Intrepid Small Cap Fund - Institutional Class
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- Intrepid Small Cap Fund Institutional Class (ICMZX) is a mutual fund offered by Intrepid Capital Management Funds Trust that seeks long-term capital appreciation by investing primarily in common stocks of undervalued small capitalization companies, with a focus on those exhibiting strong fundamentals, low valuations relative to intrinsic worth, and potential for sustained growth; the fund also holds select exchange-traded funds, foreign securities, and limited fixed-income instruments to enhance diversification and manage risk. Core holdings as of September 30, 2024, include FRP Holdings, Inc. (7.1%), iShares Gold Trust (5.7%), Fabrinet (5.6%), Jefferies Financial Group, Inc. (5.6%), and Franklin Covey Co. (5.0%), with sector allocations emphasizing industrials (24.7%), financials (15.5%), and a value-oriented, concentrated portfolio of approximately 30 positions. The fund targets individual investors, high-net-worth individuals, financial advisors, and institutions seeking exposure to small-cap value equities with lower volatility through disciplined security selection and absolute return strategies. Managed by Intrepid Capital Management, Inc., an independent, value-oriented investment adviser founded in 1994 and headquartered at 1400 Marsh Landing Parkway, Suite 106, Jacksonville Beach, Florida, the firm oversees approximately $1.2 billion in assets under management across mutual funds and separate accounts, serving primarily U.S.-based clients with a contrarian, research-driven approach emphasizing long-term holdings and risk-adjusted returns. In a significant strategic reorganization announced in the third quarter of 2024, the Intrepid Small Cap Fund is scheduled to merge into the Intrepid Capital Fund on or about November 22, 2024, transitioning from a pure small-cap equity strategy to a balanced allocation of approximately 60% equities (primarily small-cap with some mid- and large-cap) and 40% fixed income, driven by perceived opportunities in corporate bonds offering equity-like returns with reduced volatility and senior capital structure positioning. This nontaxable merger aligns the funds' shared security selection principles while restructuring the adviser's business to capitalize on favorable bond market dynamics amid equity market challenges, with no anticipated capital gains distributions following the September 30, 2024 fiscal year-end. The Institutional Class (ICMZX, inception November 3, 2009; CUSIP 461195505) maintains a $250,000 minimum investment, net expense ratio of 1.15% (through January 31, 2025, per advisory agreement), and daily pricing, distributed by Quasar Distributors, LLC.