NCAU.TO Archives

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q4	Jan 27, 2025	Aegis Value Fund	-	9.4%	AE, ARGT.TO, ASTL.TO, BOCH, CYL.AX, EQX.TO, GMIN.TO, GQC.TO, HNRG, IFP.TO, KMR.L, MAI.TO, MEG.TO, NCAU.TO, NGS, ORE.TO, PD.TO, PRU.AX, SEPL.L	Canada, commodities, energy, gold, inflation, materials, small caps, value	Energy sector holdings significantly outperformed peers, delivering 6.33 percentage points to fund returns. Natural Gas Services Group climbed 67% as capital expenditures began generating cash flows. Precision Drilling was the largest new position, purchased at attractive valuations with strong Canadian fundamentals and improving pipeline infrastructure.	ORE.TO MAI.TO IFP.TO PD.TO HNRG SEPL.L NGS	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

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

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Filing Date: September 30, 2025

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