AEGIS FINANCIAL CORP

Registered adviser

CIK

1140753

Location

MC LEAN, VA

Portfolio Value

Small $633,113,377

Diversification

Diversified

Filing Date

Global Rank

#3,332 / 8,818 ▼ 65

Top Industry

Oil & Gas Integrated 13.5%

3Y Alpha vs SPY

+9.6%

Period ended 4 months ago

Filed Aug 12, 2026 · 3mo

15 quarters · since Dec 2022

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 111587

Roster of Oct 1, 2026

Regulatory AUM

$1,367,476,939

Main clients

Registered funds and BDCs (96% of AUM)

Registered funds advised

1 series (0 index, 0 ETFs)

$599,048,267 net assets· N-CEN Dec 31, 2025

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	$1,367,476,939	Registered funds and BDCs (96%)
Apr 2025 to Mar 2026	$380,976,522	Registered funds and BDCs (92%)
Apr 2024 to Mar 2025	$341,413,738	Registered funds and BDCs (92%)
May 2023 to Mar 2024	$352,674,585	Registered funds and BDCs (92%)
Apr 2023	$352,674,585	Registered funds and BDCs (92%)
Apr 2022 to Mar 2023	$238,153,983	Registered funds and BDCs (89%)

3 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Diversified active

Top 10 weight 58.5%, 19.0 effective positions, active share 98.9% against the S&P SmallCap 600 as of 2026-06-30; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Low turnover

8.0% over the last four quarters (under 30%)

Horizon

Medium horizon

Value-weighted holding period 6.9 quarters (4 to under 12)

Closest benchmark: the S&P SmallCap 600 as of 2026-06-30, active share 98.9%; sector active share 70.0% against the combined 13F book's sector weights.

Over time 15 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

39 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

13.5%

−2.2 pts

Top 5

35.8%

−9.3 pts

Top 10

58.5%

−9.8 pts

HHI

525

Diversified−137

Portfolio Trend

15 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Energy	44.0%	$278,761,682	10
Basic Materials	20.2%	$128,099,558	11
Consumer Cyclical	9.6%	$60,989,030	3
Real Estate	8.7%	$54,997,919	3
Financial Services	7.0%	$44,592,688	5
Utilities	5.0%	$31,511,132	1
Industrials	4.9%	$31,032,752	3
Consumer Defensive	0.4%	$2,350,817	1
Unclassified	0.1%	$777,799	2

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

8 positions

Ticker	Company	Δ Shares	Shares	Value
GAU	Galiano Gold Inc.	+7,715,996	14,125,317	$26,414,342
VET	Vermilion Energy Inc.	+700,000	3,260,428	$30,550,210
RDN	Radian Group Inc	+522,238	817,512	$30,795,677
GFR	Greenfire Resources Ltd.	+360,168	777,716	$4,394,095
SM	SM Energy Co	+227,082	778,851	$20,328,011
RLJ	RLJ Lodging Trust	+50,000	2,049,425	$24,285,686
HNNA	Hennessy Advisors Inc	+29,415	170,768	$1,733,295
BSET	Bassett Furniture Industries Inc	+23,416	550,413	$9,753,318
No positions match the current search.

Trimmed

Positions the filer reduced

3 positions

Ticker	Company	Δ Shares	Shares	Value
EQX	Equinox Gold Corp.	−10,727	3,870,237	$37,618,703
NGS	Natural Gas Services Group Inc	−2,140	584,872	$25,231,378
HNRG	Hallador Energy Co	−2,000	1,812,026	$31,511,132
No positions match the current search.

New Positions

Positions the filer opened this quarter

2 positions

Ticker	Company	Shares	Value
PK	Park Hotels & Resorts Inc.	1,525,283	$21,735,282
MHK	Mohawk Industries Inc	146,295	$17,749,972
No positions match the current search.

Sold Out

Positions the filer fully exited

No qualifying positions this quarter.

Portfolio Positions

Compact Export CSV View 13F filing

39 tracked positions · $633,113,377 total · filing declares 39 positions · $633,222,856 · as of Jun 30, 2026

All sectors Basic Materials Consumer Cyclical Consumer Defensive Energy Financial Services Industrials Real Estate Utilities

