A Buoyant Performer

Kinetics Small Cap Opportunity has scored with savvy bets on industrial stocks. Its latest focus: water purification firms

Launched in March 2000, at the cusp of the Nasdaq nose-dive, the Kinetics Small Cap Opportunity Fund (KSCOX ) seeks out value stocks, generally confined to the small and micro-cap sectors. Lead portfolio manager Fred Froewiss also plays on attractive industrial themes -- for example, he recently purchased some stocks in the water filtration/purification industry, where the supply and demand fundamentals are thought to be extremely positive. Among the fund's favorite water stocks is Vermont Pure Holdings (VPS ).

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