visit https://kineticsfunds.com/resources/ for more recent performance information.
KEY FUND STATISTICS (as of December 31, 2024)
|
Net Assets
|
$331,557,134
|
|
Number of Holdings
|
30
|
|
Net Advisory Fee
|
$3,259,047
|
|
Portfolio Turnover
|
43%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Finance and Insurance
|
57.3%
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
22.1%
|
|
Professional, Scientific, and Technical Services
|
4.9%
|
|
Information
|
1.6%
|
|
Management of Companies and Enterprises
|
0.7%
|
|
Real Estate
|
0.3%
|
|
Entertainment
|
0.1%
|
|
Arts, Entertainment, and Recreation
|
0.1%
|
|
Media
|
0.0%
|
|
Retail Trade
|
0.0%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Grayscale Bitcoin Trust ETF
|
47.8%
|
|
Texas Pacific Land Corp.
|
21.0%
|
|
Grayscale Bitcoin Mini Trust ETF
|
5.4%
|
|
CACI International, Inc.
|
4.9%
|
|
OTC Markets Group, Inc. - Class A
|
1.9%
|
|
Landbridge Co. LLC
|
1.0%
|
|
Miami International Holdings Inc.
|
0.9%
|
|
Mastercard, Inc.
|
0.8%
|
|
Galaxy Digital Holdings Ltd.
|
0.7%
|
|
Bakkt Holdings, Inc.
|
0.6%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
No Load Class
|
$202
|
1.39%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended December 31, 2024, the Fund’s No-Load class posted 76.44% outperforming benchmarks S&P 500 Index and the NASDAQ Composite Index which posted 25.02% and 28.64%, respectively.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s performance was largely driven by its exposure to blockchain and cryptocurrency, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to distinguish itself from other cryptocurrencies, which is supported by an increasingly supportive regulatory environment. Additionally, the Fund benefited from strong gains in “hard asset” companies, which we believe stand to benefit from rising price levels as well as technological innovations, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. However, our investments in energy-related royalties and land/infrastructure were less impacted by commodity market fluctuations due to distinct growth drivers.
POSITIONING
The portfolio remains focused on undervalued companies participating in the growth of the internet as well as companies that provide new services or products made possible by internet-related technologies. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.
PERFORMANCE
The Fund’s top contributor: Security selection collectively contributed positively to performance particularly with the Fund’s overweight exposure to blockchain and cryptocurrency. Grayscale Bitcoin Trust ETF (“GBTC”) was the largest contributor to returns.
The Fund’s top detractor: Bakkt Holdings, Inc (“BKKT”) detracted marginally from returns.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
No Load Class (without sales charge)
|
76.44
|
25.62
|
15.95
|
|
S&P 500 TR
|
25.02
|
14.53
|
13.10
|
|
NASDAQ Composite Total Return Index
|
29.57
|
17.49
|
16.20
|
|
NASDAQ Composite Index Price
|
28.64
|
16.57
|
15.09
|
Visit https://kineticsfunds.com/resources/ for more recent performance information.
Visit https://kineticsfunds.com/resources/ for more recent performance information.
KEY FUND STATISTICS (as of December 31, 2024)
|
Net Assets
|
$331,557,134
|
|
Number of Holdings
|
30
|
|
Net Advisory Fee
|
$3,259,047
|
|
Portfolio Turnover
|
43%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Finance and Insurance
|
57.3%
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
22.1%
|
|
Professional, Scientific, and Technical Services
|
4.9%
|
|
Information
|
1.6%
|
|
Management of Companies and Enterprises
|
0.7%
|
|
Real Estate
|
0.3%
|
|
Entertainment
|
0.1%
|
|
Arts, Entertainment, and Recreation
|
0.1%
|
|
Media
|
0.0%
|
|
Retail Trade
|
0.0%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Grayscale Bitcoin Trust ETF
|
47.8%
|
|
Texas Pacific Land Corp.
|
21.0%
|
|
Grayscale Bitcoin Mini Trust ETF
|
5.4%
|
|
CACI International, Inc.
|
4.9%
|
|
OTC Markets Group, Inc. - Class A
|
1.9%
|
|
Landbridge Co. LLC
|
1.0%
|
|
Miami International Holdings Inc.
|
0.9%
|
|
Mastercard, Inc.
|
0.8%
|
|
Galaxy Digital Holdings Ltd.
|
0.7%
|
|
Bakkt Holdings, Inc.
|
0.6%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Advisor Class A
|
$192
|
1.64%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended December 31, 2024, the Fund posted 72.16%, significantly outperforming the S&P 500 Index and MSCI All Country World Index which posted 25.02% and 17.49%, respectively.
WHAT FACTORS INFLUENCED PERFORMANCE
Blockchain and cryptocurrency contributed positively, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to set itself apart from other cryptocurrencies, supported by a more favorable regulatory landscape. The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers.
POSITIONING
The portfolio remains focused on global companies with unique business models exhibiting market mispricing and dislocation. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.
PERFORMANCE
The Fund’s top contributor: Security selection collectively contributed positively to performance particularly with the Fund’s overweight exposure to Energy and Blockchain/Cryptocurrency. Grayscale Bitcoin Trust ETF (“GBTC”) was the largest contributor to returns.
The Fund’s top detractor: Permian Basin Royalty Trust (“PBT”) detracted marginally from returns.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
Advisor Class A (without sales charge)
|
71.69
|
20.98
|
13.45
|
|
Advisor Class A (with sales charge)
|
61.80
|
19.57
|
12.79
|
|
S&P 500 TR
|
25.02
|
14.53
|
13.10
|
|
MSCI ACWI Net Total Return Index (USD)
|
17.49
|
10.06
|
9.23
|
Visit https://kineticsfunds.com/resources/ for more recent performance information.
Visit https://kineticsfunds.com/resources/ for more recent performance information.
KEY FUND STATISTICS (as of December 31, 2024)
|
Net Assets
|
$49,640,955
|
|
Number of Holdings
|
67
|
|
Net Advisory Fee
|
$181,178
|
|
Portfolio Turnover
|
34%
|
|
Top Sectors(% of Net Assets)
|
|
|
Finance and Insurance
|
31.7%
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
26.6%
|
|
Management of Companies and Enterprises
|
7.0%
|
|
Entertainment
|
1.9%
|
|
Real Estate and Rental and Leasing
|
1.2%
|
|
Transportation and Warehousing
|
1.2%
|
|
Professional, Scientific and Technical Services
|
0.6%
|
|
Media
|
0.5%
|
|
Real Estate
|
0.3%
|
|
Accommodation and Food Services
|
0.2%
|
|
Top 10 Issuers(% of Net Assets)
|
|
|
Grayscale Bitcoin Trust ETF
|
22.9%
|
|
Texas Pacific Land Corp.
|
19.2%
|
|
White Mountains Insurance Group Ltd.
|
4.1%
|
|
Landbridge Co. LLC
|
4.0%
|
|
Grayscale Bitcoin Mini Trust ETF
|
2.6%
|
|
IG Port, Inc.
|
1.9%
|
|
Galaxy Digital Holdings Ltd.
|
1.5%
|
|
GAMCO Investors, Inc.
|
1.3%
|
|
Wheaton Precious Metals Corp.
|
1.2%
|
|
Mesabi Trust
|
1.2%
|
|
Top Ten Countries(% of Net Assets)
|
|
|
United States
|
61.7%
|
|
Canada
|
5.7%
|
|
Japan
|
2.5%
|
|
United Kingdom
|
1.0%
|
|
Sweden
|
0.5%
|
|
Germany
|
0.3%
|
|
Cayman Islands
|
0.3%
|
|
Netherlands
|
0.3%
|
|
Brazil
|
0.1%
|
|
Greece
|
0.1%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Advisor Class C
|
$250
|
2.14%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended December 31, 2024, the Fund posted 72.16%, significantly outperforming the S&P 500 Index and MSCI All Country World Index which posted 25.02% and 17.49%, respectively.
