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Horizon Kinetics Ise Wealth Strategy

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Horizon Kinetics Ise Wealth Strategy HORIZON KINETICS ISE WEALTH STRATEGY © 2012 Horizon Kinetics LLC.™ All rights reserved. Table of Content I. Firm Overview II. Horizon Kinetics ISE Wealth Strategy III. Appendix – Holdings – Bios – Disclosures © 2012 Horizon Kinetics LLC.™ All rights reserved. 2 Firm Overview © 2012 Horizon Kinetics LLC.™ All rights reserved. 3 Firm Overview At a Glance Horizon Kinetics LLC Investment Approach . Independent, employee owned, serving clients since 1994. Independent Thinking . $7.3 billion in firm-wide assets under management.1 − Primary source data driven process. 80+ employees. − Research analysts culturally guided to overcome confirmation biases and data availability errors. Offices in New York City and Elmsford, NY. Opportunity Stable, tenured investment team − Seek higher returns and margin of safety by capturing . Co-Founders investing together for over 25 years. high discount rates associated with the “Equity Yield Curve.” − Murray Stahl – Chief Investment Officer − Earn returns of underlying fundamental business and − Steven Bregman – Director of Research potential narrowing of discount rate. − Peter Doyle – President of Kinetics Mutual Funds, Inc. Focus . 19 Investment Professionals with an average tenure of 8 years − Research team and process organized around with the firm and 19 years in the industry. attributes associated with long-term excess returns. Dedicated Culture − Seek to avoid the permanent loss of capital. Committed exclusively to investment research and portfolio . Differentiated management across the capital structure. − Philosophy and process lead us to explore lesser . Independent publisher of research for institutional investment researched and less frequently trafficked investments. community since 1995. Discipline . Adhering to a research-intensive, time-tested fundamental − Portfolio Managers and Research Analysts must write investment philosophy. logical, clear and understandable investment theses . Institutional quality client service and operations infrastructure. that withstand internal and external scrutiny. Patience − Capturing long-term excess returns requires commitment. 1 As of March 31st, 2012 © 2012 Horizon Kinetics LLC.™ All rights reserved. 4 Firm Overview History Team Formation at Bankers Trust Murray Stahl (1978) Steven Bregman (1985) Peter Doyle (1985) − Portfolio Management: − Special Opportunities − Utilities − Tangible Assets − Portfolio management responsibilities for separately managed accounts within the Bank’s Private Client Group and Trust Company. − Identified need for independent research. 1978-1994 1995 1996 1998 2000 2003 2008 2010 2011 Horizon Research Contrarian Intangible Capital Global Spin-off ETF Horizon Kinetics LLC Research Asset Structure Contrarian Milestones Report Report Report Report Arbitrage Report (2011) Merger of underlying companies. Investment Management Horizon Asset Equity and − Senior portfolio Milestones Management LLC Fixed Alternative Options Income Strategies Strategies managers focused on (1994) Strategies investing and research. − Formalized Professional Management. Kinetics Asset Created to advise and manage mutual funds − Single comprehensive Management LLC under Kinetics Mutual Funds, Inc. leveraging Horizon’s investment research. platform with (1996) institutional quality client service, business development, Internet Paradigm legal/compliance and Fund Fund operations. Alternative Strategies © 2012 Horizon Kinetics LLC.™ All rights reserved. 5 Firm Overview Strategy and Client Type Overview Firmw ide Asse ts Un der Managemen t $7. 3 B Client Asset s by Type Separately Managed Accounts1 $5.7 B Focused Strategies Unconstrained Strategies2 Large Cap Strategic Value Investing Global Large Cap Value Research Select Kinetics Funds, Small Cap 16% Intermediary4, Asia 25% Spin-Off High Yield Opportunity Core Value High Net Worth, 20% Kinetics Mutual Funds, Inc3 $1.2 B Subadvisory, 13% Broad Markets Specialty Markets Alterna tives *, Paradigm Fund Internet Fund 6% Small Cap Fund Medical Fund Institutions, 21% Global Fund Market Opportunities Fund Multi Disciplinary Fund Water Infrastructure Fund Alternative Investments* $0.4 B AUM as of March 31, 2012. Client Type as of December 31, 2011. * Additional information available upon request for qualified investors. 1 Includes assets in customized portfolios and other strategies developed for intermediaries. 2 Su bjec t to clien t guide lines. 3 Kinetics Mutual Funds, Inc. (“Kinetics Funds”) are distributed by Kinetics Funds Distributors, Inc. (“KFD”), an affiliate of Horizon Kinetics LLC. KFD is not affiliated with the Kinetics Funds. 