Peter Doyle
About Peter Doyle
Peter B. Doyle is Co‑Portfolio Manager of RENN Fund, Inc. (RCG) since 2021 and a Managing Director and Co‑Founder of Horizon Kinetics Holding Corporation; he also serves as President of Kinetics Mutual Funds, Inc. and is a Vice President/Director of FRMO Corp. He previously was a Senior Investment Officer at Bankers Trust Company from 1985–1994. Doyle holds a BS from St. John’s University and an MBA from Fordham University. He is 62 years old per the company’s 2024–2025 proxy statements and has served as Co‑Portfolio Manager of the Fund since 2021 . The Fund reports that officers receive no compensation from the Fund (compensation occurs at the external adviser), limiting disclosure of pay‑for‑performance metrics at the Fund level .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Horizon Kinetics Holding Corporation | Managing Director and Co‑Founder | Since 1994 | Co‑founded research‑driven asset manager; member of investment committee and board . |
| Kinetics Mutual Funds, Inc. | President | Since 1994 | Oversees mutual fund complex affiliated with adviser . |
| Bankers Trust Company | Senior Investment Officer | 1985–1994 | Managed sector research and portfolios; precursor to HK investment philosophy . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| FRMO Corp. | Vice President and Director (2025) / Vice President (2023–2024) | Since 2001 | Public holding company with interests in Horizon Kinetics . |
Fixed Compensation
- RENN Fund has no employees and its officers receive no compensation from the Fund; compensation for portfolio managers (including Peter Doyle) is not paid or disclosed by the Fund, as it is borne by the external adviser (Horizon Kinetics Asset Management LLC) .
Performance Compensation
- Not disclosed at the Fund level. The Fund does not report individual performance metrics, targets, or payouts for Peter Doyle because executive compensation is not paid by the Fund and no such incentive tables exist in the proxies .
Equity Ownership & Alignment
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Shares beneficially owned | 13,334 | 13,334 | 13,334 |
| Percent of class | 0.19% | 0.19% | 0.19% |
| Ownership notes | Shares held by spouse | Shares held by spouse | Shares held by spouse |
Additional alignment context:
- All directors and executive officers as a group owned 27.14% of shares outstanding as of June 30, 2025 (7,015,786 shares outstanding) .
- Pledging/hedging by Peter Doyle: not disclosed in Fund proxies .
Employment Terms
- Employment start date at Fund: Co‑Portfolio Manager since 2021 .
- Contract term, auto‑renewal, severance, change‑of‑control, non‑compete, non‑solicit, clawbacks, tax gross‑ups, deferred compensation/retirement, retention/sign‑on: not disclosed by the Fund (officers are compensated by the external adviser, and the Fund does not report employment agreements for adviser personnel) .
Performance & Track Record
- Role scope: Co‑Portfolio Manager alongside Murray Stahl and Steven M. Bregman, responsible for research‑driven portfolio management under Horizon Kinetics .
- Legal/regulatory: No material legal proceedings disclosed related to directors/affiliates; Section 16(a) filings were timely for officers/directors and >10% holders in 2023–2025 .
Governance and Pay Context (Fund)
- Compensation Committee: The Fund has not established a Compensation Committee because it has no employees and officers receive no compensation from the Fund . Standard “Compensation Committee Interlocks and Insider Participation” disclosure indicates no interlocks in the last completed fiscal year .
- Say‑on‑pay: Not presented in Fund proxies (no executive compensation paid by the Fund) .
- Related party transactions: Fund reports no material related‑party transactions involving directors or adviser affiliates in the lookback periods disclosed .
Investment Implications
- Pay‑for‑performance visibility is low at the Fund level because compensation is borne by the external adviser; this limits direct insight into Doyle’s cash/equity incentives, vesting schedules, or performance metrics that could drive near‑term selling pressure or retention signals .
- Ownership alignment: Doyle’s direct economic stake in the Fund is modest at 13,334 shares (0.19%) and held via his spouse across 2023–2025; while group insider ownership is high (27.14% in 2025), Doyle’s individual stake suggests limited personal capital at risk relative to the Fund, implying low incremental insider‑selling pressure specific to him .
- Retention risk is tied primarily to the external adviser (Horizon Kinetics). No employment/severance/change‑of‑control terms are disclosed by the Fund for Doyle; investors should monitor adviser‑level disclosures and any Form 4 filings for changes in ownership or role as leading indicators .
- No red flags surfaced in Fund disclosures regarding pledging, hedging, tax gross‑ups, or legal proceedings related to Doyle; continued absence of 8‑K 5.02 events and timely Section 16 filings reduces headline risk but does not substitute for adviser‑level pay/contract transparency .