Spin-off - KINETICS MUTUAL FUNDS INC
Form Type: NPORT-P
Filing Date: 2025-05-19
Corporate Action: Spin-off
Type: New
Accession Number: 000114554925030023
Filing Summary: Kinetics Mutual Funds Inc. filed an NPORT-P on May 19, 2025. This filing discusses the Kinetics Spin-Off and Corporate Restructuring Fund alongside other corporate securities held by the fund. It includes key details such as asset values and metrics related to various investments and securities within the fund. Specific companies listed as holdings include iShares Bitcoin Trust ETF, Knife River Corp, Liberty Energy Inc, and General Electric Co, among others. The filing outlines asset allocations and management strategies as part of the fund's investment objectives.
Additional details:
Fund Name: Kinetics Spin-Off and Corporate Restructuring Fund
Contact Address: 470 Park Avenue South New York
Contact Phone: 800-930-3828
Form Type: 497K
Filing Date: 2025-05-08
Corporate Action: Spin-off
Type: New
Accession Number: 000089418925003696
Filing Summary: The document outlines the Kinetics Spin-off and Corporate Restructuring Fund, with a focus on its investment objectives, fees, expenses, and principal investment strategies. The Fund aims to achieve long-term growth of capital by investing at least 80% of its net assets in equity securities of spin-off companies and those undergoing corporate restructuring. It is non-diversified, with potential investments in foreign equity stocks, distressed companies, and other assets like crypto through controlled subsidiaries. Risks identified include single stock concentration, non-diversification, liquidity risks, sector concentration, and specific risks associated with crypto assets, such as regulatory uncertainty and market volatility. Key fees include management fees, distribution fees, and shareholder service fees, with an example illustrating investment costs over various time periods. The Fund's portfolio turnover rate and cash positions are also addressed, highlighting potential impacts on investment returns depending on market conditions.
Additional details:
Investment Objectives: seeks to achieve long-term growth of capital
Total Annual Fund Operating Expenses: 1.54%, 2.29%, 1.29%, 1.49%
Management Fees: 1.00%
Distribution Fees: 0.25%, 0.75%
Redemption Fee: 2.00%
Wire Fee: $15
Portfolio Turnover Rate: 6%
Sector Concentration Percentage: 82.5%
Major Investment: 77.5% of net assets in Texas Pacific Land Corporation
Form Type: 497K
Filing Date: 2025-05-02
Corporate Action: Spin-off
Type: New
Accession Number: 000089418925003510
Filing Summary: The document is a summary prospectus for the Kinetics Spin-off and Corporate Restructuring Fund, detailing the objectives and fees associated with the various classes of shares offered. The Fund aims for long-term capital growth by investing primarily in equity securities of companies undergoing spin-offs and corporate restructurings. It utilizes a bottom-up investment strategy focusing on individual company analysis. The prospectus emphasizes the specific risks involved, including single stock concentration risk, non-diversification risk, and liquidity risks, among others. Investment in crypto assets is also addressed, highlighting indirect investments through vehicles like the Grayscale Bitcoin Trust ETF. The Fund has contractual agreements in place concerning fee waivers and reimbursements to control its operating expenses. As of March 31, 2025, a significant portion of assets was held in Texas Pacific Land Corporation, which represents a substantial investment in a single entity. The Fund's strategy allows for a focus on companies with favorable risk/reward profiles, particularly those experiencing or expected to undergo significant corporate changes.
Additional details:
Investment Objectives: long-term growth of capital
Management Fees: 1.00% for all classes
Total Annual Fund Operating Expenses: 1.54% (Advisor Class A) to 2.56% (Advisor Class C)
Portfolio Turnover Rate: 6%
Largest Investment: Texas Pacific Land Corporation (77.5% of net assets)
Form Type: N-CEN
Filing Date: 2025-03-14
Corporate Action: Spin-off
Type: New
Accession Number: 000114554925017865
Filing Summary: Kinetics Mutual Funds Inc. has filed an N-CEN form reflecting corporate activities related to its funds. Notably, the filing outlines the establishment of the Kinetics Spin-Off and Corporate Restructuring Fund, indicating a strategic initiative to spin-off portions of its operations or assets. The filing includes key offices and managerial personnel responsible for overseeing these changes, and it specifies various agents and custodians involved in fund management and compliance operations.
Additional details:
Custodian Name: U.S. Bank N.A.
Custodian Address: 1555 N. River Center Drive Suite 302 Milwaukee 53212
Fund Name: Kinetics Spin-Off and Corporate Restructuring Fund
Fund Identifier: S000058593
Fund Admin Name: U.S. Bancorp Fund Services
Fund Admin Identifier: 85-11357
Auditor Name: Tait, Weller & Baker LLP
Auditor Identifier: 00445
Manager Name: Horizon Kinetics Asset Management
Manager Identifier: 801-52581
Form Type: NPORT-P
Filing Date: 2025-02-19
Corporate Action: Spin-off
Type: New
Accession Number: 000114554925007576
Filing Summary: Kinetics Mutual Funds Inc has filed a report indicating the establishment of the Kinetics Spin-Off and Corporate Restructuring Fund, effective December 31, 2024. This fund focuses on the spin-off strategy, aiming to enhance shareholder value by separating business segments strategically. The report includes detailed asset valuations, including significant holdings such as Howard Hughes Holdings Inc and other entities across various sectors. The funds reported significant positions, with the Kinetics Spin-Off and Corporate Restructuring Fund managing approximately 36,951,582.58 USD in assets.
Additional details:
Fund Name: Kinetics Spin-Off and Corporate Restructuring Fund
Fiscal Period Ended: 2024-12-31
Total Assets: 36951582.58
Investment Holdings: [{"company_name":"Howard Hughes Holdings Inc","ticker_symbol":"44267T102","value":"123072","share_class":"Long EC CORP US"},{"company_name":"Knife River Corp","ticker_symbol":"498894104","value":"10164","share_class":"Long EC CORP US"}]
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