| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 13.14% | 16.31% | 16.31% |
Aegis Value Fund delivered exceptional performance in Q1 2026 with 16.31% returns, extending its 27-year track record of outperforming the S&P 500 by 463 basis points annually. The fund maintains its disciplined focus on small-cap value investing, targeting securities in the lowest price-to-book quintile where academic research shows virtually no competition from other mutual funds. Portfolio Manager Scott Barbee continues the concentrated approach with approximately 80 holdings, emphasizing fundamentally-sound companies trading at significant discounts during periods of market stress or neglect. The strategy capitalizes on small-cap market inefficiencies including lack of analyst coverage, limited transparency, and lower liquidity that create dislocation opportunities. With over $100 million in employee co-investment and 99% active share, the fund demonstrates strong alignment and conviction. The investment process involves systematic screening across 6,000 equities, deep fundamental analysis, and patient 3-4 year holding periods while waiting for fundamental conditions to normalize and value recognition to occur.
Aegis maintains a concentrated small-cap value strategy focused on securities trading at significant discounts to intrinsic value, leveraging market dislocations and emotional overreactions to generate superior long-term returns through patient, contrarian investing.
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Mar 31 2026 | 2026 Q1 | - | Concentration, deep value, Outperformance, small caps, value | - | Aegis Value Fund delivered 16.31% Q1 returns, continuing 27-year outperformance through concentrated small-cap value investing. Fund targets lowest price-to-book quintile securities during market stress, leveraging small-cap inefficiencies and emotional overreactions. Strong employee co-investment and differentiated positioning in underserved deep-value segment drives superior long-term results. |
| Feb 17 2026 | 2025 Q4 | ARREF, ARX.TO, ASTL.TO, ATH.TO, BOCH, CVE.TO, CYL.AX, EFX.TO, EQX.TO, HNRG, IFP.TO, IPCO.TO, KMR.L, MEG.TO, NGS, ORE.TO, PD.TO, VET.TO | commodities, Dollar, energy, gold, Mining, Precious Metals, small cap, value |
EQX CN ORE CN CYL AU CVE CN ASTL CN |
Aegis Value Fund gained 67% in 2025, driven by precious metals mining positions that contributed 35 percentage points of returns as gold surged 64.6%. The manager maintains conviction in hard assets as dollar debasement hedges while positioning for data center power demand. Portfolio trades at historic discounts to broader markets despite strong performance. |
| Jan 1 1970 | 2025 Q2 | AFM.TO, AMRG.TO, ASTL.TO, ATH.TO, BOCHGR.AT, CYL.TO, DPM.TO, EQX.TO, FL, GAU.TO, GMIN.TO, HNRG, IPCO.TO, KMR.L, LN.TO, MEG.TO, NCAU.TO, NGSGU, NVDA, ORE.TO | Canadian, deep value, energy, Gold Miners, Precious Metals, small cap, tariffs, value |
FL ASTL.TO EQX.TO IPCO.TO MEG.TO BOCHGR.AT HNRG |
Aegis Value Fund surged 27.61% in H1 2025 by capitalizing on tariff-driven volatility to buy undervalued hard assets. Concentrated positions in precious metals miners and energy producers drove outperformance as gold jumped 25.9%. The Fund remains positioned in deep-value opportunities with strong balance sheets, expecting continued market volatility from unsustainable government debt levels. |
| Mar 31 2025 | 2025 Q1 | AVALX | contrarian, deep value, Price-to-Book, small caps, value | - | Aegis Value Fund delivers differentiated small-cap value exposure through disciplined focus on lowest quintile price-to-book securities. Scott Barbee's 26-year track record shows 316 basis points annual outperformance versus S&P 500. Strategy exploits small-cap inefficiencies during stress periods, concentrating on 40-50 fundamentally-sound companies with 3-4 year holding periods and patient capital approach. |
