Fund Evaluator:
Kinetics Paradigm Instl (KNPYX)
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Best Performing in Mid-Cap Growth Over the Last Year
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Fund Details
Kinetics Paradigm Instl Overview
Kinetics Paradigm Instl (KNPYX) is an actively managed U.S. Equity Mid-Cap Growth fund. Kinetics launched the fund in 2005.
The investment seeks long-term growth of capital. The fund is a non-diversified fund that invests all of its investable assets in the Paradigm Portfolio, a series of Kinetics Portfolios Trust. The Paradigm Portfolio invests at least 65% of its net assets in common stocks, ETFs, convertible securities, warrants, and other equity securities having the characteristics of common stocks (such as American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and International Depositary Receipts ("IDRs")) of U.S. and foreign companies that the Investment Adviser believes are undervalued. The fund is non-diversified.
About Kinetics Paradigm Instl (KNPYX)
There are 3 members of the management team with an average tenure of 19.12 years: James Davolos (2006), Peter Doyle (1999), 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) (1970) index with a weighting of 100% and MSCI ACWI NR USD index with a weighting of 100%. Kinetics Paradigm Instl has 48 securities in its portfolio. The top 10 holdings constitute 95.0% 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 Paradigm Instl is part of the Equity global asset class and is within the U.S. Equity fund group. Kinetics Paradigm Instl has 5.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 85.2%. There is 5.1% allocated to foreign stock, and 0.0% 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 Paradigm Instl has 0.8% of the portfolio in cash.
Assets Under Management
The fund has $298 million in total assets, which is below the $672 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.
KNPYX 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 Paradigm Instl expense ratio is high compared to funds in the Mid-Cap Growth category. Kinetics Paradigm Instl has an expense ratio of 1.44%, which is 32% 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 Paradigm Instl has a portfolio turnover rate of 3%, indicating that holds its assets around 0.3 years. By way of comparison, the average portfolio turnover is 78% for the Mid-Cap Growth category.
Recently, in the month of August 2026, Kinetics Paradigm Instl returned -1.8%, which earned it a grade of F, as the Mid-Cap Growth category had an average return of 1.4%. 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 Paradigm Instl has a trailing yield of 0.00%, which is below 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 Paradigm Instl Grades
Year to date, the fund has returned 21.0%, 13.9 percentage points better than the category, which translates into a grade of A. The fund has returned 11.1% over the past year (grade of B), 22.3% over the past three years (grade of A) and 15.3% per year over the past five years (grade of A) and 18.4% per year over the past 10 years (grade of A).
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KNPYX 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 |
|
| KNPYX Return (NAV) | -1.8% | -1.8% | 11.1% | 22.3% | 15.3% | 18.4% |
| KNPYX Grade | F | D | B | A | A | A |
| +/- Category | -3.2% | -1.2% | 5.3% | 10.2% | 13.0% | 7.3% |
| Mid-Cap Growth Avg | 1.4% | -0.6% | 5.9% | 12.1% | 2.3% | 11.1% |
| KNPYX Tax Cost Ratio | na | na | 1.8% | 1.3% | 1.0% | 1.0% |
KNPYX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| KNPYX Return (NAV) | 21.0% | -14.4% | 88.8% | -16.7% | 29.4% | 38.4% | 3.5% | 30.8% | -5.4% | 28.7% | 20.7% |
| KNPYX Grade | A | F | A | F | A | A | F | D | C | B | A |
| +/- Category | 13.9% | -20.6% | 71.5% | -37.4% | 57.4% | 25.8% | -36.7% | -3.3% | -0.7% | 3.2% | 15.4% |
| Mid-Cap Growth Avg | 7.1% | 6.1% | 17.3% | 20.7% | -27.9% | 12.6% | 40.3% | 34.1% | -4.6% | 25.5% | 5.3% |
| Risk Measures | |
| Standard Deviation: | 38.7% |
| Total Risk Index: | 3.18 - High |
| Category Risk Index: | 2.05 - High |
| Category Risk Grade: | F (102% Rank) |
| Beta: | 0.36 |
| R-Squared: | 1% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1098 Mil |
| Fund Total Assets: | $ 299 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 3% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 26.7 years | |||
| Average Tenure: 19.1 years | |||
| Managers (Year): Doyle Peter (1999), Davolos James (2006), Bregman Steven (2016) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 48 |
| % in Top 10 Holdings: | 95.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 5.1% |
Portfolio Allocation |
|
| Domestic Stock: | 85.2% |
| Foreign Stock: | 5.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 8.9% |
| Cash: | 0.8% |
Purchase Information
| Fund Family: | Kinetics |
| Phone Number: | 800-930-3828 |
| Website: | www.kineticsfunds.com |
| Status: | Open |
| Inception Date: | May 27, 2005 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $1,000,000 |
| 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 (%): | 1.44% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.09% |
| Share Class: | Kinetics Paradigm No Load |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
