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Name

As of 04/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Intrepid Small Cap Fund

ICMAX | Fund

$15.20

$46.3 M

0.84%

$0.13

1.96%

Vitals

YTD Return

-4.2%

1 yr return

3.3%

3 Yr Avg Return

-7.1%

5 Yr Avg Return

2.4%

Net Assets

$46.3 M

Holdings in Top 10

52.2%

52 WEEK LOW AND HIGH

$15.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.96%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 81.00%

Redemption Fee 2.00%

Min Investment

Standard (Taxable)

$2,500

IRA

$2,500

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Intrepid Small Cap Fund

ICMAX | Fund

$15.20

$46.3 M

0.84%

$0.13

1.96%

ICMAX - Profile

Distributions

  • YTD Total Return -4.2%
  • 3 Yr Annualized Total Return -7.1%
  • 5 Yr Annualized Total Return 2.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -1.04%
DIVIDENDS
  • Dividend Yield 0.8%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Intrepid Small Cap Fund
  • Fund Family Name
    Intrepid Capital Management Funds Trust
  • Inception Date
    Oct 24, 2005
  • Shares Outstanding
    2276288
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Matt Parker

Fund Description

Under normal conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in a diversified portfolio of equity securities of small capitalization companies. The Fund defines small capitalization companies to include companies having a capitalization that does not exceed the upper limit of the capitalization ranges of the higher of the Morningstar Small Cap Index or the S&P SmallCap 600® Index during the most recent 12 months. For the 12 months ended December 31, 2023 this limit was approximately $22 billion. Equity securities include common stocks, preferred stocks, convertible preferred stocks, warrants, options, ETFs and foreign securities, which include ADRs.
The Fund invests in undervalued equity securities and believes an equity security is undervalued if the market value of the outstanding equity security is less than the intrinsic value of the company issuing the equity security. The Fund considers the intrinsic value of a company to be the present value of a company’s expected future stream of free cash flows discounted by an appropriate discount rate. After estimating the intrinsic value of a company, the Fund adjusts for debt, cash, and other potential capital (such as minority interest) on the company’s balance sheet. The Fund then makes buy/sell decisions by comparing a company’s market value with its intrinsic value estimates. The Fund seeks to invest in internally financed companies generating cash in excess of their business needs, with predictable revenue streams, and in industries with high barriers to entry. In determining the presence of these factors, the Fund’s investment adviser reviews periodic reports filed with the Securities and Exchange Commission as well as industry publications. The Fund may engage in short-term trading.
The Fund may hold in excess of 25% of its assets in cash or cash equivalents at any time and for an extended time. The Fund expects that it may maintain substantial cash positions when the Adviser determines that such cash holdings, given the risks the Adviser believes to be present in the market, are more beneficial to shareholders than investment in additional securities.
Read More

ICMAX - Performance

Return Ranking - Trailing

Period ICMAX Return Category Return Low Category Return High Rank in Category (%)
YTD -4.2% -9.5% 13.9% 93.50%
1 Yr 3.3% -6.8% 47.1% 89.08%
3 Yr -7.1%* -25.1% 57.5% 66.49%
5 Yr 2.4%* -4.6% 43.8% 95.78%
10 Yr 1.2%* 1.1% 24.2% 99.75%

* Annualized

Return Ranking - Calendar

Period ICMAX Return Category Return Low Category Return High Rank in Category (%)
2023 10.7% -20.5% 54.6% 73.06%
2022 -20.3% -82.1% 32.2% 5.89%
2021 6.6% -90.6% 300.1% 15.68%
2020 20.8% -63.0% 127.9% 78.73%
2019 5.7% -7.7% 42.9% 97.50%

Total Return Ranking - Trailing

Period ICMAX Return Category Return Low Category Return High Rank in Category (%)
YTD -4.2% -9.5% 13.9% 93.50%
1 Yr 3.3% -6.8% 47.1% 89.08%
3 Yr -7.1%* -25.1% 57.5% 66.49%
5 Yr 2.4%* -4.6% 43.8% 95.78%
10 Yr 1.2%* 1.1% 24.2% 99.75%

* Annualized

Total Return Ranking - Calendar

Period ICMAX Return Category Return Low Category Return High Rank in Category (%)
2023 11.6% -19.0% 136.8% 80.11%
2022 -20.3% -59.9% 44.3% 12.14%
2021 6.6% -22.7% 411.9% 66.31%
2020 21.7% 1.5% 150.8% 91.98%
2019 6.5% 5.5% 55.3% 99.81%

NAV & Total Return History

ICMAX - Holdings

Concentration Analysis

ICMAX Category Low Category High ICMAX % Rank
Net Assets 46.3 M 207 K 34.3 B 88.87%
Number of Holdings 26 7 1180 97.91%
Net Assets in Top 10 24.4 M 57.4 K 2.83 B 83.83%
Weighting of Top 10 52.23% 7.1% 100.1% 5.23%

