JACKSONVILLE BEACH, FL — July 24, 2025— The Intrepid Income Fund (ICMUX) has officially surpassed $1 billion in assets under management (AUM) on July 24, 2025, marking a significant milestone in the fund’s history.
“This is a tremendous achievement and a testament to our shareholders’ confidence in our income strategy,” said Hunter Hayes, CFA, Chief Investment Officer at Intrepid. “This scale gives us the opportunity to further invest in our infrastructure and deepen our focus on a credit strategy we believe is meaningfully differentiated in the market.”
Since early 2019, when Hayes was named co-portfolio manager, ICMUX has grown from approximately $60 million to over $1 billion in AUM. The fund emphasizes smaller debt issues and maintains a bias toward shorter duration. Its approach has drawn increasing attention, generating features in Barron’s, Kiplinger, and Financial Advisor Magazine. It also holds a 5-star Morningstar rating based on risk-adjusted return across the 3-, 5-, and 10-year categories in the Multisector Bond category out of 339, 305, and 216 funds, respectively, as of March 31, 2026.
“We believe we’re far from reaching the strategy’s capacity but will continue to monitor it as we grow,” Hayes added. “We’re incredibly grateful for the trust of our fellow shareholders and remain committed to protecting and prudently growing their capital.”
Mark Travis, CEO and founder of Intrepid, commented, “We’ve long championed short duration debt, and in today’s elevated and volatile rate environment, the case has never been stronger.”
Alongside Hayes, Joe Van Cavage, CFA, and Matt Parker, CFA, CPA, Travis also serves as a co-portfolio manager of ICMUX. The current team has over 50 years of collectively working at Intrepid and has worked on the fund together since 2019.
“I couldn’t be prouder of what this team has accomplished,” Travis added.
Intrepid Capital Management, Inc., which recently celebrated its 30th anniversary, manages $1.4 billion in AUM. Based in Jacksonville Beach, FL, the firm is known for its off-Wall-Street, common-sense approach to investing in the overlooked corners of the market.
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Curious to learn more about Intrepid Capital’s underwriting process? In this interview, Hunter Hayes, Matt Parker, and Joe Van Cavage pull back the curtain on their highly engaged approach to identifying and analyzing risk.
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Interest Rate Risk: When interest rates rise, the value of previously-issued bonds and other debt securities decreases. An increase in interest rates typically causes a decline in the value of the debt securities in which the Fund may invest.
The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio of debt securities.
The risk of investing in bonds and debt securities whose issuers may not be able to make interest and principal payments.
The risk of loss on investments in high yield securities or “junk bonds.” These securities are rated below investment grade, are usually less liquid, have greater credit risk than investment grade debt securities, and their market values tend to be volatile.
The Morningstar Rating™ (“star rating”) is calculated for funds with at least a three-year history. Exchange-traded and open-end mutual funds are combined into a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each fund category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating™ is a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year (if applicable) Morningstar Rating™ metrics.
In the Multisector Bond category, the Intrepid Income Fund was rated 5 stars among 339 funds for the 3-year period ending 03/31/2026, 5 stars among 305 funds for the 5-year period ending 03/31/2026, and 5 stars among 216 funds for the 10-year period ending 03/31/2026.
Star ratings are relative to a peer group and do not necessarily mean the fund had high or positive total returns. Morningstar updates its star ratings monthly. Past performance does not guarantee future results.
Intrepid Capital Management Funds are distributed by Quasar Distributors, LLC.