Kinetics Small Cap Opportunities Fd
KSCOX
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- Kinetics Small Cap Opportunities Fund (KSCOX) is a no-load class share of an open-end mutual fund that seeks long-term growth of capital by investing all of its investable assets in the Small Cap Opportunities Portfolio, a series of Kinetics Portfolios Trust. The underlying portfolio invests at least 80% of its net assets plus borrowings in common stocks, convertible securities, warrants, and other equity securities including American Depositary Receipts, Global Depositary Receipts, and International Depositary Receipts of U.S. and foreign small capitalization companies with market caps at or below the highest market capitalization in the S&P SmallCap 600 Index (approximately $11.967 billion as of March 31, 2025); it may also invest up to 20% in below-investment-grade debt securities, exchange-traded funds including those providing bitcoin exposure such as Grayscale Bitcoin Trust, and options for hedging or direct investment. The fund targets fundamentally undervalued small-cap companies with substantial barriers to entry, long product life cycles, sound capital structures, or potential through revaluation or growth, often those with limited institutional ownership, recent IPOs, or special situations; top sectors as of September 30, 2025 include mining, quarrying, and oil & gas extraction (51.9%), finance & insurance (9.3%), and management of companies (6.9%), with leading holdings such as Texas Pacific Land Corp. (42.9%), Grayscale Bitcoin Trust ETF (5.5%), and CACI International (5.1%). Launched on March 20, 2000, and headquartered in New York with the adviser Horizon Kinetics Asset Management LLC (a majority employee-owned, SEC-registered firm managing $10.5 billion in assets as of June 30, 2025), the fund operates primarily in U.S. markets with global exposure (82.7% U.S., 2.7% Canada as of September 30, 2025) and targets long-term investors comfortable with high volatility from non-diversified small-cap and crypto-related holdings; share classes include No Load (KSCOX, 1.64% net expense ratio), Advisor A (KSOAX), Advisor C (KSOCX), and Institutional (KSCYX), with total net assets of $518.7 million as of June 30, 2025. In April 2019, Kinetics Asset Management LLC (KAM) and Kinetics Advisers, LLC reorganized into Horizon Asset Management LLC (HAM), which was subsequently renamed Horizon Kinetics Asset Management LLC (HKAM), with HKAM assuming the role of investment adviser from KAM while maintaining the same portfolio managers (Murray Stahl and Peter Doyle since inception, Matthew Houk since 2011), investment objective, and strategy; the adviser has agreed to waive fees and reimburse expenses to cap net annual operating expenses at 1.64% (excluding acquired fund fees) through April 30, 2026. The portfolio maintains a Cayman Islands subsidiary for certain bitcoin exposures via Grayscale Bitcoin Trust to ensure RIC qualification under Subchapter M, with aggregate investment limited to 15% of assets (though it may exceed due to appreciation), and a low 6% turnover rate in the most recent fiscal year.