ICMZX Performance — Intrepid Small Cap Fund, Institutional Class
Data updated: 2025-12-15
ICMZX returned +9.13% over one year to Sep 2024. The annualised 3-year return is −1.98%. The fund trailed its US Small Blend category average: $100 invested three years ago grew to $94, against $110 for the category, and to $109 over one year, against $124. Volatility over the past three years was 18.02% a year. In the 12 months to Sep 2024 the fund lost a net $4.4M, and assets reached $39.12M.
ICMZX Growth of $100
What $100 invested in Intrepid Small Cap Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Small Blend category average over the same months.
| Period | ICMZX | Category average |
|---|---|---|
| 1 year (Oct 2023 – Sep 2024) | $109 | $124 |
| 3 years (Oct 2021 – Sep 2024) | $94 | $110 |
| Since data start (Jan 2020 – Sep 2024) | $117 | $150 |
ICMZX Trailing Returns
Total returns to Sep 2024, from SEC N-PORT.
| Period | Total return |
|---|---|
| 1 year | +9.13% |
| 3 years (annualised) | −1.98% |
ICMZX Annual Returns
Calendar-year total returns of Intrepid Small Cap Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2024 (Jan–Sep) | +1.93% |
| 2023 | +11.78% |
| 2022 | −20.24% |
| 2021 | +6.76% |
| 2020 | +21.04% |
ICMZX 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | −0.2% | +2.1% | +1.3% | −5.9% | +3.5% | −1.9% | +5.5% | −1.6% | −0.5% | — | — | — |
| 2023 | +8.3% | −2.7% | −1.3% | −1.7% | −0.6% | +6.5% | +1.7% | −4.1% | −1.1% | −8.6% | +7.0% | +9.4% |
| 2022 | −8.3% | −1.3% | −1.7% | −6.5% | −0.1% | −7.2% | +8.2% | −2.5% | −9.4% | +9.7% | +4.6% | −5.7% |
| 2021 | +0.1% | +7.3% | +2.2% | +4.1% | −2.5% | +1.1% | −0.9% | −2.1% | −5.7% | +2.9% | −2.4% | +3.1% |
| 2020 | −4.1% | −5.2% | −13.6% | +11.2% | +4.9% | +2.0% | +4.3% | +4.9% | −2.0% | −0.5% | +12.7% | +7.7% |
ICMZX Risk
Risk measures from monthly returns over Oct 2021 – Sep 2024.
- 3-year volatility (annualised): 18.02%
- 3-year Sharpe ratio: -0.36 (vs 4.5% risk-free rate)
- Best month: +9.71% (Oct 2022)
- Worst month: −9.39% (Sep 2022)
ICMZX Fund Flows
Monthly money in and out of Intrepid Small Cap Fund, from SEC Form N-PORT.
- 12-month net flow: −$4.4M
- 12-month gross sales (incl. reinvestments): $1.1M
- Sales ÷ redemptions: 0.20×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Sep 2024 | $30K | $896K | −$866K |
| Aug 2024 | $13K | $2.0M | −$2.0M |
| Jul 2024 | $21K | $1.6M | −$1.6M |
| Jun 2024 | $286K | $1.2M | −$940K |
| May 2024 | $22K | $770K | −$748K |
| Apr 2024 | $32K | $580K | −$549K |
| Mar 2024 | $28K | $512K | −$484K |
| Feb 2024 | $50K | $568K | −$518K |
| Jan 2024 | $443K | $1.2M | −$742K |
| Dec 2023 | $160K | −$2.3M | $2.5M |
| Nov 2023 | $14K | −$1.0M | $1.1M |
| Oct 2023 | $14K | −$502K | $515K |
ICMZX Assets Under Management
Net assets of Intrepid Small Cap Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2024-09-30 | $39.12M |
| 2024-06-30 | $42.17M |
| 2024-03-31 | $46.47M |
| 2023-12-31 | $46.81M |
| 2023-09-30 | $47.82M |
| 2023-06-30 | $53.32M |
| 2023-03-31 | $53.01M |
| 2022-12-31 | $54.24M |
| 2022-09-30 | $53.20M |
| 2022-06-30 | $55.41M |
| 2022-03-31 | $65.93M |
| 2021-12-31 | $76.69M |
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.