Kinetics Paradigm No Load

The Paradigm Fund operates as a concentrated, non-diversified investment vehicle. It allocates all of its investable capital to the Paradigm Portfolio, a distinct series under the Kinetics Portfolios Trust umbrella. The Paradigm Portfolio, in turn, commits at least 65% of its net assets to a range of equity-related instruments. These include common stocks, exchange-traded funds (ETFs), convertible securities, and warrants. Additionally, it invests in other securities that share characteristics with common stocks, such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), and International Depositary Receipts (IDRs). The portfolio targets both domestic and international companies that the Investment Adviser deems to be undervalued.