Hedge Funds

Intrepid adds utility fund to lineup

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Steve Shapiro's Intrepid Capital Management has expanded into the energy sector with a global utility hedge fund.

The firm, through its Intrepid Associates affiliate, has entered into a joint venture with portfolio manager James "Jos" Shaver and his Electron Capital Management. Shaver has been incubating the fund since last fall and only recently opened to domestic investors. It will open an offshore fund this month.

The Electron Global Utility Fund employs a long/short equity strategy focusing on global utilities that include electricity, gas and water; utility services; fuel providers; and utility equipment manufacturers.

The fund incorporates both bottom-up fundamental