Intrepid

Intrepid open-end and exchange-traded products are costlier than similarly distributed funds at other highly-rated asset managers, on average in the second most expensive quintile of category peers. The higher expense profile contributes negatively to the firm's overall stewardship rating and creates a larger performance hurdle. With an average asset-weighted tenure of six 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. Intrepid has faced above-average manager turnover in the past five years. This is a concern, as long-term stability tends to support positive results.