--- title: Short-Term View, Long-Term Results description: The June edition of FA Magazine highlights Intrepid Capital’s Income Fund (ICMUX), which has been a standout performer among bond funds. --- [![Intrepid Capital](https://blog.intrepidcapitalfunds.com/hubfs/raw_assets/public/Intrepid_Capital_Funds_July2023/images/intrepid.svg "Intrepid Capital")](https://intrepidcapitalfunds.com/) Search for: Search for: # Short-Term View, Long-Term Results The [June edition of FA Magazine](https://www.fa-mag.com/news/short-term-view--long-term-results-78288.html?section=) highlights Intrepid Capital’s Income Fund (ICMUX), which has been a standout performer among bond funds.    What’s the secret behind the Fund’s success? Three foot-putts. Indifference to the Fed. Good underwriting    “[We] lean more into what we’re really good at, which is core credit work,” Portfolio Manager Hunter Hayes is quoted as saying in the article. “And we do a really good job with the underwriting—picking solid companies to lend money to.”   | ![travis](https://blog.intrepidcapitalfunds.com/hs-fs/hubfs/travis.png?width=775&height=564&name=travis.png) ***Mark F. Travis*** President & CEO Co-Lead Portfolio Manager | ![hunter](https://blog.intrepidcapitalfunds.com/hs-fs/hubfs/hunter.png?width=775&height=564&name=hunter.png) ***Hunter K. Hayes, CFA*** Vice President Co-Lead Portfolio Manager | | --- | --- |   Read the article to learn more about the unique perspective and approach shared by Hunter and Co-Lead Portfolio Manager Mark Travis, including:   - Why Hunter and Mark consider the short end of the yield curve the “sweet spot” - The benefits of investing in small credits and a concentrated portfolio - The connection between the Fund’s low duration & high turnover, and how it translates to flexibility [![Read the Article](https://no-cache.hubspot.com/cta/default/24338387/interactive-171412949531.png) ](https://blog.intrepidcapitalfunds.com/hs/cta/wi/redirect?encryptedPayload=AVxigLIBoBtLLtS8F0lt44Z527GlyE14HvL1GRRjQIeXgeoM3jhUyaCGiBE0i%2BCyvnivx4DQbFaufCqxyhJzebX62C3Kka%2BoZtJd1sGl2B5WbOW38mQrPlKfk9YoQm1ASsM6mcM9TzQkD2aQUEstKtogT%2FqwR8JMUU8wLiQ4lIzrTF90gu2DEiGzv9T58Yvhgue8Q%2BRqdqJm%2Ftn0o64morCI7fLsB4O4s6D2Kr7VuIZEuVf%2BYXgptvY%3D&webInteractiveContentId=171412949531&portalId=24338387)   | Curious to learn more about Intrepid Capital’s underwriting process? [In this interview](https://info.intrepidcapitalfunds.com/roundtable-rigor), Hunter Hayes, Matt Parker, and Joe Van Cavage pull back the curtain on their highly engaged approach to identifying and analyzing risk. [![Playing the Devil's Advocate](https://blog.intrepidcapitalfunds.com/hs-fs/hubfs/2024.Q1-Intrepid-Devils-Advocate-Email-CTA-3.jpg?width=697&height=364&name=2024.Q1-Intrepid-Devils-Advocate-Email-CTA-3.jpg)](https://info.intrepidcapitalfunds.com/roundtable-rigor)   | | --- | Past performance is not a guarantee of future results. Mutual fund investing involves risk. Principal loss is possible. *The Funds’ investment objectives, risks, charges and expenses must be considered carefully before investing. The *[*prospectus*](https://intrepidcapitalfunds.com/resources/fund-documents/)* contains this and other important information about the investment company. Please read it carefully before investing. A hard copy of the prospectus can be requested by calling 866-996-FUND (3863).* Intrepid Capital Management Funds are distributed by Quasar Distributors, LLC. **Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value will fluctuate, and when sold, may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 866-996-FUND. The Funds impose a 2.00% redemption fee on shares held 30 days or less. Performance data does not reflect the redemption fee. If it had, returns would be reduced.** Holdings are subject to change. The position sizes of Valvoline, Inc. (02/15/30 4.250%), Cimpress Plc (06/15/26 7.000%), Equitrans Midstream Corp. (Perp. Pref 9.750%), Turning Point Brands (02/15/26 5.625%) and Abercrombie & Fitch (07/15/25 8.75%) were 3.9%, 3.4%, 3.2%, 3.1% and 2.9% of the Intrepid Income Fund’s total assets, respectively, as of March 31, 2024. Morningstar classifies funds into categories based on similar investment objective and strategy. Morningstar percentile rankings are based on a fund’s total return compared to its Morningstar Category of exchange-traded and open-end mutual funds. The highest percentile rank is 1 and the lowest percentile rank is 100. For the trailing one-year, five-year, and ten-year time periods through 5/31/2024, the Morningstar ranking was 3rd percentile among 350 Multisector Bond funds, 1st percentile among 263 Multisector Bond funds, and 2nd percentile among 173 Multisector Bond funds, respectively. The fund’s rankings may have been lower if it not for fee waivers in effect during the ranking periods.   --- #### Share: - [Follow us on Twitter ](https://twitter.com/intent/tweet?url=https://blog.intrepidcapitalfunds.com/advisor-insights/short-term-view-long-term-results&text=Short-Term%20View,%20Long-Term%20Results) - [Follow us on Linkedin ](http://www.linkedin.com/shareArticle?mini=true&url=https://blog.intrepidcapitalfunds.com/advisor-insights/short-term-view-long-term-results) - [Follow us on Mail ](mailto:?subject=Short-Term%20View,%20Long-Term%20Results%20&%20body=https://blog.intrepidcapitalfunds.com/advisor-insights/short-term-view-long-term-results) --- [#### Preferred Stocks: Potential Hidden Yield Gems ##### Previous Post ](https://blog.intrepidcapitalfunds.com/advisor-insights/preferred-stocks-potential-hidden-yield-gems) [#### Intrepid Capital Featured in Barron's ##### Next Post ](https://blog.intrepidcapitalfunds.com/advisor-insights/intrepid-capital-featured-in-barrons) This is a search field with an auto-suggest feature attached. - There are no suggestions because the search field is empty. ### Category - [ThinkAdvisor (9)](https://blog.intrepidcapitalfunds.com/advisor-insights/tag/thinkadvisor) - [News (5)](https://blog.intrepidcapitalfunds.com/advisor-insights/tag/news) - [Fixed Income (3)](https://blog.intrepidcapitalfunds.com/advisor-insights/tag/fixed-income) - [Short Duration (3)](https://blog.intrepidcapitalfunds.com/advisor-insights/tag/short-duration) - [Bonds (2)](https://blog.intrepidcapitalfunds.com/advisor-insights/tag/bonds) ### Popular Posts [ Intrepid Capital ](https://blog.intrepidcapitalfunds.com/advisor-insights/author/intrepid-capital) [ Demystifying Non-Rated Bonds ](https://blog.intrepidcapitalfunds.com/advisor-insights/demystifying-non-rated-bonds) [ Intrepid Capital ](https://blog.intrepidcapitalfunds.com/advisor-insights/author/intrepid-capital) [ Meet the Team: Hunter Hayes ](https://blog.intrepidcapitalfunds.com/advisor-insights/hunter-hayes) [ Intrepid Capital ](https://blog.intrepidcapitalfunds.com/advisor-insights/author/intrepid-capital) [ Intrepid Income Fund (ICMUX) Surpasses $1 Billion in Assets Under Management ](https://blog.intrepidcapitalfunds.com/advisor-insights/intrepid-income-fund-icmux-surpasses-1-billion-in-assets-under-management) [ Intrepid Capital ](https://blog.intrepidcapitalfunds.com/advisor-insights/author/intrepid-capital) [ Preferred Stocks: Potential Hidden Yield Gems ](https://blog.intrepidcapitalfunds.com/advisor-insights/preferred-stocks-potential-hidden-yield-gems) --- ## Related Posts It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. [ News](https://blog.intrepidcapitalfunds.com/advisor-insights/tag/news) [ Intrepid Capital ](https://blog.intrepidcapitalfunds.com/advisor-insights/author/intrepid-capital) 14 May, 2026 #### [Intrepid Income Fund (ICMUX) Wins 2026 LSEG Lipper Fund Awards for 5- and 10-Year Performance](https://blog.intrepidcapitalfunds.com/advisor-insights/intrepid-income-fund-icmux-wins-2026-lseg-lipper-fund-awards-for-5-and-10-year-performance) Fund recognized as Best Short High Yield Fund in the United States [Read More](https://blog.intrepidcapitalfunds.com/advisor-insights/intrepid-income-fund-icmux-wins-2026-lseg-lipper-fund-awards-for-5-and-10-year-performance) [ News](https://blog.intrepidcapitalfunds.com/advisor-insights/tag/news) [ Intrepid Capital ](https://blog.intrepidcapitalfunds.com/advisor-insights/author/intrepid-capital) 24 July, 2025 #### [Intrepid Income Fund (ICMUX) Surpasses $1 Billion in Assets Under Management](https://blog.intrepidcapitalfunds.com/advisor-insights/intrepid-income-fund-icmux-surpasses-1-billion-in-assets-under-management) JACKSONVILLE BEACH, FL — July 24, 2025— The Intrepid Income Fund (ICMUX) has officially surpassed [Read More](https://blog.intrepidcapitalfunds.com/advisor-insights/intrepid-income-fund-icmux-surpasses-1-billion-in-assets-under-management) [ News](https://blog.intrepidcapitalfunds.com/advisor-insights/tag/news) [ Intrepid Capital ](https://blog.intrepidcapitalfunds.com/advisor-insights/author/intrepid-capital) 19 September, 2024 #### [Intrepid Capital & Hunter Hayes Featured in Bloomberg](https://blog.intrepidcapitalfunds.com/advisor-insights/intrepid-capital-hunter-hayes-featured-in-bloomberg) In what many are calling “a big moment for the economy,” the Fed cut rates yesterday for the first [Read More](https://blog.intrepidcapitalfunds.com/advisor-insights/intrepid-capital-hunter-hayes-featured-in-bloomberg) Mutual fund investing involves risk. Principal loss is possible. The Funds’ investment objectives, risks, charges and expenses must be considered carefully before investing. The [prospectus](https://intrepidcapitalfunds.com/resources/fund-documents/) contains this and other important information about the investment company. Please read it carefully before investing. A hard copy of the prospectus can be requested by calling 866-996-FUND (3863). Intrepid Capital Management Funds are distributed by Quasar Distributors, LLC. ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Intrepid Capital", "url" : "https://blog.intrepidcapitalfunds.com/advisor-insights/author/intrepid-capital" }, "dateModified" : "2024-06-27T13:51:31.123Z", "datePublished" : "2024-06-27T13:51:31.000Z", "headline" : "Short-Term View, Long-Term Results", "mainEntityOfPage" : { "@id" : "https://blog.intrepidcapitalfunds.com/advisor-insights/short-term-view-long-term-results", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.intrepidcapitalfunds.com/hubfs/Logos/Intrepid-Capital-Logo.png" } } } ```