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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"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."
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.
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