| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.83% | - | 11.19% |
The Aegis Value Fund returned 11.19% in the first half of 2026, outperforming the S&P 500 but trailing its small-cap value benchmark's 26.58% surge. Energy stocks drove performance, contributing 8.79 percentage points, with the manager maintaining a 38.3% allocation based on conviction that structural supply constraints, years of underinvestment, and geopolitical risks support higher oil prices. Cenovus Energy, the top performer, added 2.34 percentage points as shares soared 45% on successful integration of the MEG acquisition and improved crack margins. Gold positions detracted 2.22 percentage points as metals corrected on Fed hawkishness, though the manager views long-term fundamentals as strengthened by fiscal deficits and central bank repositioning. The manager expresses significant concern about S&P 500 concentration risk, with nearly 40% of the index exposed to AI buildout that may follow historical patterns of overinvestment and disappointing returns. New positions include Radian Group, hotel REITs, Jet2, and Harley Davidson, all purchased at substantial discounts to book value. The portfolio trades at meaningful discounts to the broader market while the manager maintains over $100 million in personal Fund holdings.
The manager maintains concentrated positions in energy and precious metals at substantial discounts to replacement value, capitalizing on structural supply constraints in oil from years of underinvestment and depleted strategic reserves, while positioning for probable Fed capitulation on inflation fighting given unsustainable fiscal deficits, all while avoiding S&P 500 concentration risk in AI-related mega-caps vulnerable to overinvestment dynamics and disappointing returns.
The manager expects oil prices to settle meaningfully above late 2025 levels regardless of conflict resolution speed, with compelling long-term fundamentals driven by structural underinvestment and depleted reserves. The manager anticipates markets will test Fed hawkish rhetoric, with probable capitulation given fiscal mathematics. Gold's long-term appreciation case has strengthened despite near-term correction. The manager views US equity market as overly concentrated in richly valued mega-caps dependent on unsustainable AI capital spending, while maintaining confidence that attractive opportunities exist outside this universe at substantial valuation discounts.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 28 2026 | 2026 Q2 | AET.L, ATH.TO, CLDT, CVE.TO, EFX.TO, EQX.TO, GFR, IPCO-TO, JET2.L, JSE.L, PBF, PD.TO, PK, PXT, RDN, RLJ, SEPL.L, SM, TAL, TOT.TO | Canada, energy, Geopolitical Risk, gold, inflation, oil, small caps, value |
CVE.TO EQX.TO RDN |
Aegis Value Fund returned 11.19% in H1 2026, driven by a 38.3% energy allocation capitalizing on structural oil supply constraints and geopolitical risk. The manager warns nearly 40% of S&P 500 exposure to AI buildout risks historical overinvestment patterns. Despite gold's correction, precious metals positions maintained given strengthened long-term fundamentals. New positions in Radian, hotel REITs, and turnaround situations purchased at steep discounts to book value. |
| 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 Q2 |
OilThe manager maintains a 38.3% allocation to energy stocks, primarily upstream oil & gas producers with North American and international frontier exposure. The investment case centers on structural supply constraints from years of underinvestment, depleted strategic reserves, and ongoing Iran conflict disrupting Gulf production. The manager expects oil prices to settle meaningfully above late 2025 levels even if the conflict ends, with potential for substantial price shocks if critical infrastructure is damaged. |
Oil Sands Shale Producers Exploration & Production Refiners Oilfield Services |
GoldDespite a 30% decline from January highs, the manager views the long-term case for gold as strengthened by persistent fiscal deficits, potential Fed capitulation on inflation fighting, and central bank repositioning away from Treasuries. Gold mining companies trade at double-digit free cash-flow yields and substantial discounts to the broader market. The manager intends to hold positions through the correction, focusing on companies with truthful management teams that can drive cash flow growth. |
Gold Miners Precious Metals Central Bank Demand | |
AIThe manager expresses significant concern that nearly 40% of S&P 500 exposure is tied to AI buildout, representing one of the largest capital allocations since the 19th century railroads. Historical precedent suggests periods of intense capital deployment in emerging industries are followed by overinvestment and disappointing returns. The manager warns that hyperscaler AI expenses will eventually flow through income statements, creating earnings headwinds, while emerging open-source models and efficiency gains could reduce compute demand. |
Data Centers Semiconductors Cloud Hyperscalers | |