| Jan 27 2025 | 2024 Q4 | AE, ARGT.TO, ASTL.TO, BOCH, CYL.AX, EQX.TO, GMIN.TO, GQC.TO, HNRG, IFP.TO, KMR.L, MAI.TO, MEG.TO, NCAU.TO, NGS, ORE.TO, PD.TO, PRU.AX, SEPL.L | Canada, commodities, energy, gold, inflation, materials, small caps, value |
NGS SEPL.L HNRG PD.TO IFP.TO MAI.TO ORE.TO |
Aegis Value Fund outperformed small-cap benchmarks with energy holdings driving returns, led by Natural Gas Services Group's 67% gain. Manager maintains concentrated portfolio of deeply undervalued energy and materials stocks trading at massive discount to overvalued broader market. Positioned for potential dollar weakness and commodity strength with substantial Canadian exposure benefiting from improved pipeline infrastructure. |
| Jul 14 2024 | 2024 Q2 | AAPL, AMZN, ARG.TO, BCYP, CSCO, DLAPF, GOOGL, HLDR, IFP.TO, IPCO.TO, MEG.TO, META, MSFT, MTRX, NGS, NVDA, ORE.TO, PRU.AX, SEPBTF, TSLA | energy, gold, inflation, Mining, oil, small cap, value |
NGS OGC.TO PRU.AX |
Aegis Value Fund outperformed in H1 2024 despite small-cap value weakness, driven by energy positions benefiting from supply constraints and precious metals miners positioned for fiscal crisis. Manager sees bifurcated market with deep-value opportunities at record discounts to overvalued mega-cap tech. Maintains conviction in energy and gold themes while warning of inflation resurgence and Fed policy dilemmas. |
| May 1 2024 | 2023 Q4 | ASTL.TO, BOCH.L, CG.TO, EQX.TO, ESN.TO, HNRG, MAI.V, NGS, ORE.TO, STLC.TO, TDW, USAP | energy, gold, materials, Mining, small caps, Steel, undervalued, value |
EQX CG.TO MAI.V ORE.TO STLC.TO ASTL.TO USAP BOCH.L GRNGS.ST |
Aegis Value Fund focuses on deeply undervalued small-cap securities in materials and energy sectors, returning 13.13% in 2023 despite underperforming tech-driven markets. Fund holdings trade at quarter the valuation of broader market on price-to-book basis. Manager maintains conviction in precious metals miners and energy stocks given attractive cash flow yields and potential for outperformance as extreme valuation bifurcation eventually corrects. |
| Jul 28 2025 | 2023 Q2 | AAPL, AMZN, ATH.TO, BOCH.L, BTU, CG.TO, EQX.TO, GOOGL, HNRG, IPCO.TO, MEG.TO, META, MSFT, NGS, NVDA, TSLA | Banking, energy, gold, inflation, interest rates, small cap, technology, value |
BOCH.L GRNGS.ST |
Aegis Value Fund capitalizes on market bifurcation, avoiding overpriced technology giants while investing in undervalued energy and precious metals miners. Energy holdings at 32.5% of assets positioned for higher oil prices from supply constraints and demand growth. Banking turmoil creates opportunities despite sector challenges from held-to-maturity losses and commercial real estate exposure. |
| Jan 20 2023 | 2022 Q4 | IAG, IFP CN, IPCO CN | Capital discipline, free cash flow, Oil Gas, supply constraints, Thermal Coal |
HNRG IPCO CN IFP CN |
|
| Jul 25 2022 | 2022 Q2 | HNRG, IFP CN, IPCO CN | Capital discipline, free cash flow, Oil Prices, OPEC Supply, Shale Production |
IPCO CN IFP CN IAG |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
Small CapsAegis maintains concentrated focus on small-cap value investing, targeting securities in the lowest quintile based on price-to-book value. The fund experienced strong performance with 74% one-year returns and 16.31% Q1 2026 returns, significantly outperforming benchmarks. Manager emphasizes small-cap dislocations create opportunities due to lack of analyst attention, less transparency, and lower liquidity. |
Small Cap Value Concentration Outperformance |
ValueFund demonstrates material differentiation with low price-to-book focus, offering market exposure at much lower valuation multiples than S&P 500. Academic research cited shows virtually no true low price-to-book mutual funds exist, positioning Aegis as differentiated. Strategy involves purchasing fundamentally-sound companies during periods of stress or neglect. |
