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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jul 14, 2024 | Aegis Value Fund | 0.0% | 3.1% | AAPL, AMZN, ARG.TO, BCYP, CSCO, DLAPF, GOOGL, HLDR, IFP.TO, IPCO.TO, MEG.TO, META, MSFT, MTRX, NGS, NVDA, ORE.TO, PRU.AX, SEPBTF, TSLA | energy, gold, inflation, Mining, oil, small cap, value | Oil supply appears temporarily supplemented by inventory liquidations with US Strategic Petroleum Reserve drained nearly half. US shale production growth structurally leveling off as new drilling primarily offsets decline rates. Global exploration hindered by fossil fuel divestment and sanctions on Russia may constrain exports. | PRU.AX OGC.TO NGS |
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| 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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| 2023 Q4 | May 1, 2024 | Aegis Value Fund | 0.0% | 3.1% | ASTL.TO, BOCH.L, CG.TO, EQX.TO, ESN.TO, HNRG, MAI.V, NGS, ORE.TO, STLC.TO, TDW, USAP | energy, gold, materials, Mining, small caps, Steel, undervalued, value | Fund held 22.4% in precious metals mining companies at year start. Gold climbed 13.1% in 2023 but mining stocks lagged. Manager believes precious metals sector remains materially undervalued with excellent cash flow yields and potential for strong returns given current gold prices. | GRNGS.ST BOCH.L USAP ASTL.TO STLC.TO ORE.TO MAI.V CG.TO EQX |
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| 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 |
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| 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 |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Aegis Value Fund | Orezone Gold Corporation | Materials | Gold | Bull | TSX | Burkina Faso, Equity, expansion, geopolitical risk, Gold, materials, Mining, West Africa | View Pitch |
| Apr 13, 2026 | Fund Letters | Aegis Value Fund | Orezone Gold Corporation | Materials | Gold | Bull | TSX | Burkina Faso, contrarian, Free Cash Flow, gold mining, materials, Operational Execution, political risk, Production Expansion, West Africa | 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. | ||||||||