KSOAX Performance — Kinetics Small Cap Opportunities Fund, Advisor Class A
Data updated: 2026-08-19
KSOAX returned +28.39% year to date and +15.88% over one year to Jun 2026. Annualised returns are +29.57% over 3 years and +15.33% over 5 years. Against its US Small Blend category average the fund came out ahead over three years but behind over one: $100 invested three years ago grew to $218, against $156 for the category, and to $116 over one year, against $133. Volatility over the past three years was 30.96% a year. In the 12 months to Jun 2026 the fund lost a net $64.3M, and assets reached $528.95M.
KSOAX Growth of $100
What $100 invested in Kinetics Small Cap Opportunities Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Small Blend category average over the same months.
| Period | KSOAX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $116 | $133 |
| 3 years (Jul 2023 – Jun 2026) | $218 | $156 |
| 5 years (Jul 2021 – Jun 2026) | $204 | $141 |
| Since data start (Jul 2019 – Jun 2026) | $349 | $209 |
KSOAX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +28.39% |
| 1 year | +15.88% |
| 3 years (annualised) | +29.57% |
| 5 years (annualised) | +15.33% |
KSOAX Annual Returns
Calendar-year total returns of Kinetics Small Cap Opportunities Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +28.39% |
| 2025 | −8.90% |
| 2024 | +68.08% |
| 2023 | −14.89% |
| 2022 | +31.64% |
| 2021 | +49.94% |
| 2020 | +2.05% |
| 2019 (Jul–Dec) | +3.70% |
KSOAX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +13.3% | +25.3% | −7.6% | −1.9% | −6.0% | +6.1% | — | — | — | — | — | — |
| 2025 | +10.1% | +4.1% | −4.4% | −0.9% | −5.9% | −1.2% | −4.0% | −0.8% | +0.2% | +0.9% | −5.0% | −1.4% |
| 2024 | −3.4% | +5.9% | +6.4% | −3.0% | +5.5% | +9.3% | +12.8% | +2.7% | +3.1% | +18.5% | +23.3% | −20.9% |
| 2023 | −5.5% | −6.9% | −2.9% | −6.3% | −6.7% | +3.1% | +7.0% | +9.3% | −2.4% | −0.1% | −2.8% | −0.2% |
| 2022 | −8.5% | +8.1% | +9.7% | −3.6% | +5.9% | −8.3% | +16.4% | −2.5% | −5.0% | +18.1% | +7.9% | −5.6% |
| 2021 | +5.8% | +21.9% | +24.3% | +0.3% | −4.5% | +5.4% | −3.0% | −4.9% | −6.5% | +9.0% | −4.0% | +2.5% |
| 2020 | −0.9% | −6.0% | −29.6% | +20.8% | +1.6% | −0.6% | −1.9% | +3.1% | −8.8% | −1.2% | +23.9% | +13.2% |
| 2019 | — | — | — | — | — | — | +1.7% | −6.8% | 0.0% | −3.0% | +5.3% | +7.2% |
KSOAX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 30.96%
- 3-year Sharpe ratio: 0.81 (vs 4.5% risk-free rate)
- Best month: +25.33% (Feb 2026)
- Worst month: −20.95% (Dec 2024)
KSOAX Fund Flows
Monthly money in and out of Kinetics Small Cap Opportunities Fund, from SEC Form N-PORT.
- 12-month net flow: −$64.3M
- 12-month gross sales (incl. reinvestments): $109.8M
- Sales ÷ redemptions: 0.63×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $5.7M | $11.7M | −$6.0M |
| May 2026 | $7.4M | $14.9M | −$7.5M |
| Apr 2026 | $8.2M | $18.4M | −$10.2M |
| Mar 2026 | $10.4M | $16.7M | −$6.4M |
| Feb 2026 | $8.9M | $12.4M | −$3.5M |
| Jan 2026 | $6.6M | $15.4M | −$8.8M |
| Dec 2025 | $7.5M | $11.8M | −$4.4M |
| Nov 2025 | $6.0M | $10.6M | −$4.6M |
| Oct 2025 | $9.5M | $15.3M | −$5.7M |
| Sep 2025 | $10.5M | $12.7M | −$2.2M |
| Aug 2025 | $10.0M | $15.1M | −$5.1M |
| Jul 2025 | $19.2M | $19.1M | $35K |
KSOAX Assets Under Management
Net assets of Kinetics Small Cap Opportunities Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $528.95M |
| 2026-03-31 | $565.60M |
| 2025-12-31 | $446.26M |
| 2025-09-30 | $487.83M |
| 2025-06-30 | $518.47M |
| 2025-03-31 | $550.27M |
| 2024-12-31 | $465.09M |
| 2024-09-30 | $379.58M |
| 2024-06-30 | $303.82M |
| 2024-03-31 | $281.98M |
| 2023-12-31 | $293.28M |
| 2023-09-30 | $327.60M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.