Price to Book Valuation Undervalued Deep Value | |
| 2025 Q4 |
E-commerceCarvana was the top performer as a vertically integrated e-commerce platform for used cars. The company eliminates traditional dealerships and provides a haggle-free experience with vast nationwide inventory. With less than 2% market share, Carvana has a long runway of profitable growth ahead. |
Used Cars Digital Platform Market Share |
Energy TransitionTalen Energy was a major contributor for the third consecutive year as an independent power producer owning nuclear facilities. The company expanded its relationship with Amazon Web Services to provide carbon-free energy for data centers and acquired gas-fired power plants for $3.8 billion. |
Nuclear Power Data Centers Carbon Free | |
AIAI was mentioned as a major market theme driving performance, with South Korea's semiconductor industry benefiting from the AI boom. However, the manager notes market crowding around the tech/AI theme as a challenge for active managers. |
Semiconductors Market Theme | |
| 2025 Q2 |
Gold MinersPrecious metals mining stocks were stand-out performers with the Fund's 21 positions delivering 13.62 percentage points to performance. Gold prices soared 25.9% amid dollar weakness and policy uncertainty. The manager continues to believe mining investments represent good value despite recent run-ups. |
Gold Mining Precious Metals Dollar Weakness Inflation Hedge |
EnergyEnergy holdings representing approximately one-third of fund assets substantially outperformed peers, contributing 5.40 percentage points to returns. The manager focuses on fossil fuel development as indispensable for modern society and favors Canadian energy names for cheaper multiples and longer reserve lives. |
Oil Natural Gas Energy Fossil Fuels Canadian Energy | |
Trade PolicyTrump administration's evolving tariff policies created substantial market volatility with massive Section 232 reciprocal import tariffs imposed on 90+ trading partners. The Fund took advantage of tariff-induced market drops to make opportunistic investments while positioning to minimize direct tariff exposure. |
Tariffs Trade War Import Duties Policy Uncertainty Market Volatility | |
ValueThe Fund continues to focus on well-researched holdings representing the best risk/reward opportunities, trading substantially cheaper on price-to-book than S&P 500 stocks. Despite high market valuations, many stocks continue trading inexpensively, offering profitable capital allocation opportunities. |
Deep Value Price to Book Undervalued Risk Reward Cheap Valuations | |
| 2025 Q1 |
ValueAegis focuses on deep-value investing in small-cap stocks trading at significant discounts to intrinsic value, specifically targeting securities in the lowest quintile based on price-to-book value. The fund seeks fundamentally-sound companies during periods of stress or neglect when liquidity is low and sentiment is poor. Academic research shows virtually no true low price-to-book mutual funds exist, creating a differentiated opportunity. |
Deep Value Price-to-Book Contrarian Undervalued Intrinsic Value |
Small CapsThe fund maintains a disciplined focus on small-cap securities with market capitalizations typically between $300 million and $2 billion. Small-cap stocks offer enhanced dislocation opportunities due to lack of analyst attention, less transparency, and lower liquidity. The investment team has 17 years of average experience specifically in small-cap value investing. |
Small Cap Market Cap Liquidity Analyst Coverage Volatility | |
| 2024 Q4 |
EnergyEnergy sector holdings significantly outperformed peers, delivering 6.33 percentage points to fund returns. Natural Gas Services Group climbed 67% as capital expenditures began generating cash flows. Precision Drilling was the largest new position, purchased at attractive valuations with strong Canadian fundamentals and improving pipeline infrastructure. |
