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

Next, the research team invests significantly in common stocks; exchange traded funds, convertible securities, warrants and other equity securities having the characteristics of common stocks of foreign and U.S. companies listed on publicly traded exchanges.

As part of its fundamental analysis, the team considers a company’s potential to maintain and grow long lived assets, while generating high returns on capital with operating predictability and transparency.

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.

At least 40% of the fund’s net assets will be invested in companies located outside the United States.

In addition, the fund has exposure to at least three countries, which may include the United States.

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.

Also, the fund may invest up to 100% of its net assets in companies located in emerging markets.

The fund may also invest indirectly in bitcoins exclusively through a Delaware statutory trust, Grayscale Bitcoin Trust.

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

The fund seeks primarily capital appreciation in the long term and secondarily current income by investing in companies across any size in the United States.

The investment process is designed to highlight companies engaged in the Internet and Internet related activities and whose businesses are vastly improved through the distribution of content and reduction of costs with the use of the Internet.

Next, the research team focuses on companies that are estimated to trade below their fair values participating in the growth of the Internet.

Then the team assesses a company’s positioning and business model as well as its ability to grow and expand its activities via the Internet.

In addition, the team also assesses whether a company is able to achieve a competitive advantage in cost/profitability and brand image leveraging via use of the Internet.

The team also reviews a company’s balance sheets, corporate revenues, earnings and dividends.

Furthermore, the team looks at the amount of capital a company currently expends on research and development.

Generally, the team favors companies with excellent alignment of interest and high barriers to entry, such as growing information library, scalability and network/adoption.

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

The manager looks to invest in companies that provide new kinds of services or products made possible by development or improvement of Internet-related technologies within a variety of sectors.

The fund may also invest indirectly in bitcoins exclusively through a Delaware statutory trust, Grayscale Bitcoin Trust.

The fund may also invest in exchange-traded funds, and may invest up to 20% of its net assets in convertible and non-convertible debt securities rated below investment grade.

The fund may maintain a significant portion of its net assets in cash and securities during a temporary period of abnormal conditions.

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

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.
 

The fund seeks capital return by investing in mid-size companies in the United States.

The investment process is designed to identify companies that maybe misunderstood or underappreciated by investors. The research team with the help of quantitative and qualitative analysis also identifies or distinguishes between permanent and transitory problems.

The fund has invested 31% of its total assets in Texas Pacific Land Trust. One of the largest land owners in Texas, the Land Trust derives most of its income from oil and gas royalty revenue, land easements and water royalties and sales.

Normally the fund invests in mid-size companies but has the flexibility to invest in all market capitalizations.

The fund seeks capital appreciation in the long term by investing in small-size companies 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.

Next, the research team focuses on companies that are estimated to trade below their fair values and experiencing special situations that have the potential for rewarding long-term investment results.

In selecting securities for the portfolio, the research team focuses on companies that are trading at significant discounts to their estimated intrinsic value.

The team also reviews a company’s balance sheets, corporate revenues, earnings and dividends.

Furthermore, the team looks at the amount of capital a company spends on research and development.

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

The fund may also invest indirectly in bitcoins exclusively through a Delaware statutory trust, Grayscale Bitcoin Trust.

The fund may also invest in exchange-traded funds, and may invest up to 20% of its net assets in convertible and non-convertible debt securities rated below investment grade.

The fund may maintain a significant portion of its net assets in cash and securities during a temporary period of abnormal conditions.

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

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.

Next, the research team invests in securities of spin-off companies, companies subject to other forms of corporate restructuring, parents of any such companies, and publicly traded shareholder activist holding companies which, by way of their shareholder ownership in other companies, have caused such other companies to undergo spin-offs and other forms of corporate restructurings.

The team considers a spin-off company or a company subject to a corporate restructuring to be any company that has experienced a spin-off distribution of stock of a subsidiary company by its parent company to parent company shareholders.

Also, the team considers an equity carve-out or partial initial public offering in which a parent company sells a percentage of the equity of a subsidiary in a public offering, or the parent company of any such company after the public disclosure of the corporate restructuring.

In addition, the team relies on in-house research to invest in potential spin-off and corporate restructuring companies that have the most favorable risk/reward characteristics.

The research process is driven by fundamental analysis of one stock at a time.

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 will invest in both U.S. and foreign equity stocks.

However, the fund’s investments in foreign equity stocks may be in both developed and emerging markets.

Also, the fund may invest in companies which are financially distressed.

The fund may invest up to 20% of its net assets in companies that may have the potential to be subject to a spin-off or corporate restructuring within a reasonable period of time.

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.

The fund holds 61.3% of its net assets in the Texas Pacific Land Corporation, which derives most of its income from oil and gas royalty revenue, land easements and water royalties and sales.