WHAT FACTORS INFLUENCED PERFORMANCE
Blockchain and cryptocurrency contributed positively, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to set itself apart from other cryptocurrencies, supported by a more favorable regulatory landscape. The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers.
POSITIONING
The portfolio remains focused on global companies with unique business models exhibiting market mispricing and dislocation. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.
PERFORMANCE
The Fund’s top contributor: Security selection collectively contributed positively to performance particularly with the Fund’s overweight exposure to Energy and Blockchain/Cryptocurrency. Grayscale Bitcoin Trust ETF (“GBTC”) was the largest contributor to returns.
The Fund’s top detractor: Permian Basin Royalty Trust (“PBT”) detracted marginally from returns.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
Advisor Class C (without sales charge)
|
70.97
|
20.37
|
12.77
|
|
Advisor Class C (with sales charge)
|
69.97
|
20.37
|
12.77
|
|
S&P 500 TR
|
25.02
|
14.53
|
13.10
|
|
MSCI ACWI Net Total Return Index (USD)
|
17.49
|
10.06
|
9.23
|
Visit https://kineticsfunds.com/resources/ for more recent performance information.
Visit https://kineticsfunds.com/resources/ for more recent performance information.
KEY FUND STATISTICS (as of December 31, 2024)
|
Net Assets
|
$49,640,955
|
|
Number of Holdings
|
67
|
|
Net Advisory Fee
|
$181,178
|
|
Portfolio Turnover
|
34%
|
|
Top Sectors(% of Net Assets)
|
|
|
Finance and Insurance
|
31.7%
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
26.6%
|
|
Management of Companies and Enterprises
|
7.0%
|
|
Entertainment
|
1.9%
|
|
Real Estate and Rental and Leasing
|
1.2%
|
|
Transportation and Warehousing
|
1.2%
|
|
Professional, Scientific and Technical Services
|
0.6%
|
|
Media
|
0.5%
|
|
Real Estate
|
0.3%
|
|
Accommodation and Food Services
|
0.2%
|
|
Top 10 Issuers(% of Net Assets)
|
|
|
Grayscale Bitcoin Trust ETF
|
22.9%
|
|
Texas Pacific Land Corp.
|
19.2%
|
|
White Mountains Insurance Group Ltd.
|
4.1%
|
|
Landbridge Co. LLC
|
4.0%
|
|
Grayscale Bitcoin Mini Trust ETF
|
2.6%
|
|
IG Port, Inc.
|
1.9%
|
|
Galaxy Digital Holdings Ltd.
|
1.5%
|
|
GAMCO Investors, Inc.
|
1.3%
|
|
Wheaton Precious Metals Corp.
|
1.2%
|
|
Mesabi Trust
|
1.2%
|
|
Top Ten Countries(% of Net Assets)
|
|
|
United States
|
61.7%
|
|
Canada
|
5.7%
|
|
Japan
|
2.5%
|
|
United Kingdom
|
1.0%
|
|
Sweden
|
0.5%
|
|
Germany
|
0.3%
|
|
Cayman Islands
|
0.3%
|
|
Netherlands
|
0.3%
|
|
Brazil
|
0.1%
|
|
Greece
|
0.1%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
No Load Class
|
$163
|
1.39%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended December 31, 2024, the Fund posted 72.16%, significantly outperforming the S&P 500 Index and MSCI All Country World Index which posted 25.02% and 17.49%, respectively.
WHAT FACTORS INFLUENCED PERFORMANCE
Blockchain and cryptocurrency contributed positively, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to set itself apart from other cryptocurrencies, supported by a more favorable regulatory landscape. The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers.
POSITIONING
The portfolio remains focused on global companies with unique business models exhibiting market mispricing and dislocation. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.
PERFORMANCE
The Fund’s top contributor: Security selection collectively contributed positively to performance particularly with the Fund’s overweight exposure to Energy and Blockchain/Cryptocurrency. Grayscale Bitcoin Trust ETF (“GBTC”) was the largest contributor to returns.
The Fund’s top detractor: Permian Basin Royalty Trust (“PBT”) detracted marginally from returns.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
No Load Class (without sales charge)
|
72.16
|
21.25
|
13.61
|
|
S&P 500 TR
|
25.02
|
14.53
|
13.10
|
|
MSCI ACWI Net Total Return Index (USD)
|
17.49
|
10.06
|
9.23
|
Visit https://kineticsfunds.com/resources/ for more recent performance information.
Visit https://kineticsfunds.com/resources/ for more recent performance information.
KEY FUND STATISTICS (as of December 31, 2024)
|
Net Assets
|
$49,640,955
|
|
Number of Holdings
|
67
|
|
Net Advisory Fee
|
$181,178
|
|
Portfolio Turnover
|
34%
|
|
Top Sectors(% of Net Assets)
|
|
|
Finance and Insurance
|
31.7%
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
26.6%
|
|
Management of Companies and Enterprises
|
7.0%
|
|
Entertainment
|
1.9%
|
|
Real Estate and Rental and Leasing
|
1.2%
|
|
Transportation and Warehousing
|
1.2%
|
|
Professional, Scientific and Technical Services
|
0.6%
|
|
Media
|
0.5%
|
|
Real Estate
|
0.3%
|
|
Accommodation and Food Services
|
0.2%
|
|
Top 10 Issuers(% of Net Assets)
|
|
|
Grayscale Bitcoin Trust ETF
|
22.9%
|
|
Texas Pacific Land Corp.
|
19.2%
|
|
White Mountains Insurance Group Ltd.
|
4.1%
|
|
Landbridge Co. LLC
|
4.0%
|
|
Grayscale Bitcoin Mini Trust ETF
|
2.6%
|
|
IG Port, Inc.
|
1.9%
|
|
Galaxy Digital Holdings Ltd.
|
1.5%
|
|
GAMCO Investors, Inc.
|
1.3%
|
|
Wheaton Precious Metals Corp.
|
1.2%
|
|
Mesabi Trust
|
1.2%
|
|
Top Ten Countries(% of Net Assets)
|
|
|
United States
|
61.7%
|
|
Canada
|
5.7%
|
|
Japan
|
2.5%
|
|
United Kingdom
|
1.0%
|
|
Sweden
|
0.5%
|
|
Germany
|
0.3%
|
|
Cayman Islands
|
0.3%
|
|
Netherlands
|
0.3%
|
|
Brazil
|
0.1%
|
|
Greece
|
0.1%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Advisor Class A
|
$234
|
1.89%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended December 31, 2024, the Fund’s No-Load share class posted 88.47% and significantly outperformed the S&P 500 Index and MSCI All Country World Index which posted 25.02% and 17.49%, respectively.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers. Blockchain and cryptocurrency also contributed positively, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to set itself apart from other cryptocurrencies, supported by a more favorable regulatory landscape.
POSITIONING
The portfolio remains focused on high-quality, durable businesses with exposure to hard assets, which we believe are well-positioned to perform across various macroeconomic conditions, particularly in a sustained inflationary environment. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.
PERFORMANCE
The Fund’s top contributor: Security selection collectively contributed positively to performance particularly within the Energy Sector. Texas Pacific Land Corporation (Ticker: TPL) was the largest contributor to returns.