Oil Natural Gas Drilling Energy Services Pipelines |
Gold MinersPrecious metals mining positions represented nearly a quarter of fund assets and delivered 2.12 percentage points to returns. Several positions gained over 80%, though Minera Alamos and Orezone faced political headwinds in Mexico and Burkina Faso respectively. Gold miners positioned for extraordinary returns under inflationary scenarios. |
Gold Mining Precious Metals Junior Miners Africa | |
ValueFund maintains deep value focus with stocks trading at approximately one-fifth the S&P 500 valuation on price-to-book basis. Small-cap value stocks trade near biggest discount to S&P 500 in 25 years. Energy and materials sectors at lowest investor sentiment since 2008. |
Small Caps Valuation Discount Undervalued Contrarian | |
InflationManager expects potential dollar devaluation through Fed monetization as government runs 6% GDP deficits. Energy and materials sectors were strongest performers in 1970s inflation. Portfolio positioned for scenarios where Fed abandons inflation vigilance to fund government debt. |
Dollar Fed Policy Monetization Commodities Real Assets | |
CanadaSubstantial Canadian holdings benefit from improved pipeline infrastructure as TMX Pipeline and Shell LNG project ramp up. Canadian energy fundamentals significantly stronger than current valuations imply. Precision Drilling dominant in attractive Canadian drilling market with 78 rigs running. |
TMX Pipeline LNG Energy Infrastructure Western Canada Oil Sands | |
| 2024 Q2 |
OilOil supply appears temporarily supplemented by inventory liquidations with US Strategic Petroleum Reserve drained nearly half. US shale production growth structurally leveling off as new drilling primarily offsets decline rates. Global exploration hindered by fossil fuel divestment and sanctions on Russia may constrain exports. |
Oil Supply Shale Production Strategic Petroleum Reserve OPEC Energy Demand |
Gold MinersFund holds 23% in precious metals mining with 21 different companies. Mining stocks trading near decade lows relative to gold prices, suggesting significant upside potential. Assets under management in mining-focused funds dropped from $16 billion in 2010 to $2.8 billion by 2022, creating capital constraints and opportunities. |
Gold Mining Precious Metals Mining Stocks Gold Price Capital Constraints | |
Small CapsSmall-cap value stocks providing reasonable opportunity despite horrible performance in first half. Market highly bifurcated with small-caps trading at modest valuations far cheaper than mega-cap tech. Aegis Value Fund stocks trade at less than quarter valuation of S&P 500 on price-to-book, near all-time record discount. |
Small Cap Value Valuation Discount Market Bifurcation Price-to-Book Deep Value | |
InflationFederal Reserve steaming home with Mission Accomplished banner but defeating inflation may not prove easy. Inflationary insurgency may be in cards, forcing Fed to choose between fighting inflation and funding $10 trillion annual Treasury issuances. Dollar debasement through money-printing likely as government struggles with debt. |
Federal Reserve Dollar Debasement Treasury Debt Money Printing Fiscal Crisis | |
| 2023 Q4 |
GoldFund held 22.4% in precious metals mining companies at year start. Gold climbed 13.1% in 2023 but mining stocks lagged. Manager believes precious metals sector remains materially undervalued with excellent cash flow yields and potential for strong returns given current gold prices. |
Gold Miners Precious Metals Mining Undervalued Cash Flow |
SteelSteel manufacturers were among most positive contributors to 2023 performance. Canadian producers Stelco and Algoma Steel emerged from restructurings with clean balance sheets and continue generating strong cash flows despite steel market conditions descending from peak levels. |
