Hedge Funds Performance

Intrepid Capital sinking, with assets down 89%

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Intrepid Capital Management may share a name with the famed USS Intrepid naval aircraft carrier, but unfortunately for its investors, the similarities end there. Unlike the famed U.S. Navy vessel that survived two major wars and 31 years of active service, Intrepid Capital looks more like a sinking ship.

Hit by big redemptions, Intrepid Capital's assets under management have plummeted 89% from a high of $2.6 billion in July 2007 to less than $300 million as of late April. As a result, the firm has been forced to significantly reduce head count, and questions have begun circulating about its