Geopolitical RiskThe Iran conflict disrupted nearly 10% of global oil supply through the Strait of Hormuz, with attacks damaging Qatar's LNG infrastructure. The manager views the market as remarkably complacent given depleted strategic reserves and the risk of further infrastructure damage. Rising war-driven fiscal expenditures compound concerns about future currency debasement and Fed policy constraints. |
Iran Middle East Energy Security | |
ValueThe Fund's portfolio trades at substantial discounts to the broader market on price-to-book multiples. The manager continues to identify attractively valued companies outside the mega-cap growth universe, focusing on cash-generative businesses trading inexpensively relative to replacement value with strong insider ownership and balance sheet discipline. |
Deep Value Price-to-Book Discount to Replacement Cost | |
InflationHeadline CPI reached a three-year high of 4.2% in May 2026 driven by the surge in energy prices from the Iran conflict. The manager expects the Fed faces a difficult choice between hawkishly fighting inflation risking fiscal strain and market collapse, or capitulating to political demands of a fiscally profligate government risking accelerated currency debasement. |
CPI Fed Policy Currency Debasement | |
HotelsThe manager built positions in hotel REITs trading at steep discounts to replacement cost ahead of a favorable 2026 demand calendar including the FIFA World Cup and America's 250th anniversary. Industry fundamentals appear favorable with unusually subdued supply growth in recent years. |
Lodging REITs Hospitality Real Estate | |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 28, 2026 | Fund Letters | Aegis Value Fund | CVE.TO | Cenovus Energy Inc. | Other | Oil & Gas Exploration & Production | Bull | - | buyback, Canada, debt reduction, Dividend Growth, Integrated Refiner, Long Reserve Life, Low Decline, M&A Integration, Oil sands, SAGD, Upstream | Login |
| Jul 28, 2026 | Fund Letters | Aegis Value Fund | EQX.TO | Equinox Gold Corp. | Other | Gold | Neutral | - | buyback, Community Relations, debt reduction, Dilution risk, Dividend initiation, gold producer, M&A, Mine Restart, North America, production growth | Login |
| Jul 28, 2026 | Fund Letters | Aegis Value Fund | RDN | Radian Group Inc. | Other | Thrifts & Mortgage Finance | Bull | - | Book Value, capital allocation, credit quality, diversification, financial services, Lloyd's, M&A, Mortgage Insurance, Reinsurance, specialty insurance, Value | Login |
| 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 | 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 | 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 | 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 | 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 | 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 |
| 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 | 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 |
| 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 | 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 | 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 | 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 | 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 |
| 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 |
| 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 | 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 | 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 | 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 | 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 | 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 |
| TICKER | COMMENTARY |
|---|---|
| CVE.TO | The Fund's second largest holding at the start of 2026, Canadian oil sands producer Cenovus Energy (CVE-TO), was the strongest contributor to Fund performance in the first half, adding 2.34 percentage points to Fund returns as shares soared nearly 45 percent. While the disruption of Middle East energy exports improved oil prices and drove a substantial increase in refinery crack margins, Cenovus also benefitted from the successful integration of last year's well-timed and highly synergistic MEG Energy acquisition, which added scale and synergies through the addition of MEG's neighboring, high-quality Christina Lake SAGD oil sands assets. The result of these factors was a nearly 80 percent jump in Cenovus per-share earnings year-over-year in the first quarter. The company's cash flow continues to fund material debt reduction, as well as stock buybacks and increased dividends. Cenovus, with its refinery-integrated, high-quality, long reserve-life, low-decline assets, offers investors a risk reward profile that appears to be rapidly improving over time, not to mention the opportunity to capture excellent returns should a substantial Middle East oil price shock emerge. We continue to maintain our sizable position in Cenovus, which represented 7.35 percent of Fund assets at the end of June. |
| IPCO.TO | We own a number of upstream oil & gas producers, with a heavy North American focus, including Canadian oil sands producers Cenovus (CVE-TO), International Petroleum (IPCO-TO), Athabasca (ATH-TO), and Greenfire (GFR), as well as US shale producer SM Energy (SM). |
