ICMVX Fees and Costs — Intrepid Capital Fund, Institutional Class
Data updated: 2026-08-28
The net expense ratio is 1.16%: a 1.00% management fee plus 0.47% other expenses, less a 0.32% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $66K in broker commissions, 0.0781% of average net assets, and portfolio turnover was 47%.
ICMVX Fees and Expenses
Annual operating expenses and sales charges of ICMVX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.47% |
| Gross expense ratio | 1.48% |
| Fee waiver | −0.32% |
| Net expense ratio | 1.16% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
ICMVX Costs Over Time
On $10,000 invested in ICMVX, assuming 5% a year before costs, total costs come to $771 over 5 years, cutting the return by 1.30% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.16%) | $122 | $379 | $656 |
| Trading costs (broker commissions) | $8 | $26 | $44 |
| Lost growth on money paid in costs | $0 | $20 | $71 |
| Total costs | $130 | $425 | $771 |
| Value after costs | $10,370 | $11,152 | $11,992 |
| Impact on return, per year | 1.30% | 1.30% | 1.30% |
ICMVX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0781%
- Total broker commissions: $66K
- Bought from dealers (principal trades, not a cost): $126.9M
- Portfolio turnover (prospectus): 47%
- Securities lending: none during the year
ICMVX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JONESTRADING INSTITUTIONAL SERVICES LLC | $66K | 100.00% |
ICMVX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. Bancorp Investments, Inc. | $103.1M | 85.40% |
| BARCLAY INVESTMENTS LLC | $3.8M | 3.16% |
| SEAPORT GLOBAL SECURITIES LLC. | $3.0M | 2.52% |
| Whitehawk Securities, Inc. | $2.4M | 2.00% |
| Chicago Atlantic | $2.0M | 1.63% |
| Morgan Stanley & Co, Inc. | $1.7M | 1.41% |
| Robert W. Baird & Co., Inc. | $1.5M | 1.26% |
| BCP Securities, Inc. | $1.1M | 0.92% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $1.0M | 0.86% |
| Stonex Securities, Inc. | $1.0M | 0.83% |
Intrepid Capital Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| ICMVX | Institutional Class | 1.16% | none |
| ICMBX | Investor Class | 1.41% | none |
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.