Fund Evaluator:
Kinetics Multi-Disciplinary Inc No Load (KMDNX)
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Best Performing in Multisector Bond Over the Last Year
| 6.2% | Morningstar Multisector Bond (MSTMX) |
| 5.5% | Fidelity Advisor Strategic Income Z (FIWDX) |
| 4.9% | Russell Inv Opportunistic Credit Y (RGCYX) |
| 4.9% | Kinetics Multi-Disciplinary Inc No Load (KMDNX) |
| 4.9% | Payden Managed Income SI (PKBIX) |
Fund Details
Kinetics Multi-Disciplinary Inc No Load Overview
Kinetics Multi-Disciplinary Inc No Load (KMDNX) is an actively managed Taxable Bond Multisector Bond fund. Kinetics launched the fund in 2008.
The investment seeks total return. The fund is a diversified fund that invests all of its investable assets in the Multi-Disciplinary Income Portfolio, a series of Kinetics Portfolios Trust. The portfolio utilizes a two-part investment strategy, which includes fixed-income components, including fixed-income exchange-traded funds ("ETFs"), collateralized loan obligations (“CLOs”) and senior secured corporate loans, and derivatives components. Under normal circumstances, it will invest at least 65% of its net assets in fixed-income securities, derivatives and cash or cash equivalents committed as collateral for written option contracts.
About Kinetics Multi-Disciplinary Inc No Load (KMDNX)
There are 2 members of the management team with an average tenure of 1.83 years: Darryl Monasebian (2023), Peter Doyle (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Corporate High Yield TR USD index with a weighting of 100%. Kinetics Multi-Disciplinary Inc No Load has 30 securities in its portfolio. The top 10 holdings constitute 44.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Kinetics Multi-Disciplinary Inc No Load is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Kinetics Multi-Disciplinary Inc No Load has 57.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 91.4% (33.8% domestic bond, 57.7% foreign bond and 0.0% convertible bond). Kinetics Multi-Disciplinary Inc No Load has 8.6% of the portfolio in cash.
Assets Under Management
The fund has $17 million in total assets, which is below the $1 billion average for the Multisector Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
KMDNX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Kinetics Multi-Disciplinary Inc No Load expense ratio is above average compared to funds in the Multisector Bond category. Kinetics Multi-Disciplinary Inc No Load has an expense ratio of 0.74%, which is 22% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Kinetics Multi-Disciplinary Inc No Load has a portfolio turnover rate of 74%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 157% for the Multisector Bond category.
Recently, in the month of August 2026, Kinetics Multi-Disciplinary Inc No Load returned 0.4%, which earned it a grade of D, as the Multisector Bond category had an average return of 0.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Kinetics Multi-Disciplinary Inc No Load has a trailing yield of 4.85%, which is below the 5.31% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Kinetics Multi-Disciplinary Inc No Load Grades
Year to date, the fund has returned 3.2%, 1.8 percentage points better than the category, which translates into a grade of A. The fund has returned 4.9% over the past year (grade of A), 6.0% over the past three years (grade of D) and 3.4% per year over the past five years (grade of A) and 3.1% per year over the past 10 years (grade of D).
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KMDNX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| KMDNX Return (NAV) | 0.4% | 1.2% | 4.9% | 6.0% | 3.4% | 3.1% |
| KMDNX Grade | D | A | A | D | A | D |
| +/- Category | -0.1% | 1.1% | 1.3% | -0.6% | 1.0% | -0.3% |
| Multisector Bond Avg | 0.5% | 0.1% | 3.6% | 6.6% | 2.4% | 3.5% |
| KMDNX Tax Cost Ratio | na | na | 2.0% | 2.3% | 1.8% | 1.7% |
KMDNX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| KMDNX Return (NAV) | 3.2% | 5.1% | 7.0% | 5.2% | -2.3% | 1.2% | -1.4% | 9.1% | -1.0% | 4.8% | 10.4% |
| KMDNX Grade | A | F | B | F | A | D | F | D | B | F | A |
| +/- Category | 1.8% | -2.9% | 1.4% | -3.2% | 7.8% | -1.0% | -7.7% | -1.2% | 0.9% | -1.9% | 2.9% |
| Multisector Bond Avg | 1.4% | 8.1% | 5.7% | 8.4% | -10.1% | 2.2% | 6.3% | 10.3% | -1.9% | 6.6% | 7.5% |
| Risk Measures | |
| Standard Deviation: | 0.5% |
| Total Risk Index: | 0.04 - Low |
| Category Risk Index: | 0.11 - Low |
| Category Risk Grade: | A (0% Rank) |
| Beta: | 0.01 |
| R-Squared: | 1% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.9% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $17 Mil |
| Fund Total Assets: | $ 17 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 74% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 3.3 years | |||
| Average Tenure: 1.8 years | |||
| Managers (Year): Monasebian Darryl (2023), Doyle Peter (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 30 |
| % in Top 10 Holdings: | 44.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 57.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 33.8% |
| Foreign Bond: | 57.7% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 8.6% |
Purchase Information
| Fund Family: | Kinetics |
| Phone Number: | 800-930-3828 |
| Website: | www.kineticsfunds.com |
| Status: | Open |
| Inception Date: | February 11, 2008 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $2,500 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 2.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.74% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.94% |
| Share Class: | Kinetics Multi-Disciplinary Inc No Load |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
