Fund Evaluator:

Kinetics Small Cap Opportunities No Load Overview

Kinetics Small Cap Opportunities No Load (KSCOX) is an actively managed U.S. Equity Small Growth fund. Kinetics launched the fund in 2000.

The investment seeks long-term growth of capital. The fund is a non-diversified fund that invests all of its investable assets in the Small Cap Portfolio, a series of Kinetics Portfolios Trust. The Small Cap Portfolio invests at least 80% of its net assets plus any borrowings for investment purposes in common stocks, convertible securities, warrants and other equity securities having the characteristics of common stocks (such as American Depositary Receipts, Global Depositary Receipts and International Depositary Receipts) of U.S. and foreign small capitalization companies that provide attractive valuation opportunities. The fund is non-diversified.

About Kinetics Small Cap Opportunities No Load (KSCOX)

There are 4 members of the management team with an average tenure of 17.85 years: James Davolos (2006), Matthew Houk (2011), Peter Doyle (2000), 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 USA Small Cap NR USD index with a weighting of 100%. Kinetics Small Cap Opportunities No Load has 77 securities in its portfolio. The top 10 holdings constitute 84.3% 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 Small Cap Opportunities No Load is part of the Equity global asset class and is within the U.S. Equity fund group. Kinetics Small Cap Opportunities No Load has 6.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 86.0%. There is 6.3% 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 Small Cap Opportunities No Load has 4.0% of the portfolio in cash.

Assets Under Management

The fund has $362 million in total assets, which is below the $454 million average for the Small 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.

KSCOX 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 Small Cap Opportunities No Load expense ratio is high compared to funds in the Small Growth category. Kinetics Small Cap Opportunities No Load has an expense ratio of 1.64%, which is 39% 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. A portfolio turnover rate cannot be currently calculated for Kinetics Small Cap Opportunities No Load. By way of comparison, the average portfolio turnover is 76% for the Small Growth category.

Recently, in the month of June 2026, Kinetics Small Cap Opportunities No Load returned 6.1%, which earned it a grade of C, as the Small Growth category had an average return of 6.5%. 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 Small Cap Opportunities No Load has a trailing yield of 0.14%, which is above the 0.07% 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 Small Cap Opportunities No Load Grades

Year to date, the fund has returned 28.5%, 6.4 percentage points better than the category, which translates into a grade of A. The fund has returned 16.2% over the past year (grade of F), 29.9% over the past three years (grade of A) and 15.6% per year over the past five years (grade of A) and 20.5% per year over the past 10 years (grade of A).

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