The Fund’s top detractor: Howard Hughes Holdings Inc (Ticker: HHH) detracted marginally from returns.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
Advisor Class A (without sales charge)
|
88.00
|
23.32
|
17.28
|
|
Advisor Class A (with sales charge)
|
77.18
|
21.87
|
16.58
|
|
S&P 500 TR
|
25.02
|
14.53
|
13.10
|
|
MSCI ACWI Net Total Return Index (USD)
|
17.49
|
10.06
|
9.23
|
Visit https://kineticsfunds.com/resources/ for more recent performance information.
Visit https://kineticsfunds.com/resources/ for more recent performance information.
KEY FUND STATISTICS (as of December 31, 2024)
|
Net Assets
|
$1,331,836,958
|
|
Number of Holdings
|
53
|
|
Net Advisory Fee
|
$12,443,785
|
|
Portfolio Turnover
|
2%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
73.6%
|
|
Finance and Insurance
|
16.2%
|
|
Arts, Entertainment, and Recreation
|
2.1%
|
|
Real Estate and Rental and Leasing
|
1.8%
|
|
Information
|
1.3%
|
|
Professional, Scientific and Technical Services
|
0.9%
|
|
Management of Companies and Enterprises
|
0.8%
|
|
Food Services and Drinking Places
|
0.4%
|
|
Management, Scientific, and Technical Consulting
|
0.4%
|
|
Accommodation and Food Services
|
0.4%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
67.7%
|
|
Grayscale Bitcoin Trust ETF
|
10.8%
|
|
Landbridge Co. LLC
|
4.4%
|
|
Brookfield Corp.
|
2.8%
|
|
Live Nation Entertainment, Inc.
|
2.1%
|
|
Howard Hughes Holdings, Inc.
|
1.4%
|
|
Franco-Nevada Corp.
|
1.3%
|
|
Grayscale Bitcoin Mini Trust ETF
|
1.2%
|
|
CACI International, Inc.
|
0.9%
|
|
Cboe Global Markets, Inc.
|
0.9%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Advisor Class C
|
$295
|
2.39%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended December 31, 2024, the Fund’s No-Load share class posted 88.47% and significantly outperformed the S&P 500 Index and MSCI All Country World Index which posted 25.02% and 17.49%, respectively.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers. Blockchain and cryptocurrency also contributed positively, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to set itself apart from other cryptocurrencies, supported by a more favorable regulatory landscape.
POSITIONING
The portfolio remains focused on high-quality, durable businesses with exposure to hard assets, which we believe are well-positioned to perform across various macroeconomic conditions, particularly in a sustained inflationary environment. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.
PERFORMANCE
The Fund’s top contributor: Security selection collectively contributed positively to performance particularly within the Energy Sector. Texas Pacific Land Corporation (Ticker: TPL) was the largest contributor to returns.
The Fund’s top detractor: Howard Hughes Holdings Inc (Ticker: HHH) detracted marginally from returns.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
Advisor Class C (without sales charge)
|
87.06
|
22.71
|
16.69
|
|
Advisor Class C (with sales charge)
|
86.06
|
22.71
|
16.69
|
|
S&P 500 TR
|
25.02
|
14.53
|
13.10
|
|
MSCI ACWI Net Total Return Index (USD)
|
17.49
|
10.06
|
9.23
|
Visit https://kineticsfunds.com/resources/ for more recent performance information.
Visit https://kineticsfunds.com/resources/ for more recent performance information.
KEY FUND STATISTICS (as of December 31, 2024)
|
Net Assets
|
$1,331,836,958
|
|
Number of Holdings
|
53
|
|
Net Advisory Fee
|
$12,443,785
|
|
Portfolio Turnover
|
2%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
73.6%
|
|
Finance and Insurance
|
16.2%
|
|
Arts, Entertainment, and Recreation
|
2.1%
|
|
Real Estate and Rental and Leasing
|
1.8%
|
|
Information
|
1.3%
|
|
Professional, Scientific and Technical Services
|
0.9%
|
|
Management of Companies and Enterprises
|
0.8%
|
|
Food Services and Drinking Places
|
0.4%
|
|
Management, Scientific, and Technical Consulting
|
0.4%
|
|
Accommodation and Food Services
|
0.4%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
67.7%
|
|
Grayscale Bitcoin Trust ETF
|
10.8%
|
|
Landbridge Co. LLC
|
4.4%
|
|
Brookfield Corp.
|
2.8%
|
|
Live Nation Entertainment, Inc.
|
2.1%
|
|
Howard Hughes Holdings, Inc.
|
1.4%
|
|
Franco-Nevada Corp.
|
1.3%
|
|
Grayscale Bitcoin Mini Trust ETF
|
1.2%
|
|
CACI International, Inc.
|
0.9%
|
|
Cboe Global Markets, Inc.
|
0.9%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Class
|
$178
|
1.44%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended December 31, 2024, the Fund’s No-Load share class posted 88.47% and significantly outperformed the S&P 500 Index and MSCI All Country World Index which posted 25.02% and 17.49%, respectively.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers. Blockchain and cryptocurrency also contributed positively, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to set itself apart from other cryptocurrencies, supported by a more favorable regulatory landscape.
POSITIONING
The portfolio remains focused on high-quality, durable businesses with exposure to hard assets, which we believe are well-positioned to perform across various macroeconomic conditions, particularly in a sustained inflationary environment. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.
PERFORMANCE
The Fund’s top contributor: Security selection collectively contributed positively to performance particularly within the Energy Sector. Texas Pacific Land Corporation (Ticker: TPL) was the largest contributor to returns.
The Fund’s top detractor: Howard Hughes Holdings Inc (Ticker: HHH) detracted marginally from returns.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
Institutional Class (without sales charge)
|
88.83
|
23.88
|
17.81
|
|
S&P 500 TR
|
25.02
|
14.53
|
13.10
|
|
MSCI ACWI Net Total Return Index (USD)
|
17.49
|
10.06
|
9.23
|
Visit https://kineticsfunds.com/resources/ for more recent performance information.
Visit https://kineticsfunds.com/resources/ for more recent performance information.
KEY FUND STATISTICS (as of December 31, 2024)
|
Net Assets
|
$1,331,836,958
|
|
Number of Holdings
|
53
|
|
Net Advisory Fee
|
$12,443,785
|
|
Portfolio Turnover
|
2%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
73.6%
|
|
Finance and Insurance
|
16.2%
|
|
Arts, Entertainment, and Recreation
|
2.1%
|
|
Real Estate and Rental and Leasing
|
1.8%
|
|
Information
|
1.3%
|
|
Professional, Scientific and Technical Services
|
0.9%
|
|
Management of Companies and Enterprises
|
0.8%
|
|
Food Services and Drinking Places
|
0.4%
|
|
Management, Scientific, and Technical Consulting
|
0.4%
|
|
Accommodation and Food Services
|
0.4%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
67.7%
|
|
Grayscale Bitcoin Trust ETF
|
10.8%
|
|
Landbridge Co. LLC
|
4.4%
|
|
Brookfield Corp.
|
2.8%
|
|
Live Nation Entertainment, Inc.
|
2.1%
|
|
Howard Hughes Holdings, Inc.
|
1.4%
|
|
Franco-Nevada Corp.
|
1.3%
|
|
Grayscale Bitcoin Mini Trust ETF
|
1.2%
|
|
CACI International, Inc.
|
0.9%
|
|
Cboe Global Markets, Inc.
|
0.9%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
No Load Class
|
$203
|
1.64%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended December 31, 2024, the Fund’s No-Load share class posted 88.47% and significantly outperformed the S&P 500 Index and MSCI All Country World Index which posted 25.02% and 17.49%, respectively.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers. Blockchain and cryptocurrency also contributed positively, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to set itself apart from other cryptocurrencies, supported by a more favorable regulatory landscape.
