Income Fund

Fund Profile

Investment Style

US fixed income

Firm Assets

$700 M

Fund Net Assets

$74.6 M

2-Star Overall Morningstar Rating (ICMUX) out of 278 Multisector Bond Funds as of 09/30/2018.

The Overall Morningstar Rating™ for a fund is derived from a weighted average of the fund’s three-, five-, and 10-year (if applicable) Morningstar Ratings metrics, which are based on risk-adjusted return performance.

Fund Statistics

Institutional Class
Ticker ICMUX
Inception Date 08/16/2010
CUSIP 461195703
Investment Minimum $2,500

Related Documents

Portfolio Management

Jason Lazarus, CFA

Vice President, Portfolio Manager

Jason joined Intrepid Capital in 2008. He is the lead portfolio manager of the Intrepid Income Fund and the separately managed Intrepid Income portfolio. Jason is also a member of the investment team responsible for the Intrepid Capital Fund and the Intrepid Balanced portfolio. Mr. Lazarus focuses on research of high yield fixed income investments. A CFA Charterholder, Jason received his M.S. in Finance and a BS degree, cum laude, in Industrial and Systems Engineering from the University of Florida.

Income Fund
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The Morningstar Rating™ 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 Rating™ 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 Rating™ 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.
As of 9/30/18, the Intrepid Income Fund (ICMUX) was rated rated 3-Stars, 2-Stars and 2-Stars against the following numbers of Multisector Bond funds over the following time periods: 278, 215 and 132 funds in the last three-, five- and ten-years, respectively.
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