Aegis Financial Corp.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), Aegis Financial Corp. reported 25 stock positions worth $169.9 million. Its top holding was Hallador Energy (HNRG) at 18.7% of the portfolio, followed by Equinox Gold (EQX, 16.4%) and Natural Gas Services (NGS, 10.2%). Compared with Q1 2025, it opened 2 new positions, added to 6 and reduced 15. The biggest buy was a new position in PBF Energy Class A (PBF) and the biggest sale Hallador Energy (HNRG, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- MC LEAN, VA
- CIK
- 0001140753
- Portfolio Value
- $169.9M (Q2 2025)
- SEC Filing
- 0001104659-25-075834 ↗ filed Aug 11, 2025
Holdings Value
Holdings 25 stocks · $169.9M
| HNRG Hallador Energy Co. | 18.74% | 2,010,994 | $31.8M | Reduce -0.5% |
| EQX Equinox Gold Corp. | 16.37% | 4,828,363 | $27.8M | Add +88.0% |
| NGS Natural Gas Services Group | 10.20% | 671,112 | $17.3M | Reduce -0.0% |
| PBF PBF Energy Inc. Class A | 7.91% | 620,460 | $13.4M | New |
| TDW Tidewater Inc. | 7.51% | 276,529 | $12.8M | Add +37.1% |
| ASTL Algoma Steel Group Inc. | 7.24% | 1,786,122 | $12.3M | Add +22.4% |
| PDS Precision Drilling Corp. | 5.99% | 215,396 | $10.2M | Add +10.2% |
| EGO Eldorado Gold Corp. | 4.94% | 412,779 | $8.4M | Reduce -0.1% |
| GAU Galiano Gold Inc. | 4.86% | 6,505,921 | $8.2M | Add +162.5% |
| BSET Bassett Furniture Inds | 4.26% | 476,119 | $7.2M | Reduce -0.0% |
| EFXT Enerflex Ltd. | 2.56% | 551,151 | $4.3M | Reduce -0.1% |
| VET Vermilion Energy Inc. | 2.23% | 520,492 | $3.8M | Add +1101.8% |
| BTU Peabody Energy Corp. | 1.87% | 236,925 | $3.2M | Reduce -0.1% |
| HNNA Hennessy Advisors Inc. | 1.05% | 141,353 | $1.8M | No change |
| WHG Westwood Holdings Group Inc. | 0.92% | 99,926 | $1.6M | Reduce -0.1% |
| SLV iShares Silver Trust | 0.68% | 35,383 | $1.2M | Reduce -9.3% |
| MERC Mercer International Inc. | 0.64% | 309,007 | $1.1M | Reduce -0.2% |
| ASC Ardmore Shipping Corp. | 0.51% | 89,612 | $860K | Reduce -0.2% |
| IAUX I-80 Gold Corp. | 0.40% | 1,126,349 | $674K | Reduce -0.0% |
| MIND Mind Technology Inc. | 0.40% | 79,572 | $672K | Reduce -8.6% |
| XPL Solitario Resources Corp. | 0.24% | 632,458 | $411K | No change |
| GLD SPDR Gold Shares | 0.15% | 828 | $252K | Reduce -24.5% |
| WFG West Fraser Timber Co. Ltd. | 0.14% | 3,142 | $230K | Reduce -1.7% |
| CEF Sprott Physical Gold and Sil | 0.13% | 7,474 | $225K | Reduce -5.3% |
| DC Dakota Gold Corp. | 0.07% | 30,000 | $111K | New |
Portfolio Sells Q1 2025 → Q2 2025
| HNRG Hallador Energy Co. | Reduce -0.5% | 18.74% | −2.44 |
| NGS Natural Gas Services Group | Reduce -0.0% | 10.20% | −2.39 |
| BSET Bassett Furniture Inds | Reduce -0.0% | 4.26% | −1.94 |
| EFXT Enerflex Ltd. | Reduce -0.1% | 2.56% | −1.08 |
| MERC Mercer International Inc. | Reduce -0.2% | 0.64% | −0.99 |
| EGO Eldorado Gold Corp. | Reduce -0.1% | 4.94% | −0.99 |
| BTU Peabody Energy Corp. | Reduce -0.1% | 1.87% | −0.87 |
| WHG Westwood Holdings Group Inc. | Reduce -0.1% | 0.92% | −0.46 |
| SLV iShares Silver Trust | Reduce -9.3% | 0.68% | −0.35 |
| ASC Ardmore Shipping Corp. | Reduce -0.2% | 0.51% | −0.24 |
| IAUX I-80 Gold Corp. | Reduce -0.0% | 0.40% | −0.17 |
| GLD SPDR Gold Shares | Reduce -24.5% | 0.15% | −0.12 |
| WFG West Fraser Timber Co. Ltd. | Reduce -1.7% | 0.14% | −0.07 |
| CEF Sprott Physical Gold and Sil | Reduce -5.3% | 0.13% | −0.06 |
| MIND Mind Technology Inc. | Reduce -8.6% | 0.40% | −0.05 |
Portfolio Buys Q1 2025 → Q2 2025
| PBF PBF Energy Inc. Class A | New | 7.91% | +7.91 |
| GAU Galiano Gold Inc. | Add +162.5% | 4.86% | +2.26 |
| VET Vermilion Energy Inc. | Add +1101.8% | 2.23% | +1.93 |
| EQX Equinox Gold Corp. | Add +88.0% | 16.37% | +1.31 |
| ASTL Algoma Steel Group Inc. | Add +22.4% | 7.24% | +0.49 |
| TDW Tidewater Inc. | Add +37.1% | 7.51% | +0.23 |
| DC Dakota Gold Corp. | New | 0.07% | +0.07 |
| PDS Precision Drilling Corp. | Add +10.2% | 5.99% | −1.76 |
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 |