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Kinetics Spin-Off and Corporate Restructuring Fund
mutual fund
LSHUX
Payout Change
Pending
Price as of:
$33.53
-0.45
-1.32%
primary theme
U.S. Mid-Cap Growth Equity
share class
LSHUX (Mutual Fund)
Kinetics Spin-Off and Corporate Restructuring Fund
Payout Change
Pending
Price as of:
$33.53
-0.45
-1.32%
primary theme
U.S. Mid-Cap Growth Equity
share class
LSHUX (Mutual Fund)
Kinetics Spin-Off and Corporate Restructuring Fund
Payout Change
Pending
Price as of:
$33.53
-0.45
-1.32%
primary theme
U.S. Mid-Cap Growth Equity
share class
Name
As of 12/19/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
80.7%
1 yr return
63.5%
3 Yr Avg Return
25.0%
5 Yr Avg Return
23.3%
Net Assets
$30.5 M
Holdings in Top 10
97.8%
52 WEEK LOW AND HIGH
$34.0
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.91%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 1.00%
Redemption Fee 2.00%
Min Investment
Standard (Taxable)
$1,000,000
IRA
$1,000,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/19/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
LSHUX - Profile
Distributions
- YTD Total Return 80.7%
- 3 Yr Annualized Total Return 25.0%
- 5 Yr Annualized Total Return 23.3%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.37%
- Dividend Yield 0.3%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameKinetics Spin-Off and Corporate Restructuring Fund
-
Fund Family Name7
-
Inception DateJul 11, 2007
-
Shares Outstanding911648
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerSteven Bregman
Fund Description
Under normal market conditions, the Fund will pursue its investment objective by investing at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of spin-off companies, companies subject to other forms of corporate restructuring, parents of any such companies, and publicly traded shareholder activist holding companies which, by way of their shareholder ownership in other companies, have caused such other companies to undergo spin-offs and other forms of corporate restructurings. The Fund is non-diversified. The Fund considers a spin-off company or a company subject to a corporate restructuring to be any company that has experienced one of the following events within five years of the Fund’s investment in the company: a spin-off distribution of stock of a subsidiary company by its parent company to parent company shareholders; an equity “carve-out” or
“partial initial public offering” in which a parent company sells a percentage of the equity of a subsidiary in a public offering; or the parent company of any such company after the public disclosure of the corporate restructuring. The Fund may invest in a parent company of a spin-off company or a company subject to a corporate restructuring, or a publicly traded shareholder activist holding company which has caused such other companies to undergo the spin-off or corporate restructuring, after the public disclosure of the planned spin-off or corporate restructuring, during the spin-off or corporate restructuring process, or after the actual spin-off or corporate restructuring. If the Fund invests in a parent company of a spin-off company or a company subject to a corporate restructuring prior to a spin-off or restructuring, the Fund would, upon the completion of the spin-off or restructuring, receive the shares of the spin-off company. The Fund may retain shares of both the parent and the spin-off company, the shares of only one, or the shares of neither.
The Fund will invest in both U.S. and foreign equity stocks. The Fund’s investments in foreign equity stocks may be in both developed and emerging markets. The Fund’s equity investments may include common stock, preferred stock, securities convertible into common stock, warrants, rights and other equity securities having the characteristics of common stock (such as depositary receipts). The Fund may invest in any size company, including small- and medium-sized companies, and further may invest in companies which are financially distressed.
The Fund may invest up to 20% of its assets in companies that, for a variety of reasons, the Fund’s Investment Adviser believes may have the potential to be subject to a spin-off or corporate restructuring within a reasonable period of time; for example, a similar company may have recently announced a spin-off; the company may be under investor pressure to consider strategic alternatives; or the current segments of the company may not have a synergistic fit, and as a result the company’s stock trades at a discount to that of its closest peers. The Fund may invest in potential spin-off and corporate restructuring companies that the Fund’s Investment Adviser believes may, based on its in-house research, have the most favorable risk/reward characteristics.
The Fund may invest in crypto assets, including bitcoin or BTC, indirectly through other investment vehicles. The Fund will not invest directly in Bitcoin or other crypto assets. Certain of these vehicles may not be registered under the 1940 Act and do not receive the protections of the 1940 Act. The Fund may contribute a portion of its indirect holdings in crypto assets to a wholly-owned and controlled subsidiary organized under the laws of the Cayman Islands (a “Subsidiary”). The amount of the Fund’s investment in crypto assets may be limited by law or by tax considerations. The Fund will not invest in private investment vehicles beyond the limits of the 1940 Act.
