Kinetics Spin-off and Corporate Restructuring Fund - Institutional Class · NASDAQ:LSHUX
Kinetics Spin-off and Corporate Restructuring Fund - Institutional Class — Kinetics Spin-Off and Corporate Restructuring Fund — Investor Presentation (2026)
32 slides from Kinetics Spin-off and Corporate Restructuring Fund - Institutional Class's investor presentation, Sep 29, 2026
Slide 1: Kinetics Spin-Off and Corporate Restructuring Fund
Kinetics Spin-Off and Corporate Restructuring Fund (LSHEX, LSHAX, LSHCX, LSHUX) 2nd Quarter 2026 © 2026 Horizon Kinetics LLC ®. All rights reserved.
Slide 2: Important Risk Disclosures
Important Risk 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.kineticsfunds.com or call 1-800-930-3828. You sh
Slide 3: Agenda
Agenda I. Firm Overview II. Investment Philosophy & Process III. Kinetics Spin-Off and Corporate Restructuring Fund Review IV. Appendix – Management Bios – Research Publications – Contact Information – Definitions © 2026 Horizon Kinetics LLC ®. All rights reserved. 3
Slide 4: Firm Overview
Firm Overview © 2026 Horizon Kinetics LLC ®. All rights reserved. 4
Slide 5: Firm Overview: At a Glance
Firm Overview At a Glance Horizon Kinetics LLC Investment Approach Independent, majority employee owned, serving clients since Independent Thinking 1994. − Process driven by data and primary sources. $10.8 billion in firm-wide assets under management1. − Research analysts culturally guided to
Slide 6: Guiding Principles
Firm Overview Guiding Principles Background: Our co-founders created Horizon Asset Management LLC in 1994 and Kinetics Asset Management LLC in 1996, both are now consolidated under the Horizon Kinetics Asset Management LLC, in answer to the extraordinary structural changes that were occurring in the
Slide 7: Strategy and Client Type Overview
Firm Overview Strategy and Client Type Overview Firmwide Assets Under Management1 $10.8 B Client Assets by Type1 Separately Managed Accounts2 $5.0 B Subadvised, 3% – Equities Alternatives, 17% – High-Yield – Opportunistic Investments, i.e. Distressed Debt Kinetics Funds, 22% Kinetics Mutual Funds an
Slide 8: Investment Philosophy & Process
Investment Philosophy & Process © 2026 Horizon Kinetics LLC ®. All rights reserved. 8
Slide 9: The Equity Yield Curve
Investment Philosophy The Equity Yield Curve Investors’ short-term interests can create significant mispricing of long-term investments. We believe a long-term investment horizon is essential to reducing chance of loss and earning excess return. Equity Yield Curve Return Dynamics Typical Investors L
Slide 10: Capitalizing on Market Inefficiencies
Investment Philosophy Capitalizing on Market Inefficiencies Why are securities mispriced? Information asymmetry and human emotion (fear and greed) were once the drivers for significant market pricing discrepancies. As markets have modernized, adherents have long advocated an “efficient market” due t
Slide 11: Investment Process: Idea Generation
Investment Process Idea Generation Dynamic, unconventional thinking is required IDEA GENERATION in order to consistently find successful long- Conventional Screens Unconventional Attributes term investments over the course of a full (Mainstream Investors) (Horizon Kinetics) business cycle. Style Own
Slide 12: Investment Process: Portfolio Construction
Investment Process Portfolio Construction Avoid attempting to time the market, and instead average into and out Time Diversification of positions over time. Positions are sized by portfolio managers’ judgment of discount rate Initial Position Sizing/ magnitude along with an assessment of unconventio
Slide 13: Fundamental Risk Management
Fundamental Risk Management Quantifiable Risk versus Actual Risk Result Diversification •Eliminate single security risk Risk Parameters • Generic portfolio with exposure Conventional to all companies, good and bad Standard Deviation •Minimize return variability • “Predictable” lower long-term Tracki
Slide 14: Investment Team
Investment Team Portfolio Management and Research Team Investment Oversight Committee Steven Bregman Peter Doyle Co-Founder, Co-CEO, Co-CIO Co-Founder, Co-CEO, Co-CIO Investment (40+ years of Industry Experience) (40+ years of Industry Experience) Oversight Committee James Davolos Director of Resear
Slide 15: Spin-Off Overview
Spin-Off Overview © 2026 Horizon Kinetics LLC ®. All rights reserved. 15
Slide 16: Spin-Off Strategy
Spin-Off Strategy A Long History of Spin-Off Research & Investing Horizon authors research report entitled “Spin-Offs 1996 Revisited: A Review of a Structural Pricing Anomaly”. Horizon begins publishing The Spin-Off Report. 1996 Spin-Off research implemented via a dedicated long-only 1997 equity inv
Slide 17: What is a Spin-Off?
