The Kinetics Multi-Disciplinary Income Fund No Load Class
KMDNX
NASDAQ- -
USD
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Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Income
- Address
- 470 Park Avenue South New York NY United States of America 10016
- IPO Date
- Feb 14, 2008
- CIK
- 0001083387
- Website
- kineticsfunds.com
- Similar Companies
- Business
- Kinetics Multi-Disciplinary Income Fund No Load Class (KMDNX) is an open-end mutual fund that seeks to generate current income while minimizing interest rate risks inherent in traditional fixed income investments. The Fund invests substantially all of its investable assets in the Multi-Disciplinary Income Portfolio, a series of Kinetics Portfolios Trust; its core holdings consist of floating rate debt tranches, primarily AAA- and AA-rated senior notes, from collateralized loan obligations (CLOs), which are securitization vehicles backed by at least 90% first lien senior secured corporate loans from public and private cash flow positive companies across 20 to 30 industries. The portfolio targets 20 to 75 diversified holdings, with no single position exceeding 5% of total assets to maintain diversification under the Investment Company Act of 1940; top holdings as of September 30, 2025, include Brant Point CLO Ltd. 2024-4 AA tranche (5.8%), Sound Point CLO Ltd. 2025-1RA AAA tranche (4.6%), and Eaton Vance CLO Ltd. 2013-1 AA tranche (4.3%), representing exposure to asset-backed securities (90.3% of portfolio), cash equivalents (9.7%), and select bank loans. Launched on February 11, 2008, the Fund is managed by Horizon Kinetics Asset Management LLC (formerly Kinetics Asset Management LLC), an employee-owned investment adviser founded in 1994 and headquartered at 470 Park Avenue South, New York, New York; co-portfolio managers include Chairman and CEO Murray Stahl (since inception) and Senior Portfolio Manager Darryl Monasebian (since May 2023). In May 2023, the Fund underwent a major strategic shift, transitioning its investment approach from individual bonds paired with an options overlay for income generation to a primary focus on CLO debt tranches, enhancing access for individual investors to unregistered Rule 144A securities typically reserved for qualified institutional buyers. In April 2019, the adviser reorganized as part of Kinetics Asset Management LLC and Kinetics Advisers, LLC consolidating into Horizon Asset Management LLC (subsequently renamed Horizon Kinetics Asset Management LLC), a wholly-owned subsidiary of Horizon Kinetics LLC, with no change to the Fund's objectives or strategy. The Fund operates in the multisector bond category, targeting U.S. institutional and retail investors seeking high-quality income with low duration risk, floating-rate exposure tied to 3-month SOFR plus credit spreads (e.g., ~5.65% for recent AAA primary issuances, ~6.00% for AA), and historically resilient senior notes amid market dislocations like the 2008 GFC and 2020 COVID-19 period, where no principal or interest losses occurred for AAA/AA tranches.