Kinetics Mutual Funds

What Kinetics Mutual Funds does

Kinetics Mutual Funds is a family of seven actively managed mutual funds operated under Kinetics Mutual Funds, Inc. and managed by Horizon Kinetics Asset Management LLC (HKAM), a wholly-owned subsidiary of Horizon Kinetics LLC. Founded in 1994 and headquartered in White Plains, NY, the firm manages approximately $11.4 billion in assets across the Paradigm Fund, Small Cap Opportunities Fund, Multi-Disciplinary Income Fund, Internet Fund, Market Opportunities Fund, Global Fund, and Spin-Off and Corporate Restructuring Fund. The firm employs 79 staff, including 19 investment professionals with average tenure of 21 years at the firm and 32 years in the industry. Two additional products, the Horizon Kinetics Medical ETF (MEDX) and Horizon Kinetics SPAC Active ETF (SPAQ), were converted from Kinetics mutual funds to ETFs under Listed Funds Trust in January 2023.

The firm pursues a long-term, fundamental value investment philosophy centered on "predictive attributes" such as spin-offs, owner-operated companies, and dormant or hidden assets, deliberately avoiding benchmark-oriented parameters. Core intellectual property consists of proprietary research publications (Spin-Off Report, Global Spin-Off Report, Fixed Income Contrarian, Devil's Advocate), proprietary Spin-Off Indexes and Wealth Indexes, and a master/feeder fund structure. Funds are offered in multiple share classes (No Load, Advisor A, Advisor C, Institutional) with a 2.00% redemption fee for shares redeemed within 30 days.

Revenue is generated through management fees charged on assets under management across share classes. Distribution is conducted through a national wholesaling team that sells to broker-dealers and registered investment advisers, supplemented by fund supermarket platforms and direct shareholder services handled by US Bancorp Fund Services. End customers include long-term individual investors and financial advisors seeking differentiated, contrarian strategies. Leadership comprises co-founders Steven Bregman and Peter Doyle (Co-CEOs and Co-CIOs) following the 2026 passing of co-founder Murray Stahl. The firm is employee-owned, with affiliated publicly traded entities including FRMO Corp. (OTC: FRMO) and Horizon Kinetics Holding Corp. (OTC: HKHC).

Name

Kinetics Mutual Funds

Legal name

Kinetics Mutual Funds, Inc.

Website

https://kineticsfunds.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

11–50 employees

Short description

Kinetics Mutual Funds is a family of seven actively managed mutual funds managing approximately $11.4 billion in assets through Horizon Kinetics Asset Management LLC. It pursues long-term, fundamental value investing focused on spin-offs, owner-operated companies, and contrarian strategies for retail and advisor-distributed investors.

Ownership category

akta.pro rank

Product category

Active Mutual Fund Management

NAICS

Open-End Investment Funds (525910), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Equity Mutual Funds (Active) (FSAAAEAA)

akta.pro secondary industries

Sector & Thematic Mutual Funds (FSAAAEAJ), Global/International & Emerging Markets Mutual Funds (FSAAAEAK)

Keywords

• Active mutual funds
• Value investing
• Equity fund management
• Investment advisory services
• Contrarian investment strategies

Headquarters

HQ city

Milwaukee

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Mutual Fund Management Fees: The firm generates revenue through management fees charged on mutual fund assets under management. Multiple share classes exist including No Load, Advisor A, Advisor C, and Institutional classes with different fee structures.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Kinetics Mutual Funds offers a family of seven actively managed mutual funds pursuing long-term, fundamental value investment strategies with a focus on unconventional, contrarian approaches. The funds span domestic equities, small-cap opportunities, global markets, internet-focused companies, multi-sector opportunities, spin-offs and corporate restructurings, and multi-disciplinary income strategies, and are available in multiple share classes (No Load, Advisor A, Advisor C, Institutional) to serve different investor types.

Product overview

Kinetics Mutual Funds offers a family of seven actively managed mutual funds pursuing long-term, fundamental value investment strategies with a focus on unconventional, contrarian approaches. The funds invest across diverse market segments including domestic equities, small cap opportunities, global markets, internet-focused companies, market opportunities, spin-offs and corporate restructurings, and multi-disciplinary income strategies. The funds are managed by Horizon Kinetics Asset Management LLC, an employee-owned investment boutique founded in 1994, and are available in multiple share classes (No Load, Advisor A, Advisor C, and Institutional) to serve different investor types.