4 Includes individual client accounts through intermediaries. You should consider the investment objectives, risks, charges and expenses of the mutual funds carefully before investing. For a free copy of the mutual funds’ prospectus, which contains this and other information, visit our website at www.kineticsfunds.com or call 1-800-930-3828. You should read the prospectus carefully before you invest. © 2012 Horizon Kinetics LLC.™ All rights reserved. 6 Horizon Kinetics ISE Wealth Strategy © 2012 Horizon Kinetics LLC.™ All rights reserved. 7 Horizon Kinetics ISE Wealth Index Investing Alongside Successful Business Leaders The Horizon Kinetics ISE Wealth Index provides a The Wealth Index benchmark for investors interested in tracking the Qualitative Attributes performance of U.S.-listed companies managed by executives whose track records of skill and Vested Interests specific industry knowledge have made them In many cases, wealthy people have used their companies as some of the wealthiest individuals in the United their primary means of accumulating personal wealth. States. Horizon Kinetics partnered with the International Astute Asset Allocators Wealthy people tend to have the option of either remaining in a Securities Exchange (ISE) to launch the Horizon given business or to allocating capital elsewhere in a timely Kinetics ISE Wealth Index in August of 2011 (ticker manner. RCH). In most cases, a very wealthy individual has Access to Capital Because of their history of sound decision-makinggy, they benefit placed a substantial portion of his or her net from access to capital not available to employee managers. worth in the stock of the constituent companies. Given the historical success records of these individuals, we believe that an index comprised Long Track Record of the companies they choose to own and Their record of success makes them desirable partners. manage has thepottiltential tooutftperform the broader market. Information They have developed a reputation and a network over their careers that provides them with an information advantage. © 2012 Horizon Kinetics LLC.™ All rights reserved. 8 Horizon Kinetics ISE Wealth Index Methodology ThThee HHorizonorizonKinKineticsetics IISESEWWealthealth InIndexdex uses an equal weighted allocation A Wealthy Individual in Control methodology for all components in •Wealthy: Personal Assets Exceeding $1 the index. This allows the Index to gain billion equal exposure to the mindset of •Control: Senior management position Listed on a U.S. Exchange these successful business people, and that allows for substantial decision avoids biasing the Index toward making authority companies with relatively higher price to earnings ratios. Index components are reviewed quarterly for eligibility, and weights The are reset accordingly. Wealth While not all of the companies Index included in the Wealth Index are owner-operator companies, the Index An Operating Company Meeting the Following Market •Not a closed-end fund or an exchange Capitalization and Concentration provides substantial exposure to the Requirements: owner-operator theme. All of the traded fund (ETF) •Min $100M market capitalization following requirements must be met in •Max 24% individual weighting, order for a company to be eligible for •Max 50% total of individual weights >5% inclusion: •Trailing 3-month average daily value > $1M Source: ISE. For a complete index methodology guide, please refer to http://www.ise.com/assets/documents/OptionsExchange/index_reports/RCH_IMG.PDF © 2012 Horizon Kinetics LLC.™ All rights reserved. 9 Horizon Kinetics ISE Wealth Index Performance History and Statistics (as of March 31, 2012) Sta tis tics Performance Statistics 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years 20 Years Number of Components 103 Horizon Kinetics Wealth Index 11.1% 40.6% 8.4% 10.9% 10.9% 10.9% 11.7% Total Return (gross)* Avg. Market Cap. (B) $22.97 B S&P 500 Index* 8.5% 23.4% 2.0% 4.7% 4.1% 6.1% 8.6% Excess Return (gross)* 2.5% 17.2% 6.4% 6.2% 6.8% 4.8% 3.1% Dividend Yield 1.66 Standard Deviation (%)* 20.7% 23.7% 26.0% 22.8% 21.8% 24.3% 21.8% Estimated P/E 26.36 Tracking Error* 6.2% 11.3% 10.7% 9.9% 9.4% 11.7% 10.7% Risk Adjusted Return (gross)* 0.54 1.72 0.32 0.48 0.50 0.45 0.54 Price/Sales 3.61 Information Ratio (gross)* 0.41 1.53 0.60 0.63 0.72 0.41 0.29 Cashflow/Share 4.85 Beta 1.20 1.32 1.27 1.28 1.26 1.33 1.29 Batting Average (1) (gross)* 62.70% 65.91% 66.84% Historical Index Levels Sector Allocation, % 1,200 Consumer Discretionary 1,000 Consumer Staples 6.8% 5.8% 1.0% 800 Energy 32.0% Financials 600 14.6% Health Care 400 Industrials 200 4.9% 2.9% 3.9% Information Technology 0 4.9% Materials 23.3% Telecom. Services Horizon Kinetics ISE Wealth Index TOTAL RETURN PRICE LEVEL S&P 500 Index TOTAL RETURN PRICE LEVEL Utilities *Note: Calculated Using Total Returns. The Horizon Kinetics ISE Wealth Index began in January 2012, therefore, a portion of the returns stated
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