The Fund may invest indirectly in bitcoin through a Delaware statutory trust, Grayscale Bitcoin Trust ETF (“GBTC”) and through other pooled investment vehicles that provide exposure to crypto assets. Grayscale Bitcoin Trust ETF is one of the first spot Bitcoin ETFs in the U.S. It enables investors to gain exposure to bitcoin in the form of a security while avoiding the challenges of buying, storing, and safekeeping bitcoin, directly.
In the future, the Fund may seek to gain additional exposure to crypto asset that may not produce qualifying income for the Fund under the Internal Revenue Code of 1986, as amended (the “Code”) if held directly.
The Subsidiary invests primarily in investment vehicles that provide the Fund with exposure to crypto asset investments. The Fund will invest in its Subsidiary in a manner that is consistent with the limitations of the federal tax laws, rules and regulations that apply to the Fund as a “regulated investment company” (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Code (“Subchapter M”). The Fund complies with Section 8 and Section 18 of the Investment Company Act of 1940, as amended (the
“1940 Act”), governing investment policies and capital structure and leverage, respectively, on an aggregate basis with the Subsidiary. The Subsidiary also complies with Section 17 of the 1940 Act, relating to affiliated transactions and custody, and the Investment Adviser complies with Section 15 of the 1940 Act, relating to investment advisory contracts with respect to the Subsidiary. Unlike the Fund, the Subsidiary does not, and will not, seek to qualify as a RIC. The Fund is the sole shareholder of the Subsidiary and does not expect shares of the Subsidiary to be offered or sold to other investors. The Subsidiary includes entities that engage in investment activities in securities or other assets that are primarily controlled by the Fund. The Fund does not intend to create or acquire primary control of any entity which primarily engages in investment activities in securities or other assets other than entities wholly- owned by the Fund.
The Investment Adviser seeks to avoid short-term investing and significant portfolio turnover. The Investment Adviser utilizes its in-house research capabilities to seek to identify businesses at inflection points in their corporate life cycles with what the Investment Adviser believes are attractive risk/reward profiles. The Investment Adviser believes that returns are often the result of the market’s inefficiency in initially valuing corporate restructurings due in part to lack of coverage by the investment community and initial indiscriminate selling pressure. For instance, companies that have been "spun-off" from their corporate parents by way of corporate restructurings may not be followed closely by financial sector analysts, which could lead to advantageous disparities between a company’s valuation and growth prospects relative to its pricing in the marketplace. The Investment Adviser uses a process that focuses primarily on the analysis of individual companies rather than on the industry in which the company may operate. This “bottom-up” approach may result in multiple investments in the same sector or industry. However, the Investment Adviser pays careful attention to the limitation of sector and industry concentrations.
The Fund may maintain during a temporary period, which could be for a short period or a longer period lasting several years or more, of abnormal conditions, a significant portion of its total assets in cash and securities, generally considered to be cash and cash equivalents, including, but not limited to: high quality, U.S. short-term debt securities and money market instruments. The Investment Adviser will invest in such short-term cash positions to the extent that the Investment Adviser is unable to find sufficient investments meeting its criteria and when the Adviser believes the purchase of additional equity securities would not further the investment objective of the Fund during such periods of time. Additionally, to respond to adverse market, economic, political or other conditions, which may persist for short or long periods of time, the Fund may invest up to 100% of its assets in the types of high quality, U.S. short-term debt securities and money market instruments described above.
If the market advances during periods when the Fund is holding a large cash position, the Fund may not participate as much as it would have if it had been more fully invested in securities. In the aforementioned temporary defensive periods, the Investment Adviser believes that an additional amount of liquidity in the Fund is desirable both to meet operating requirements and to take advantage of new investment opportunities. When the Fund holds a significant portion of assets in cash and cash equivalents, it may not meet its investment objective.