Top 10 Holdings

  1. FRP Holdings Inc 6.26%
  2. Dropbox Inc 5.83%
  3. WNS Holdings Ltd 5.65%
  4. Pagseguro Digital Ltd 5.37%
  5. Invesco Treasury Portfolio 5.29%
  6. Valvoline Inc 5.23%
  7. Franklin Covey Co 5.11%
  8. iShares Gold Trust 4.60%
  9. Becle SAB de CV 4.48%
  10. Park Aerospace Corp 4.42%

Asset Allocation

Weighting Return Low Return High ICMAX % Rank
Stocks 		95.12% 77.88% 108.99% 90.26%
Cash 		5.29% 0.00% 26.25% 14.26%
Preferred Stocks 		0.00% 0.00% 3.53% 77.39%
Other 		0.00% -0.22% 5.89% 80.70%
Convertible Bonds 		0.00% 0.00% 1.57% 74.61%
Bonds 		0.00% 0.00% 3.22% 74.61%

Stock Sector Breakdown

Weighting Return Low Return High ICMAX % Rank
Technology 		24.10% 2.91% 75.51% 57.91%
Industrials 		16.14% 0.00% 36.64% 61.39%
Healthcare 		13.15% 0.00% 47.90% 90.78%
Financial Services 		11.49% 0.00% 42.95% 19.65%
Consumer Cyclical 		10.45% 0.00% 24.04% 70.96%
Energy 		8.08% 0.00% 55.49% 4.70%
Real Estate 		7.45% 0.00% 15.31% 7.13%
Communication Services 		4.58% 0.00% 15.31% 12.17%
Consumer Defense 		4.56% 0.00% 13.56% 37.39%
Utilities 		0.00% 0.00% 5.57% 81.04%
Basic Materials 		0.00% 0.00% 9.24% 95.13%

Stock Geographic Breakdown

Weighting Return Low Return High ICMAX % Rank
US 		87.88% 30.27% 102.09% 96.00%
Non US 		7.23% 0.00% 61.74% 4.17%

ICMAX - Expenses

Operational Fees

ICMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.96% 0.05% 23.20% 13.76%
Management Fee 1.00% 0.05% 1.62% 91.29%
12b-1 Fee 0.25% 0.00% 1.00% 58.86%
Administrative Fee N/A 0.01% 0.40% 50.00%

Sales Fees

ICMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

ICMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 45.28%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

ICMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 81.00% 3.00% 439.00% 68.26%

ICMAX - Distributions

Dividend Yield Analysis

ICMAX Category Low Category High ICMAX % Rank
Dividend Yield 0.84% 0.00% 7.01% 6.26%

Dividend Distribution Analysis

ICMAX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Annual Annual

Net Income Ratio Analysis

ICMAX Category Low Category High ICMAX % Rank
Net Income Ratio -1.04% -2.47% 1.10% 76.37%

Capital Gain Distribution Analysis

ICMAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

ICMAX - Fund Manager Analysis

Managers

Matt Parker

Start Date

Tenure

Tenure Rank

Jan 28, 2019

3.34

3.3%

Matt Parker is a co-lead portfolio manager of the Intrepid Endurance Fund. Mr. Parker joined the Adviser in 2014 and was named a Vice President of the Adviser in 2018. He primarily focuses on domestic small cap equity securities. Mr. Parker was a research analyst for the Adviser from 2014 to 2018 and primarily focused on international equity securities. Prior to joining the Adviser, Mr. Parker was an auditor for Ernst & Young LLP from 2011-2014. A CFA Charterholder and licensed CPA, Mr. Parker received his Master of Accounting degree and BS in Business Administration degree from the University of North Carolina at Chapel Hill.

Hunter Hayes

Start Date

Tenure

Tenure Rank

Jan 28, 2019

3.34

3.3%

Mr. Hayes joined the Adviser in 2017 and was named a Vice President of the Adviser in 2018. He primarily focuses on high yield fixed income investments and was previously a research analyst covering small-cap equity securities. Prior to joining the Adviser, Mr. Hayes was a high yield investment analyst for Eaton Vance from 2015-2017, and a business valuation associate for Deloitte from 2014-2015. He graduated Highest Honors from Auburn University in 2014 with a BSBA in Finance and a BM in Piano Performance.

Joe Van Cavage

Start Date

Tenure

Tenure Rank

Jan 28, 2019

3.34

3.3%

Mr. Van Cavage joined the Intrepid Capital Management Inc in 2018 as Vice President. He primarily focuses on domestic small cap equity securities. Prior to joining the Intrepid, Mr. Van Cavage was manager of Investor Relations at Vistra Energy Corp. from 2017-2018, Investor Relations Analyst at Murphy USA Inc. from 2016-2017, and Equity Research Analyst at River Road Asset Management LLC from 2011-2016. A CFA Charterholder, Mr. Van Cavage received his Master of Business Administration and BS in Civil Engineering degrees from the University of Florida.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 30.44 9.01 5.25

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