Kinetics Medical Adv C
Name
As of 11/18/2022Price
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
N/A
1 yr return
6.0%
3 Yr Avg Return
6.1%
5 Yr Avg Return
3.9%
Net Assets
$18.1 M
Holdings in Top 10
70.3%
52 WEEK LOW AND HIGH
$29.2
$25.60
$29.65
Expenses
OPERATING FEES
Expense Ratio 2.14%
SALES FEES
Front Load N/A
Deferred Load 1.00%
TRADING FEES
Turnover 1.00%
Redemption Fee 2.00%
Min Investment
Standard (Taxable)
$2,500
IRA
$2,500
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/18/2022Price
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
KRXCX - Profile
Distributions
- YTD Total Return N/A
- 3 Yr Annualized Total Return 6.1%
- 5 Yr Annualized Total Return 4.0%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.09%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annually
Fund Details
-
Legal NameKinetics Medical Fund
-
Fund Family NameKinetics
-
Inception DateFeb 16, 2007
-
Shares Outstanding1273
-
Share ClassC
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerPeter Doyle
Fund Description
The Medical Fund is a non-diversified fund that invests all of its investable assets in the Medical Portfolio, a series of Kinetics Portfolios Trust. Under normal circumstances, the Medical Portfolio invests at least 80% of its net assets plus any borrowings for investment purposes in common stocks, convertible securities, warrants and other equity securities having the characteristics of common stocks (such as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and International Depositary Receipts (“IDRs”)) of U.S. and foreign companies engaged in medical research, pharmaceutical and medical technology industries and related technology industries, generally, with an emphasis toward companies engaged in cancer research and drug development, such as pharmaceutical development companies, surgical and medical instrument manufacturers and developers, pharmaceutical manufacturers, and biotech and medical research companies. These types of companies derive at least 50% of their revenue from such activities. The Medical Portfolio may also invest in exchange-traded funds (“ETFs”) and purchase and write options for hedging purposes and/or direct investment.
The Medical Portfolio may invest up to 20% of its total assets in convertible and non-convertible debt securities rated below investment grade, also known as junk bonds, or unrated securities that the Investment Adviser has determined to be of comparable quality.
The Investment Adviser selects portfolio securities by evaluating a company’s positioning and the resources that it currently expends on research and development, looking for a significant percentage, or large amount, of capital invested into research and treatment of cancer and other diseases. The Investment Adviser also considers a company’s fundamentals by reviewing its balance sheets, corporate revenues, earnings and dividends. The Investment Adviser also looks at the amount of capital a company spends on research and development because the Investment Adviser believes that such expenditures frequently have significant bearing on future growth. The Medical Portfolio may invest in companies of any size, including small and medium-size companies. Additionally, the Medical Portfolio may participate in securities lending arrangements up to 33-1/3% of the securities in its portfolio with brokers, dealers, and financial institutions (but not individuals) in order to increase the return on its portfolio.
Sell decisions are generally triggered by either adequate value being achieved, as determined by the Investment Adviser, or by an adverse change in a company’s operating performance or a deterioration of the company’s business model. A sell trigger may also occur if the Investment Adviser discovers a new investment opportunity that it believes is more compelling and represents a greater risk reward profile than other investment(s) held by the Medical Portfolio.
The Medical Portfolio 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 Investment Adviser believes the purchase of additional equity securities would not further the investment objective of the Medical Portfolio 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 Medical Portfolio 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 Medical Portfolio is holding a large cash position, the Portfolio 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 Medical Portfolio is desirable both to meet operating requirements and to take advantage of new investment opportunities. When the Medical Portfolio holds a significant portion of assets in cash and cash equivalents, it may not meet its investment objective.
KRXCX - Performance
Return Ranking - Trailing
| Period | KRXCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | N/A | -25.6% | 23.4% | 2.22% |
| 1 Yr | 6.0% | -47.9% | 11.7% | 2.96% |
| 3 Yr | 6.1%* | -19.6% | 19.7% | 15.92% |
| 5 Yr | 3.9%* | -13.9% | 15.3% | 28.15% |
| 10 Yr | 5.0%* | -5.3% | 16.9% | 58.72% |
* Annualized
Return Ranking - Calendar
| Period | KRXCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 3.7% | -53.9% | 11.7% | 2.37% |
| 2022 | 4.6% | -22.3% | 18.5% | 25.75% |
| 2021 | 1.9% | -4.7% | 41.4% | 76.43% |
| 2020 | 3.1% | -10.2% | 13.1% | 87.23% |
| 2019 | -1.6% | -5.7% | 26.9% | 60.74% |
Total Return Ranking - Trailing
