# EDGAR Filing Document

**Accession Number:** 0001113229
**File Stem:** 0001145549-23-011862
**Filing Date:** 2023-2
**Character Count:** 20365
**Document Hash:** 1ea291885ff526c7aa11baf7502da362
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-011862.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001145549-23-011862

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KINETICS PORTFOLIOS TRUST
- **CENTRAL INDEX KEY:** 0001113229
- **IRS NUMBER:** 223723753
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09923
- **FILM NUMBER:** 23677099

**BUSINESS ADDRESS:**
- **STREET 1:** 470 PARK AVENUE SOUTH
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
- **BUSINESS PHONE:** 9147036904

**MAIL ADDRESS:**
- **STREET 1:** 470 PARK AVENUE SOUTH
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016

## Series and Classes Contracts Data

### Kinetics Small Cap Portfolio (Series ID: S000007855)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000021364 | Kinetics Small Cap Portfolio |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Kinetics Portfolios Trust

- **b. Investment Company Act file number:** 811-09923

- **c. CIK number of Registrant:** 0001113229

- **d. LEI of Registrant:** 254900ZCVXM48Q9D2T43

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 470 Park Avenue South

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10016

  - **Telephone number:** 800-930-3828

**Item A.2. Information about the Series.**

- **a. Name of Series:** Kinetics Small Cap Opportunities Portfolio

- **b. EDGAR series identifier (if any):** S000007855

- **c. LEI of Series:** 254900BZY6GL75D4ET86

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $459920991.91

**Total Liabilities:** $1937186.63

**Net Assets:** $457983805.28

**Amount of Assets Invested in Other Investment Companies:** $2770216.94

**Cash Not Reported:** $316471.36

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021364 | 29.85%               | 40.05%               | 32.26%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $125341.38               | $60834447.60                               |
| Month 2  | $-197183.65              | $32255466.43                               |
| Month 3  | $218.93                  | $-27065894.62                              |