What is a Spin-Off? Spin-Off Parent company distributes 100% of a subsidiary as a tax-free dividend of shares. Immediately following the transaction, there are 2 separate firms with exactly the same shareholder base. Carve-Out 2-step process that involves an IPO or rights offering for minority
Slide 18: Spin-Off Opportunity & Incentive
Spin-Off Opportunity & Incentive Opportunity to Improve Efficiency As a subsidiary of a large conglomerate, management tends to focus on increasing revenue, and controlling costs becomes secondary. Furthermore, subsidiaries are often allocated company expenses that are Parent Company not necessarily
Slide 19: Spin-Off Valuation
Spin-Off Valuation Pre- Short-Term Selling Pressures: Transition Period Long-Term Success transaction Years 1 & 2* Institutional constraints: Incentivized Management ― Market capitalization ― Style box More competitive operations ― Industry sector Sub-par peer comparisons: Performance history ― Grow
Slide 20: Spin-Off Case Study
Spin-Off Case Study One of the first spin-offs Horizon covered in the Spin-Off Report in 1996 was Anheuser-Busch’s spin-off of its Campbell-Taggart bakery subsidiary (renamed Earthgrains Co.). This was the ideal spin-off situation in several respects. As a small subsidiary of the world’s largest bre
Slide 21: Performance & Strategy Update
Kinetics Spin-Off and Corporate Restructuring Fund Performance & Strategy Update © 2026 Horizon Kinetics LLC ®. All rights reserved. 21
Slide 22: Historical Performance Results
Historical Performance Results The Spin-Off and Corporate Restructuring Fund-LSHUX (Inst. Class) − U.S. focused global all-cap fund comprised of investments in: − Spin-off companies and parent companies of spin-offs. − Subsidiary companies resulting from an equity “carve out” or “partial initial pub
Slide 23: Kinetics Spin Off Fund Information
Kinetics Spin Off Fund The Spin-Off and Corporate Restructuring Fund - Fund Information Expense Ratios Inception Class Assets* (MM) Ticker CUSIP 12b-1 fee Date Gross Net Advisor A 9.5 5/4/2007 LSHAX 494613557 0.25% 1.99% 1.50% Advisor C 0.2 5/24/2007 LSHCX 494613540 0.75% 2.45% 2.25% Institutional 2
Slide 24: Portfolio Top Holdings
Portfolio Top 10 Holdings The Spin-Off and Corporate Restructuring Fund – June 30, 2026 % of Name Horizon Kinetics’ Perspective Portfolio Texas Pacific Land Corp. is a landowner that generates cash flow via periodic land sales, oil royalties from owned Texas Pacific Land Corporation 77.7 land in Tex
Slide 25: Portfolio Statistics
Portfolio Statistics The Spin-Off and Corporate Restructuring Fund – June 30, 2026 Fund Characteristics Top 10 Sectors, 5 % Total Net Assets(1) $36.0 million Total Number of Holdings* 30 Investment Style Global Equity Market Cap Focus All Cap Minimum Purchase(2) $2,500 Inception Date 7/11/07 (Inst.
Slide 26: Recent Insights
Recent Insights 2nd Quarter 2026 Commentary Under the Hood Revived: What’s In Your Index? The Metamorphosis of the Mega-cap IT Company Business Model Reading Length: 41 pages/July 2026 Here at Horizon, we are fortunate to have a deeply engaged client base—meaning lots of client questions. Not too ma
Slide 27: Appendix
Appendix © 2026 Horizon Kinetics LLC ®. All rights reserved. 27
Slide 28: Management Bios
Management Bios Murray Stahl (1953-2026) Steven Bregman Co-Founder Co-Founder, Co-Chief Executive Officer, Co-Chief Investment Officer Murray Stahl (1953-2026) co-founded the Firm in 1994. He served as Chief Steven is a co-founder, Co-Chief Executive Officer and Co-Chief Investment Executive Officer
Slide 29: Management Bios
Management Bios Alun Williams Mark Herndon Chief Operating Officer Chief Financial Officer Alun is the Chief Operating Officer of Horizon Kinetics Holding Corporation Mark is Chief Financial Officer of Horizon Kinetics Holdings Corporation (OTCQX: HKHC), a wholly owned subsidiary of Horizon Kinetics
Slide 30: Written Research
Written Research At The Foundation of Our Process Horizon Kinetics Research Reports Horizon Kinetics White Papers Contrarian Research The Equity Yield Curve Eclectic Musings Report Established April 1995 • The Equity Yield Curve, 2012 • Russell 2000® Index Construction: When Small Caps Became a Big
Slide 31: Contact Information
Contact Information Offices: New York, NY 1270 Avenue of the Americas 27th Floor New York, NY 10020 White Plains, NY 1 North Lexington Avenue White Plains, NY 10601 Summit, NJ 1 Deforest Avenue Suite 303 Summit, NJ 07901 Telephone: 646.495.7334 Fax: 646.495.0078 Email: [email protected] Website
Slide 32: Definitions
Definitions Beta: A statistic that measures the volatility of the fund, as compared to that of the overall market. The market’s beta is set at 1.00; a beta higher than 1.00 is considered to be more volatile than the market, while a beta lower than 1.00 is considered to be less volatile. The Beta has
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