FIRM PROFILE VIDEOS
February 26, 2015
CNBC "Power Lunch"
Mark Travis discusses investing in today's market.
January 16, 2017
"An All-Cap Investment Strategy Focused on Absolute Value" in The Wall Street Transcript.
Interview with Greg Estes, CFA, Portfolio Manager of the Intrepid Disciplined Value Fund
August 1, 2016
MarketWatch"How this value investor picks stocks with markets at record levels"
Mark Travis discusses investing in today's markets.
June 30, 2016
"On the Defensive" in Value Investor Insight.
Interview with Jayme Wiggins, CFA, CIO, Portfolio Manager of the
Intrepid Endurance Fund (small cap strategy)
April 25, 2016
"Value Investing in International Small-Cap Stocks" in The Wall Street Transcript.
Interview with Ben Franklin, CFA, Portfolio Manager
of the Intrepid International Fund
April 1, 2016
"A Mutual Fund Observer 'Star in the Shadows' Fund"
Interview with Jayme Wiggins, CFA, CIO, Portfolio Manager
of the Intrepid International Fund
Mutual fund investing involves risk. Principal loss is possible.
The Funds' investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company. Please read it carefully before investing. A hard copy of the prospectus can be requested by calling 866-996-FUND (3863).
Intrepid Capital Management Inc. is the adviser to the Intrepid Capital Management Funds which are distributed by Quasar Distributors, LLC.
The Intrepid International Fund and the Intrepid Select Fund are non-diversified (meaning that compared to diversified mutual funds, the Fund may invest a greater percentage of its assets in a particular issuer). A non-diversified Fund's shares may be more susceptible to adverse changes in the value of a particular security than would be the shares of a diversified mutual fund. Thus, a non-diversified Fund may be more sensitive to economic, business and political changes, because of the larger impact of fluctuation in the values of securities of fewer issuers. The Intrepid Capital, Endurance, Select and International Funds invest in smaller companies, which involve additional risks such as limited liquidity and greater volatility. The Intrepid Capital, Income and Disciplined Value Funds invest in debt securities, which typically decrease in value when interest rates rise. This risk is usually greater for longer term debt securities. Investment by these Funds in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Funds may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. The risks of owning ETFs generally reflect the risks of owning the underlying securities they are designed to track. ETFs also have management fees that increase their costs versus the costs of owning the underlying securities directly.
While the Funds are no-load, management fees and other expenses still apply.
Please click here for each Fund's top 10 holdings. Fund holdings are subject to change at any time and should not be considered a recommendation to buy or sell any security. Current and future portfolio holdings are subject to risk.
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar RatingTM for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar RatingTM metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
Mark Travis is the lead portfolio manager for the Intrepid Capital Fund (ICMBX) which received a 4-Star Overall Morningstar RatingTM as of 12/31/2016 out of 710 Allocation – 50% to 70% Equity Funds. Greg Estes is the lead Portfolio Manager for the Intrepid Disciplined Value Fund (ICMCX) which received a 2-Star Overall Morningstar RatingTM as of 12/31/2016 out of 337 Mid-Cap Value Funds. Jayme Wiggins is the lead portfolio manager for the Intrepid Endurance Fund (ICMAX) which received a 3-Star Overall Morningstar RatingTM as of 12/31/2016 out of 347 Small Value Funds. Jason Lazarus is the lead Portfolio Manager for the Intrepid Income Fund (ICMUX) which received a 1-Star Overall Morningstar RatingTM as of 12/31/2016 out of 602 High Yield Bond Funds.
As of 12/31/2016, the Intrepid Endurance Fund (ICMAX) was rated 2-Stars, 1-Star and 5-Stars against the following numbers of Small Value funds over the following time periods: 347, 308 and 195 funds in the last three-, five- and ten-year periods, respectively. As of 12/31/2016, the Intrepid Capital Fund (ICMBX) was rated 3-Stars, 3-Stars and 5-Stars against the following numbers of U.S. domiciled Allocation – 50% to 70% Equity funds over the following time periods: 710, 606 and 419 funds in the last three-, five- and ten-years, respectively. As of 12/31/2016, the Intrepid Disciplined Value Fund (ICMCX) was rated 3-Stars and 1-Star against the following numbers of Mid-Cap Value funds over the following time periods: 337 and 301 funds in the last three- and five-years respectively. As of 12/31/2016, the Intrepid Income Fund (ICMUX) was rated 2-Stars and 1-Star against the following numbers of U.S. domiciled High Yield Bond funds over the following time periods: 602 and 477 funds in the last three- and five-years, respectively.