POSITIONING
The portfolio remains focused on high-quality, durable businesses with exposure to hard assets, which we believe are well-positioned to perform across various macroeconomic conditions, particularly in a sustained inflationary environment. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.
PERFORMANCE
The Fund’s top contributor: Security selection collectively contributed positively to performance particularly within the Energy Sector. Texas Pacific Land Corporation (Ticker: TPL) was the largest contributor to returns.
The Fund’s top detractor: Howard Hughes Holdings Inc (Ticker: HHH) detracted marginally from returns.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
No Load Class (without sales charge)
|
88.47
|
23.63
|
17.57
|
|
S&P 500 TR
|
25.02
|
14.53
|
13.10
|
|
MSCI ACWI Net Total Return Index (USD)
|
17.49
|
10.06
|
9.23
|
Visit https://kineticsfunds.com/resources/ for more recent performance information.
Visit https://kineticsfunds.com/resources/ for more recent performance information.
KEY FUND STATISTICS (as of December 31, 2024)
|
Net Assets
|
$1,331,836,958
|
|
Number of Holdings
|
53
|
|
Net Advisory Fee
|
$12,443,785
|
|
Portfolio Turnover
|
2%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
73.6%
|
|
Finance and Insurance
|
16.2%
|
|
Arts, Entertainment, and Recreation
|
2.1%
|
|
Real Estate and Rental and Leasing
|
1.8%
|
|
Information
|
1.3%
|
|
Professional, Scientific and Technical Services
|
0.9%
|
|
Management of Companies and Enterprises
|
0.8%
|
|
Food Services and Drinking Places
|
0.4%
|
|
Management, Scientific, and Technical Consulting
|
0.4%
|
|
Accommodation and Food Services
|
0.4%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
67.7%
|
|
Grayscale Bitcoin Trust ETF
|
10.8%
|
|
Landbridge Co. LLC
|
4.4%
|
|
Brookfield Corp.
|
2.8%
|
|
Live Nation Entertainment, Inc.
|
2.1%
|
|
Howard Hughes Holdings, Inc.
|
1.4%
|
|
Franco-Nevada Corp.
|
1.3%
|
|
Grayscale Bitcoin Mini Trust ETF
|
1.2%
|
|
CACI International, Inc.
|
0.9%
|
|
Cboe Global Markets, Inc.
|
0.9%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Advisor Class A
|
$225
|
1.89%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended December 31, 2024, the Fund’s No-Load class posted 68.52% and significantly outperformed benchmarks S&P 600 Small Cap Index and S&P 500 Index which posted 8.70% and 25.02%, respectively.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers. The Fund also benefitted from exposure to a “Defense Technology” company that provides essential surveillance, communications and encryption/security for the federal government.
POSITIONING
The portfolio remains focused on companies within the broader universe of value companies in the hard asset realm and seeks opportunities in small capitalization issuers with the potential to expand to higher valuations either through revaluation, growth or a combination thereof. Guided by long-term our value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.
PERFORMANCE
The Fund’s top contributor: Security selection collectively contributed positively to performance particularly within the Energy Sector. Texas Pacific Land Corporation (“TPL”) was the largest contributor to returns.
The Fund’s top detractor: Inter Parfums, Inc (“IPAR”) detracted marginally from returns.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
Advisor Class A (without sales charge)
|
68.10
|
23.57
|
17.45
|
|
Advisor Class A (with sales charge)
|
58.44
|
22.11
|
16.75
|
|
S&P 500 TR
|
25.02
|
14.53
|
13.10
|
|
S&P SmallCap 600 TR
|
8.70
|
8.36
|
8.96
|
Visit https://kineticsfunds.com/resources/ for more recent performance information.
Visit https://kineticsfunds.com/resources/ for more recent performance information.
KEY FUND STATISTICS (as of December 31, 2024)
|
Net Assets
|
$465,795,726
|
|
Number of Holdings
|
56
|
|
Net Advisory Fee
|
$4,073,747
|
|
Portfolio Turnover
|
6%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
59.1%
|
|
Finance and Insurance
|
7.2%
|
|
Professional, Scientific and Technical Services
|
4.9%
|
|
Management of Companies and Enterprises
|
3.2%
|
|
Accommodation and Food Services
|
2.7%
|
|
Real Estate
|
2.6%
|
|
Manufacturing
|
1.6%
|
|
Management, Scientific, and Technical Consulting
|
1.6%
|
|
Real Estate and Rental and Leasing
|
0.8%
|
|
Arts, Entertainment, and Recreation
|
0.7%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
53.2%
|
|
Landbridge Co. LLC
|
5.5%
|
|
Grayscale Bitcoin Trust ETF
|
4.8%
|
|
CACI International, Inc.
|
4.3%
|
|
Civeo Corp.
|
2.7%
|
|
DREAM Unlimited Corp.
|
2.3%
|
|
Carnival Corp.
|
1.6%
|
|
Interparfums, Inc.
|
1.5%
|
|
Associated Capital Group, Inc.
|
1.4%
|
|
Urbana Corp.
|
1.0%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Advisor Class C
|
$284
|
2.39%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended December 31, 2024, the Fund’s No-Load class posted 68.52% and significantly outperformed benchmarks S&P 600 Small Cap Index and S&P 500 Index which posted 8.70% and 25.02%, respectively.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers. The Fund also benefitted from exposure to a “Defense Technology” company that provides essential surveillance, communications and encryption/security for the federal government.
POSITIONING
The portfolio remains focused on companies within the broader universe of value companies in the hard asset realm and seeks opportunities in small capitalization issuers with the potential to expand to higher valuations either through revaluation, growth or a combination thereof. Guided by long-term our value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.
PERFORMANCE
The Fund’s top contributor: Security selection collectively contributed positively to performance particularly within the Energy Sector. Texas Pacific Land Corporation (“TPL”) was the largest contributor to returns.
The Fund’s top detractor: Inter Parfums, Inc (“IPAR”) detracted marginally from returns.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
Advisor Class C (without sales charge)
|
67.25
|
22.95
|
16.86
|
|
Advisor Class C (with sales charge)
|
66.25
|
22.95
|
16.86
|
|
S&P 500 TR
|
25.02
|
14.53
|
13.10
|
|
S&P SmallCap 600 TR
|
8.70
|
8.36
|
8.96
|
Visit https://kineticsfunds.com/resources/ for more recent performance information.
Visit https://kineticsfunds.com/resources/ for more recent performance information.
