The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The Medical Fund invests all of its investable assets in the Medical Portfolio, a series of Kinetics Portfoli More

The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The Medical Fund invests all of its investable assets in the Medical Portfolio, a series of Kinetics Portfolios Trust.

Next, the research team invests significantly in common stocks, convertible securities, warrants and other equity securities having the characteristics of common stocks of U.S. and foreign companies engaged in medical research, pharmaceutical and medical technology industries and related technology industries.

Generally, the team emphasizes 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.

As part of its fundamental analysis, the team looks at the amount of capital a company spends on research and development.

Other factors in consideration include reviewing a company’s balance sheets, corporate revenues, earnings and dividends.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest in exchange-traded funds and purchase and write options for hedging purposes and/or direct investment.

Also, the fund may invest up to 20% of its net assets in convertible and non-convertible debt securities rated below investment grade, or unrated securities of comparable quality.

Additionally, the fund may participate in securities lending arrangements with brokers, dealers, and financial institutions in order to increase the return on its portfolio.

During a temporary period, the fund may maintain a significant portion of its net assets in cash and securities, generally considered to be cash and cash equivalents, including, high quality, U.S. short-term debt securities and money market instruments.