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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 29, 2026
Aegis Value Fund delivered a calendar year-to-date net return of 25.95% through September 30, 2026, alongside a one-year net return of 37.80% and an annualized net return since inception of 13.21% dating back to May 15, 1998. The fund has generated 422 basis points of annualized outperformance net of fees against the S&P 500 Index since inception. Portfolio construction remains disciplined and concentrated, holding approximately 80 equities with the top 10 positions comprising roughly 35% of strategy assets and maintaining an active share of approximately 99%. The investment strategy operates on the macroeconomic and behavioral reality that equity markets routinely overreact to temporary operational adversity and recency bias, particularly across under-researched small-cap securities. Academic research cited by the manager confirms that modern mutual funds virtually fail to provide authentic exposure to the lowest price-to-book quintile. Consequently, the fund maintains significant valuation divergence from broad benchmarks, holding an aggregate price-to-book ratio of 138.8% versus 559.0% for the S&P 500 Index. Portfolio implementation relies on a systematic funnel beginning with a quantitative screen across 6,000 equities listed in the United States, Canada, the United Kingdom, and Australia with market capitalizations above $100 million. Investments are selected through bottom-up asset recasting, capital structure stress-testing, and normalized multi-year cash flow projections. Holdings are maintained over an average holding period of three to four years until fundamental business conditions and investor sentiment recover.
Excess investment returns are achieved by purchasing fundamentally sound, neglected small-cap companies trading in the lowest price-to-book quintile during periods of operational stress and holding them for three to four years as fundamentals normalize.
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