KEY FUND STATISTICS (as of December 31, 2024)
|
Net Assets
|
$465,795,726
|
|
Number of Holdings
|
56
|
|
Net Advisory Fee
|
$4,073,747
|
|
Portfolio Turnover
|
6%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
59.1%
|
|
Finance and Insurance
|
7.2%
|
|
Professional, Scientific and Technical Services
|
4.9%
|
|
Management of Companies and Enterprises
|
3.2%
|
|
Accommodation and Food Services
|
2.7%
|
|
Real Estate
|
2.6%
|
|
Manufacturing
|
1.6%
|
|
Management, Scientific, and Technical Consulting
|
1.6%
|
|
Real Estate and Rental and Leasing
|
0.8%
|
|
Arts, Entertainment, and Recreation
|
0.7%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
53.2%
|
|
Landbridge Co. LLC
|
5.5%
|
|
Grayscale Bitcoin Trust ETF
|
4.8%
|
|
CACI International, Inc.
|
4.3%
|
|
Civeo Corp.
|
2.7%
|
|
DREAM Unlimited Corp.
|
2.3%
|
|
Carnival Corp.
|
1.6%
|
|
Interparfums, Inc.
|
1.5%
|
|
Associated Capital Group, Inc.
|
1.4%
|
|
Urbana Corp.
|
1.0%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Class
|
$172
|
1.44%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended December 31, 2024, the Fund’s No-Load class posted 68.52% and significantly outperformed benchmarks S&P 600 Small Cap Index and S&P 500 Index which posted 8.70% and 25.02%, respectively.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers. The Fund also benefitted from exposure to a “Defense Technology” company that provides essential surveillance, communications and encryption/security for the federal government.
POSITIONING
The portfolio remains focused on companies within the broader universe of value companies in the hard asset realm and seeks opportunities in small capitalization issuers with the potential to expand to higher valuations either through revaluation, growth or a combination thereof. Guided by long-term our value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.
PERFORMANCE
The Fund’s top contributor: Security selection collectively contributed positively to performance particularly within the Energy Sector. Texas Pacific Land Corporation (“TPL”) was the largest contributor to returns.
The Fund’s top detractor: Inter Parfums, Inc (“IPAR”) detracted marginally from returns.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
Institutional Class (without sales charge)
|
68.85
|
24.13
|
17.98
|
|
S&P 500 TR
|
25.02
|
14.53
|
13.10
|
|
S&P SmallCap 600 TR
|
8.70
|
8.36
|
8.96
|
Visit https://kineticsfunds.com/resources/ for more recent performance information.
Visit https://kineticsfunds.com/resources/ for more recent performance information.
KEY FUND STATISTICS (as of December 31, 2024)
|
Net Assets
|
$465,795,726
|
|
Number of Holdings
|
56
|
|
Net Advisory Fee
|
$4,073,747
|
|
Portfolio Turnover
|
6%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
59.1%
|
|
Finance and Insurance
|
7.2%
|
|
Professional, Scientific and Technical Services
|
4.9%
|
|
Management of Companies and Enterprises
|
3.2%
|
|
Accommodation and Food Services
|
2.7%
|
|
Real Estate
|
2.6%
|
|
Manufacturing
|
1.6%
|
|
Management, Scientific, and Technical Consulting
|
1.6%
|
|
Real Estate and Rental and Leasing
|
0.8%
|
|
Arts, Entertainment, and Recreation
|
0.7%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
53.2%
|
|
Landbridge Co. LLC
|
5.5%
|
|
Grayscale Bitcoin Trust ETF
|
4.8%
|
|
CACI International, Inc.
|
4.3%
|
|
Civeo Corp.
|
2.7%
|
|
DREAM Unlimited Corp.
|
2.3%
|
|
Carnival Corp.
|
1.6%
|
|
Interparfums, Inc.
|
1.5%
|
|
Associated Capital Group, Inc.
|
1.4%
|
|
Urbana Corp.
|
1.0%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
No Load Class
|
$195
|
1.64%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended December 31, 2024, the Fund’s No-Load class posted 68.52% and significantly outperformed benchmarks S&P 600 Small Cap Index and S&P 500 Index which posted 8.70% and 25.02%, respectively.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers. The Fund also benefitted from exposure to a “Defense Technology” company that provides essential surveillance, communications and encryption/security for the federal government.
POSITIONING
The portfolio remains focused on companies within the broader universe of value companies in the hard asset realm and seeks opportunities in small capitalization issuers with the potential to expand to higher valuations either through revaluation, growth or a combination thereof. Guided by long-term our value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.
PERFORMANCE
The Fund’s top contributor: Security selection collectively contributed positively to performance particularly within the Energy Sector. Texas Pacific Land Corporation (“TPL”) was the largest contributor to returns.
The Fund’s top detractor: Inter Parfums, Inc (“IPAR”) detracted marginally from returns.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
No Load Class (without sales charge)
|
68.52
|
23.88
|
17.74
|
|
S&P 500 TR
|
25.02
|
14.53
|
13.10
|
|
S&P SmallCap 600 TR
|
8.70
|
8.36
|
8.96
|
Visit https://kineticsfunds.com/resources/ for more recent performance information.
Visit https://kineticsfunds.com/resources/ for more recent performance information.
KEY FUND STATISTICS (as of December 31, 2024)
|
Net Assets
|
$465,795,726
|
|
Number of Holdings
|
56
|
|
Net Advisory Fee
|
$4,073,747
|
|
Portfolio Turnover
|
6%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
59.1%
|
|
Finance and Insurance
|
7.2%
|
|
Professional, Scientific and Technical Services
|
4.9%
|
|
Management of Companies and Enterprises
|
3.2%
|
|
Accommodation and Food Services
|
2.7%
|
|
Real Estate
|
2.6%
|
|
Manufacturing
|
1.6%
|
|
Management, Scientific, and Technical Consulting
|
1.6%
|
|
Real Estate and Rental and Leasing
|
0.8%
|
|
Arts, Entertainment, and Recreation
|
0.7%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
53.2%
|
|
Landbridge Co. LLC
|
5.5%
|
|
Grayscale Bitcoin Trust ETF
|
4.8%
|
|
CACI International, Inc.
|
4.3%
|
|
Civeo Corp.
|
2.7%
|
|
DREAM Unlimited Corp.
|
2.3%
|
|
Carnival Corp.
|
1.6%
|
|
Interparfums, Inc.
|
1.5%
|
|
Associated Capital Group, Inc.
|
1.4%
|
|
Urbana Corp.
|
1.0%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Advisor Class A
|
$200
|
1.65%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended December 31, 2024, the Fund’s No-Load class posted 84.08%, significantly outperforming benchmarks S&P 500 Index and MSCI EAFE Index which posted 25.02% and 3.82%, respectively.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers. Blockchain and cryptocurrency also contributed positively, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to set itself apart from other cryptocurrencies, supported by a more favorable regulatory landscape.
POSITIONING
The portfolio remains focused on high-quality, durable businesses with exposure to hard assets, which we believe are well-positioned to perform across various macroeconomic conditions, particularly in a sustained inflationary environment. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.
PERFORMANCE
The Fund’s top contributor: Security selection collectively contributed positively to performance particularly with the Fund’s overweight exposure to Energy and Blockchain/Cryptocurrency. Texas Pacific Land Corporation (“TPL”) was the largest contributor to returns.
The Fund’s top detractor: Permian Basin Royalty Trust (“PBT”) detracted marginally from returns.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
Advisor Class A (without sales charge)
|
83.60
|
24.29
|
17.84
|
|
Advisor Class A (with sales charge)
|
73.04
|
22.83
|
17.15
|
|
S&P 500 TR
|
25.02
|
14.53
|
13.10
|
|
MSCI EAFE Net (USD)
|
3.82
|
4.73
|
5.20
|
Visit https://kineticsfunds.com/resources/ for more recent performance information.
Visit https://kineticsfunds.com/resources/ for more recent performance information.
