AEGIS FINANCIAL CORP
Long book
$580.5M
Q1 2026
Positions
37
Top-10 weight
68%
concentration
Last quarter
-6.0%
SPY +14.8%
Turnover
16%
of book per quarter
Strategy in plain words
auto-generated from filingsAEGIS FINANCIAL CORP is a concentrated fundamental stock-picker, running a $580.5M US long book across 37 positions.
The portfolio is concentrated: the top 10 names carry 68% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: CENOVUS ENERGY INC, EQUINOX GOLD CORP, PRECISION DRILLING CORP, VERMILION ENERGY INC, PBF ENERGY INC-CLASS A.
Over the last 9 quarters its long book ran on average 4.2pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.1%
Q2 2024
+12.1%
Q3 2024
+3.0%
Q4 2024
-6.0%
Q1 2025
+9.8%
Q2 2025
+32.1%
Q3 2025
+12.2%
Q4 2025
+20.9%
Q1 2026
-6.0%
Sector allocation
Energy 47%
Materials 21%
Industrials 13%
Other 5%
Utilities 5%
Consumer discretionary 5%
Financials 4%
Long book by quarter
What does AEGIS FINANCIAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CVE CENOVUS ENERGY INC | Energy | 3.5M | $91.6M | 15.8% | -0.1% |
| EQX EQUINOX GOLD CORP | Materials | 3.9M | $55.9M | 9.6% | -13.3% |
| PDS PRECISION DRILLING CORP | Energy | 504.1K | $49.5M | 8.5% | Held |
| VET VERMILION ENERGY INC | Energy | 2.6M | $35.2M | 6.1% | +93.9% |
| PBF PBF ENERGY INC-CLASS A | Energy | 620.3K | $29.5M | 5.1% | Held |
| HNRG HALLADOR ENERGY CO | Utilities | 1.8M | $29.5M | 5.1% | Held |
| ASIX ADVANSIX INC | Materials | 1.2M | $29.5M | 5.1% | Held |
| HOG HARLEY-DAVIDSON INC | Industrials | 1.4M | $27.7M | 4.8% | New |
| RYZ RYERSON HOLDING CORP | Consumer discretionary | 1.1M | $25.1M | 4.3% | +57.9% |
| TDW TIDEWATER INC | Industrials | 276.5K | $23.1M | 4.0% | Held |
| NGS NATURAL GAS SERVICES GROUP | Energy | 587.0K | $22.2M | 3.8% | -12.5% |
| MOS MOSAIC CO/THE | Other | 853.6K | $21.8M | 3.7% | Held |
| SM SM ENERGY CO | Energy | 551.8K | $17.2M | 3.0% | New |
| GAU GALIANO GOLD INC | Materials | 6.4M | $16.0M | 2.8% | Held |
| NOA NORTH AMERICAN CONSTRUCTION | Energy | 1.0M | $14.0M | 2.4% | Held |
| EGO ELDORADO GOLD CORP | Materials | 387.8K | $13.3M | 2.3% | Held |
| EFXT ENERFLEX LTD | Industrials | 551.2K | $11.5M | 2.0% | Held |
| RDN RADIAN GROUP INC | Financials | 295.3K | $9.8M | 1.7% | New |
| BSET BASSETT FURNITURE INDS | Other | 527.0K | $7.5M | 1.3% | +5.2% |
| ASTL ALGOMA STEEL GROUP INC | Industrials | 1.8M | $7.4M | 1.3% | Held |
| INBK FIRST INTERNET BANCORP | Financials | 354.3K | $7.2M | 1.2% | +41.5% |
| GFR GREENFIRE RESOURCES LTD | Energy | 417.5K | $2.6M | 0.5% | +133.1% |
| ACTG ACACIA RESEARCH CORP | Financials | 491.1K | $2.4M | 0.4% | New |
| VLGEA VILLAGE SUPER MARKET-CLASS A | Consumer discretionary | 55.7K | $2.4M | 0.4% | Held |
| IAUX I-80 GOLD CORP | Materials | 1.1M | $1.7M | 0.3% | Held |
| WHG WESTWOOD HOLDINGS GROUP INC | Financials | 99.9K | $1.6M | 0.3% | Held |
| HNNA HENNESSY ADVISORS INC | Financials | 141.4K | $1.4M | 0.2% | Held |
| ASC ARDMORE SHIPPING CORP | Industrials | 89.6K | $1.4M | 0.2% | Held |
| XPL SOLITARIO RESOURCES CORP | Materials | 632.5K | $519K | 0.1% | Held |
| MERC MERCER INTERNATIONAL INC | Other | 308.9K | $439K | 0.1% | Held |
| WFG WEST FRASER TIMBER CO LTD | Other | 3.1K | $205K | 0.0% | New |
| DC DAKOTA GOLD CORP | Materials | 30.0K | $152K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 13, 2026 | 37 | $580.5M | confidential canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 33 | $419.3M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 26 | $261.3M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 11, 2025 | 25 | $169.9M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 9, 2025 | 23 | $117.2M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 12, 2025 | 22 | $116.1M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 23 | $117.3M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 8, 2024 | 25 | $103.9M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 10, 2024 | 27 | $117.8M | canonical | SEC ↗ |
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