Fund Evaluator:
Kinetics Market Opportunities Adv A (KMKAX)
Follow This Fund
Best Performing in Mid-Cap Growth Over the Last Year
| 44.9% | PRIMECAP Odyssey Aggressive Growth (POAGX) |
| 27.1% | Eventide Gilead N (ETGLX) |
| 23.3% | Sit Small Cap Growth (SSMGX) |
| 19.8% | Goldman Sachs Small/Mid Cap Growth Inv (GTMTX) |
| 19.2% | ProFunds Mid Cap Growth Inv (MGPIX) |
Fund Details
Kinetics Market Opportunities Adv A Overview
Kinetics Market Opportunities Adv A (KMKAX) is an actively managed U.S. Equity Mid-Cap Growth fund. Kinetics launched the fund in 2006.
The investment seeks long-term growth of capital. The fund is a non-diversified fund that invests all of its investable assets in the Market Opportunities Portfolio, a series of Kinetics Portfolios Trust. The Market Opportunities Portfolio normally invests at least 65% of its net assets in common stocks, convertible securities, warrants and other equity securities having the characteristics of common stocks of U.S. and foreign companies involved in capital markets or related to capital markets, as well as companies involved in the gaming industry. The fund is non-diversified.
About Kinetics Market Opportunities Adv A (KMKAX)
There are 4 members of the management team with an average tenure of 12.82 years: James Davolos (2006), Brandon Colavita (2026), Peter Doyle (2006), Steven Bregman (2016). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) index with a weighting of 100% and MSCI EAFE NR USD index with a weighting of 100%. Kinetics Market Opportunities Adv A has 91 securities in its portfolio. The top 10 holdings constitute 79.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Kinetics Market Opportunities Adv A is part of the Equity global asset class and is within the U.S. Equity fund group. Kinetics Market Opportunities Adv A has 5.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 76.0%. There is 5.5% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Kinetics Market Opportunities Adv A has 6.6% of the portfolio in cash.
Assets Under Management
The fund has $23 million in total assets, which is below the $658 million average for the Mid-Cap Growth 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.
KMKAX 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 Market Opportunities Adv A expense ratio is high compared to funds in the Mid-Cap Growth category. Kinetics Market Opportunities Adv A has an expense ratio of 1.65%, which is 51% higher than its category average, making the fund expense ratio grade a F. 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 Market Opportunities Adv A has a portfolio turnover rate of 4%, indicating that holds its assets around 0.3 years. By way of comparison, the average portfolio turnover is 77% for the Mid-Cap Growth category.
Recently, in the month of July 2026, Kinetics Market Opportunities Adv A returned -2.4%, which earned it a grade of A, as the Mid-Cap Growth category had an average return of -5.5%. 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 Market Opportunities Adv A has a trailing yield of 0.09%, which is above the 0.03% category average. The fund normally distributes its income annually 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 Market Opportunities Adv A Grades
Year to date, the fund has returned 14.3%, 8.6 percentage points better than the category, which translates into a grade of A. The fund has returned 6.3% over the past year (grade of C), 30.7% over the past three years (grade of A) and 15.2% per year over the past five years (grade of A) and 19.6% per year over the past 10 years (grade of A).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Kinetics Market Opportunities Adv A, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
KMKAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| KMKAX Return (NAV) | -2.4% | -6.4% | 6.3% | 30.7% | 15.2% | 19.6% |
| KMKAX Grade | A | F | C | A | A | A |
| +/- Category | 3.2% | -8.5% | 0.8% | 20.2% | 12.7% | 8.7% |
| Mid-Cap Growth Avg | -5.5% | 2.1% | 5.5% | 10.5% | 2.5% | 10.9% |
| KMKAX Tax Cost Ratio | na | na | 0.2% | 0.2% | 0.3% | 0.5% |
KMKAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| KMKAX Return (NAV) | 14.3% | -3.3% | 83.6% | -7.6% | 14.7% | 27.7% | 19.3% | 22.4% | -11.1% | 46.9% | 20.1% |
| KMKAX Grade | A | F | A | F | A | A | F | F | F | A | A |
| +/- Category | 8.6% | -9.4% | 66.3% | -28.3% | 42.8% | 15.4% | -21.1% | -11.5% | -6.5% | 21.6% | 14.8% |
| Mid-Cap Growth Avg | 5.7% | 6.1% | 17.3% | 20.8% | -28.1% | 12.3% | 40.4% | 33.9% | -4.6% | 25.3% | 5.3% |
| Risk Measures | |
| Standard Deviation: | 31.2% |
| Total Risk Index: | 2.54 - High |
| Category Risk Index: | 1.64 - High |
| Category Risk Grade: | F (101% Rank) |
| Beta: | 0.46 |
| R-Squared: | 4% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.1% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $293 Mil |
| Fund Total Assets: | $ 23 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 4% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 20.5 years | |||
| Average Tenure: 12.8 years | |||
| Managers (Year): Doyle Peter (2006), Davolos James (2006), Bregman Steven (2016), Colavita Brandon (2026) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 91 |
| % in Top 10 Holdings: | 79.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 5.5% |
Portfolio Allocation |
|
| Domestic Stock: | 76.0% |
| Foreign Stock: | 5.5% |
| Preferred Stock: | 0.1% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 11.8% |
| Cash: | 6.6% |
Purchase Information
| Fund Family: | Kinetics |
| Phone Number: | 800-930-3828 |
| Website: | www.kineticsfunds.com |
| Status: | Open |
| Inception Date: | January 31, 2006 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $2,500 |
| True No-Load: | No |
| Front Load Maximum: | 5.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 2.00% |
| 12b-1 Fee: | 0.50% |
Expenses and Fees | |
| Expense Ratio (%): | 1.65% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.09% |
| Share Class: | Kinetics Market Opportunities No Load |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
