Kinetics Medical Fund Update (Recorded April 12, 2020) by Horizon Kinetics

Disclosures: This presentation is for financial professional use only and is not approved for distribution to the retail public. Past performance is not an indication of future results and the value of the investments and the income derived from them may increase or decrease. Kinetics Mutual Funds are managed by Kinetics Asset Management LLC (“Kinetics”).
You should consider the investment objectives, risks, charges and expenses of the Kinetics Mutual Funds, Inc. (the “Funds”) carefully before investing. For a free copy of the 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. For the most recent month-end performance data, please visit our website at www.kineticsfunds.com.
All expressions or opinions reflect the opinions of the presenter at the time they were made and are subject to change. Kinetics and its affiliates may have positions in the securities of companies mentioned. Reproduction is strictly prohibited. As always, past performance does not guarantee future results. You will be charged a redemption fee equal to 2.00% of the net amount of the redemption if you redeem or exchange your shares less than 30 days after you purchase them. As most are non-diversified Funds, the value of the Funds' shares may fluctuate more than shares invested in a broader range of companies. Non-investment grade debt securities, i.e., junk bonds, are subject to greater credit risk, price volatility and risk of loss than investment grade securities. This presentation is for informational purposes only, is not a solicitation to purchase shares, does not constitute investment or tax advice and is not a public or private offering or recommendation of any kind.
Options contain special risks, including the imperfect correlation between the value of the option and the value of the underlying asset. In addition, investing in foreign securities involves more risk than does investing in U.S. investments, including the risk of currency fluctuations, political and economic instability, and differences in financial reporting standards. There may also be heightened risks investing in non-investment grade debt securities and the use of options. Also, there are risks associated with investing in small and medium size companies. Unlike other investment companies that directly acquire and manage their own portfolios of securities, the Funds pursue their investment objectives by investing all of their investable assets in a corresponding portfolio series of Kinetics Portfolio Trust.