Fund Evaluator:
Intrepid Income Institutional (ICMUX)
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Best Performing in High Yield Bond Over the Last Year
| 11.1% | Fidelity Capital & Income (FAGIX) |
| 10.2% | Fidelity Advisor Capital & Income Z (FIQTX) |
| 6.6% | American Century High-Yield Y (AHYLX) |
| 6.5% | Fidelity Advisor High Income Z (FGUMX) |
| 6.4% | Fidelity High Income (SPHIX) |
Fund Details
Intrepid Income Institutional Overview
Intrepid Income Institutional (ICMUX) is an actively managed Taxable Bond High Yield Bond fund. Intrepid Funds launched the fund in 2007.
The investment seeks high current income and capital appreciation. The fund primarily invests in a diversified portfolio of fixed-income securities. Its fixed income securities will consist principally of high-yield corporate debt securities, bank debt (including loan assignments and participations), convertible debt, and U.S. government securities. The fund's investments in debt instruments will not be limited in duration, but typically will be in securities having a duration of two to six years at the time of purchase.
About Intrepid Income Institutional (ICMUX)
There are 4 members of the management team with an average tenure of 5.14 years: Mark Travis (2018), Matt Parker (2024), Hunter Hayes (2019), Joe Van Cavage (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Govt/Credit 1-5 Yr TR USD index with a weighting of 100%. Intrepid Income Institutional has 90 securities in its portfolio. The top 10 holdings constitute 26.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Intrepid Income Institutional is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Intrepid Income Institutional has 3.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.0%. There is 0.0% allocated to foreign stock, and 1.4% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 84.7% (81.0% domestic bond, 3.7% foreign bond and 3.0% convertible bond). Intrepid Income Institutional has 9.8% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $550 million average for the High Yield Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
ICMUX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Intrepid Income Institutional expense ratio is high compared to funds in the High Yield Bond category. Intrepid Income Institutional has an expense ratio of 1.01%, which is 10% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Intrepid Income Institutional has a portfolio turnover rate of 86%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 73% for the High Yield Bond category.
Recently, in the month of August 2026, Intrepid Income Institutional returned 0.3%, which earned it a grade of F, as the High Yield Bond category had an average return of 0.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Intrepid Income Institutional has a trailing yield of 7.50%, which is above the 6.24% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Intrepid Income Institutional Grades
Year to date, the fund has returned 3.1%, 0.6 percentage points better than the category, which translates into a grade of B. The fund has returned 5.3% over the past year (grade of B), 8.8% over the past three years (grade of A) and 6.1% per year over the past five years (grade of A) and 5.7% per year over the past 10 years (grade of A).
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ICMUX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ICMUX Return (NAV) | 0.3% | 0.7% | 5.3% | 8.8% | 6.1% | 5.7% |
| ICMUX Grade | F | D | B | A | A | A |
| +/- Category | -0.5% | -0.1% | 0.7% | 1.1% | 2.3% | 1.0% |
| High Yield Bond Avg | 0.9% | 0.8% | 4.6% | 7.8% | 3.8% | 4.7% |
| ICMUX Tax Cost Ratio | na | na | 3.0% | 3.1% | 3.2% | 2.4% |
ICMUX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ICMUX Return (NAV) | 3.1% | 8.2% | 10.4% | 10.9% | -3.2% | 10.0% | 8.8% | 4.6% | 0.5% | 3.8% | 8.4% |
| ICMUX Grade | B | C | A | D | A | A | A | F | A | F | F |
| +/- Category | 0.6% | 0.3% | 2.8% | -1.0% | 6.9% | 4.9% | 3.5% | -8.4% | 3.2% | -2.9% | -5.0% |
| High Yield Bond Avg | 2.5% | 7.9% | 7.6% | 11.9% | -10.0% | 5.1% | 5.3% | 13.0% | -2.6% | 6.7% | 13.4% |
| Risk Measures | |
| Standard Deviation: | 2.4% |
| Total Risk Index: | 0.20 - Low |
| Category Risk Index: | 0.60 - Low |
| Category Risk Grade: | A (6% Rank) |
| Beta: | 0.24 |
| R-Squared: | 32% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 7.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1504 Mil |
| Fund Total Assets: | $1,505 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 86% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 7.8 years | |||
| Average Tenure: 5.1 years | |||
| Managers (Year): Travis Mark (2018), Hayes Hunter (2019), Van Cavage Joe (2024), Parker Matt (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 90 |
| % in Top 10 Holdings: | 26.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 3.7% |
Portfolio Allocation |
|
| Domestic Stock: | 1.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 1.4% |
| Domestic Bond: | 81.0% |
| Foreign Bond: | 3.7% |
| Convertible Bond: | 3.0% |
| Other: | 0.1% |
| Cash: | 9.8% |
Purchase Information
| Fund Family: | Intrepid Funds |
| Phone Number: | 866-996-3863 |
| Website: | www.intrepidcapitalfunds.com |
| Status: | Open |
| Inception Date: | July 2, 2007 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $2,500 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.01% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | Intrepid Income Institutional |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
