NGS

NGS

NGS

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%	318 GR, IPCO SS, NGS	-			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 Q4	Jan 14, 2026	Riverwater Micro Opportunities Strategy	0.0%	0.0%	AVD, AVID, CLMB, FSBC, IRMD, LEU, LMNR, MAMA, MEC, NCMI, NGS, PLOW, PWP, UROY	AI, Biotechnology, fundamentals, Microcap, nuclear, Quality, rates, value	The manager emphasizes investment discipline centered on higher-quality businesses that are profitable or approaching profitability with attractive returns on invested capital. They believe quality businesses should regain leadership as fundamentals reassert themselves as the primary driver of returns. While remaining long-term believers in AI and acknowledging that large platforms are positioned to benefit, the manager views many smaller AI-tied companies as facing greater operational and financial risk than current valuations suggest. They avoided AI-adjacent themes that drove speculative performance in 2025. The Materials sector was the top performer for the year driven by investments in the nuclear energy space. Centrus Energy Corp was a big winner before being sold in Q4 as valuation reflected much of the good news, while Uranium Royalty Corp is held to play rising uranium prices expected this year. The manager struggled with biotech exposure as the sector rallied 31% in Q4, but finds it difficult to allocate as many companies are large risk, large reward binary investments outside their area of expertise. They continue to avoid direct biotech exposure while favoring micro-cap MedTech companies that benefit from improving biotech funding. A key tailwind entering 2026 is easing monetary policy with the Federal Reserve's shift toward rate cuts being especially supportive for micro-cap companies. Lower interest rates and a steeper yield curve can meaningfully reduce capital costs, improve liquidity, and support incremental investment for micro-caps.	PLOW NGS LMNR AVD IRMD	View
2023 Q4	May 1, 2024	Aegis Value Fund	0.0%	3.1%	ASTL CN, BOCH LN, CG CN, EQX, MAI CN, NGS, ORE CN, STLC CN, USAP	-			View
2023 Q1	Mar 31, 2023	Palm Valley Capital Management	-0.1%	4.2%	CRD/A, GENC, MLR, NGS, OR, WHGLY	-			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

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 26, 2026	Fund Letters	Scott L. Barbee	Natural Gas Services Group, Inc.	Energy	Oil & Gas Equipment & Services	Bull	New York Stock Exchange	CapEx, cashflow, Compression, Contracts, Governance, midstream, rerating, tangible book	View Pitch
Feb 26, 2026	Fund Letters	Scott L. Barbee	Natural Gas Services Group, Inc.	Energy	Oil & Gas Equipment & Services	Bull	New York Stock Exchange	Compression, Contracts, deleveraging, rerating, tangible book, Utilization	View Pitch
Jan 16, 2026	Fund Letters	Adam Peck	Natural Gas Services Group, Inc.	Energy	Oil & Gas Equipment & Services	Bull	New York Stock Exchange	Compression, Contracts, Energyservices, Margins, Naturalgas	View Pitch
Nov 25, 2025	Substack	Scalpavelli	Natural Gas Services	Energy	Oil & Gas Equipment & Services	Bull		Capex Plans, Customer concentration, Data Analytics, data centers, Growth Cycle, LNG, market share gains, Natural Gas Services, oilfield services, Product Differentiation	View Pitch

BSD Shareholders of NGS

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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