The Fund held 64.86% of its net assets in the Texas Pacific Land Corporation (the “Land Corporation”) as of March 31, 2024. The Land Corporation is a corporation organized under the laws of the state of New York. One of the largest land owners in Texas, the Land Corporation derives most of its income from oil and gas royalty revenue, land easements and water royalties and sales. The Land Corporation has historically operated with minimal operating expenses, little to no debt and utilized cash flow to return capital to unitholders through share repurchases and dividends. While the Land Corporation has held the majority of its assets since its formation in 1888, the development of energy resources subject to its
royalty interests and related land use have experienced rapid growth in recent years due to advances in energy exploration and extraction technologies.
LSHUX - Performance
Return Ranking - Trailing
| Period | LSHUX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 80.7% | -2.0% | 90.1% | 1.75% |
| 1 Yr | 63.5% | -2.3% | 86.3% | 2.33% |
| 3 Yr | 25.0%* | -14.9% | 58.0% | 2.55% |
| 5 Yr | 23.3%* | -2.9% | 101.0% | 3.55% |
| 10 Yr | 14.7%* | 2.3% | 24.4% | 6.04% |
* Annualized
Return Ranking - Calendar
| Period | LSHUX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -26.5% | -27.7% | 68.0% | 99.81% |
| 2022 | 37.2% | -85.6% | 52.8% | 0.39% |
| 2021 | 43.0% | -74.9% | 238.3% | 0.40% |
| 2020 | 4.5% | -44.1% | 2474.5% | 94.38% |
| 2019 | 31.6% | -50.2% | 44.0% | 22.58% |
Total Return Ranking - Trailing
| Period | LSHUX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 80.7% | -2.0% | 90.1% | 1.75% |
| 1 Yr | 63.5% | -2.3% | 86.3% | 2.33% |
| 3 Yr | 25.0%* | -14.9% | 58.0% | 2.55% |
| 5 Yr | 23.3%* | -2.9% | 101.0% | 3.55% |
| 10 Yr | 14.7%* | 2.3% | 24.4% | 6.04% |
* Annualized
Total Return Ranking - Calendar
| Period | LSHUX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -26.1% | -26.1% | 68.0% | 100.00% |
| 2022 | 39.8% | -67.0% | 56.8% | 0.39% |
| 2021 | 43.1% | -23.5% | 342.2% | 0.40% |
| 2020 | 5.5% | 2.6% | 2549.1% | 98.54% |
| 2019 | 31.7% | 14.6% | 44.8% | 63.66% |
NAV & Total Return History
LSHUX - Holdings
Concentration Analysis
| LSHUX | Category Low | Category High | LSHUX % Rank | |
|---|---|---|---|---|
| Net Assets | 30.5 M | 2.73 M | 100 B | 96.32% |
| Number of Holdings | 34 | 24 | 3569 | 93.02% |
| Net Assets in Top 10 | 31.3 M | 635 K | 11.3 B | 86.63% |
| Weighting of Top 10 | 97.84% | 4.5% | 97.8% | 0.58% |
Top 10 Holdings
- Texas Pacific Land Corp 68.82%
- US BANK MMDA - USBGFS 7 8.97%
- CSW Industrials Inc 6.87%
- Associated Capital Group Inc 3.79%
- GAMCO Investors Inc 3.01%
- Landbridge Co LLC 2.66%
- Civeo Corp 1.73%
- PrairieSky Royalty Ltd 0.76%
- Liberty Media Corp-Liberty Formula One 0.67%
- DREAM Unlimited Corp 0.56%
Asset Allocation
| Weighting | Return Low | Return High | LSHUX % Rank | |
|---|---|---|---|---|
| Stocks | 90.78% | 58.72% | 103.99% | 97.48% |
| Cash | 9.22% | 0.00% | 28.07% | 3.29% |
| Preferred Stocks | 0.00% | 0.00% | 6.15% | 83.91% |
| Other | 0.00% | -0.11% | 14.45% | 84.30% |
| Convertible Bonds | 0.00% | 0.00% | 0.40% | 82.56% |
| Bonds | 0.00% | 0.00% | 2.73% | 83.33% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | LSHUX % Rank | |
|---|---|---|---|---|
| Energy | 59.99% | 0.00% | 62.10% | 2.13% |
| Real Estate | 13.11% | 0.00% | 19.28% | 0.97% |
| Financial Services | 10.53% | 0.00% | 43.01% | 28.68% |
| Industrials | 10.12% | 0.00% | 38.23% | 82.36% |
| Consumer Defense | 3.00% | 0.00% | 16.40% | 32.56% |
| Communication Services | 2.16% | 0.00% | 18.33% | 62.40% |
| Consumer Cyclical | 0.50% | 0.00% | 57.41% | 98.84% |
| Basic Materials | 0.21% | 0.00% | 17.25% | 75.19% |
| Technology | 0.20% | 0.04% | 62.17% | 99.03% |