| ATH.TO | We own a number of upstream oil & gas producers, with a heavy North American focus, including Canadian oil sands producers Cenovus (CVE-TO), International Petroleum (IPCO-TO), Athabasca (ATH-TO), and Greenfire (GFR), as well as US shale producer SM Energy (SM). |
| GFR | We own a number of upstream oil & gas producers, with a heavy North American focus, including Canadian oil sands producers Cenovus (CVE-TO), International Petroleum (IPCO-TO), Athabasca (ATH-TO), and Greenfire (GFR), as well as US shale producer SM Energy (SM). |
| SM | We own a number of upstream oil & gas producers, with a heavy North American focus, including Canadian oil sands producers Cenovus (CVE-TO), International Petroleum (IPCO-TO), Athabasca (ATH-TO), and Greenfire (GFR), as well as US shale producer SM Energy (SM). |
| PXT | We also hold shares in a number of international frontier producers as well, including Parex (PXT) and Petrotal (TAL) in Central and South America, Afentra (AET-L) and Seplat (SEPL-L) in Africa, and Jadestone (JSE-L) in Southeast Asia, making an effort to avoid overconcentration in any particular jurisdiction. |
| TAL | We also hold shares in a number of international frontier producers as well, including Parex (PXT) and Petrotal (TAL) in Central and South America, Afentra (AET-L) and Seplat (SEPL-L) in Africa, and Jadestone (JSE-L) in Southeast Asia, making an effort to avoid overconcentration in any particular jurisdiction. |
| AET.L | We also hold shares in a number of international frontier producers as well, including Parex (PXT) and Petrotal (TAL) in Central and South America, Afentra (AET-L) and Seplat (SEPL-L) in Africa, and Jadestone (JSE-L) in Southeast Asia, making an effort to avoid overconcentration in any particular jurisdiction. |
| SEPL.L | We also hold shares in a number of international frontier producers as well, including Parex (PXT) and Petrotal (TAL) in Central and South America, Afentra (AET-L) and Seplat (SEPL-L) in Africa, and Jadestone (JSE-L) in Southeast Asia, making an effort to avoid overconcentration in any particular jurisdiction. |
| JSE.L | We also hold shares in a number of international frontier producers as well, including Parex (PXT) and Petrotal (TAL) in Central and South America, Afentra (AET-L) and Seplat (SEPL-L) in Africa, and Jadestone (JSE-L) in Southeast Asia, making an effort to avoid overconcentration in any particular jurisdiction. |
| PD.TO | Additionally, we have invested in a number of oilfield services and equipment companies, including land-drilling and equipment-rental companies like Precision Drilling (PD-TO), Noram Drilling (NORAM-OL), Total Energy Services (TOT-TO), and Enerflex (EFX-TO), and furthermore hold a position in North American refinery assets through PBF Energy (PBF). |
| TOT.TO | Additionally, we have invested in a number of oilfield services and equipment companies, including land-drilling and equipment-rental companies like Precision Drilling (PD-TO), Noram Drilling (NORAM-OL), Total Energy Services (TOT-TO), and Enerflex (EFX-TO), and furthermore hold a position in North American refinery assets through PBF Energy (PBF). |
| EFX.TO | Additionally, we have invested in a number of oilfield services and equipment companies, including land-drilling and equipment-rental companies like Precision Drilling (PD-TO), Noram Drilling (NORAM-OL), Total Energy Services (TOT-TO), and Enerflex (EFX-TO), and furthermore hold a position in North American refinery assets through PBF Energy (PBF). |
| PBF | Additionally, we have invested in a number of oilfield services and equipment companies, including land-drilling and equipment-rental companies like Precision Drilling (PD-TO), Noram Drilling (NORAM-OL), Total Energy Services (TOT-TO), and Enerflex (EFX-TO), and furthermore hold a position in North American refinery assets through PBF Energy (PBF). |
| EQX.TO | Equinox Gold (EQX-CA), the Fund's top holding entering the year, gave back a portion of its 2025 gains as gold retreated from its January record high above $5,500/oz to close near $4,000/oz at period-end. In May, Equinox announced an all-stock merger with Orla Mining to create what today would be an $11 billion North American senior producer targeting 1.1 million ounces of annual gold production, with a pathway to organically grow to 1.9 million ounces. While we believe the at-market deal adding Orla's Canadian Musselwhite mine to Equinox's own Canadian Greenstone and Valentine assets holds some strategic merit, shareholder sentiment appears to have soured as the transaction requires the issue of up to 421.8 million new shares, raising fears of dilutive deal impacts. Fortunately, the underlying business has continued to perform well, with Equinox delivering a $310 million profit in the first quarter, versus a loss in the previous year. The company has repaid nearly $1 billion of debt, has initiated a dividend and a buyback. Furthermore, Equinox recently resolved a long-standing conflict with one of the host communities which had idled the Los Filos mine, securing a new 20-year land access agreement which clears the path towards an eventual restart of the currently underappreciated asset. While the Fund did lighten-up on a portion of the Fund's position early in the year at excellent valuations, we paused selling as share prices dropped back to more modest valuation levels. We currently intend to hold the remaining position pending the completion of the merger with Orla and the restart of Los Filos, which should benefit sentiment. At mid-year, Equinox shares represented 3.19 percent of Fund assets. |
