Intrepid Capital Management, led by Mark Travis, has disclosed its equity portfolio in a new 13F filing with the U.S. Securities and Exchange Commission for the reporting period as of the end of the first quarter of 2015. Florida-based Intrepid Capital Management is a mid-sized value fund that was founded in 1994. The fund’s equity portfolio is comprised of 41 positions valued at about $327.8 million as of the reporting period. The fund is mainly focused on information technology, finance and healthcare companies. In this article, we will talk about Intrepid Capital’s top small-cap stocks: Tetra Tech Inc. (NASDAQ:TTEK), Bio-Rad Laboratories Inc. (NYSE:BIO), Ingram Micro Inc. (NYSE:IM), and Telephone & Data Systems Inc. (NYSE:TDS).
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The top small-cap holding of Intrepid is in Tetra Tech Inc. (NASDAQ:TTEK), a $1.6-billion market cap provider of consulting, engineering, program management, and construction management services. Intrepid Capital trimmed its stake in the company by about 6% to 1.16 million shares worth $27.8 million. Last month, Tetra Tech Inc. (NASDAQ:TTEK) reported a 14% increase in its quarterly dividend to $0.08 per share, bumping its yield to 1.21%. In addition, the company recently signed an agreement to acquire Cornerstone Environmental Group, an environmental engineering and consulting firm focusing on solid waste markets in the United States. Centaur Capital Partners, led by Zeke Ashton, held 141,100 Tetra Tech Inc. (NASDAQ:TTEK) shares at the end of 2014.
Intrepid Capital cut its position in Bio-Rad Laboratories Inc. (NYSE:BIO) by over 40% during the first quarter. The fund disclosed owning 151,861 shares, down from 265,349 shares held previously. At the time of reporting, the value of the stake was $20.53 million. Bio-Rad Laboratories Inc. (NYSE:BIO) is a $4.2-billion provider of life science research and clinical diagnostic products. The company’s net income for the first quarter of 2015 increased to $17.8 million or $0.61 per share, from $6.7 million or $0.23 per share in the same period last year. However, revenues of $472.8 million were down by 7.2% from $509.3 million year-over-year. Among the largest shareholders of Bio-Rad Laboratories Inc. (NYSE:BIO) is John W. Rogers’ Ariel Investments, which held 1.14 million shares worth $154.3 million at the end of the first quarter.