Differentiator

Problem solved

Functional benefit

Brands

• Paradigm Fund: Equities mutual fund with ticker WWNPX
• Small Cap Opportunities Fund
• Multi-Disciplinary Income Fund
• Internet Fund
• Market Opportunities Fund
• Global Fund
• Spin-Off and Corporate Restructuring Fund

Products and services

• Paradigm Fund A long-term, contrarian equities mutual fund (ticker: WWNPX No Load; KNPAX Advisor A; KNPCX Advisor C; KNPYX Institutional) that seeks to capitalize on market inefficiencies created by short-term investor focus. The fund targets companies with unique characteristics including spin-offs, owner-operated companies, and dormant/hidden assets.
• Small Cap Opportunities Fund A small-cap focused equities mutual fund (ticker: KSCOX No Load; KSOAX Advisor A; KSOCX Advisor C; KSCYX Institutional) that seeks investment opportunities in smaller-capitalization companies with growth potential, employing the firm's long-term, value-oriented investment philosophy.
• Multi-Disciplinary Income Fund An income-focused mutual fund (ticker: KMDNX No Load) that employs a multi-disciplinary approach to generate current income while seeking long-term capital appreciation through investment strategies spanning fixed-income securities and derivatives.
• Internet Fund A specialty/sector equities mutual fund (ticker: WWWFX No Load; KINAX Advisor A; KINCX Advisor C) that focuses on companies involved in internet-related businesses, e-commerce, digital media, and internet infrastructure, seeking long-term capital appreciation.
• Market Opportunities Fund A specialty/sector equities mutual fund (ticker: KMKNX No Load; KMKAX Advisor A; KMKCX Advisor C; KMKYX Institutional) that seeks investment opportunities across various market sectors and capitalizations based on the firm's proprietary research and predictive-attributes approach.
• Global Fund A global equities mutual fund (ticker: WWWEX No Load; KGLAX Advisor A; KGLCX Advisor C) that invests in companies worldwide, seeking long-term capital appreciation through the firm's fundamental value investment approach applied to international markets.
• Spin-Off and Corporate Restructuring Fund A specialized equities mutual fund (ticker: LSHUX Institutional; LSHEX No Load; LSHAX Advisor A; LSHCX Advisor C) that focuses on investment opportunities arising from corporate spin-offs, divestitures, and other corporate restructuring events, seeking to exploit pricing inefficiencies associated with these transactions.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered core.

• KBD Securities, LLCcoreChannel Partner/ Reseller/ DistributorKBD Securities, LLC is a limited purpose broker-dealer and wholly-owned subsidiary of Horizon Kinetics LLC. It is SEC-registered and a member of FINRA, existing to promote the sale and distribution of the Kinetics Mutual Funds and affiliated private funds. It does not trade or maintain custody of client assets.
• Kinetics Funds Distributor, LLCcoreChannel Partner/ Reseller/ DistributorKFD is a limited purpose broker-dealer and wholly-owned subsidiary of Horizon Kinetics LLC. It is SEC-registered and a member of FINRA, existing to promote the sale and distribution of the Kinetics Mutual Funds and affiliated private funds. It does not trade or maintain custody of client assets.
• US Bancorp Fund Services, LLCcoreImplementation/ SI/ Consulting PartnerUS Bancorp Fund Services serves as the transfer agent and shareholder services provider for Kinetics Mutual Funds. Handles account servicing, transaction processing, and distribution support. Contact available at 1-800-930-3828 and [email protected].

Scale indicators2 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Fairholme Capital Management: Fairholme is a concentrated, contrarian value mutual fund manager with a long-term horizon and willingness to hold unconventional positions, closely matching Kinetics' investment philosophy and investor base.
• Longleaf Partners Funds: Longleaf Partners offers value-oriented mutual funds run with a long-term, owner-oriented investment approach similar to Kinetics' predictive attributes framework, targeting businesses trading below intrinsic value.
• Third Avenue Management: Third Avenue runs concentrated value and special situations mutual funds with a focus on undervalued securities and corporate restructurings, directly comparable to Kinetics' Spin-Off and Corporate Restructuring Fund.
• Royce Investment Partners: Royce is a long-standing small-cap value mutual fund manager with a similar boutique, contrarian approach to investing in overlooked and underfollowed small-cap equities, directly competing with Kinetics' Small Cap Opportunities Fund and Paradigm Fund.
• Ariel Investments: Ariel runs long-term, value-oriented mutual funds with a small-mid cap focus and contrarian approach, competing directly with Kinetics' Small Cap Opportunities and Paradigm Funds for similar investor mandates.
• First Eagle Investment Management: First Eagle is a global value mutual fund manager emphasizing downside protection and contrarian fundamental research, sharing Kinetics' long-term value philosophy and competing in the global and specialty value fund categories.
• Gabelli Funds: Gabelli is a well-known value and special situations mutual fund family focused on event-driven and corporate action opportunities, with comparable concentration in spin-offs, restructurings, and shareholder activism themes.
• Tweedy, Browne Company: Tweedy, Browne is a value-oriented mutual fund manager with a long-term, contrarian, fundamental approach closely aligned to Kinetics' philosophy; it offers global and international value funds that compete with Kinetics' Global Fund.

Broad incumbents

• Fidelity Investments (Active Equity Funds): Fidelity operates a broad family of actively managed equity mutual funds that compete with Kinetics across multiple categories, including value, small cap, and sector strategies, with significantly greater scale and distribution reach.
• Franklin Templeton (Mutual Funds): Franklin Templeton is a major global asset manager with an extensive active mutual fund lineup that competes with Kinetics in value, equity income, and specialty categories, offering similar strategies with broader distribution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/kinetic-asset-management

Revenue estimate

Valuation estimate

Number of profiles

Profiles22 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kinetics Mutual Funds