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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 Q2 | Jul 14, 2024 | Aegis Value Fund | 0.0% | 3.1% | ARG CN, BOCH LN, DLAPQ, IFP CN, MTRX, ORE CN, PRU CN | - | View | ||
| 2025 Q3 | Nov 23, 2025 | Robotti Value Investors | - | - | IFP CN | cash flows, commodities, Concentration, Discipline, value | The letter discusses how extreme AI-driven market concentration has created valuation dislocations reminiscent of the late-1990s tech bubble. Robotti highlights opportunities in overlooked, asset-heavy, cash-generative businesses that are out of favor but possess durable fundamentals, contrasting them with richly priced AI beneficiaries. The manager stresses that disciplined value investing and independent judgment remain durable edges amid rising macro uncertainty and speculative flows. | IFP CN |
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| 2022 Q4 | Jan 20, 2023 | Aegis Value Fund | - | 10.5% | IAG, IFP CN, IPCO CN | Capital discipline, free cash flow, Oil Gas, supply constraints, Thermal Coal | The letter highlights a powerful rotation into energy equities amid supply constraints, underinvestment, and geopolitical disruptions following the Russia-Ukraine war. Years of capital starvation and ESG-driven divestment left fossil fuel supply structurally tight, driving strong cash flows and balance sheet repair across producers and service companies. The manager remains constructive on oil and gas fundamentals given constrained supply, recovering demand, and attractive valuations versus replacement cost. | IFP CN IPCO CN HNRG |
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| 2023 Q3 | Apr 10, 2023 | Van Der Mandele Arar Fund | -5.9% | 0.5% | AWE LN, IFP CN, STLA | - | 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 | Interfor Corporation | Materials | Forest Products | Bull | New York Stock Exchange | Book Value, capital allocation, Cyclicality, Housing, Lumber, Replacement Cost | View Pitch |
| Feb 26, 2026 | Fund Letters | Scott L. Barbee | Interfor Corporation | Materials | Forest Products | Bull | New York Stock Exchange | balance sheet, cash flow, Cyclicals, EBITDA, Housing, Lumber, Replacement Cost | View Pitch |
| Dec 3, 2025 | Fund Letters | Bob Robotti | Interfor Corporation | Materials | Forest Products | Bear | TSX | Capacity, Cycle, Dilution, Duties, leverage, Lumber, Timber | View Pitch |
| Nov 28, 2025 | Fund Letters | Bob Robotti | Interfor Corporation | Materials | Forest Products | Bear | NYSE | Capacity, Cycle, Dilution, Duties, leverage, Lumber, Timber | 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. | ||||||||