KEY FUND STATISTICS (as of December 31, 2024)
|
Net Assets
|
$223,495,159
|
|
Number of Holdings
|
69
|
|
Net Advisory Fee
|
$1,535,281
|
|
Portfolio Turnover
|
7%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
58.2%
|
|
Finance and Insurance
|
30.2%
|
|
Management of Companies and Enterprises
|
3.3%
|
|
Information
|
1.5%
|
|
Transportation and Warehousing
|
0.6%
|
|
Real Estate
|
0.3%
|
|
Global Exchanges
|
0.1%
|
|
Professional, Scientific and Technical Services
|
0.1%
|
|
Live Sports (Spectator Sports)
|
0.1%
|
|
Industrial
|
0.1%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
53.9%
|
|
Grayscale Bitcoin Trust ETF
|
19.8%
|
|
Partners Value Investments LP
|
2.6%
|
|
Grayscale Bitcoin Mini Trust ETF
|
2.2%
|
|
Landbridge Co. LLC
|
2.0%
|
|
White Mountains Insurance Group Ltd.
|
1.2%
|
|
Associated Capital Group, Inc.
|
1.2%
|
|
Intercontinental Exchange, Inc.
|
0.9%
|
|
Urbana Corp.
|
0.8%
|
|
Wheaton Precious Metals Corp.
|
0.8%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Advisor Class C
|
$261
|
2.15%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended December 31, 2024, the Fund’s No-Load class posted 84.08%, significantly outperforming benchmarks S&P 500 Index and MSCI EAFE Index which posted 25.02% and 3.82%, respectively.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers. Blockchain and cryptocurrency also contributed positively, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to set itself apart from other cryptocurrencies, supported by a more favorable regulatory landscape.
POSITIONING
The portfolio remains focused on high-quality, durable businesses with exposure to hard assets, which we believe are well-positioned to perform across various macroeconomic conditions, particularly in a sustained inflationary environment. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.
PERFORMANCE
The Fund’s top contributor: Security selection collectively contributed positively to performance particularly with the Fund’s overweight exposure to Energy and Blockchain/Cryptocurrency. Texas Pacific Land Corporation (“TPL”) was the largest contributor to returns.
The Fund’s top detractor: Permian Basin Royalty Trust (“PBT”) detracted marginally from returns.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
Advisor Class C (without sales charge)
|
82.65
|
23.66
|
17.25
|
|
Advisor Class C (with sales charge)
|
81.65
|
23.66
|
17.25
|
|
S&P 500 TR
|
25.02
|
14.53
|
13.10
|
|
MSCI EAFE Net (USD)
|
3.82
|
4.73
|
5.20
|
Visit https://kineticsfunds.com/resources/ for more recent performance information.
Visit https://kineticsfunds.com/resources/ for more recent performance information.
KEY FUND STATISTICS (as of December 31, 2024)
|
Net Assets
|
$223,495,159
|
|
Number of Holdings
|
69
|
|
Net Advisory Fee
|
$1,535,281
|
|
Portfolio Turnover
|
7%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
58.2%
|
|
Finance and Insurance
|
30.2%
|
|
Management of Companies and Enterprises
|
3.3%
|
|
Information
|
1.5%
|
|
Transportation and Warehousing
|
0.6%
|
|
Real Estate
|
0.3%
|
|
Global Exchanges
|
0.1%
|
|
Professional, Scientific and Technical Services
|
0.1%
|
|
Live Sports (Spectator Sports)
|
0.1%
|
|
Industrial
|
0.1%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
53.9%
|
|
Grayscale Bitcoin Trust ETF
|
19.8%
|
|
Partners Value Investments LP
|
2.6%
|
|
Grayscale Bitcoin Mini Trust ETF
|
2.2%
|
|
Landbridge Co. LLC
|
2.0%
|
|
White Mountains Insurance Group Ltd.
|
1.2%
|
|
Associated Capital Group, Inc.
|
1.2%
|
|
Intercontinental Exchange, Inc.
|
0.9%
|
|
Urbana Corp.
|
0.8%
|
|
Wheaton Precious Metals Corp.
|
0.8%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Class
|
$146
|
1.20%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended December 31, 2024, the Fund’s No-Load class posted 84.08%, significantly outperforming benchmarks S&P 500 Index and MSCI EAFE Index which posted 25.02% and 3.82%, respectively.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers. Blockchain and cryptocurrency also contributed positively, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to set itself apart from other cryptocurrencies, supported by a more favorable regulatory landscape.
POSITIONING
The portfolio remains focused on high-quality, durable businesses with exposure to hard assets, which we believe are well-positioned to perform across various macroeconomic conditions, particularly in a sustained inflationary environment. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.
PERFORMANCE
The Fund’s top contributor: Security selection collectively contributed positively to performance particularly with the Fund’s overweight exposure to Energy and Blockchain/Cryptocurrency. Texas Pacific Land Corporation (“TPL”) was the largest contributor to returns.
The Fund’s top detractor: Permian Basin Royalty Trust (“PBT”) detracted marginally from returns.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
Institutional Class (without sales charge)
|
84.40
|
24.84
|
18.38
|
|
S&P 500 TR
|
25.02
|
14.53
|
13.10
|
|
MSCI EAFE Net (USD)
|
3.82
|
4.73
|
5.20
|
Visit https://kineticsfunds.com/resources/ for more recent performance information.
Visit https://kineticsfunds.com/resources/ for more recent performance information.
KEY FUND STATISTICS (as of December 31, 2024)
|
Net Assets
|
$223,495,159
|
|
Number of Holdings
|
69
|
|
Net Advisory Fee
|
$1,535,281
|
|
Portfolio Turnover
|
7%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
58.2%
|
|
Finance and Insurance
|
30.2%
|
|
Management of Companies and Enterprises
|
3.3%
|
|
Information
|
1.5%
|
|
Transportation and Warehousing
|
0.6%
|
|
Real Estate
|
0.3%
|
|
Global Exchanges
|
0.1%
|
|
Professional, Scientific and Technical Services
|
0.1%
|
|
Live Sports (Spectator Sports)
|
0.1%
|
|
Industrial
|
0.1%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
53.9%
|
|
Grayscale Bitcoin Trust ETF
|
19.8%
|
|
Partners Value Investments LP
|
2.6%
|
|
Grayscale Bitcoin Mini Trust ETF
|
2.2%
|
|
Landbridge Co. LLC
|
2.0%
|
|
White Mountains Insurance Group Ltd.
|
1.2%
|
|
Associated Capital Group, Inc.
|
1.2%
|
|
Intercontinental Exchange, Inc.
|
0.9%
|
|
Urbana Corp.
|
0.8%
|
|
Wheaton Precious Metals Corp.
|
0.8%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
No Load Class
|
$170
|
1.40%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended December 31, 2024, the Fund’s No-Load class posted 84.08%, significantly outperforming benchmarks S&P 500 Index and MSCI EAFE Index which posted 25.02% and 3.82%, respectively.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers. Blockchain and cryptocurrency also contributed positively, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to set itself apart from other cryptocurrencies, supported by a more favorable regulatory landscape.
POSITIONING
The portfolio remains focused on high-quality, durable businesses with exposure to hard assets, which we believe are well-positioned to perform across various macroeconomic conditions, particularly in a sustained inflationary environment. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.
PERFORMANCE
The Fund’s top contributor: Security selection collectively contributed positively to performance particularly with the Fund’s overweight exposure to Energy and Blockchain/Cryptocurrency. Texas Pacific Land Corporation (“TPL”) was the largest contributor to returns.
The Fund’s top detractor: Permian Basin Royalty Trust (“PBT”) detracted marginally from returns.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
No Load Class (without sales charge)
|
84.08
|
24.59
|
18.14
|
|
S&P 500 TR
|
25.02
|
14.53
|
13.10
|
|
MSCI EAFE Net (USD)
|
3.82
|
4.73
|
5.20
|
Visit https://kineticsfunds.com/resources/ for more recent performance information.
