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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Small-cap equities subject to emotional overreaction and institutional neglect create severe mispricings relative to book value. Disciplined capital allocation targeting the lowest quintile of price-to-book multiples captures cyclical mean reversion as fundamentals normalize."
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.
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