The June edition of FA Magazine highlights Intrepid Capital’s Income Fund (ICMUX), which has been a standout performer among bond funds.

Fixed-income investments come in all kinds of wrappers. While traditional bonds are best known and fairly straightforward, other asset types such as convertible bonds, loans, and preferred stocks also offer a stated return over a set period of time. In this blog post, we focus on preferred stock, a...

Everyone knows Warren Buffett’s two rules of stock investing: Rule #1 – Don’t lose money Rule #2 – Don’t forget rule #1 At Intrepid, we have adopted these rules wholeheartedly into our investment process, with a slight adaptation for investing in corporate debt:

Frequently, clients ask about our position in non-rated (also referred to as unrated) bonds, which often represent one of the largest slicesof the Fund’s composition, when categorized by credit rating.

In many investment circles, the high-yield bond universe has little nuance: it’s viewed as an asset class comprised of debt issued by companies that need to pay higher interest rates because they fall short of rating agencies’ definition of investment-grade creditworthiness.

The objective of the Intrepid Income Fund (ICMUX) is high current income and capital appreciation. The Fund seeks to achieve an attractive return profile that outperforms credit indices with reduced volatility and shallower drawdowns. In this blog we’ll describe some of the key drivers behind the...

A classically-trained pianist, Intrepid portfolio manager Hunter Hayes understands that investing, like music, is more of an art than a science. We sat down with Hunter to talk about what he learned as a kid working for his family’s business, the importance of always refining and adapting one’s...

The post-pandemic macroeconomic paradigm has put considerable pressure on the traditional 60/40 portfolio that investors have used as a cornerstone for asset allocation decisions for decades. During the Great Moderation, the period of low economic volatility spanning from the mid-1980’s to 2007,...