Steel Manufacturing Balance Sheet Cash Flow Restructuring | |
EnergyFund held 37.6% in energy sector at year start across 14 companies. Despite sector headwinds from warm winter and weak Chinese demand, fund's energy holdings generated positive returns of 3.87 percentage points. Manager sees attractive valuations and cash flow yields in energy stocks. |
Oil Natural Gas Energy Undervalued Cash Flow | |
ValueManager focuses on deeply undervalued small-cap securities trading at substantial discounts to replacement cost and fair value. Fund stocks trade at less than quarter the valuation of broader market on price-to-book basis, with significant valuation bifurcation creating opportunities. |
Undervalued Small Caps Discount Valuation Price-to-Book | |
| 2023 Q2 |
OilEnergy holdings represent 32.5% of fund assets. Manager sees strong case for higher oil prices driven by robust demand growth and supply constraints. Oil demand projected to reach record 102.1 million barrels per day despite recessionary fears. |
Oil Energy Demand Supply Pricing |
Gold MinersFund maintains significant precious metals mining positions that added 1.93 percentage points to returns. Holdings offer excellent value and unique protection against potential Fed policy pivot and dollar debasement scenarios. |
Gold Miners Fed Inflation Dollar | |
Regional BanksBanking turmoil created opportunities but manager remains cautious due to overstated book values from held-to-maturity securities and rising deposit costs. Many banks face challenges from commercial real estate exposure and higher interest rates. |
Banks Credit Real Estate Rates Deposits | |
Natural GasLargest purchase was Natural Gas Services, a compression equipment company trading at 45% discount to tangible book value. Company well-positioned to capture market share as leveraged competitors face financial pressure. |
Natural Gas Equipment Compression Value Market Share | |
ValueMarket bifurcation creates unusual valuation disparities with many smaller stocks offering good value while technology trades at unsustainable multiples. Fund trades at significant discount to major indices. |
Value Valuation Discount Small Caps Dispersion |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Feb 17, 2026 | Fund Letters | Scott L. Barbee | EQX CN | Equinox Gold Corp. | Materials | Gold | Bull | New York Stock Exchange | deleveraging, Gold, NAV, Permitting, turnaround | Login |
| Feb 17, 2026 | Fund Letters | Scott L. Barbee | ORE CN | Orezone Gold Corporation | Materials | Gold | Bull | New York Stock Exchange | acquisition, cashflow, expansion, Gold, Jurisdiction | Login |
| Feb 17, 2026 | Fund Letters | Scott L. Barbee | CYL AU | Catalyst Metals Limited | Materials | Gold | Bull | New York Stock Exchange | consolidation, Exploration, Gold, NAV, Production | Login |
| Feb 17, 2026 | Fund Letters | Scott L. Barbee | CVE CN | Cenovus Energy Inc. | Energy | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | energy, Free Cash Flow, merger, Oil sands, synergies | Login |
| Feb 17, 2026 | Fund Letters | Scott L. Barbee | ASTL CN | Algoma Steel Group Inc. | Materials | Steel | Bull | New York Stock Exchange | Cyclicality, Eaf, Steel, tariffs, turnaround | Login |
| Jul 14, 2025 | Fund Letters | Aegis Value Fund | ASTL.TO | Algoma Steel | Materials | Steel | Bull | TSX | Below Replacement Cost, Canada, Contrarian Investment, Electric Arc Furnace, Steel Producer, tariff impact, Technology Upgrade | Login |
| Jul 14, 2025 | Fund Letters | Aegis Value Fund | IPCO.TO | International Petroleum | Energy | Oil & Gas Exploration & Production | Bull | TSX | Canada, Energy Producer, Expansion Project, Heavy Oil, Long Reserve Life, On-time Execution, Top Holding | Login |
| Jul 14, 2025 | Fund Letters | Aegis Value Fund | FL | Footlocker | Consumer Discretionary | Specialty Retail | Bull | NYSE | acquisition target, Athletic Footwear, Discount to book, Real Estate Transition, Specialty retail, Tariff Protection, turnaround | Login |
