Intrepid Capital

Small Cap Fund

Top 10 Holdings as of 3/31/23 (%)

	% of Net Assets
Civitas Resources, Inc.	5.7
WNS Holdings Ltd.	5.3
Becle Sab De CV	5.3
Silicom Ltd.	5.1
FRP Holdings, Inc.	5.1

	% of Net Assets
Skechers USA, Inc. - Class A	4.9
Fabrinet	4.6
Valvoline, Inc.	4.3
Franklin Covey Co.	4.3
Chicago Atlantic Real Estate Finance, Inc.	4.2

Sector Allocation as of 03/31/23 (%)

	% of Net Assets
Industrials	21.8
Information Technology	13.7
Financials	13.5
Cash	11.7
Consumer Discretionary	10.9
Materials	8.2
Consumer Staples	6.2
Energy	5.7
Real Estate	5.1
Communication Services	3.2

Asset Allocation as of 03/31/23 (%)

	% of Net Assets
Equity	92
Cash	8

Portfolio Characteristics as of 03/31/23

Median Market Cap

$3.8B

Standard Deviation

12.45