| Healthcare | 0.18% | 0.00% | 37.06% | 96.90% |
| Utilities | 0.00% | 0.00% | 12.94% | 84.88% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | LSHUX % Rank | |
|---|---|---|---|---|
| US | 89.20% | 46.79% | 103.99% | 94.57% |
| Non US | 1.58% | 0.00% | 34.12% | 20.35% |
LSHUX - Expenses
Operational Fees
| LSHUX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.91% | 0.02% | 17.54% | 12.02% |
| Management Fee | 1.00% | 0.00% | 1.50% | 95.34% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.00% | 0.40% | N/A |
Sales Fees
| LSHUX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| LSHUX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | 2.00% | 1.00% | 2.00% | 63.64% |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| LSHUX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 1.00% | 0.00% | 250.31% | 2.58% |
LSHUX - Distributions
Dividend Yield Analysis
| LSHUX | Category Low | Category High | LSHUX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.29% | 0.00% | 33.43% | 12.79% |
Dividend Distribution Analysis
| LSHUX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Annual | Annual |
Net Income Ratio Analysis
| LSHUX | Category Low | Category High | LSHUX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.37% | -2.24% | 2.75% | 29.72% |
Capital Gain Distribution Analysis
| LSHUX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 28, 2023 | $0.099 | OrdinaryDividend |
| Dec 29, 2022 | $0.475 | OrdinaryDividend |
| Dec 29, 2021 | $0.020 | OrdinaryDividend |
| Dec 30, 2020 | $0.123 | OrdinaryDividend |
| Dec 30, 2019 | $0.011 | OrdinaryDividend |
| Dec 28, 2018 | $0.036 | CapitalGainShortTerm |
| Dec 28, 2018 | $0.416 | CapitalGainLongTerm |
| Dec 28, 2017 | $0.036 | OrdinaryDividend |
| Dec 28, 2017 | $0.420 | CapitalGainLongTerm |
| Dec 20, 2016 | $0.176 | CapitalGainLongTerm |
| Dec 19, 2012 | $0.094 | OrdinaryDividend |
| Dec 21, 2011 | $0.082 | OrdinaryDividend |
| Dec 20, 2010 | $0.211 | OrdinaryDividend |
| Dec 29, 2009 | $0.128 | OrdinaryDividend |
LSHUX - Fund Manager Analysis
Managers
Steven Bregman
Start Date
Tenure
Tenure Rank
May 04, 2007
15.08
15.1%
Steven is the Portfolio Manager of Horizon’s Core Value strategy and was a co-founder of the Firm. Steven serves on the Investment Committee, the Board and is a senior member of Horizon Kinetics’ Research Team, with oversight responsibilities for all research reports produced by the Firm. Previously, he was a senior investment officer in the Private Bank at Bankers Trust Company (1985-1994), where he was a member of the Institutional/Individual Group responsible for the bank’s larger individual relationships and for setting equity investment guidelines for the Private Bank. Steven also served as a member of the Special Situations Equity Strategy Group, and in a variety of new product development projects. By 1994 Steven managed approximately $600 million in private client assets. He received a BA from Hunter College.
Murray Stahl
Start Date
Tenure
Tenure Rank
May 04, 2007
15.08
15.1%
Mr. Stahl is a Portfolio Manager at Horizon and is Chief Executive Officer, Chairman of the Board and is a co-founder of Horizon Kinetics. Mr. Stahl serves as the Firm's Chief Investment Officer, and chairs the Firm's Investment Committee, which is responsible for portfolio management decisions across the entire firm. Previously, Murray spent 16 years at Bankers Trust Company (1978-1994) as a senior portfolio manager and research analyst. He was also a member of the Equity Strategy Group and the Investment Strategy Group, which established asset allocation guidelines for the Private Bank. Murray received a BA and MA from Brooklyn College and an MBA from Pace University.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.04 | 36.3 | 9.42 | 11.76 |
