CIK: 0001140753
Total reported value
$580.5M
Reporting period: 2026-03-31 · Number of holdings: 37
AEGIS FINANCIAL CORP disclosed 37 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $580.5M and a quarterly turnover rate of 40.1%.
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Aegis Financial CORP's disclosed holdings carry a Herfindahl concentration index of 0.066 — mathematically equivalent to about 15 equally-sized positions, well below its 37 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.22), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 38% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim EQX
-13.3% -$7.1M
Add VET
+93.9% $24.2M
Trim HNRG
0.0% -$5.0M
Add CVE
-0.1% $33.1M
Trim NGS
-12.5% -$429.1K
Trim NOA
0.0% -$1.0M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | CVE | Cenovus Energy INC | Stock-Energy | 15.78% | +1.84% | -0.07% | |
| 2 | EQX | Equinox Gold CORP | Stock-Other | 9.63% | -5.39% | -13.26% | |
| 3 | PDS | Precision Drilling CORP | Stock-Other | 8.52% | -0.12% | — | |
| 4 | VET | Vermilion Energy INC | Stock-Other | 6.06% | +3.44% | +93.90% | |
| 5 | PBF | Pbf Energy Inc-class A | Stock-Energy | 5.09% | +1.08% | — | |
| 6 | HNRG | Hallador Energy Co | Stock-Other | 5.09% | -3.15% | — | |
| 7 | ASIX | Advansix INC | Stock-Other | 5.08% | +0.09% | — | |
| 8 | HOG | Harley-davidson INC | Stock-Consumer Disc | 4.77% | +4.77% | NEW | |
| 9 | RYZ | Ryerson Holding CORP | Stock-Other | 4.33% | +0.09% | +57.90% | |
| 10 | TDW | Tidewater INC | Stock-Energy | 3.98% | +0.65% | — | |
| 11 | NGS | Natural Gas Services Group | Stock-Other | 3.82% | -1.57% | -12.53% | |
| 12 | MOS | Mosaic Co/the | Stock-Materials | 3.75% | -1.15% | — | |
| 13 | SM | Sm Energy Co | Stock-Energy | 2.96% | +2.96% | NEW | |
| 14 | GAU | Galiano Gold INC | Stock-Other | 2.75% | -1.14% | — | |
| 15 | RLJ | Rlj Lodging Trust | Stock-Other | 2.56% | +0.30% | +57.21% | |
| 16 | NOA | North American Construction | Stock-Other | 2.41% | -1.16% | — | |
| 17 | EGO | Eldorado Gold CORP | Stock-Other | 2.29% | -1.03% | — | |
| 18 | EFXT | Enerflex LTD | Stock-Other | 1.98% | -0.05% | — | |
| 19 | RDN | Radian Group INC | Stock-Financials | 1.68% | +1.68% | NEW | |
| 20 | BSET | Bassett Furniture Inds | Stock-Other | 1.28% | -0.72% | +5.16% | |
| 21 | ASTL | Algoma Steel Group INC | Stock-Other | 1.27% | -0.48% | — | |
| 22 | INBK | First Internet Bancorp | Stock-Other | 1.24% | -0.01% | +41.52% | |
| 23 | CLDT | Chatham Lodging Trust | Stock-Other | 0.92% | -0.18% | — | |
| 24 | GFR | Greenfire Resources LTD | Stock-Other | 0.45% | +0.25% | +133.10% | |
| 25 | ACTG | Acacia Research CORP | Stock-Other | 0.41% | +0.41% | NEW | |
| 26 | VLGEA | Village Super Market-class A | Stock-Other | 0.41% | -0.06% | — | |
| 27 | IAUX | I-80 Gold CORP | Stock-Other | 0.29% | -0.11% | — | |
| 28 | WHG | Westwood Holdings Group INC | Stock-Other | 0.28% | -0.13% | — | |
| 29 | HNNA | Hennessy Advisors INC | Stock-Other | 0.24% | -0.08% | — | |
| 30 | ASC | Ardmore Shipping Corporation | Stock-Other | 0.24% | +0.01% | — | |
| 31 | SLV | Ishares Silver Trust | ETF-Commodities | 0.10% | -0.17% | -50.04% | |
| 32 | XPL | Solitario Resources CORP | Stock-Other | 0.09% | -0.02% | — | |
| 33 | MERC | Mercer International INC | Stock-Other | 0.08% | -0.07% | — | |
| 34 | CEF | Sprott Physical Gold And Sil | Stock-Other | 0.06% | -0.02% | — | |
| 35 | GLD | Spdr Gold Shares | ETF-Commodities | 0.06% | -0.02% | — | |
| 36 | WFG | West Fraser Timber Co LTD | Stock-Other | 0.04% | +0.04% | NEW | |
| 37 | ✓ | Dakota Gold CORP Common Stock | Stock-Other | 0.03% | +0.03% | NEW |
Performance for Q3 2026
-5.5%
Performance Last 4 Quarters
+80.3%
Based on 62% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 37 | $580.5M | 40 | |
| 2025-12-31 | 33 | $419.3M | 52 | |
| 2025-09-30 | 26 | $261.3M | 72 | |
| 2025-06-30 | 25 | $169.9M | 0 | |
| 2025-03-31 | 23 | $117.2M | 100 | |
| 2024-12-31 | 22 | $116.1M | 0 | |
| 2024-09-30 | 23 | $117.3M | 0 | |
| 2024-06-30 | 25 | $103.9M | 0 | |
| 2024-03-31 | 27 | $117.8M | 0 | |
| 2023-12-31 | 31 | $165.1M | 0 | |
| 2023-09-30 | 30 | $164.1M | 0 | |
| 2023-06-30 | 31 | $143.7M | 0 | |
| 2023-03-31 | 27 | $128.9M | 0 | |
| 2022-12-31 | 28 | $113.5M | 0 | |
| 2018-09-30 | 22 | $60.3M | 59 | |
| 2018-06-30 | 21 | $71.7M | 41 | |
| 2018-03-31 | 20 | $65.3M | 25 | |
| 2017-12-31 | 20 | $68.1M | 25 | |
| 2017-09-30 | 24 | $70.6M | 23 | |
| 2017-06-30 | 27 | $83.2M | 27 | |
| 2017-03-31 | 30 | $93.9M | 22 | |