Visit https://kineticsfunds.com/resources/ for more recent performance information.
KEY FUND STATISTICS (as of December 31, 2024)
|
Net Assets
|
$223,495,159
|
|
Number of Holdings
|
69
|
|
Net Advisory Fee
|
$1,535,281
|
|
Portfolio Turnover
|
7%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
58.2%
|
|
Finance and Insurance
|
30.2%
|
|
Management of Companies and Enterprises
|
3.3%
|
|
Information
|
1.5%
|
|
Transportation and Warehousing
|
0.6%
|
|
Real Estate
|
0.3%
|
|
Global Exchanges
|
0.1%
|
|
Professional, Scientific and Technical Services
|
0.1%
|
|
Live Sports (Spectator Sports)
|
0.1%
|
|
Industrial
|
0.1%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
53.9%
|
|
Grayscale Bitcoin Trust ETF
|
19.8%
|
|
Partners Value Investments LP
|
2.6%
|
|
Grayscale Bitcoin Mini Trust ETF
|
2.2%
|
|
Landbridge Co. LLC
|
2.0%
|
|
White Mountains Insurance Group Ltd.
|
1.2%
|
|
Associated Capital Group, Inc.
|
1.2%
|
|
Intercontinental Exchange, Inc.
|
0.9%
|
|
Urbana Corp.
|
0.8%
|
|
Wheaton Precious Metals Corp.
|
0.8%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
No Load Class
|
$75
|
0.74%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended December 31, 2024, the Fund’s No-Load class posted 7.05%, driven by its re-positioning of its portfolio investment mix (during 2023) to include only high-quality collateralized loan obligation (“CLO”) debt tranche investments.
WHAT FACTORS INFLUENCED PERFORMANCE
The CLO debt tranches held by the Fund generated current cash income and avoided significant interest rate risks inherent in more traditional fixed income investment strategies. The Fund also benefited from fewer than anticipated interest rate cuts by the Federal Reserve in 2024.
POSITIONING
The Fund’s investments include only AAA and AA rated CLO debt tranches. During 2024, the Fund increased its portfolio weighing of AA rated CLO debt given the higher yields and the minimal incremental credit risk relative to AAA rated CLO debt.
PERFORMANCE
The Fund’s top contributor: Security selection collectively contributed positively to performance, specifically due to the increase in the Funds weighing of AA debt investments during 2024 and the overall credit performance of the Fund’s investments. The Fund also benefited from the floating rate structure of its CLO investments.
The Fund’s top detractor: The Fund suffered no impairment related losses in any investment during the year due to any credit event.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
No Load Class (without sales charge)
|
7.05
|
1.88
|
2.98
|
|
Bloomberg US Aggregate Bond Index
|
1.25
|
-0.33
|
1.35
|
|
Bloomberg U.S. High Yield Corporate Bond Index
|
8.19
|
4.21
|
5.17
|
|
CBOE S&P 500 PutWrite Index (PUT)
|
17.84
|
9.12
|
7.70
|
|
Cboe S&P 500 BuyWrite Monthly Index
|
20.12
|
6.88
|
6.94
|
Visit https://kineticsfunds.com/resources/ for more recent performance information.
Visit https://kineticsfunds.com/resources/ for more recent performance information.
KEY FUND STATISTICS (as of December 31, 2024)
|
Net Assets
|
$13,628,238
|
|
Number of Holdings
|
27
|
|
Net Advisory Fee
|
$0
|
|
Portfolio Turnover
|
37%
|
|
Average Credit Quality
|
AAA
|
|
Effective Duration
|
2 Yrs
|
|
30-Day SEC Yield
|
6.20%
|
|
30-Day SEC Yield Unsubsidized
|
5.62%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Asset Backed Securities
|
91.1%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Sound Point CLO Ltd. 2024-39A, AA tranche
|
7.5%
|
|
Babson CLO Ltd./Cayman Islands 2023-1A, AAA tranche
|
4.1%
|
|
Sound Point CLO Ltd. 2017-3A, AAA tranche
|
3.9%
|
|
Venture CDO Ltd. 2023-48A, AA tranche
|
3.8%
|
|
Fort Washington CLO 2019-1A, AA tranche
|
3.8%
|
|
Magnetite CLO Ltd. 2023-37A, AA tranche
|
3.8%
|
|
ICG US CLO Ltd. 2023-1A, AA tranche
|
3.8%
|
|
37 Capital CLO 2023-1A, AAA tranche
|
3.8%
|
|
Rad CLO 2023-20A, AA tranche
|
3.8%
|
|
Battery Park CLO 2022-1A, AAA tranche
|
3.8%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Advisor Class A
|
$181
|
1.50%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended December 31, 2024, the Fund’s No-Load class posted 82.86%, significantly outperforming its benchmark S&P 500 Index, which posted 25.02% for the same period.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe stand to benefit from rising price levels, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. However, our investments in energy-related royalties and land/infrastructure were less impacted by commodity market fluctuations due to distinct growth drivers. The Fund also benefited from exposure to a niche Industrial supplier to the HVAC/R (heating, ventilation, air conditioning and refrigeration) market. These end markets have sustained secular growth trends which arose during the pandemic recovery.
POSITIONING
The portfolio remains focused on companies that are actively seeking to maximize shareholder value through spin-offs and subject to restructuring activity. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.
PERFORMANCE
The Fund’s top contributor: Security selection collectively contributed positively to performance particularly within the Energy Sector. Texas Pacific Land Corporation (“TPL”) was the largest contributor to returns.
The Fund’s top detractor: Bakkt Holdings, Inc (“BKKT”) detracted marginally from returns.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
Advisor Class A (without sales charge)
|
82.36
|
25.14
|
15.50
|
|
Advisor Class A (with sales charge)
|
71.91
|
23.67
|
14.82
|
|
S&P 500 TR
|
25.02
|
14.53
|
13.10
|
Visit https://kineticsfunds.com/resources/ for more recent performance information.
Visit https://kineticsfunds.com/resources/ for more recent performance information.
KEY FUND STATISTICS (as of December 31, 2024)
|
Net Assets
|
$36,632,373
|
|
Number of Holdings
|
36
|
|
Net Advisory Fee
|
$150,643
|
|
Portfolio Turnover
|
6%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
79.9%
|
|
Manufacturing
|
5.6%
|
|
Management of Companies and Enterprises
|
3.9%
|
|
Finance and Insurance
|
3.6%
|
|
Accommodation and Food Services
|
1.2%
|
|
Real Estate and Rental and Leasing
|
1.0%
|
|
Information
|
0.9%
|
|
Real Estate
|
0.2%
|
|
Utilities
|
0.0%
|
|
Media
|
0.0%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
74.8%
|
|
CSW Industrials, Inc.
|
5.2%
|
|
Landbridge Co. LLC
|
5.0%
|
|
Associated Capital Group, Inc.
|
3.2%
|
|
GAMCO Investors, Inc.
|
2.6%
|
|
Civeo Corp.
|
1.2%
|
|
Liberty Media Corp.-Liberty Formula One
|
0.7%
|
|
PrairieSky Royalty Ltd.
|
0.6%
|
|
Grayscale Bitcoin Mini Trust ETF
|
0.4%
|
|
Bakkt Holdings, Inc.
|
0.4%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Advisor Class C
|
$271
|
2.25%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended December 31, 2024, the Fund’s No-Load class posted 82.86%, significantly outperforming its benchmark S&P 500 Index, which posted 25.02% for the same period.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe stand to benefit from rising price levels, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. However, our investments in energy-related royalties and land/infrastructure were less impacted by commodity market fluctuations due to distinct growth drivers. The Fund also benefited from exposure to a niche Industrial supplier to the HVAC/R (heating, ventilation, air conditioning and refrigeration) market. These end markets have sustained secular growth trends which arose during the pandemic recovery.
