LongHOGJul 2026
Harley-Davidson, Inc.
Aegis bought Harley-Davidson at multi-year low levels well below book value. The fund views the century-old brand as a turnaround rather than a growth-at-any-price story. New…
Aegis Value Fund / Aegis Financial Corporation
Concentrated small-cap deep-value investing in out-of-favor companies trading at substantial discounts to assessed intrinsic value.$1.1B AUM8 published ideas
Aegis Value Fund follows a deep-value discipline focused on smaller companies trading at low valuations relative to book value and intrinsic worth. The portfolio is concentrated and company-specific, with a preference for strong cash generation, disciplined balance sheets, meaningful insider alignment and hard-asset-backed opportunities.
Ideas from Aegis Value Fund / Aegis Financial Corporation
LongCVEJul 2026
Cenovus Energy Inc.
Aegis views Cenovus as a high-quality Canadian oil-sands producer with long reserve life, low decline rates and integrated refining assets. The Middle East disruption improved…
LongEQXJul 2026
Equinox Gold Corp.
Aegis continues to hold Equinox Gold despite a sharp pullback in precious metals and concerns around its all-stock merger with Orla Mining. The combined company would create a…
LongRDNJul 2026
Radian Group Inc.
Radian was Aegis's largest purchase in the first half of 2026. The fund bought the shares at roughly book value and about 7-8 times earnings despite a record mortgage-insurance…
LongRLJJul 2026
RLJ Lodging Trust
Aegis continued to build its position in RLJ Lodging Trust as part of a broader hotel-REIT value thesis. The fund believes hotel REITs were trading at steep discounts to…
LongPKJul 2026
Park Hotels & Resorts Inc.
Aegis initiated Park Hotels & Resorts as part of its hotel-REIT value basket. The fund believes the shares were trading at a steep discount to replacement cost while the 2026…
LongCLDTJul 2026
Chatham Lodging Trust
Chatham Lodging Trust is part of the hotel-REIT exposure Aegis built around discounted real estate values and favorable lodging fundamentals. The position had been established…
LongJET2.LJul 2026
Jet2 plc
Aegis bought Jet2 because it sees a strong operating business trading at a modest valuation. Jet2 is the U.K.'s largest package holiday operator, has a loyal customer base and…
Letters covered
- Portfolio Manager’s Letter - 1st Half Ended June 30, 2026July 28, 2026
Source PDFs are not republished here; only extracted ideas and quotes.