### Schedule of Portfolio Investments

| Name                           | Title                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Wendy's Co/The                 | Wendy's Co/The                           | CUSIP: 95058W100<br>LEI: 529900M0JIUCMWVKHG76 | Long             | EC               | CORP              | US        |    226800 | NS      | $5132484.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp   | Wheaton Precious Metals Corp             | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |      5400 | NS      | $211032.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                    | Urbana Corp                              | CUSIP: 91707P208<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |   1069271 | NS      | $3064085.29   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| COOKPAD Inc                    | COOKPAD Inc                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     16000 | NS      | $23895.15     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Digital Holdings Ltd    | Galaxy Digital Holdings Ltd              | CUSIP: N/A<br>LEI: 254900ULFH90UKBGDV65       | Long             | EC               | CORP              | US        |    376000 | NS      | $1074682.42   | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| Rubis SCA                      | Rubis SCA                                | CUSIP: N/A<br>LEI: 969500MGFIKUGLTC9742       | Long             | EC               | CORP              | FR        |     35700 | NS      | $940087.13    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| DREAM Unlimited Corp           | DREAM Unlimited Corp                     | CUSIP: 26153M507<br>LEI: 549300OLZNGGLFVS4206 | Long             | EC               | CORP              | CA        |    840200 | NS      | $15780122.60  | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| PrairieSky Royalty Ltd         | PrairieSky Royalty Ltd                   | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |     72000 | NS      | $1153914.33   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PARTNERS VALUE INVESTMENTS I   | Partners Value Investments LP            | CUSIP: 70214M114<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |    160000 | NS      | $732644.02    | 0.16%             |  |  |  | No            |                  3 | On Loan: No      |
| White Mountains Insurance Grou | White Mountains Insurance Group Ltd      | CUSIP: N/A<br>LEI: 549300N3FL068JERBG02       | Long             | EC               | CORP              | US        |        50 | NS      | $70716.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Laboratories NV           | Core Laboratories NV                     | CUSIP: N/A<br>LEI: 724500MDYY5VBSAF5W50       | Long             | EC               | CORP              | NL        |      6800 | NS      | $137836.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd    | Royal Caribbean Cruises Ltd              | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Long             | EC               | CORP              | US        |       200 | NS      | $9886.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BRAEMAR PLC                    | BRAEMAR PLC                              | CUSIP: N/A<br>LEI: 213800EV6IKTTHJ83C19       | Long             | EC               | CORP              | GB        |    243600 | NS      | $868779.92    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarkson PLC                   | Clarkson PLC                             | CUSIP: N/A<br>LEI: 2138007G6BGTEHI3OT22       | Long             | EC               | CORP              | GB        |      3800 | NS      | $148616.95    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Capital Group Inc   | Associated Capital Group Inc             | CUSIP: 045528106<br>LEI: 549300FBGXGSSUE01W24 | Long             | EC               | CORP              | US        |    190500 | NS      | $7999095.00   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                 | AutoNation Inc                           | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       500 | NS      | $53650.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| RIT Capital Partners PLC/Fund  | RIT Capital Partners PLC/Fund            | CUSIP: N/A<br>LEI: P31Q1NLTW35JJGHA4667       | Long             | EC               | RF                | GB        |      3700 | NS      | $95054.16     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc         | CACI International Inc                   | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |     55400 | NS      | $16652686.00  | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                  | Carnival Corp                            | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | US        |    328000 | NS      | $2643680.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Civeo Corp                     | Civeo Corp                               | CUSIP: 17878Y207<br>LEI: 254900H0BM0N0O4MSY43 | Long             | EC               | CORP              | US        |    644000 | NS      | $20028400.00  | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corp                    | Enovis Corp                              | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |      2700 | NS      | $144504.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Altius Minerals Corp           | Altius Minerals Corp                     | CUSIP: 020936100<br>LEI: 54930083UJGDUCMJMU61 | Long             | EC               | CORP              | CA        |     10000 | NS      | $164032.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Crimson Wine Group Ltd         | Crimson Wine Group Ltd                   | CUSIP: 22662X100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67700 | NS      | $379797.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Pason Systems Inc              | Pason Systems Inc                        | CUSIP: 702925108<br>LEI: 984500DC6T2FLR969F65 | Long             | EC               | CORP              | CA        |      3400 | NS      | $40026.59     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dundee Corp                    | Dundee Corp                              | CUSIP: 264901109<br>LEI: 549300LX18ZNW1LEMU13 | Long             | EC               | CORP              | CA        |   1173800 | NS      | $1220752.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Onex Corp                      | Onex Corp                                | CUSIP: 68272K103<br>LEI: 894500LB8PNE5C7CEN88 | Long             | EC               | CORP              | CA        |     18600 | NS      | $896893.65    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                    | Urbana Corp                              | CUSIP: 91707P109<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |     20000 | NS      | $62924.67     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Commonwealth            | Equity Commonwealth                      | CUSIP: 294628102<br>LEI: 549300YPGVU9PR4L0606 | Long             | EC               | CORP              | US        |       400 | NS      | $9988.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Esab Corp                      | Esab Corp                                | CUSIP: 29605J106<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | EC               | CORP              | US        |      2700 | NS      | $126684.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMCO Investors Inc            | GAMCO Investors Inc                      | CUSIP: 361438104<br>LEI: 51A2MDO9SJ2HTOSMLZ76 | Long             | EC               | CORP              | US        |     14400 | NS      | $219456.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Trust BTC    | Grayscale Bitcoin Trust BTC              | CUSIP: 389637109<br>LEI: 549300XZGUJEF0EHBE41 | Long             | EC               | RF                | US        |    300000 | NS      | $2487000.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Ethereum Classic Tru | Grayscale Ethereum Classic Trust         | CUSIP: 38963Q107<br>LEI: 54930092HET8DVEQYD83 | Long             | EC               | RF                | US        |        60 | NS      | $183.60       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Corp/The         | Howard Hughes Corp/The                   | CUSIP: 44267D107<br>LEI: 549300BVHY25JZC1KI49 | Long             | EC               | CORP              | US        |     46300 | NS      | $3538246.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Icahn Enterprises LP           | Icahn Enterprises LP                     | CUSIP: 451100101<br>LEI: 549300T0G4GS0SINS786 | Long             | EC               | CORP              | US        |    132100 | NS      | $6690865.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Inter Parfums Inc              | Inter Parfums Inc                        | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55700 | NS      | $5376164.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| LGL Group Inc/The              | LGL Group Inc/The                        | CUSIP: 50186A108<br>LEI: 5493005MPYH70BZ7T366 | Long             | EC               | CORP              | US        |     10600 | NS      | $42930.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LICT Corp                      | LICT Corp                                | CUSIP: 50187G104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        16 | NS      | $320000.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc  | Live Nation Entertainment Inc            | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |     64300 | NS      | $4484282.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| M-Tron Industries Inc          | M-Tron Industries Inc                    | CUSIP: 55380K109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5300 | NS      | $46375.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Sports C | Madison Square Garden Sports Corp        | CUSIP: 55825T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       240 | NS      | $43999.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Entertai | Madison Square Garden Entertainment Corp | CUSIP: 55826T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       772 | NS      | $34716.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Maverix Metals Inc             | Maverix Metals Inc                       | CUSIP: 57776F405<br>LEI: 549300CPYYBEBU8HQN80 | Long             | EC               | CORP              | CA        |      2000 | NS      | $9360.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesabi Trust                   | Mesabi Trust                             | CUSIP: 590672101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9520 | NS      | $171550.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Oshkosh Corp                   | Oshkosh Corp                             | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |       400 | NS      | $35276.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group Inc    | Penske Automotive Group Inc              | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |       500 | NS      | $57465.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Basin Royalty Trust    | Permian Basin Royalty Trust              | CUSIP: 714236106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100000 | NS      | $2520000.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Rumble Inc                     | Rumble Inc                               | CUSIP: 78137L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       400 | NS      | $2380.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| Sandstorm Gold Ltd             | Sandstorm Gold Ltd                       | CUSIP: 80013R206<br>LEI: 549300QWJPV45VQF1B33 | Long             | EC               | CORP              | CA        |    772600 | NS      | $4063876.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications Internati | Science Applications International Corp  | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |     19600 | NS      | $2174228.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Tejon Ranch Co                 | Tejon Ranch Co                           | CUSIP: 879080109<br>LEI: 549300TMNDO77VJ6J111 | Long             | EC               | CORP              | US        |     15600 | NS      | $293904.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp        | Texas Pacific Land Corp                  | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99590 | NS      | $233461865.70 | 50.98%            |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA - USBGFS 7        | US BANK MMDA - USBGFS 7                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        | 113213517 | NS      | $113213516.54 | 24.72%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-24

**Name of Applicant:** Kinetics Portfolios Trust

**Signature:** /s/ Jay Kesslen

**Name of Signer:** Kinetics Portfolios Trust

**Title:** Vice President