Aegis Value Fund H2 2024 Portfolio Manager's Letter

February 27, 2025 08:00:00 am

Source: SeekingAlpha

2025-02-27 08:00:00 ET

Summary

The Aegis Value Fund gained 9.43% in 2024, outperforming its primary benchmark, the S&P SmallCap 600 Pure Value Index, which returned 5.55%.
The Fund's performance was driven by strong returns in the Energy and Utilities sectors, notably from Natural Gas Services Group and Hallador Energy Company.
Despite challenges in the Materials sector, the Fund's gold mining positions and new investments in Precision Drilling contributed positively to overall returns.
US equity markets appear overvalued and top-heavy, with high P/E multiples suggesting poor future returns; the Fund remains focused on undervalued small-cap energy and materials stocks.

Table 1: Performance of the Aegis Value Fund as of December 31, 2024

		Annualized
	Six Month	One Year	Three Year	Five Year	Ten Year	Since Inception 5/15/98
Aegis Value Fund ( AVALX )	6.16%	9.43%	11.01%	17.46%	13.51%	10.99%
S&P Sm. Cap 600 Pure Value Index ^	13.11%	5.55%	6.80%	11.34%	7.32%	N/A
S&P 500 Index ( SP500 , SPX )	8.44%	25.02%	8.94%	14.53%	13.10%	8.44%
Morningstar Percentile Ranking *		46	5	2	1
Funds in Small Value Category		448	437	431	399

* Morningstar Percentile Ranking is based on total return. ^ Available performance data for the S&P SmallCap 600 Pure Value Index prior to the December 16, 2005 inception date of this Index cannot be shown as display of pre-inception Index performance data is not permitted. Performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value will fluctuate so that upon redemption, an investor’s shares may be worth more or less than their original cost. The 30-Day Yield as of 2/20/2025 is 0.00%. For performance data current to the most recent month end, please call us at 800-528-3780 or visit our website at https://www.aegisfund.com . The Fund has an annualized gross expense ratio of 1.43% and a net annualized expense ratio, after fee waiver and/or expense reimbursement and management fee recoupment, of 1.46%. Under the waiver, the Advisor has contractually agreed to limit certain fees and/or reimburse certain of the Fund’s expenses through 4/30/2025.

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Aegis Value Fund H2 2024 Portfolio Manager's Letter