| Jul 14, 2025 | Fund Letters | Aegis Value Fund | HNRG | Hallador Energy | Utilities | Independent Power and Renewable Electricity Producers | Bull | NASDAQ | AI data centers, Coal-fired Power, electricity demand, Independent Power Producer, Power Purchase Agreements, Regulatory Relief, Uncontracted Capacity | Login |
| Jul 14, 2025 | Fund Letters | Aegis Value Fund | BOCHGR.AT | Bank of Cyprus | Financials | Banks | Bull | Athens Stock Exchange | Athens Listing, Book Value, Cyprus Bank, dominant market position, Franchise Value, Greek Banks, re-rating catalyst | Login |
| Jul 14, 2025 | Fund Letters | Aegis Value Fund | EQX.TO | Equinox Gold | Materials | Gold | Bull | TSX | acquisition integration, Americas, debt reduction, Discount Valuation, Free Cash Flow, gold producer, Mine Ramp-up, Regulatory Approval | Login |
| Jul 14, 2025 | Fund Letters | Aegis Value Fund | MEG.TO | MEG Energy | Energy | Oil & Gas Exploration & Production | Bull | TSX | acquisition target, Canada, Heavy Oil, Hostile Bid, Oil sands, SAGD Technology, Top Holding | Login |
| Jan 27, 2025 | Fund Letters | Aegis Value Fund | NGS | Natural Gas Services Group | Energy | Oil & Gas Equipment & Services | Bull | NYSE | capital expenditures, cash flow growth, Compression Services, energy, fleet-expansion, Oil & Gas Equipment, Rental Business | Login |
| Jan 27, 2025 | Fund Letters | Aegis Value Fund | SEPL.L | Seplat Energy | Energy | Oil & Gas Exploration & Production | Bull | LSE | acquisition, Conventional Reserves, Emerging markets, energy, Nigeria, Oil & Gas Production, production growth, Shallow Water Assets | Login |
| Jan 27, 2025 | Fund Letters | Aegis Value Fund | PD.TO | Precision Drilling Corporation | Energy | Oil & Gas Drilling | Bull | TSX | Canada, debt reduction, energy, Free Cash Flow, LNG Export, Oil & Gas Drilling, Pipeline infrastructure, Share Buybacks, valuation | Login |
| Jan 27, 2025 | Fund Letters | Aegis Value Fund | IFP.TO | Interfor Corporation | Materials | Forest Products | Bear | TSX | acquisition, Canada, Cyclical, debt burden, Forest Products, Housing Construction, Lumber, materials, mortgage rates, turnaround | Login |
| Jan 27, 2025 | Fund Letters | Aegis Value Fund | MAI.TO | Minera Alamos Inc. | Materials | Gold | Bull | TSX | Arizona, diversification, gold mining, Heap Leach, Low Capital Intensity, materials, Mexico, Permits, political risk | Login |
| Jan 27, 2025 | Fund Letters | Aegis Value Fund | HNRG | Hallador Energy Company | Utilities | Independent Power Producers & Energy Traders | Bull | NASDAQ | Baseload Power, Coal Power, Contrarian Investment, data center demand, ESG Divestiture, Independent Power Producer, Power Shortages, utilities | Login |
| Jan 27, 2025 | Fund Letters | Aegis Value Fund | ORE.TO | Orezone Gold Corporation | Materials | Gold | Bull | TSX | Burkina Faso, contrarian, Free Cash Flow, gold mining, materials, Operational Execution, political risk, Production Expansion, West Africa | Login |
| Jul 30, 2024 | Fund Letters | Aegis Value Fund | OGC.TO | Orezone Gold Corporation | Materials | Gold | Bull | TSX | Burkina Faso, free cash flow yield, geopolitical risk, gold mining, Ore Grade, Production Expansion, West Africa | Login |
| Jul 30, 2024 | Fund Letters | Aegis Value Fund | PRU.AX | Perseus Mining Limited | Materials | Gold | Bull | ASX | Cash Flow Yield, debt-free, gold mining, Low-cost producer, Mine Development, Sudan, Tanzania, West Africa | Login |
| Jul 30, 2024 | Fund Letters | Aegis Value Fund | NGS | Natural Gas Services Group | Energy | Oil & Gas Equipment & Services | Bull | NYSE | cash flow growth, Compression Equipment, Energy Services, natural gas, oilfield services, Rental Fleet, Russell 2000 | Login |
