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AF

Aegis Financial Portfolio holdings

AUM $580M
1-Year Est. Return 105.74%
This Fund
S&P 500
This Quarter Est. Return
+36.69%
1 Year Est. Return
+105.74%
3 Year Est. Return
+256.52%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$261M
AUM Growth
+$91.4M
Cap. Flow
+$39.3M
Cap. Flow %
15.05%
Top 10 Hldgs %
86.15%
Holding
27
New
2
Increased
3
Reduced
1
Closed
1

Top Buys

Rank Stock Value
1
CVE icon
Cenovus Energy
CVE
+$14.4M
2
PDS
Precision Drilling
PDS
+$13M
3
NOA
North American Construction
NOA
+$12.3M
4
VET icon
Vermilion Energy
VET
+$2.7M
5
GAU
Galiano Gold
GAU
+$286K

Top Sells

Rank Stock Value
1
BTU icon
Peabody Energy
BTU
+$3.18M
2
EQX icon
Equinox Gold
EQX
+$83K

Sector Composition

Rank Sector Weight
1 Energy 45.19%
2 Materials 34.26%
3 Utilities 15.06%
4 Consumer Discretionary 2.85%
5 Financials 1.2%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EQX icon
1
Equinox Gold
EQX
$7.22B
$54M 20.66%
4,817,923
-10,440
-0.2% -$83K
HNRG icon
2
Hallador Energy
HNRG
$689M
$39.4M 15.06%
2,010,994
– –
PDS
3
Precision Drilling
PDS
$1.01B
$25.5M 9.75%
452,359
+236,963
+110% +$13M
NGS icon
4
Natural Gas Services Group
NGS
$460M
$18.8M 7.19%
671,112
– –
PBF icon
5
PBF Energy
PBF
$7.22B
$18.7M 7.16%
620,460
– –
CVE icon
6
Cenovus Energy
CVE
$51.6B
$15.6M 5.98%
+920,500
New +$14.4M
TDW icon
7
Tidewater
TDW
$3.71B
$14.7M 5.64%
276,529
– –
GAU
8
Galiano Gold
GAU
$455M
$14.5M 5.55%
6,659,321
+153,400
+2% +$286K
NOA
9
North American Construction
NOA
$370M
$12M 4.58%
+841,934
New +$12.3M
EGO icon
10
Eldorado Gold
EGO
$8.4B
$11.9M 4.56%
412,779
– –
BSET icon
11
Bassett Furniture
BSET
$171M
$7.45M 2.85%
476,119
– –
VET icon
12
Vermilion Energy
VET
$1.59B
$6.8M 2.6%
870,492
+350,000
+67% +$2.7M
ASTL icon
13
Algoma Steel
ASTL
$463M
$6.35M 2.43%
1,786,122
– –
EFXT
14
Enerflex
EFXT
$2.65B
$5.95M 2.28%
551,151
– –
WHG icon
15
Westwood Holdings Group
WHG
$187M
$1.65M 0.63%
99,926
– –
SLV icon
16
iShares Silver Trust
SLV
$27.6B
$1.5M 0.57%
35,383
– –
HNNA icon
17
Hennessy Advisors
HNNA
$78.8M
$1.48M 0.57%
141,353
– –
IAUX
18
i-80 Gold Corp
IAUX
$1.11B
$1.08M 0.41%
1,126,349
– –
ASC icon
19
Ardmore Shipping
ASC
$669M
$1.06M 0.41%
89,612
– –
MERC icon
20
Mercer International
MERC
$45.6M
$890K 0.34%
309,007
– –
MIND icon
21
MIND Technology
MIND
$45.8M
$644K 0.25%
79,572
– –
XPL icon
22
Solitario Resources
XPL
$67.9M
$441K 0.17%
632,458
– –
GLD icon
23
SPDR Gold Trust
GLD
$131B
$294K 0.11%
828
– –
CEF icon
24
Sprott Physical Gold and Silver Trust
CEF
$7.35B
$274K 0.1%
7,474
– –
WFG icon
25
West Fraser Timber
WFG
$5.28B
$214K 0.08%
3,142
– –
1
2

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TCMX
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DLCIG
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IIA
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WCCM
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Aegis Financial's Q3 2025 Portfolio in Review

As of Q3 2025, Aegis Financial held 27 positions worth $261M, up 54% from $170M the previous quarter. Its ten largest holdings account for 86% of the portfolio.

Aegis Financial deployed $39.3M of net new capital in Q3 2025, opening 2 new positions and adding to 3 existing holdings. Its largest new stake was Cenovus Energy: 920,500 shares worth $15.6M.

By sector, the portfolio is most concentrated in Energy at 45% of assets, up from 38% a quarter earlier, followed by Materials and Utilities.

On the sell side, the largest reduction was Equinox Gold, an estimated $83K trimmed.

  • Aegis Financial's largest Q3 2025 buy was Cenovus Energy: 920,500 shares worth $15.6M.
  • Aegis Financial added most to Precision Drilling in Q3 2025, an estimated $13M increase.
  • Aegis Financial's biggest Q3 2025 reduction was Equinox Gold, cutting an estimated $83K.
  • Aegis Financial fully exited Peabody Energy in Q3 2025, selling an estimated $3.18M.
  • Aegis Financial's ten largest holdings make up 86% of its $261M portfolio in Q3 2025.
  • Aegis Financial opened 2 new positions and closed 1 in Q3 2025.
  • Aegis Financial's portfolio value rose 54% quarter-over-quarter to $261M.

Based on Aegis Financial's 13F filing for Q3 2025, filed 12 Nov 2025.