# AEGIS FINANCIAL CORP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1140753. Source: https://holderbook.com/funds/1140753-aegis-financial-corp/

- Reported value: $633.2M
- Positions: 39
- Weight of the ten largest: 58.5%
- Filed: 2026-08-12

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| CENOVUS ENERGY INC | [CVE](https://holderbook.com/stocks/CVE/) | $85.6M | 3,451,821 | 13.5% | 4 |
| PRECISION DRILLING CORP | [PDS](https://holderbook.com/stocks/PDS/) | $38.7M | 504,059 | 6.1% | 10 |
| EQUINOX GOLD CORP | [EQX](https://holderbook.com/stocks/EQX/) | $37.7M | 3,870,237 | 6.0% | 15 |
| HARLEY DAVIDSON INC | [HOG](https://holderbook.com/stocks/HOG/) | $33.5M | 1,369,000 | 5.3% | 2 |
| HALLADOR ENERGY COMPANY | [HNRG](https://holderbook.com/stocks/HNRG/) | $31.5M | 1,812,026 | 5.0% | 15 |
| RADIAN GROUP INC | [RDN](https://holderbook.com/stocks/RDN/) | $30.8M | 817,512 | 4.9% | 2 |
| VERMILION ENERGY INC | [VET](https://holderbook.com/stocks/VET/) | $30.5M | 3,260,428 | 4.8% | 13 |
| PBF ENERGY INC | [PBF](https://holderbook.com/stocks/PBF/) | $28.2M | 620,289 | 4.5% | 5 |
| RYERSON HLDG CORP | [RYZ](https://holderbook.com/stocks/RYZ/) | $27.5M | 1,116,978 | 4.3% | 3 |
| GALIANO GOLD INC | [GAU](https://holderbook.com/stocks/GAU/) | $26.4M | 14,125,317 | 4.2% | 8 |
| NATURAL GAS SVCS GROUP INC | [NGS](https://holderbook.com/stocks/NGS/) | $25.2M | 584,872 | 4.0% | 13 |
| RLJ LODGING TR | [RLJ](https://holderbook.com/stocks/RLJ/) | $24.3M | 2,049,425 | 3.8% | 3 |
| ADVANSIX INC | [ASIX](https://holderbook.com/stocks/ASIX/) | $24.0M | 1,209,629 | 3.8% | 3 |
| PARK HOTELS & RESORTS INC | [PK](https://holderbook.com/stocks/PK/) | $21.7M | 1,525,283 | 3.4% | 1 |
| SM ENERGY COMPANY | [SM](https://holderbook.com/stocks/SM/) | $20.3M | 778,851 | 3.2% | 2 |
| TIDEWATER INC NEW | [TDW](https://holderbook.com/stocks/TDW/) | $18.4M | 276,529 | 2.9% | 6 |
| MOSAIC CO | [MOS](https://holderbook.com/stocks/MOS/) | $18.1M | 853,638 | 2.9% | 3 |
| MOHAWK INDS INC | [MHK](https://holderbook.com/stocks/MHK/) | $17.7M | 146,295 | 2.8% | 1 |
| NORTH AMERN CONSTR GROUP LTD | [NOA](https://holderbook.com/stocks/NOA/) | $13.8M | 1,038,177 | 2.2% | 4 |
| ENERFLEX LTD | [EFXT](https://holderbook.com/stocks/EFXT/) | $13.5M | 551,151 | 2.1% | 15 |
| ELDORADO GOLD CORP NEW | [EGO](https://holderbook.com/stocks/EGO/) | $12.1M | 387,779 | 1.9% | 15 |
| FIRST INTERNET BANCORP | [INBK](https://holderbook.com/stocks/INBK/) | $9.8M | 354,261 | 1.6% | 3 |
| BASSETT FURNITURE INDS INC | [BSET](https://holderbook.com/stocks/BSET/) | $9.8M | 550,413 | 1.5% | 15 |
| CHATHAM LODGING TR | [CLDT](https://holderbook.com/stocks/CLDT/) | $9.0M | 678,530 | 1.4% | 3 |
| ALGOMA STL GROUP INC | [ASTL](https://holderbook.com/stocks/ASTL/) | $7.2M | 1,786,122 | 1.1% | 15 |
| GREENFIRE RES LTD NEW | [GFR](https://holderbook.com/stocks/GFR/) | $4.4M | 777,716 | 0.7% | 3 |
| VILLAGE SUPER MKT INC | [VLGEA](https://holderbook.com/stocks/VLGEA/) | $2.4M | 55,733 | 0.4% | 3 |
| ACACIA RESH CORP | [ACTG](https://holderbook.com/stocks/ACTG/) | $2.3M | 491,086 | 0.4% | 2 |
| WESTWOOD HLDGS GROUP INC | [WHG](https://holderbook.com/stocks/WHG/) | $1.9M | 99,926 | 0.3% | 15 |
| HENNESSY ADVISORS INC | [HNNA](https://holderbook.com/stocks/HNNA/) | $1.7M | 170,768 | 0.3% | 13 |
| I-80 GOLD CORP | [IAUX](https://holderbook.com/stocks/IAUX/) | $1.6M | 1,126,349 | 0.3% | 15 |
| ARDMORE SHIPPING CORP | [ASC](https://holderbook.com/stocks/ASC/) | $1.3M | 89,612 | 0.2% | 15 |
| SOLITARIO RESOURCES CORP | [XPL](https://holderbook.com/stocks/XPL/) | $475.9K | 632,458 | 0.1% | 15 |
| ISHARES SILVER TR | [SLV](https://holderbook.com/stocks/SLV/) | $472.8K | 8,842 | 0.1% | 15 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $305.0K | 828 | 0.0% | 11 |
| SPROTT ASSET MANAGEMENT LP | [CEF](https://holderbook.com/stocks/CEF/) | $300.7K | 7,474 | 0.0% | 6 |
| WEST FRASER TIMBER CO LTD | [WFG](https://holderbook.com/stocks/WFG/) | $212.6K | 3,142 | 0.0% | 2 |
| MERCER INTL INC | [MERC](https://holderbook.com/stocks/MERC/) | $203.9K | 308,927 | 0.0% | 15 |
| DAKOTA GOLD CORP | [DC](https://holderbook.com/stocks/DC/) | $127.8K | 30,000 | 0.0% | 5 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | -6.4% | +14.8% | -21.2% | 100% |
| Q1 2026 | +20.4% | -4.6% | +25.0% | 99% |
| Q4 2025 | +12.0% | +2.4% | +9.7% | 100% |
| Q3 2025 | +31.8% | +7.8% | +24.0% | 100% |
| Q2 2025 | +9.6% | +10.5% | -0.9% | 100% |
| Q1 2025 | -6.3% | -4.6% | -1.7% | 98% |
| Q4 2024 | +3.8% | +2.1% | +1.6% | 100% |
| Q3 2024 | +11.8% | +5.4% | +6.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $633.2M | 39 |
| Q1 2026 | $580.5M | 37 |
| Q4 2025 | $419.3M | 33 |
| Q3 2025 | $261.3M | 26 |
| Q2 2025 | $169.9M | 25 |
| Q1 2025 | $117.2M | 23 |
| Q4 2024 | $116.1M | 22 |
| Q3 2024 | $117.3M | 23 |
| Q2 2024 | $103.9M | 25 |
| Q1 2024 | $117.8M | 27 |
| Q4 2023 | $165.1M | 31 |
| Q3 2023 | $164.1M | 30 |