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Eric Cinnamond and Jayme Wiggins met in 2002 when Eric returned to his alma mater, Stetson University, for an alumni event.  Jayme learned under Eric as a small cap analyst for the next several years in Jacksonville Beach, Florida, where Eric had managed small cap portfolios since arriving from Evergreen Funds in 1998.  Eric implemented an absolute return process while managing the Intrepid Small Cap Composite from 1998-2010 and the Intrepid Small Cap Fund from 2005-2010.  Jayme managed high yield bond portfolios, including the Intrepid Income Fund, from 2005-2008, when he departed to earn his MBA at Columbia Business School.


In 2010, Eric started a new small cap fund.  The bull market beginning in 2009 elevated small cap valuations to never-before-seen levels.  Eric returned capital to investors in 2016 because he did not believe there were compelling investment opportunities.  Jayme took over the Intrepid Small Cap Fund upon Eric’s departure in 2010.  He managed the fund using the same absolute return investment strategy until September 2018, when his firm decided to pivot to a more fully-invested posture. 


Frank Martin founded Martin Capital Management in 1987 and has long embraced an absolute return investment process.  He has authored two investment books: Speculative Contagion and A Decade of Delusions.  In 2014, Frank contacted Eric after seeing him quoted in The Wall Street Journal discussing managing his fund with high cash when opportunities were scarce.  Unified by a commitment to absolute return value investing, the three managers have joined in launching Palm Valley Capital Management.  

*References to other mutual funds should not be considered a recommendation to buy or sell any security.  

Eric Cinnamond, CFA
Founder and
Co-Chief Executive Officer
Jayme Wiggins, CFA
Founder and
Co-Chief Executive Officer
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