Kinetics Spin-Off and Corporate Restructuring Fund Institutional Class (LSHUX)

Fund Assets	28.32M
Expense Ratio	1.264%
Min. Investment	$1,000,000
Turnover	4.00%
Dividend (ttm)	0.04
Dividend Yield	0.15%
Dividend Growth	-89.62%
Payout Frequency	Annual
Ex-Dividend Date	Dec 30, 2025

Previous Close	28.25
YTD Return	18.76%
1-Year Return	13.84%
5-Year Return	98.67%
52-Week Low	23.13
52-Week High	39.68
Beta (5Y)	1.76
Holdings	36
Inception Date	Jul 11, 2007

About LSHUX

Kinetics Spin-Off and Corporate Restructuring Fund Institutional Class is a specialized mutual fund focused on capturing opportunities that arise from corporate spin-offs and restructuring events. Its primary objective is long-term capital growth by investing predominantly in equity securities of companies involved in spin-offs, parent companies of spin-offs, subsidiaries newly created through carve-outs or partial initial public offerings, and firms undergoing other forms of corporate restructuring. The fund holds a global, all-cap portfolio, although it is significantly U.S.-focused, with the majority of assets in medium and smaller capitalization companies. A notable feature is its strong emphasis on energy and extraction industries, with a substantial allocation to mining, quarrying, and oil and gas extraction companies. These characteristics stem from the fund's strategy of capitalizing on market inefficiencies and initial mispricings that can occur during major corporate transitions, which are often overlooked or undervalued by mainstream investors. The fund is managed by Horizon Kinetics Asset Management and targets institutional investors, reflecting its high minimum investment requirement and specialized approach.

• Fund Family: Kinetics
• Category: Miscellaneous Sector
• Performance Rating: Above Average
• Risk Rating: High
• Stock Exchange: Nasdaq
• Ticker Symbol: LSHUX
• Share Class: Institutional Class
• Index: S&P 500 TR

Performance

LSHUX had a total return of 13.84% in the past year, including dividends. Since the fund's inception, the average annual return has been 7.16%.

Other Share Classes

These are alternative share classes of the same fund, from the same provider.

Symbol	Share Class	Expense Ratio
LSHEX	No Load Class	1.47%
LSHAX	Advisor Class A	1.54%
LSHCX	Advisor Class C	2.25%

Top 10 Holdings

97.39% of assets

Name	Symbol	Weight
Texas Pacific Land Corporation	TPL	76.67%
LandBridge Company LLC	LB	6.31%
Associated Capital Group Inc	ACGP	3.42%
Hawaiian Electric Industries, Inc.	HE	3.14%
US BANK MMDA - USBGFS 7	USBGFS7	3.05%
WaterBridge Infrastructure LLC	WBI	1.34%
GAMCO Investors Inc	GAMI	1.12%
Civeo Corporation	CVEO	0.88%
State Street SPDR ICE Preferred Securities ETF	PSK	0.75%
SB Technology Inc	n/a	0.70%

Dividend History

Ex-Dividend	Amount	Pay Date
Dec 30, 2025	$2.68861	Dec 30, 2025
Dec 30, 2024	$1.60254	Dec 30, 2024
Dec 28, 2023	$1.8051	Dec 28, 2023
Dec 29, 2022	$0.4752	Dec 29, 2022
Dec 29, 2021	$0.01976	Dec 29, 2021
Dec 30, 2020	$0.1225	Dec 30, 2020

Data Sources: Tiingo, Twelve Data, and more

Historical data is provided by Tiingo. Delayed stock pricing data is provided by Twelve Data. Several fund data points are also provided by Finnhub.

Last checked:

Oct 16, 2026

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