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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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| 2022 Q4 | Dec 31, 2022 | Moerus Capital Management LLC | - | 13.3% | ARCO, BRX, DESP, EMAAR UH, GIVPY, IPCO CN, SPB, TDW, YRI SW | - | View | ||
| 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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| 2022 Q2 | May 31, 2022 | Moerus Capital Management LLC | - | 16.1% | ARCO, CIB, CRE LN, IDFCFB IN, IPCO CN, ITAUCL CI, STAN LN, TDW | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 26, 2026 | Fund Letters | Scott L. Barbee | International Petroleum Corporation | Energy | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | buybacks, capital allocation, deleveraging, Free Cash Flow, oil production, Reserves | View Pitch |
| Feb 26, 2026 | Fund Letters | Scott L. Barbee | International Petroleum Corporation | Energy | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | buybacks, capital allocation, deleveraging, Free Cash Flow, oil prices, Reserves | View Pitch |
| Jan 30, 2026 | Fund Letters | Steven Wood | International Petroleum Corp | Energy | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | buybacks, capital allocation, NAV, oil, Oil sands | 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. | ||||||||