| 2016-12-31 | 31 | $101.9M | 19 | |
| 2016-09-30 | 36 | $99.3M | 31 | |
| 2016-06-30 | 38 | $102.4M | 43 | |
| 2016-03-31 | 40 | $134.1M | 33 | |
| 2015-12-31 | 40 | $125.6M | 21 | |
| 2015-09-30 | 42 | $151.8M | 39 | |
| 2015-06-30 | 44 | $183.6M | 51 | |
| 2015-03-31 | 41 | $174.0M | 34 | |
| 2014-12-31 | 44 | $190.5M | 45 | |
| 2014-09-30 | 51 | $237.2M | 50 | |
| 2014-06-30 | 57 | $308.3M | 48 | |
| 2014-03-31 | 66 | $323.5M | 23 | |
| 2013-12-31 | 67 | $348.4M | 29 | |
| 2013-09-30 | 70 | $327.7M | 30 | |
| 2013-06-30 | 67 | $290.1M | — |
Aegis Financial CORP's most significant position changes for 2026-03-31: New buy: Harley-davidson INC (HOG); New buy: Sm Energy Co (SM); New buy: Radian Group INC (RDN); Sold out: Olympic Steel INC (ZEUS); New buy: Acacia Research CORP (ACTG).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | VET | Vermilion Energy INC | +3.4% | +93.90% | Add |
| 2 | CVE | Cenovus Energy INC | +1.8% | -0.07% | Trim |
| 3 | PBF | Pbf Energy Inc-class A | +1.1% | — | Unchanged |
| 4 | TDW | Tidewater INC | +0.7% | — | Unchanged |
| 5 | RLJ | Rlj Lodging Trust | +0.3% | +57.21% | Add |
| 6 | GFR | Greenfire Resources LTD | +0.3% | +133.10% | Add |
| 7 | ASIX | Advansix INC | +0.1% | — | Unchanged |
| 8 | RYZ | Ryerson Holding CORP | +0.1% | +57.90% | Add |
| 9 | ASC | Ardmore Shipping Corporation | 0% | — | Unchanged |
| 10 | INBK | First Internet Bancorp | 0% | +41.52% | Add |
| 11 | XPL | Solitario Resources CORP | 0% | — | Unchanged |
| 12 | GLD | Spdr Gold Shares | 0% | — | Unchanged |
| 13 | CEF | Sprott Physical Gold And Sil | 0% | — | Unchanged |
| 14 | EFXT | Enerflex LTD | -0.1% | — | Unchanged |
| 15 | VLGEA | Village Super Market-class A | -0.1% | — | Unchanged |
| 16 | MERC | Mercer International INC | -0.1% | — | Unchanged |
| 17 | HNNA | Hennessy Advisors INC | -0.1% | — | Unchanged |
| 18 | IAUX | I-80 Gold CORP | -0.1% | — | Unchanged |
| 19 | PDS | Precision Drilling CORP | -0.1% | — | Unchanged |
| 20 | WHG | Westwood Holdings Group INC | -0.1% | — | Unchanged |
| 21 | SLV | Ishares Silver Trust | -0.2% | -50.04% | Trim |
| 22 | CLDT | Chatham Lodging Trust | -0.2% | — | Unchanged |
| 23 | ASTL | Algoma Steel Group INC | -0.5% | — | Unchanged |
| 24 | BSET | Bassett Furniture Inds | -0.7% | +5.16% | Add |
| 25 | EGO | Eldorado Gold CORP | -1% | — | Unchanged |
| 26 | GAU | Galiano Gold INC | -1.1% | — | Unchanged |
| 27 | MOS | Mosaic Co/the | -1.2% | — | Unchanged |
| 28 | NOA | North American Construction | -1.2% | — | Unchanged |
| 29 | NGS | Natural Gas Services Group | -1.6% | -12.53% | Trim |
| 30 | HNRG | Hallador Energy Co | -3.2% | — | Unchanged |
| 31 | EQX | Equinox Gold CORP | -5.4% | -13.26% | Trim |
| 32 | HOG | Harley-davidson INC | — | NEW | New buy |
| 33 | SM | Sm Energy Co | — | NEW | New buy |
| 34 | RDN | Radian Group INC | — | NEW | New buy |
| 35 | ZEUS | Olympic Steel INC | — | EXIT | Sold out |
| 36 | ACTG | Acacia Research CORP | — | NEW | New buy |
| 37 | WFG | West Fraser Timber Co LTD | — | NEW | New buy |
| 38 | DC | Dakota Gold CORP | — | EXIT | Sold out |
| 39 | ✓ | Dakota Gold CORP Common Stock | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-13 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-12 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-12 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-11 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-09 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-12 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-12 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-08 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-10 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-08 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-20 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-21 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-10 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-14 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-11 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-13 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-13 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-13 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-13 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-14 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-11 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-14 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-06 | 13F-HR | View on EDGAR |
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