Kinetics Alternative Income Fund
KWIAX
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- Kinetics Alternative Income Fund (KWIAX) is a diversified mutual fund that invests all of its investable assets in the Alternative Income Portfolio, a series of Kinetics Portfolios Trust, with a primary objective of providing current income and gains and a secondary objective of long-term capital growth. Under normal circumstances, the Alternative Income Portfolio holds a portfolio primarily comprised of fixed income securities, including cash equivalents, fixed income closed-end funds, and exchange-traded funds without limitations on maturities or credit ratings, generally issued by the U.S. government or investment grade large capitalization U.S. companies; it implements an equity put writing option strategy on market indexes, diversified and non-diversified ETFs, real estate investment trusts, convertible securities, and U.S. listed stocks of individual companies to generate returns from option premiums, with aggregated notional obligations not exceeding 100% of total assets to ensure collateral coverage; and it may purchase options, invest in foreign securities including up to 100% in emerging markets via American Depositary Receipts, Global Depositary Receipts, and International Depositary Receipts, and participate in securities lending up to 33-1/3% of its portfolio. The Fund offers multiple share classes, including Advisor Class A (KWIAX) with a 5.75% maximum front-end sales charge, Advisor Class C (KWICX) with a 1.00% deferred sales charge, and No Load Class (KWINX), targeting investors seeking portfolio diversification, income generation, and tolerance for associated risks such as interest rate, option transaction, derivatives, and liquidity risks. Horizon Kinetics Asset Management LLC serves as the investment adviser, with co-portfolio managers Murray Stahl and Matthew Houk leading an investment team; the Fund is part of Kinetics Mutual Funds, Inc., managed under the Horizon Kinetics umbrella with headquarters at 470 Park Avenue South, New York, New York. Launched with inception performance dating to June 29, 2007, the Fund underwent a significant strategic shift effective January 1, 2013, transitioning from a prior focus on water infrastructure and natural resources equities to its current fixed income and options overlay approach; more recently, in January 2023, the assets and liabilities of the Kinetics Alternative Income Fund were acquired by the SPAC and Merger Arbitrage ETF, a transaction executed by Horizon Kinetics to reorganize certain strategies into ETFs while preserving the core investment methodology. The Fund maintains low portfolio turnover at 0% in recent fiscal years and benefits from ongoing expense waivers by the adviser, limiting net annual operating expenses to approximately 1.00%-1.75% across classes through at least April 30, 2023, with quarterly conference calls and N-PX filings reflecting continued operational stability into 2025.