Aegis Financial Corp.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 10, 2024), Aegis Financial Corp. reported 27 stock positions worth $117.8 million. Its top holding was Natural Gas Services (NGS) at 14.1% of the portfolio, followed by Equinox Gold (EQX, 13.2%) and Algoma Steel (ASTL, 10.5%). Compared with Q4 2023, it opened 1 new position, sold out of 5 and reduced 11. The biggest buy was a new position in Precision Drilling (PDS) and the biggest sale Matrix Service (MTRX, shares −97%).
- Most Recent 13F
- Q2 2026
- Location
- MC LEAN, VA
- CIK
- 0001140753
- Portfolio Value
- $117.8M (Q1 2024)
- SEC Filing
- 0001104659-24-059620 ↗ filed May 10, 2024
Holdings Value
Holdings 27 stocks · $117.8M
| NGS Natural Gas Services Group | 14.09% | 854,695 | $16.6M | No change |
| EQX Equinox Gold Corp. | 13.16% | 2,568,645 | $15.5M | Reduce -1.9% |
| ASTL Algoma Steel Group Inc. | 10.52% | 1,460,022 | $12.4M | Reduce -9.3% |
| BTU Peabody Energy Corp. | 9.99% | 485,392 | $11.8M | Reduce -9.3% |
| HNRG Hallador Energy Co. | 9.14% | 2,021,102 | $10.8M | Reduce -2.6% |
| BSET Bassett Furniture Inds | 5.97% | 476,643 | $7.0M | No change |
| PDS Precision Drilling Corp. | 5.20% | 90,932 | $6.1M | New |
| EGO Eldorado Gold Corp. | 4.93% | 413,039 | $5.8M | Reduce -15.4% |
| SGC Superior Group of Cos Inc. | 4.30% | 306,882 | $5.1M | Reduce -27.1% |
| VET Vermilion Energy Inc. | 2.96% | 280,000 | $3.5M | No change |
| AE Adams Resources & Energy Inc. | 2.83% | 115,111 | $3.3M | Reduce -20.1% |
| EFXT Enerflex Ltd. | 2.73% | 551,598 | $3.2M | No change |
| MERC Mercer International Inc. | 2.61% | 309,498 | $3.1M | No change |
| MEC Mayville Engineering Co. Inc. | 2.60% | 213,896 | $3.1M | Reduce -1.1% |
| DLAPQ Delta Apparel Inc. | 1.76% | 695,018 | $2.1M | No change |
| ASC Ardmore Shipping Corp. | 1.27% | 90,861 | $1.5M | Reduce -52.4% |
| IAUX I-80 Gold Corp. | 1.26% | 1,126,838 | $1.5M | No change |
| WHG Westwood Holdings Group Inc. | 1.05% | 100,002 | $1.2M | No change |
| HNNA Hennessy Advisors Inc. | 0.83% | 141,353 | $975K | No change |
| SLV iShares Silver Trust | 0.80% | 41,525 | $945K | No change |
| PRESURANCE HOLDINGS INC filed as CONIFER HLDGS INC | 0.46% | 474,519 | $536K | No change |
| MTRX Matrix Service Co. | 0.36% | 32,180 | $419K | Reduce -97.3% |
| XPL Solitario Resources Corp. | 0.32% | 632,458 | $379K | No change |
| EMKR Emcore Corp. | 0.29% | 997,006 | $344K | No change |
| WFG West Fraser Timber Co. Ltd. | 0.25% | 3,458 | $299K | Reduce -78.2% |
| GLD SPDR Gold Shares | 0.19% | 1,097 | $226K | No change |
| KGC Kinross Gold Corp. | 0.12% | 22,282 | $137K | No change |
Portfolio Sells Q4 2023 → Q1 2024
| MTRX Matrix Service Co. | Reduce -97.3% | 0.36% | −6.63 |
| CGAU Centerra Gold Inc. | Sold out | 0.00% | −6.38 |
| USAP Universal Stainless & Alloy | Sold out | 0.00% | −5.60 |
| TDW Tidewater Inc. | Sold out | 0.00% | −3.37 |
| HNRG Hallador Energy Co. | Reduce -2.6% | 9.14% | −1.97 |
| EZPW Ezcorp Inc. Class A | Sold out | 0.00% | −1.53 |
| WFG West Fraser Timber Co. Ltd. | Reduce -78.2% | 0.25% | −0.57 |
| ASC Ardmore Shipping Corp. | Reduce -52.4% | 1.27% | −0.36 |
| CCLP Csi Compressco LP | Sold out | 0.00% | −0.08 |
| AE Adams Resources & Energy Inc. | Reduce -20.1% | 2.83% | +0.55 |
| MEC Mayville Engineering Co. Inc. | Reduce -1.1% | 2.60% | +0.71 |
| ASTL Algoma Steel Group Inc. | Reduce -9.3% | 10.52% | +0.74 |
| SGC Superior Group of Cos Inc. | Reduce -27.1% | 4.30% | +0.86 |
| EGO Eldorado Gold Corp. | Reduce -15.4% | 4.93% | +1.10 |
| BTU Peabody Energy Corp. | Reduce -9.3% | 9.99% | +2.11 |
| EQX Equinox Gold Corp. | Reduce -1.9% | 13.16% | +5.42 |
Portfolio Buys Q4 2023 → Q1 2024
| PDS Precision Drilling Corp. | New | 5.20% | +5.20 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 39 | $633.2M | CVE, PDS, EQX, HOG, HNRG |
| Q1 2026 | 37 | $580.5M | CVE, EQX, PDS, VET, PBF |
| Q4 2025 | 33 | $419.3M | EQX, CVE, PDS, HNRG, NGS |
| Q3 2025 | 26 | $261.3M | EQX, HNRG, PDS, NGS, PBF |
| Q2 2025 | 25 | $169.9M | HNRG, EQX, NGS, PBF, TDW |
| Q1 2025 | 23 | $117.2M | HNRG, EQX, NGS, PDS, TDW |
| Q4 2024 | 22 | $116.1M | HNRG, NGS, ASTL, EQX, PDS |
| Q3 2024 | 23 | $117.3M | HNRG, EQX, ASTL, NGS, BTU |
| Q2 2024 | 25 | $103.9M | HNRG, NGS, EQX, BTU, ASTL |
| Q1 2024 | 27 | $117.8M | NGS, EQX, ASTL, BTU, HNRG |