Intrepid Small Cap Fund (ICMAX)

Intrepid Small Cap fund is classified as small value mutual fund. This small cap stock mutual fund has no sales load and rated among the best in its category. It also has a good long term performance. More review can be found as follows.

Intrepid Small Cap (MUTF: ICMAX)

The investment objective of Intrepid Small Cap fund is to seek long-term capital appreciation. This domestic stock fund uses its assets to purchase equity securities of undervalued small capitalization companies. It invests in small capitalization companies that comparable to companies in the Russell 2000 Index, the S&P Small Cap Index or the Dow Jones Wilshire US Small Cap Index.

Fund Profile

• Fund Inception Date: October 3, 2005
• Ticker Symbol: ICMAX
• CUSIP: 461195109
• Beta (3yr): 0.84
• Rank in category (YTD): 99%
• Category: Small Value
• Distribution: 0.00%
• Capital Gains: 0%
• Expense Ratio: 1.40%
• Net Assets: $803.49 million
• Number of Years Up: 5 years
• Number of Years Down: 1 year
• Annual Turnover Rate: 88.00% (as per April 17, 2012)

Updated on 5/28/2012

This small cap mutual fund has total net assets of $803.49 million. The fund management teams include Jayme C. Wiggins, Mark Travis, and Gregory M.Estes. It also has an expense ratio of 1.40%. The 12b1 fee is 0.25%. Its annual holdings turnover as of April 17, 2012 is 88.00%. This small value fund has a 3-year beta risk of 0.84.

Morningstar has ranked this fund with 4 stars.  The fund has only one negative return since its inception; it was occurred in year 2008 with -7.12%. The best 1-year total return was achieved in 2009 (39.88%). This top rated small cap fund has YTD return of 5.23%. The performance of this fund, based on its load adjusted returns is as follow:

• 1-year: 3.73%
• 3-year: 23.63%
• 5-year: 12.30%
• 10-year: N/A

For either brokerage or retirement account (IRA), investors need to make an initial investment of $2,500. After that, a minimum of $100 for next purchase is needed. The fund is available for purchase through brokerages such as JP Morgan, Ameriprise Brokerage, Schwab Retail, LPL SAM Eligible, Vanguard NTF, Raymond James, ETrade No Load Fee, etc. The other class of this fund beside the Investor Class is the Institutional Class (ICMZX). The Institutional Class was incepted on November 2009 (CUSIP #: 461195505). There is no sales charge for investing in this institutional class mutual fund.

Fund Holdings

Per the first quarter report of 2012, this best small cap fund has a total of 35 holdings. The top 10 stock holdings are Bio-Rad Laboratories Inc (3.0%), Bill Barrett Corp (2.9%), CSG Systems International Inc (2.8%), ManTech International Corp (2.5%), EPIQ Systems Inc (2.4%), Securitas AB (2.3%), Teleflex Inc (2.2%), American Greetings Corp (2.1%), Aspen Insurance Holdings Ltd (2.1%) and Potlatch Corp (2.0%).

The top 5 sectors are Cash Equivalents and Other (46.8%), Information Technology (16.6%), Consumer Discretionary (11.0%) and Financials (9.4%).

Per fund’s website, investing in this fund involves risks such as Market Risk, Value Investing Risk, Small-Capitalization Risk, Non-Diversification Risk, etc.

Goods and Bads

Pros:

• No sales load
• Average expense ratio fee
• Good long term record for the past 5 years

Cons:

• High annual holding turnover rate

Disclosure: No Position

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