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Aegis Financial Corp.
AEGIS Financial Corp is a McLean, Virginia-based deep-value oriented investment adviser founded in 1994. The firm serves as the investment advisor to the Aegis Value Fund (AVALX) and has a long track record of focusing on securities trading at substantial discounts to assessed fundamental value. The firm remains internally owned, emphasizes long-term growth over short-term asset accumulation, and has approximately 28 clients. Aegis Financial is known for its experienced investment team and rigorous, fundamental bottom-up research process targeting undervalued small-cap equities. Employee count is small, reflecting its specialized boutique nature.
Investment Strategy
Aegis Financial employs a deep-value, contrarian investment strategy focused on identifying equities—primarily in the small-cap segment—trading at sizable discounts to intrinsic value. The investment approach is rooted in rigorous fundamental and bottom-up research to uncover market inefficiencies, particularly where company valuations deviate from their true worth. The firm emphasizes patience, long-term holding periods, and robust downside protection by purchasing companies with attractive price-to-book ratios and strong asset bases. Aegis systematically seeks to exploit equity pricing volatility driven by investor emotion, buying when sentiment is poor and selling as valuations recover, always maintaining a dispassionate, fact-driven evaluation of company fundamentals.
Latest 13F Filing Activity
Aegis Financial Corp. filed their most recent 13F report on Jun 30, 2025 disclosing 24 equity positions with a total 13F market value of $170M. The fund increased holdings in PBF Energy Inc., Equinox Gold Corp., Hallador Energy Company among other positions. Aegis Financial Corp. reduced exposure to Mercer Intl Inc., SPDR Gold TR, Westwood HLDGS Group Inc. among others.
Top Holdings
Equity Positions (24)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
H HNRG | HALLADOR ENERGY COMPANY | 18.74% | $31.8M | 2,010,994 | $9.98 | $15.83 | +$7.0M |
E EQX | EQUINOX GOLD CORP | 16.37% | $27.8M | 4,828,363 | $4.45 | $5.75 | +$10.2M |
N NGS | NATURAL GAS SVCS GROUP INC | 10.20% | $17.3M | 671,112 | $9.90 | $25.81 | +$2.6M |
P PBF | PBF ENERGY INC | 7.91% | $13.4M | 620,460 | $21.67 | $21.67 | +$13.4M |
T TDW | TIDEWATER INC NEW | 7.51% | $12.8M | 276,529 | $43.31 | $46.13 | +$4.2M |
Industry Allocation
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