Fund Evaluator:
Intrepid Capital Institutional (ICMVX)
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Best Performing in Moderate Allocation Over the Last Year
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Fund Details
Intrepid Capital Institutional Overview
Intrepid Capital Institutional (ICMVX) is an actively managed Allocation Moderate Allocation fund. Intrepid Funds launched the fund in 2010.
The investment seeks long-term capital appreciation and high current income. The fund invests primarily in a diversified portfolio of undervalued small and medium capitalization equity securities and high yield securities (also known as "junk bonds"). Its investments in high yield securities 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 Capital Institutional (ICMVX)
There are 4 members of the management team with an average tenure of 11.11 years: Mark Travis (2005), Matt Parker (2019), Hunter Hayes (2019), Joe Van Cavage (2019). Management tenure is more important for actively managed funds than passive index funds.
The fund has 3 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100%, Bloomberg US Govt/Credit 1-5 Yr TR USD index with a weighting of 40% and S&P 500 (TR) (1970) index with a weighting of 60%. Intrepid Capital Institutional has 65 securities in its portfolio. The top 10 holdings constitute 38.9% 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 Capital Institutional is part of the Allocation global asset class and is within the Allocation fund group. Intrepid Capital Institutional has 6.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 57.4%. There is 5.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 18.9% (17.5% domestic bond, 1.4% foreign bond and 0.0% convertible bond). Intrepid Capital Institutional has 15.5% of the portfolio in cash.
Assets Under Management
The fund has $112 million in total assets, which is below the $2 billion average for the Moderate Allocation 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.
ICMVX 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 Capital Institutional expense ratio is high compared to funds in the Moderate Allocation category. Intrepid Capital Institutional has an expense ratio of 1.16%, which is 17% 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 Capital Institutional has a portfolio turnover rate of 47%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 52% for the Moderate Allocation category.
Recently, in the month of August 2026, Intrepid Capital Institutional returned 0.3%, which earned it a grade of F, as the Moderate Allocation category had an average return of 1.4%. 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 Capital Institutional has a trailing yield of 1.82%, which is below the 1.95% category average. The fund normally distributes its income quarterly 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 Capital Institutional Grades
Year to date, the fund has returned 5.7%, 2.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 9.9% over the past year (grade of F), 13.6% over the past three years (grade of B) and 7.0% per year over the past five years (grade of B) and 6.0% per year over the past 10 years (grade of F).
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ICMVX 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 |
|
| ICMVX Return (NAV) | 0.3% | 1.5% | 9.9% | 13.6% | 7.0% | 6.0% |
| ICMVX Grade | F | B | F | B | B | F |
| +/- Category | -1.2% | 0.3% | -2.7% | 0.5% | 0.4% | -2.6% |
| Moderate Allocation Avg | 1.4% | 1.2% | 12.6% | 13.1% | 6.6% | 8.6% |
| ICMVX Tax Cost Ratio | na | na | 0.8% | 1.1% | 1.2% | 1.3% |
ICMVX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ICMVX Return (NAV) | 5.7% | 13.8% | 15.6% | 14.3% | -12.2% | 13.2% | 9.5% | 6.5% | -13.1% | 8.3% | 15.3% |
| ICMVX Grade | F | C | A | C | B | D | D | F | F | F | A |
| +/- Category | -2.2% | 0.4% | 3.4% | 0.0% | 1.7% | -1.2% | -3.4% | -13.3% | -8.0% | -5.5% | 7.5% |
| Moderate Allocation Avg | 8.0% | 13.4% | 12.2% | 14.3% | -14.0% | 14.4% | 12.9% | 19.8% | -5.1% | 13.8% | 7.7% |
| Risk Measures | |
| Standard Deviation: | 8.5% |
| Total Risk Index: | 0.70 - Below Average |
| Category Risk Index: | 0.93 - Below Average |
| Category Risk Grade: | B (20% Rank) |
| Beta: | 0.78 |
| R-Squared: | 71% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.8% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $141 Mil |
| Fund Total Assets: | $ 113 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 47% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 21.7 years | |||
| Average Tenure: 11.1 years | |||
| Managers (Year): Travis Mark (2005), Parker Matt (2019), Hayes Hunter (2019), Van Cavage Joe (2019) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 65 |
| % in Top 10 Holdings: | 38.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.5% |
Portfolio Allocation |
|
| Domestic Stock: | 57.4% |
| Foreign Stock: | 5.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 17.5% |
| Foreign Bond: | 1.4% |
| Convertible Bond: | 0.0% |
| Other: | 3.2% |
| Cash: | 15.5% |
Purchase Information
| Fund Family: | Intrepid Funds |
| Phone Number: | 866-996-3863 |
| Website: | www.intrepidcapitalfunds.com |
| Status: | Open |
| Inception Date: | April 30, 2010 |
| Min. Initial Purchase: | $250,000 |
| Min. Initial IRA Purchase: | $250,000 |
| 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 (%): | 1.16% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | Intrepid Capital Investor |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
