ICMZX Fees and Costs — Intrepid Small Cap Fund, Institutional Class
Data updated: 2025-12-15
The net expense ratio is 1.15%: a 1.00% management fee plus 0.70% other expenses, less a 0.55% fee waiver. This share class carries a redemption fee of 2.00%. In fiscal 2025 the fund paid $16K in broker commissions, 0.0410% of average net assets, and portfolio turnover was 40%.
ICMZX Fees and Expenses
Annual operating expenses and sales charges of ICMZX. Prospectus, as of January 31, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.70% |
| Gross expense ratio | 1.70% |
| Fee waiver | −0.55% |
| Net expense ratio | 1.15% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 2.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
ICMZX Costs Over Time
On $10,000 invested in ICMZX, assuming 5% a year before costs, total costs come to $742 over 5 years, cutting the return by 1.25% 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 1.15%) | $121 | $376 | $651 |
| Trading costs (broker commissions) | $4 | $13 | $23 |
| Lost growth on money paid in costs | $0 | $19 | $68 |
| Total costs | $125 | $409 | $742 |
| Value after costs | $10,375 | $11,168 | $12,021 |
| Impact on return, per year | 1.25% | 1.25% | 1.25% |
ICMZX 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): 0.0410%
- Total broker commissions: $16K
- Bought from dealers (principal trades, not a cost): $6.9M
- Portfolio turnover (prospectus): 40%
- Securities lending: none during the year
ICMZX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JONESTRADING INSTITUTIONAL SERVICES LLC | $16K | 100.00% |
ICMZX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. Bancorp Investments, Inc. | $5.6M | 80.70% |
| Cowen & Co. | $1.3M | 19.30% |
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.