| Feb 11, 2024 | Fund Letters | Aegis Value Fund | EQX | Equinox Gold Corp | Materials | Gold | Bull | TSX | Canada, construction, Equity, Gold, materials, Mining, Project Development | Login |
| Feb 11, 2024 | Fund Letters | Aegis Value Fund | BOCH.L | Bank of Cyprus Holdings PLC | Financials | Banks | Bull | London Stock Exchange | banking, Cyprus, Equity, Europe, financials, Interest rates, net interest margin | Login |
| Feb 11, 2024 | Fund Letters | Aegis Value Fund | CG.TO | Centerra Gold Inc | Materials | Gold | Bull | TSX | Equity, Gold, materials, Mining, Operations, Regulatory, Turkey | Login |
| Feb 11, 2024 | Fund Letters | Aegis Value Fund | MAI.V | Minera Alamos Inc | Materials | Gold | Neutral | TSX Venture | Drought, Equity, Gold, Heap Leach, materials, Mexico, Mining, Regulatory | Login |
| Feb 11, 2024 | Fund Letters | Aegis Value Fund | USAP | Universal Stainless & Alloy Products Inc | Materials | Steel | Bull | NASDAQ | Aerospace, Aviation, Capacity utilization, Equity, manufacturing, materials, Specialty Steel | Login |
| Feb 11, 2024 | Fund Letters | Aegis Value Fund | ORE.TO | Orezone Gold Corporation | Materials | Gold | Bull | TSX | Burkina Faso, Equity, expansion, geopolitical risk, Gold, materials, Mining, West Africa | Login |
| Feb 11, 2024 | Fund Letters | Aegis Value Fund | STLC.TO | Stelco Holdings Inc | Materials | Steel | Bull | TSX | Canada, cash flow, Equity, Hot-Rolled Coil, materials, restructuring, Steel | Login |
| Feb 11, 2024 | Fund Letters | Aegis Value Fund | ASTL.TO | Algoma Steel Group Inc | Materials | Steel | Bull | TSX | Canada, capital investment, Electric Arc Furnace, Equity, materials, Modernization, Steel | Login |
| Feb 11, 2024 | Fund Letters | Aegis Value Fund | GRNGS.ST | Natural Gas Services Group Inc | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Compression Equipment, energy, Equity, natural gas, Oil Services, Texas, turnaround | Login |
| Jul 20, 2023 | Fund Letters | Scott L. Barbee | HNRG | Hallador Energy Company | Energy | Coal & Consumable Fuels | Bull | NASDAQ | coal, deleveraging, EBITDA, Energy security, tangible book value, vertical integration | Login |
| Jul 20, 2023 | Fund Letters | Scott L. Barbee | IPCO CN | International Petroleum Corporation | Energy | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | buybacks, capital allocation, deleveraging, Free Cash Flow, oil production, Reserves | Login |
| Jul 20, 2023 | Fund Letters | Scott L. Barbee | IFP CN | Interfor Corporation | Materials | Forest Products | Bull | New York Stock Exchange | Book Value, capital allocation, Cyclicality, Housing, Lumber, Replacement Cost | Login |
| Jul 28, 2023 | Fund Letters | Aegis Value Fund | BOCH.L | Bank of Cyprus | Financials | Banks | Bull | London Stock Exchange | Bank, Cyprus, European Central Bank, Eurozone, Interest rates, non-performing assets, tangible book value, Variable Rate Deposits | Login |
| Jul 28, 2023 | Fund Letters | Aegis Value Fund | GRNGS.ST | Natural Gas Services | Energy | Oil, Gas & Consumable Fuels | Bull | NASDAQ | Compression Equipment, Energy Logistics, Free Cash Flow, market share, Multi-year Contracts, natural gas, Rental Equipment, Texas | Login |
| Jul 25, 2022 | Fund Letters | Scott L. Barbee | IPCO CN | International Petroleum Corporation | Energy | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | buybacks, capital allocation, deleveraging, Free Cash Flow, oil prices, Reserves | Login |
| Jul 25, 2022 | Fund Letters | Scott L. Barbee | IFP CN | Interfor Corporation | Materials | Forest Products | Bull | New York Stock Exchange | balance sheet, cash flow, Cyclicals, EBITDA, Housing, Lumber, Replacement Cost | Login |
| Jul 25, 2022 | Fund Letters | Scott L. Barbee | IAG | IAMGOLD Corporation | Materials | Gold Mining | Bull | New York Stock Exchange | Federal Reserve, Gold, inflation, Mean Reversion, monetary policy, Precious Metals | Login |
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