Horizon Kinetics Holding Corporation · OTC:HKHC
Horizon Kinetics — Investor Presentation (April 2012)
9 slides from Horizon Kinetics's investor presentation, April 2012
Slide 1: Equity Income Strategies
EQUITY INCOME STRATEGIES Horizon Kinetics LLC 470 Park Avenue South New York, NY 10016 Prepared in April 2012
Slide 2: Introduction
Introduction PROBLEM − Traditional equity allocations have failed to deliver adequate risk-adjusted returns for individual investors. · Large allocations are made to equities with an expectation of achieving higher returns (for the risk). · Significant timing risk exists due to a dependence on capit
Slide 3: Equity Put Writing
Equity Put Writing Investment Payoff A collateralized equity put writing Investment Payoff Diagram strategy sells equity put options and holds a collateral portfolio Long equal to100% of the notional value Stock/Index of the outstanding put options. PutWrite ≡ BuyWrite The investment payoff from
Slide 4: March 2012
MARCH 2012 Distributor: Kinetics Funds Distributor LLC is not an affiliate of Kinetics Mutual Funds, Inc.
Slide 5: Fund Overview
Fund Overview ― The Fund is an integrated option and Strategy Profits Bond Income Put Premiums Investment Losses Fund Expenses bond strategy, seeking to generate consistent risk adjusted returns in excess S&P 500 As of KMDNX CBOE S&P 500 off the th broad b d equity it markets. k t March 31, 2012 (Ne
Slide 6: Portfolio Construction
Portfolio Construction Kinetics Multi-Disciplinary Mutual Fund (KMDNX) Put Options Notional Value 80-90% of NAV 100+ Single name 6-18 month expirations Positions limited to ~1% of NAV U.S. and ADRs Exchange listed options Collateral 80-90% of NAV Corporate Bonds Generally rated B- or better1 Typical
Slide 7: Performance: Notable Drawdowns (Daily)
Performance: Notable Drawdowns (Daily) 08/29/08 - 03/09/09 04/23/10 - 07/02/10 7/7/11 – 10/3/11 140 S&P 500 KMDNX S&P 500 KMDNX S&P 500 KMDNX -46.4% -25.7% -15.6% -4.8% -18.4% -14.9% 130 120 110 100 Unit Value ($) 90 02/18/11 - 03/18/11 80 S&P 500 KMDNX -4.6% -0.6% 70 60 S&P 500 TR 50 KMDNX TR (Net)
Slide 8: Disclosures
Disclosures You should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. For a free copy of the fund’s prospectus, which contains this and other information, visit our website at www.kinetics.com or call 1-800-930-3828. You should read the prospe
Slide 9: Disclosures & Definitions
Disclosures & Definitions Past performance is not a guarantee of future results. This is neither an offer to sell nor a solicitation to invest. Comparisons to benchmarks are for representative purposes only. This material is for informational purposes only and is not intended for public use or distr
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