Request for Information 2017 This Request for Information for 2017 is current as of December 31, 2016. There can be no assurances that all the information contained herein is current as of any date thereafter. Past performance of Intrepid Capital is not a guarantee of future performance. 2017 Request for Information Contact Information Firm Name: Intrepid Capital Management, Inc. Mailing Address: 1400 Marsh Landing Parkway Suite 106 Jacksonville Beach, FL 32250 Main Telephone Number: 904-246-3433 Main Fax Number: 904-246-3533 Web Address: www.intrepidcapitalfunds.com Primary Contact: Matt Berquist, CFP®, CIMA® COO, Director – Sales & Marketing E-mail: [email protected] 904-246-3433 ext. 1226 Secondary Contact: Chris Pilinko, CFP® Vice President E-mail: [email protected] 904-246-3433 ext. 1230 2 2017 Request for Information Table of Contents Introduction to Intrepid Capital ...................................................................................................................... 6 Company Overview ....................................................................................................................................... 6 Business Continuity Plan .............................................................................................................................. 7 Assets Under Management (AUM) ............................................................................................................. 7 Disclosures .......................................................................................................................................................... 8 Investment Products ......................................................................................................................................... 9 Intrepid Small Cap ......................................................................................................................................... 9 Intrepid Balanced ......................................................................................................................................... 12 Intrepid Disciplined Value ......................................................................................................................... 15 Intrepid Income ........................................................................................................................................... 18 Intrepid International .................................................................................................................................. 21 Intrepid Select .............................................................................................................................................. 23 Limited Partnership (Intrepid Capital, L.P.) ............................................................................................ 26 Professional Staff & Compensation .............................................................................................................. 28 Investment Team ......................................................................................................................................... 29 Client Service ................................................................................................................................................ 31 Operations & Trading ................................................................................................................................. 32 Portfolio Management .................................................................................................................................... 34 Investment Philosophy ............................................................................................................................... 34 Team Approach ........................................................................................................................................... 34 Equity Investment Process ......................................................................................................................... 34 Idea Generation ....................................................................................................................................... 34 Evaluation Process .................................................................................................................................. 35 Purchase and Sale Discipline ................................................................................................................. 35 Risk Management .................................................................................................................................... 36 Fixed Income Investment Process ............................................................................................................ 36 3 2017 Request for Information Idea Generation ....................................................................................................................................... 36 Evaluation Process .................................................................................................................................. 37 Purchase and Sale Discipline ................................................................................................................. 37 Risk Management .................................................................................................................................... 37 Trading .............................................................................................................................................................. 38 Trading Work Flow ..................................................................................................................................... 38 Trading Systems ........................................................................................................................................... 38 Allocations .................................................................................................................................................... 38 Trade Errors ................................................................................................................................................. 39 Security Lending .......................................................................................................................................... 39 Brokerage .......................................................................................................................................................... 39 Best Execution ............................................................................................................................................. 39 Block Trading & Allocation ....................................................................................................................... 39 Soft Dollar Relationship ............................................................................................................................. 40 Leverage ........................................................................................................................................................ 40 Collateral Management ............................................................................................................................... 40 Counterparty Credit Management ............................................................................................................. 40 Compliance ....................................................................................................................................................... 41 Designated Chief Compliance Officer ..................................................................................................... 41 Code of Ethics ............................................................................................................................................. 41 Personal Trading Policy .............................................................................................................................. 41 Regulatory Filings ........................................................................................................................................ 42 Regulatory Examinations ............................................................................................................................ 42 Litigation Issues ........................................................................................................................................... 42 ISDA Agreements ....................................................................................................................................... 42 Public Company Board Membership ....................................................................................................... 42 Accounting and Recordkeeping ..................................................................................................................... 42 4 2017 Request for Information Internal Accounting System ....................................................................................................................... 42 Reconciliation Process ................................................................................................................................ 43 Exposure Reporting ...................................................................................................................................