Data as of Q4 2025 (Dec 31, 2025)

AEGIS FINANCIAL CORP

•CIK: 1140753•Filing: Q4 2025

**AEGIS FINANCIAL CORP** manages $419M across a concentrated portfolio of 33 positions. The fund exhibits significant conviction in key sectors, with top holdings including EQX at $63.0M and CVE at $58.4M. Further allocations are notable in PDS ($36.2M) and HNRG ($34.5M), suggesting a targeted, high-conviction approach to market opportunities. This structure indicates a focused mandate within its current asset allocation.

Total AUM
$419.3M
QoQ Performance
+60.5%
Positions
33
Top 10 Concentration
73.3%
Latest Filing
Q4 2025

Top Holdings Allocation

EQX
CVE
PDS
HNRG
NGS
EQX15.0%
CVE13.9%
PDS8.6%
HNRG8.2%
NGS5.4%
ASIX5.0%
MOS4.9%
RYZ4.2%

📈 Biggest Buys

CVE
CENOVUS ENERGY INC
+275.2%
13.9% of portfolio
ASIX
ADVANSIX INC
NEW
5.0% of portfolio
MOS
MOSAIC CO NEW
NEW
4.9% of portfolio
RYZ
RYERSON HLDG CORP
NEW
4.2% of portfolio
RLJ
RLJ LODGING TR
NEW
2.3% of portfolio

📉 Biggest Sells

EQX
EQUINOX GOLD CORP
-7.1%
15.0% of portfolio
HNRG
HALLADOR ENERGY COMPANY
-9.8%
8.2% of portfolio
SLV
ISHARES SILVER TR
-50.0%
0.3% of portfolio
ELD
ELDORADO GOLD CORP NEW
-6.1%
3.3% of portfolio
GAU
GALIANO GOLD INC
-3.8%
3.9% of portfolio

Sector Breakdown

Other100.0%

🚪 Exited Positionssold since Q3 2025

MIND
MIND TECHNOLOGY INC
SOLD
$643.7K
WFG
WEST FRASER TIMBER CO LTD
SOLD
$213.7K

Changes from Q3 2025

NEW9 new positions
↑5 increased
↓7 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

EQX15.0%
EQUINOX GOLD CORP
$63.0M
CVE13.9%
CENOVUS ENERGY INC
$58.4M
PDS8.6%
PRECISION DRILLING CORP
$36.2M
HNRG8.2%
HALLADOR ENERGY COMPANY
$34.5M
NGS5.4%
NATURAL GAS SVCS GROUP INC
$22.6M

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