| Period | KRXCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | N/A | -41.2% | 23.4% | 2.22% |
| 1 Yr | 6.0% | -47.9% | 28.3% | 9.84% |
| 3 Yr | 6.1%* | -19.6% | 19.7% | 19.64% |
| 5 Yr | 4.0%* | -13.9% | 15.3% | 34.25% |
| 10 Yr | 9.0%* | -5.3% | 16.9% | 47.75% |
* Annualized
Total Return Ranking - Calendar
| Period | KRXCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 3.7% | -53.9% | 11.7% | 2.37% |
| 2022 | 4.6% | -22.3% | 18.5% | 25.75% |
| 2021 | 1.9% | -4.7% | 41.4% | 76.43% |
| 2020 | 3.1% | -10.2% | 13.1% | 87.94% |
| 2019 | -1.6% | -5.7% | 26.9% | 62.22% |
NAV & Total Return History
KRXCX - Holdings
Concentration Analysis
| KRXCX | Category Low | Category High | KRXCX % Rank | |
|---|---|---|---|---|
| Net Assets | 18.1 M | 732 K | 46.2 B | 81.77% |
| Number of Holdings | 33 | 3 | 507 | 88.24% |
| Net Assets in Top 10 | 12.8 M | 2.18 K | 21.6 B | 72.06% |
| Weighting of Top 10 | 70.26% | 12.3% | 100.0% | 3.92% |
Top 10 Holdings
- Bristol-Myers Squibb Co 9.44%
- AbbVie Inc 8.92%
- Eli Lilly and Co 8.67%
- Pfizer Inc 8.55%
- Johnson & Johnson 6.83%
- Novartis AG ADR 6.76%
- Intellia Therapeutics Inc 6.42%
- Merck & Co Inc 6.32%
- Amgen Inc 5.32%
- CRISPR Therapeutics AG 5.21%
Asset Allocation
| Weighting | Return Low | Return High | KRXCX % Rank | |
|---|---|---|---|---|
| Stocks | 97.81% | 0.09% | 106.13% | 67.16% |
| Cash | 2.19% | -0.10% | 99.91% | 26.96% |
| Preferred Stocks | 0.00% | 0.00% | 7.86% | 73.04% |
| Other | 0.00% | -22.99% | 3.38% | 71.08% |
| Convertible Bonds | 0.00% | 0.00% | 0.37% | 71.57% |
| Bonds | 0.00% | 0.00% | 12.39% | 72.06% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | KRXCX % Rank | |
|---|---|---|---|---|
| Healthcare | 99.49% | 26.56% | 100.00% | 62.75% |
| Industrials | 0.51% | 0.00% | 7.02% | 3.43% |
| Utilities | 0.00% | 0.00% | 1.52% | 70.10% |
| Technology | 0.00% | 0.00% | 28.70% | 71.57% |
| Real Estate | 0.00% | 0.00% | 7.13% | 72.06% |
| Financial Services | 0.00% | 0.00% | 8.43% | 80.39% |
| Energy | 0.00% | 0.00% | 0.00% | 70.10% |
| Communication Services | 0.00% | 0.00% | 12.28% | 71.08% |
| Consumer Defense | 0.00% | 0.00% | 25.73% | 73.04% |
| Consumer Cyclical | 0.00% | 0.00% | 14.20% | 72.06% |
| Basic Materials | 0.00% | 0.00% | 14.83% | 79.90% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | KRXCX % Rank | |
|---|---|---|---|---|
| US | 76.67% | 0.09% | 104.41% | 75.00% |
| Non US | 21.14% | 0.00% | 45.40% | 23.53% |
KRXCX - Expenses
Operational Fees
| KRXCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 2.14% | 0.08% | 3.13% | 4.37% |
| Management Fee | 1.25% | 0.00% | 1.25% | 98.96% |
| 12b-1 Fee | 1.00% | 0.00% | 1.00% | 93.33% |
| Administrative Fee | N/A | 0.03% | 0.25% | 14.29% |
Sales Fees
| KRXCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.00% | 5.75% | N/A |
| Deferred Load | 1.00% | 1.00% | 5.00% | 84.62% |
Trading Fees
| KRXCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | 2.00% | 1.00% | 2.00% | 50.00% |
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.
| KRXCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 1.00% | 0.00% | 238.00% | 5.23% |
KRXCX - Distributions
Dividend Yield Analysis
| KRXCX | Category Low | Category High | KRXCX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 2.44% | 76.08% |
Dividend Distribution Analysis
| KRXCX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annually | Annually | Monthly | Annually |
Net Income Ratio Analysis
| KRXCX | Category Low | Category High | KRXCX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.09% | -2.54% | 1.92% | 35.03% |
Capital Gain Distribution Analysis
| KRXCX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 28, 2018 | $0.100 | OrdinaryDividend |
| Dec 30, 2015 | $0.074 | OrdinaryDividend |
| Dec 30, 2013 | $0.030 | OrdinaryDividend |
| Dec 27, 2012 | $0.199 | OrdinaryDividend |
| Dec 30, 2010 | $0.019 | OrdinaryDividend |
| Dec 30, 2009 | $0.025 | OrdinaryDividend |
| Dec 27, 2007 | $0.015 | OrdinaryDividend |
KRXCX - Fund Manager Analysis
Managers
Peter Doyle
Start Date
Tenure
Tenure Rank
Sep 30, 1999
22.68
22.7%
Peter is a Senior Member of Horizon Kinetics’ Research Team. He is a member of the Investment Committee and the Board and manages customized portfolios for a number of Horizon Kinetics’ private clients. Peter is also the President of the Kinetics Mutual Funds, Inc., a series of U.S. mutual funds managed by Kinetics Asset Management LLC, a subsidiary of Horizon Kinetics. Previously, Peter was with Bankers Trust Company as a Senior Investment Officer, where he also served on the Finance, Utility and REIT Research sub-group teams. Peter received a BS from St. John’s University and an MBA from Fordham University
Bruce Abel
Start Date
Tenure
Tenure Rank
Sep 30, 1999
22.68
22.7%
Mr. Abel is a portfolio manager with Kinetics Asset Management, his employer since 1999. Prior to joining the firm, he was employed with Brookhaven National Laboratory since 1989 where he worked researching, developing and implementing technical and scientific programs and systems in the areas of nuclear physics and computer programming, and industrial design. He has over 10 years experience in the fields of science, chemistry, physics, and engineering.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.02 | 24.72 | 7.45 | 2.12 |