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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2022 Q2 | Jul 25, 2022 | Aegis Value Fund | - | -0.3% | HNRG, IFP CN, IPCO CN | Capital discipline, free cash flow, Oil Prices, OPEC Supply, Shale Production | The letter emphasizes a contrarian opportunity in fossil fuel equities driven by years of underinvestment, capital discipline, and structurally tight supply conditions. Energy companies have prioritized debt reduction, share buybacks, and free cash flow generation rather than aggressive capital expenditures, resulting in fortress balance sheets and high shareholder returns. With global demand recovering, limited OPEC spare capacity, declining shale DUC inventories, and constrained long-cycle project approvals, the supply-demand backdrop supports sustained elevated commodity pricing and strong equity cash flows. | IAG IFP CN IPCO CN |
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| 2024 Q1 | Apr 15, 2024 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | CLMB, CMP, DCO, GLDD, HNRG, LFCR, LTRPA, PKE, RDVT, SSP, TBRG, TRU, VSAT, WMT | - | 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 |
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| 2024 Q4 | Dec 31, 2024 | Apis Global Discovery Fund | 2.6% | 8.6% | 103590 KS, 4046 JP, HNRG, RCAT, TLN | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Apis Deep Value Fund | 1.4% | 8.5% | 103590 KS, 2238 HK, 4046 JP, HNRG, PLUG, RCAT, SOON SW, TLN, TPB | - | View | ||
| 2023 Q3 | Oct 10, 2023 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | AMSWA, CCF, CNX, CVLT, DLHC, ECVT, HCCI, HNRG, IAC, LFCR, MGM, SSP, VSAT | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Apis Global Discovery Fund | 3.7% | 11.6% | HNRG, TLN | - | View | ||
| 2022 Q2 | Jun 30, 2022 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | BKEP, CMP, HNRG, INFU, LGF/B, VSAT, WTM | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | CLMB, CMP, ECVT, GLDD, GMED, HNRG, LFCR, LGF/B, NUVA, SSP, TIGO, VMD | - | View | ||
| 2024 Q4 | Jan 27, 2025 | Aegis Value Fund | - | 9.4% | AE, HNRG, IFP CN, MAI CN, NGS, ORE CN, PD CN, SEPL LN | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 26, 2026 | Fund Letters | Scott L. Barbee | Hallador Energy Company | Energy | Coal & Consumable Fuels | Bull | NASDAQ | coal, deleveraging, EBITDA, Energy security, tangible book value, vertical integration | View Pitch |
| Jan 23, 2026 | Twitter / X | @jaysyoon | Hallador Energy Company | Energy | Independent Power Producers & Energy Traders | Bull | NASDAQ | datacenter, Deal, Hnrg, Hnrg Shares, Payments, Proposed, Proposed Datacenter, Satellite | View Pitch |
| Jan 22, 2026 | Twitter / X | @Mike10947310 | Hallador Energy Company | Energy | Coal & Consumable Fuels | Bull | NASDAQ | Counterparty, Exclusivity, Hnrg, Indiana, Ipp, Negotiation, Unsolicited, Unsolicited Bids | View Pitch |
| 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. | ||||||||