ICMUX Performance — Intrepid Income Fund, Institutional Class
Data updated: 2026-08-28
ICMUX returned +2.39% year to date and +6.92% over one year to Jun 2026. Annualised returns are +9.28% over 3 years and +6.19% over 5 years. The fund beat its Short-Term Corporate Bond category average: $100 invested three years ago grew to $131, against $121 for the category, and to $107 over one year, against $105. Volatility over the past three years was 2.46% a year. In the 12 months to Jun 2026 the fund took in a net $456.7M, and assets reached $1.43B.
ICMUX Growth of $100
What $100 invested in Intrepid Income Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Short-Term Corporate Bond category average over the same months.
| Period | ICMUX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $107 | $105 |
| 3 years (Jul 2023 – Jun 2026) | $131 | $121 |
| 5 years (Jul 2021 – Jun 2026) | $135 | $117 |
| Since data start (Jan 2020 – Jun 2026) | $157 | $125 |
ICMUX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +2.39% |
| 1 year | +6.92% |
| 3 years (annualised) | +9.28% |
| 5 years (annualised) | +6.19% |
ICMUX Annual Returns
Calendar-year total returns of Intrepid Income Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +2.39% |
| 2025 | +8.16% |
| 2024 | +10.45% |
| 2023 | +10.87% |
| 2022 | −3.16% |
| 2021 | +10.03% |
| 2020 | +8.77% |
ICMUX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.5% | −0.4% | −0.1% | +1.6% | +0.8% | 0.0% | — | — | — | — | — | — |
| 2025 | +0.9% | +1.1% | −0.7% | −0.8% | +1.7% | +1.5% | +0.9% | +1.4% | +0.9% | +0.2% | +0.5% | +0.5% |
| 2024 | +1.3% | +0.3% | +1.0% | −0.1% | +0.9% | +1.2% | +1.5% | +0.9% | +1.3% | +0.2% | +1.0% | +0.5% |
| 2023 | +2.8% | −0.5% | −0.5% | +0.4% | +0.1% | +1.7% | +1.4% | +0.5% | +0.3% | +0.2% | +2.1% | +2.0% |
| 2022 | −0.4% | +0.2% | +0.4% | −0.4% | −0.5% | −3.6% | +0.4% | +0.4% | −1.2% | +0.4% | +2.1% | −0.7% |
| 2021 | +1.1% | +2.2% | +0.7% | +1.1% | +0.9% | +0.8% | +0.7% | +0.5% | +0.2% | +0.4% | +0.2% | +0.7% |
| 2020 | +0.4% | −0.3% | −6.8% | +2.4% | +1.6% | +0.8% | +1.7% | +1.8% | −0.1% | +1.4% | +3.5% | +2.3% |
ICMUX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 2.46%
- 3-year Sharpe ratio: 1.95 (vs 4.5% risk-free rate)
- Best month: +2.12% (Nov 2023)
- Worst month: −0.80% (Apr 2025)
ICMUX Fund Flows
Monthly money in and out of Intrepid Income Fund, from SEC Form N-PORT.
- 12-month net flow: $456.7M
- 12-month gross sales (incl. reinvestments): $897.5M
- Sales ÷ redemptions: 2.04×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $140.2M | $31.3M | $108.9M |
| May 2026 | $73.5M | $30.7M | $42.8M |
| Apr 2026 | $48.7M | $31.7M | $17.0M |
| Mar 2026 | $49.9M | $54.8M | −$5.0M |
| Feb 2026 | $106.4M | $66.3M | $40.1M |
| Jan 2026 | $63.6M | $40.1M | $23.5M |
| Dec 2025 | $67.3M | $23.0M | $44.3M |
| Nov 2025 | $58.0M | $35.8M | $22.2M |
| Oct 2025 | $101.0M | $60.4M | $40.5M |
| Sep 2025 | $72.7M | $16.6M | $56.1M |
| Aug 2025 | $63.5M | $14.3M | $49.2M |
| Jul 2025 | $52.7M | $35.6M | $17.0M |
ICMUX Assets Under Management
Net assets of Intrepid Income Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $1.43B |
| 2026-03-31 | $1.25B |
| 2025-12-31 | $1.22B |
| 2025-09-30 | $1.12B |
| 2025-06-30 | $985.80M |
| 2025-03-31 | $935.49M |
| 2024-12-31 | $830.85M |
| 2024-09-30 | $752.09M |
| 2024-06-30 | $598.46M |
| 2024-03-31 | $505.21M |
| 2023-12-31 | $403.31M |
| 2023-09-30 | $358.01M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.