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
CVE	Cenovus Energy Inc. Energy	Held	3,451,821	0	$85,639,679	−6.5%	4	$16.90	13.53%
PDS	PRECISION DRILLING Corp Energy	Held	504,059	0	$38,641,162	−22.1%	10	$56.91	6.10%
EQX	Equinox Gold Corp. Basic Materials	Reduced	3,870,237	-10,727	$37,618,703	−33.0%	15	before history	5.94%
HOG	Harley-Davidson, Inc. Consumer Cyclical	Held	1,369,000	0	$33,485,740	+21.0%	2	$19.60	5.29%
HNRG	Hallador Energy Co Utilities	Reduced	1,812,026	-2,000	$31,511,132	+6.7%	15	before history	4.98%
RDN	Radian Group Inc Financial Services	Added	817,512	+522,238	$30,795,677	+215.3%	2	$34.80	4.86%
VET	Vermilion Energy Inc. Energy	Added	3,260,428	+700,000	$30,550,210	−13.4%	13	$9.71	4.83%
PBF	PBF Energy Inc. Energy	Held	620,289	0	$28,235,555	−4.4%	5	$19.01	4.46%
RYZ	Ryerson Holding Corp Industrials	Held	1,116,978	0	$27,488,828	+9.5%	3	$24.12	4.34%
GAU	Galiano Gold Inc. Basic Materials	Added	14,125,317	+7,715,996	$26,414,342	+64.2%	8	$1.90	4.17%
NGS	Natural Gas Services Group Inc Energy	Reduced	584,872	-2,140	$25,231,378	+13.9%	13	$10.34	3.99%
RLJ	RLJ Lodging Trust Real Estate	Added	2,049,425	+50,000	$24,285,686	+63.7%	3	$7.50	3.84%
ASIX	AdvanSix Inc. Basic Materials	Held	1,209,629	0	$24,047,424	−18.5%	3	$17.47	3.80%
PK	Park Hotels & Resorts Inc. Real Estate	NEW	1,525,283	NEW	$21,735,282	NEW	1	$12.23	3.43%
SM	SM Energy Co Energy	Added	778,851	+227,082	$20,328,011	+18.2%	2	$24.92	3.21%
TDW	Tidewater Inc Energy	Held	276,529	0	$18,425,127	−20.3%	6	$47.23	2.91%
MOS	Mosaic Co Basic Materials	Held	853,638	0	$18,088,589	−16.9%	3	$26.93	2.86%
MHK	Mohawk Industries Inc Consumer Cyclical	NEW	146,295	NEW	$17,749,972	NEW	1	$105.16	2.80%
NOA	North American Construction Group Ltd. Energy	Held	1,038,177	0	$13,807,754	−1.3%	4	$14.50	2.18%
EFXT	Enerflex Ltd. Energy	Held	551,151	0	$13,508,711	+17.2%	15	before history	2.13%
EGO	Eldorado Gold Corp Basic Materials	Held	387,779	0	$12,056,049	−9.4%	15	before history	1.90%
INBK	First Internet Bancorp Financial Services	Held	354,261	0	$9,848,455	+36.4%	3	$20.35	1.56%
BSET	Bassett Furniture Industries Inc Consumer Cyclical	Added	550,413	+23,416	$9,753,318	+30.8%	15	before history	1.54%
CLDT	Chatham Lodging Trust Real Estate	Held	678,530	0	$8,976,951	+68.1%	3	$6.63	1.42%
ASTL	Algoma Steel Group Inc. Basic Materials	Held	1,786,122	0	$7,233,794	−1.9%	15	before history	1.14%
GFR	Greenfire Resources Ltd. Energy	Added	777,716	+360,168	$4,394,095	+66.5%	3	$5.61	0.69%
VLGEA	Village Super Market Inc Consumer Defensive	Held	55,733	0	$2,350,817	−0.1%	3	$34.33	0.37%
ACTG	Acacia Research Corp Industrials	Held	491,086	0	$2,288,460	−3.1%	2	$4.21	0.36%
WHG	Westwood Holdings Group Inc Financial Services	Held	99,926	0	$1,914,582	+16.3%	15	before history	0.30%
HNNA	Hennessy Advisors Inc Financial Services	Added	170,768	+29,415	$1,733,295	+25.8%	13	$7.62	0.27%
IAUX	i-80 Gold Corp. Basic Materials	Held	1,126,349	0	$1,621,942	−5.3%	15	before history	0.26%
ASC	Ardmore Shipping Corp Industrials	Held	89,612	0	$1,255,464	−8.1%	15	before history	0.20%
XPL	Solitario Resources Corp. Basic Materials	Held	632,458	0	$474,343	−8.5%	15	before history	0.07%
SLV	iShares Silver Trust	Held	8,842	0	$472,781	−21.5%	15	before history	0.07%
GLD	Spdr Gold Trust	Held	828	0	$305,018	−14.4%	11	$183.27	0.05%
CEF	Sprott Physical Gold & Silver Trust Financial Services	Held	7,474	0	$300,679	−15.7%	6	$26.36	0.05%
WFG	West Fraser Timber Co., Ltd Basic Materials	Held	3,142	0	$212,681	+3.7%	2	$67.43	0.03%
MERC	Mercer International Inc. Basic Materials	Held	308,927	0	$203,891	−53.5%	15	before history	0.03%
DC	Dakota Gold Corp. Basic Materials	Held	30,000	0	$127,800	−15.6%	5	$3.13	0.02%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.