| RDN | Our largest purchase in the first half of 2026 was Radian Group (RDN). We bought into Radian at a modest price of roughly book value and approximately 7-8 times earnings - low valuations on both an absolute basis and relative to both its mortgage insurance peers and the broader universe of diversified financial companies. Radian's valuation is particularly low given the company has successfully compounded book value per share at a consistently solid pace in recent years. Radian's core mortgage insurance portfolio, now at a record $280 billion of insurance in force, benefits from a well-seasoned, high-credit-quality book written largely in the post-financial-crisis underwriting regime, robust excess capital well above PMIERs regulatory requirements. Furthermore, Radian now transfers a portion of its tail risk to third-party reinsurers, protecting the balance sheet against a sharp deterioration in mortgage credit, insulating the company should the economy experience a severe economic downturn. In February, Radian closed on the acquisition of Lloyd's specialty insurer Inigo, Ltd. in a cash buyout, paying approximately 1.4 times book value. While the deal was dilutive to tangible book value in the near-term, the deal was done at levels below where specialty Lloyd's syndicates and reinsurers of comparable quality have been trading and overall appears to be a reasonable price for a business that meaningfully diversifies Radian's earnings towards higher-margin specialty insurance, a shift not fully appreciated by the market. As with our energy and materials holdings, we see Radian as a well-capitalized, cash generative business trading quite inexpensively relative to the market. As of mid-year, Radian shares represented 2.66 percent of Fund assets. |
| RLJ | In the first half, the Fund also built positions in select hotel REITs, as well as Jet2 plc (JET2-L), and Harley Davidson (HOG), all at modest prices compared to tangible book value. Within hotel REITs, we continued to build our position in RLJ Lodging Trust (RLJ) and initiated a new position in Park Hotels & Resorts (PK), complementing our position in Chatham Lodging Trust (CLDT) established late last year. These companies had been trading at steep discounts to replacement cost ahead of a favorable 2026 demand calendar, which included the FIFA World Cup across several US host cities and America's 250th anniversary. With hotel supply growth remaining unusually subdued in recent years, industry fundamentals appeared favorable. |
| PK | In the first half, the Fund also built positions in select hotel REITs, as well as Jet2 plc (JET2-L), and Harley Davidson (HOG), all at modest prices compared to tangible book value. Within hotel REITs, we continued to build our position in RLJ Lodging Trust (RLJ) and initiated a new position in Park Hotels & Resorts (PK), complementing our position in Chatham Lodging Trust (CLDT) established late last year. These companies had been trading at steep discounts to replacement cost ahead of a favorable 2026 demand calendar, which included the FIFA World Cup across several US host cities and America's 250th anniversary. With hotel supply growth remaining unusually subdued in recent years, industry fundamentals appeared favorable. |
| CLDT | In the first half, the Fund also built positions in select hotel REITs, as well as Jet2 plc (JET2-L), and Harley Davidson (HOG), all at modest prices compared to tangible book value. Within hotel REITs, we continued to build our position in RLJ Lodging Trust (RLJ) and initiated a new position in Park Hotels & Resorts (PK), complementing our position in Chatham Lodging Trust (CLDT) established late last year. These companies had been trading at steep discounts to replacement cost ahead of a favorable 2026 demand calendar, which included the FIFA World Cup across several US host cities and America's 250th anniversary. With hotel supply growth remaining unusually subdued in recent years, industry fundamentals appeared favorable. |
| JET2.L | Jet2, the UK's largest package holiday operator with a loyal customer base, trades at just 6-9 times earnings despite continued strong financial results and a balance sheet holding roughly £2 billion in net cash against a £3 billion market capitalization. Jet2 capitalized on the pandemic downturn, placing substantial Airbus aircraft orders in August 2021 and October 2022, likely at attractive prices. These fleet commitments support the company's continued expansion into underpenetrated markets such as Gatwick. |
| HOG | And in Harley Davidson, we bought into a century-old American brand at multi-year low levels well below book value as a sorely needed new management team under Artie Starrs initiated a 'Back to the Bricks' turnaround plan, with the goal of repairing dealer relationships and providing a better priced assortment of entry-level motorcycles to attract a new generation of riders. |
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