Intrepid Small Cap Success: Stock Selection or Market Timing?

This analysis of the Intrepid Small Cap Fund includes a performance attribution report which provides a step-by-step analysis framework, detailed charts, and descriptions related to Mr. Cinnamond’s selection and timing skills over the past 18-months. Several surprising observations emerged, most specifically regarding the incremental “timing contribution” figures given Mr. Cinnamond’s sizeable moves into cash and other sectors over the period of high market volatility. Most of the excess performance, as determined by the sector specific returns-based style analysis model, was generated through “selection”.