POSITIONING
The portfolio remains focused on companies that are actively seeking to maximize shareholder value through spin-offs and subject to restructuring activity. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.
PERFORMANCE
The Fund’s top contributor: Security selection collectively contributed positively to performance particularly within the Energy Sector. Texas Pacific Land Corporation (“TPL”) was the largest contributor to returns.
The Fund’s top detractor: Bakkt Holdings, Inc (“BKKT”) detracted marginally from returns.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
Advisor Class C (without sales charge)
|
81.04
|
24.22
|
14.64
|
|
Advisor Class C (with sales charge)
|
80.04
|
24.22
|
14.64
|
|
S&P 500 TR
|
25.02
|
14.53
|
13.10
|
Visit https://kineticsfunds.com/resources/ for more recent performance information.
Visit https://kineticsfunds.com/resources/ for more recent performance information.
KEY FUND STATISTICS (as of December 31, 2024)
|
Net Assets
|
$36,632,373
|
|
Number of Holdings
|
36
|
|
Net Advisory Fee
|
$150,643
|
|
Portfolio Turnover
|
6%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
79.9%
|
|
Manufacturing
|
5.6%
|
|
Management of Companies and Enterprises
|
3.9%
|
|
Finance and Insurance
|
3.6%
|
|
Accommodation and Food Services
|
1.2%
|
|
Real Estate and Rental and Leasing
|
1.0%
|
|
Information
|
0.9%
|
|
Real Estate
|
0.2%
|
|
Utilities
|
0.0%
|
|
Media
|
0.0%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
74.8%
|
|
CSW Industrials, Inc.
|
5.2%
|
|
Landbridge Co. LLC
|
5.0%
|
|
Associated Capital Group, Inc.
|
3.2%
|
|
GAMCO Investors, Inc.
|
2.6%
|
|
Civeo Corp.
|
1.2%
|
|
Liberty Media Corp.-Liberty Formula One
|
0.7%
|
|
PrairieSky Royalty Ltd.
|
0.6%
|
|
Grayscale Bitcoin Mini Trust ETF
|
0.4%
|
|
Bakkt Holdings, Inc.
|
0.4%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Class
|
$151
|
1.25%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended December 31, 2024, the Fund’s No-Load class posted 82.86%, significantly outperforming its benchmark S&P 500 Index, which posted 25.02% for the same period.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe stand to benefit from rising price levels, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. However, our investments in energy-related royalties and land/infrastructure were less impacted by commodity market fluctuations due to distinct growth drivers. The Fund also benefited from exposure to a niche Industrial supplier to the HVAC/R (heating, ventilation, air conditioning and refrigeration) market. These end markets have sustained secular growth trends which arose during the pandemic recovery.
POSITIONING
The portfolio remains focused on companies that are actively seeking to maximize shareholder value through spin-offs and subject to restructuring activity. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.
PERFORMANCE
The Fund’s top contributor: Security selection collectively contributed positively to performance particularly within the Energy Sector. Texas Pacific Land Corporation (“TPL”) was the largest contributor to returns.
The Fund’s top detractor: Bakkt Holdings, Inc (“BKKT”) detracted marginally from returns.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
Institutional Class (without sales charge)
|
82.86
|
25.47
|
15.79
|
|
S&P 500 TR
|
25.02
|
14.53
|
13.10
|
Visit https://kineticsfunds.com/resources/ for more recent performance information.
Visit https://kineticsfunds.com/resources/ for more recent performance information.
KEY FUND STATISTICS (as of December 31, 2024)
|
Net Assets
|
$36,632,373
|
|
Number of Holdings
|
36
|
|
Net Advisory Fee
|
$150,643
|
|
Portfolio Turnover
|
6%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
79.9%
|
|
Manufacturing
|
5.6%
|
|
Management of Companies and Enterprises
|
3.9%
|
|
Finance and Insurance
|
3.6%
|
|
Accommodation and Food Services
|
1.2%
|
|
Real Estate and Rental and Leasing
|
1.0%
|
|
Information
|
0.9%
|
|
Real Estate
|
0.2%
|
|
Utilities
|
0.0%
|
|
Media
|
0.0%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
74.8%
|
|
CSW Industrials, Inc.
|
5.2%
|
|
Landbridge Co. LLC
|
5.0%
|
|
Associated Capital Group, Inc.
|
3.2%
|
|
GAMCO Investors, Inc.
|
2.6%
|
|
Civeo Corp.
|
1.2%
|
|
Liberty Media Corp.-Liberty Formula One
|
0.7%
|
|
PrairieSky Royalty Ltd.
|
0.6%
|
|
Grayscale Bitcoin Mini Trust ETF
|
0.4%
|
|
Bakkt Holdings, Inc.
|
0.4%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
No Load Class
|
$175
|
1.45%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended December 31, 2024, the Fund’s No-Load class posted 82.86%, significantly outperforming its benchmark S&P 500 Index, which posted 25.02% for the same period.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe stand to benefit from rising price levels, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. However, our investments in energy-related royalties and land/infrastructure were less impacted by commodity market fluctuations due to distinct growth drivers. The Fund also benefited from exposure to a niche Industrial supplier to the HVAC/R (heating, ventilation, air conditioning and refrigeration) market. These end markets have sustained secular growth trends which arose during the pandemic recovery.
POSITIONING
The portfolio remains focused on companies that are actively seeking to maximize shareholder value through spin-offs and subject to restructuring activity. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.
PERFORMANCE
The Fund’s top contributor: Security selection collectively contributed positively to performance particularly within the Energy Sector. Texas Pacific Land Corporation (“TPL”) was the largest contributor to returns.
The Fund’s top detractor: Bakkt Holdings, Inc (“BKKT”) detracted marginally from returns.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
Since Inception
(12/11/2017) |
|
No Load Class (without sales charge)
|
82.47
|
25.25
|
20.96
|
|
S&P 500 TR
|
25.02
|
14.53
|
13.82
|
Visit https://kineticsfunds.com/resources/ for more recent performance information.
Visit https://kineticsfunds.com/resources/ for more recent performance information.
KEY FUND STATISTICS (as of December 31, 2024)
|
Net Assets
|
$36,632,373
|
|
Number of Holdings
|
36
|
|
Net Advisory Fee
|
$150,643
|
|
Portfolio Turnover
|
6%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
79.9%
|
|
Manufacturing
|
5.6%
|
|
Management of Companies and Enterprises
|
3.9%
|
|
Finance and Insurance
|
3.6%
|
|
Accommodation and Food Services
|
1.2%
|
|
Real Estate and Rental and Leasing
|
1.0%
|
|
Information
|
0.9%
|
|
Real Estate
|
0.2%
|
|
Utilities
|
0.0%
|
|
Media
|
0.0%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
74.8%
|
|
CSW Industrials, Inc.
|
5.2%
|
|
Landbridge Co. LLC
|
5.0%
|
|
Associated Capital Group, Inc.
|
3.2%
|
|
GAMCO Investors, Inc.
|
2.6%
|
|
Civeo Corp.
|
1.2%
|
|
Liberty Media Corp.-Liberty Formula One
|
0.7%
|
|
PrairieSky Royalty Ltd.
|
0.6%
|
|
Grayscale Bitcoin Mini Trust ETF
|
0.4%
|
|
Bakkt Holdings, Inc.
|
0.4%
|