Intrepid Capital Management to return outside capital, retain flagship funds
Tue May 4, 2010
Founder Steve Shapiro is returning capital, but will continue to manage the firm's flagship funds for his family and select investors.
Intrepid Capital Management informed clients on Tuesday that
the firm would be shutting down its funds, except the flagship,
and returning all outside capital. Here is the text of that
letter, from founder
Steve Shapiro, which AR obtained from an investor.
Intrepid once managed $2.6 billion, but assets had fallen
beneath $300 million as of April 2009 (for background on the
firm's decline, see
Intrepid Capital sinking, with assets down 89%). The firm,
which was initially started as a $25 million managed account
for George Soros, was launched by Shapiro, an alumnus of Julian
Robertson's Tiger Management, in 1998. Shapiro could not
immediately be reached for comment. Full story to follow.
May 4, 2010
After eleven wonderful years, I have decided that it is time
to return capital to our investors. This decision reflects my
desire to refocus my investment activities as well as my
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