Intrepid

Fees on the firm's open-end and exchange-traded funds are a weakness, contributing negatively to the rating and creating a larger performance hurdle on funds. On average, Intrepid charges fees on its funds that are in the second most-expensive quintile of similarly distributed funds. With the current market environment of fee compression, this is cause for concern, as investors may flock over time to alternate asset managers to get a better deal. With an average asset-weighted tenure of seven years among the longest-tenured managers at Intrepid, the firm is on par with peers. Seasoned teams tend to have more experience to draw upon should they need to weather turbulent market conditions. Turnover among Intrepid portfolio management ranks has been low compared to other firms in the past five years. This stability on the personnel front boosts confidence in its staying power.