Morningstar Rankings represent a fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest percentile rank is 1 and the lowest is 100. It is based on Morningstar total return, which includes both income and capital gains or losses and is not adjusted for sales charges or redemption fees. Morningstar ranked the Intrepid Capital Fund (ICMBX) in the top 5%, 66% and 5% out of 810, 606 and 419 Allocation 50% to 70% Equity Funds for the one-, five- and ten-year periods ending 12/31/2016, respectively. Past performance does not guarantee future results.
The Russell 3000 Index is an index representing the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 2000 Index consists of the smallest 2,000 companies in a group of 3,000 U.S. Companies in the Russell 3000 Index, as ranked by market capitalization. The Russell 1000 Index consists of the largest 1,000 companies in the Russell 3000 Index. The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. The Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. MSCI EAFE (EAFE) Index is recognized as the pre-eminent benchmark in the United States to measure international equity performance. S&P MidCap 400 Index seeks to track the performance of mid-cap U.S. equities, representing more than 7% of available U.S. market cap. The Bank of America Merrill Lynch (BAML) High Yield Master II Index (also referred to as the ML High Yield Index) is Bank of America Merrill Lynch's broadest high yield index, and as such is comparable with the broad indices published by other investment banks. Bank of America Merrill Lynch US Corporate Index is an unmanaged index of U. S. dollar denominated investment grade corporate debt securities publicly issued in the U.S. domestic market with at least one year remaining term to final maturity. Barclays Capital U.S. Aggregate Bond Index is an index representing about 8,200 fixed income securities. To be included in the index, bonds must be rated investment grade by Moody's and S&P. The OE Morningstar Moderate Allocation benchmark is a group of funds in a similar category given by Morningstar to help investors compare funds. The MSCI World Developed Small Cap Index captures small cap representation across 23 Developed Markets countries. With 4,261 constituents, the index covers approximately 14% of the free float-adjusted market capitalization in each country. The U.S. Dollar Index is an index (or measure) of the value of the United States dollar relative to the majority of its most significant trading partners (foreign currencies). The Nasdaq Stock Market is the world’s oldest and largest electronic stock market and is now a national securities exchange and an independent self-regulatory organization (SRO). The Chicago Board Options Exchange Volatility Index (VIX) is a widely used measure of market risk used to gauge the market's anxiety level. The Dow Jones Transportation Average is a U.S. stock market index from S&P Dow Jones Indices of the transportation sector, comprising a running average of the stock prices of twenty transportation corporations. The Russell 2000 Biotechnology Index is a sector of the Russell 2000 Index. The STOXX Europe 600 Index is derived from the STOXX Europe Total Market Index (TMI) and accounts for about 90% of the market cap for developed Europe, which includes 18 countries: Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The Bank of America Merrill Lynch BB High Yield Index consists of securities which are rated at least BB in credit quality. You cannot invest directly in an index.
Cash Flow measure the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income. Basis Point is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. Free Cash Flow measures the cash generating capability of a company by subtracting capital expenditures from cash flow from operations. Price-to-Earnings Ratio (P/E Ratio) is an equity valuation multiple calculated as market price per share divided by annual earnings per share. GAAP (Generally Accepted Accounting Principles) refers to the common set of accounting principles, standards and procedures that companies use to compile their financial statements. Exploration and Production (E&P) is a company known to be in a specific sector within the oil and gas industry. Capital Expenditure (CAPEX) is incurred when a business spends money either to buy fixed assets or to add to the value of an existing fixed asset with a useful life extending beyond the taxable year. Duration is an approximate measure of the price sensitivity of a fixed income investment to a change in interest rates, expressed as a number of years. Price-to-Book (PB) Value is a financial ratio used to compare a company's current market price to its book value. EBITDA is calculated as the company's Earnings Before Interest, Taxes, Depreciation and Amortization. Exploration and Production (E&P) is a type of company in the oil and gas industry focused on discovering and extracting crude oil and natural gas from underground reserves. Book Value is the value at which an asset is carried on a company's balance sheet.
Intrepid Capital Management Funds past performance does not guarantee future results. The investment return and principal value of an investment in the Intrepid Capital Management Funds will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Intrepid Capital Management Funds may be lower or higher than the performance quoted. Performance data current to the most recent quarter end may be obtained by clicking here.
As of 6/30/2016, the Intrepid Capital Fund (ICMBX) returned -0.41%, 5.94%, and 7.44% for the 1-, 5-, and 10-year period, respectively, and the S&P 500 Index returned 3.99%, 12.10%, and 7.42% for the 1-, 5-, and 10-year period, respectively.
Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales.
Any tax or legal information provided is merely a summary of our understanding and interpretation of some of the current income tax regulations and is not exhaustive. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Fund nor any of its representatives may give legal or tax advice.
Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.
References to other mutual funds/products should not be considered an offer of those securities.