ATH-TO

ATH-TO

ATH-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q2	Jul 28, 2025	Aegis Value Fund	-	5.7%	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	Energy 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.	GRNGS.ST BOCH.L	View
2025 Q2	Jul 25, 2025	Open Insights Capital	-	-	ATH.TO, CNQ.TO, CVE.TO, CVX, MEG.TO, OXY, SCR.TO, SU.TO, XOM	Carbon Capture, energy, M&A, oil, tariffs, Trade Policy	The US is engaged in a trade war with China, implementing tariffs as high as 145% on Chinese goods. The manager believes this decoupling strategy will ultimately fail as the US is already backtracking and softening positions. Trade frameworks lack substance and the market is betting on the TACO trade (Trump Always Chickens Out).	OXY MEG.TO OXY SCR CN MEG CN	View
2025 Q4	Feb 17, 2026	Aegis Value Fund	0.0%	67.1%	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	Gold rocketed up 64.6% in 2025 as global sentiment soured on the dollar amid government fiscal profligacy and untenable debt levels. Investors shifted towards precious metals as a safe haven for wealth preservation, with global ETF demand soaring and China buying gold hand-over-fist. Gold overtook US Treasuries as the primary reserve asset in central banks worldwide. Precious metals mining stocks soared with the MVIS Global Junior Gold Miners Index increasing 176.5% and NYSE Arca Gold Miners Index climbing 158.28%. The Fund's 23.4% allocation to 22 precious metals mining positions delivered 35.01 percentage points of Fund returns. Despite recent gains, the sector remains substantially undervalued vis-à-vis the market. WTI crude prices dropped 19.9% in 2025, delivering oil's worst year since 2020. OPEC incrementally increased production quotas by 2.9 million barrels/day amid trade tensions while Chinese demand growth moderated. The oil-to-gold ratio is now at historic lows outside the 2020 pandemic, suggesting oil assets may be undervalued debasement safe-havens. Hyperscalers are investing nearly $1.5 trillion in capex over the next 24 months for data-center construction. Data centers will grow to represent 12% of all US energy use by 2028, up from 4.4% in 2023. This creates investment opportunities in electricity and natural gas producers as reliable power generation becomes a key bottleneck. Natural gas pricing was flat with spot Henry Hub prices edging up just 1.46% from a year ago. However, natural gas appears to have fully recovered from its glut as substantial North American LNG export capacity came online and data-center electricity requirements increased demand for natural gas generation. The dollar index delivered a nearly 10% decline over the year as investor sentiment towards the dollar weakened considerably. Factors included federal debt topping $38 trillion, a more dovish Federal Reserve, increasing American tariffs, and dollar weaponization through financial system sanctions.	ASTL CN CVE CN CYL AU ORE CN EQX CN	View
2025 Q2	Jan 1, 1970	Aegis Value Fund	-	27.6%	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	Precious 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.	HNRG BOCHGR.AT MEG.TO IPCO.TO EQX.TO ASTL.TO FL	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of ATH-TO

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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