Aegis Financial Corp.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Aegis Financial Corp. reported 33 stock positions worth $419.3 million. Its top holding was Equinox Gold (EQX) at 15.0% of the portfolio, followed by Cenovus Energy (CVE, 13.9%) and Precision Drilling (PDS, 8.6%). Compared with Q3 2025, it opened 9 new positions, sold out of 2, added to 5 and reduced 7. The biggest buy was Cenovus Energy (CVE, shares +275%) and the biggest sale Hallador Energy (HNRG, shares −10%).
- Most Recent 13F
- Q2 2026
- Location
- MC LEAN, VA
- CIK
- 0001140753
- Portfolio Value
- $419.3M (Q4 2025)
- SEC Filing
- 0001104659-26-013708 ↗ filed Feb 12, 2026
Holdings Value
Holdings 33 stocks · $419.3M
| EQX Equinox Gold Corp. | 15.02% | 4,474,089 | $63.0M | Reduce -7.1% |
| CVE Cenovus Energy Inc. | 13.94% | 3,454,121 | $58.4M | Add +275.2% |
| PDS Precision Drilling Corp. | 8.64% | 504,059 | $36.2M | Add +11.4% |
| HNRG Hallador Energy Co. | 8.24% | 1,814,026 | $34.5M | Reduce -9.8% |
| NGS Natural Gas Services Group | 5.39% | 671,112 | $22.6M | No change |
| ASIX Advansix Inc. | 4.99% | 1,209,629 | $20.9M | New |
| MOS The Mosaic Co. | 4.90% | 853,638 | $20.6M | New |
| RYZ Ryerson Holding Corp. | 4.24% | 707,390 | $17.8M | New |
| PBF PBF Energy Inc. Class A | 4.01% | 620,289 | $16.8M | Reduce -0.0% |
| GAU Galiano Gold Inc. | 3.89% | 6,409,321 | $16.3M | Reduce -3.8% |
| NOA North American Construction | 3.57% | 1,038,177 | $15.0M | Add +23.3% |
| TDW Tidewater Inc. | 3.33% | 276,529 | $14.0M | No change |
| EGO Eldorado Gold Corp. | 3.32% | 387,779 | $13.9M | Reduce -6.1% |
| VET Vermilion Energy Inc. | 2.62% | 1,320,492 | $11.0M | Add +51.7% |
| RLJ RLJ Lodging Trust | 2.26% | 1,271,817 | $9.5M | New |
| EFXT Enerflex Ltd. | 2.03% | 551,151 | $8.5M | No change |
| BSET Bassett Furniture Inds | 2.00% | 501,119 | $8.4M | Add +5.3% |
| ASTL Algoma Steel Group Inc. | 1.75% | 1,786,122 | $7.3M | No change |
| INBK First Internet Bancorp | 1.25% | 250,320 | $5.2M | New |
| CLDT Chatham Lodging Trust | 1.10% | 678,530 | $4.6M | New |
| ZEUS Olympic Steel Inc. | 0.75% | 73,515 | $3.1M | New |
| VLGEA Village Super Market Class A | 0.47% | 55,733 | $2.0M | New |
| WHG Westwood Holdings Group Inc. | 0.41% | 99,926 | $1.7M | No change |
| IAUX I-80 Gold Corp. | 0.40% | 1,126,349 | $1.7M | No change |
| HNNA Hennessy Advisors Inc. | 0.32% | 141,353 | $1.4M | No change |
| SLV iShares Silver Trust | 0.27% | 17,698 | $1.1M | Reduce -50.0% |
| ASC Ardmore Shipping Corp. | 0.23% | 89,612 | $949K | No change |
| GFR Greenfire Resources Ltd. | 0.20% | 179,131 | $853K | New |
| MERC Mercer International Inc. | 0.15% | 308,927 | $612K | Reduce -0.0% |
| XPL Solitario Resources Corp. | 0.11% | 632,458 | $441K | No change |
| CEF Sprott Physical Gold and Sil | 0.08% | 7,474 | $342K | No change |
| GLD SPDR Gold Shares | 0.08% | 828 | $328K | No change |
| DC Dakota Gold Corp. | 0.04% | 30,000 | $170K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| HNRG Hallador Energy Co. | Reduce -9.8% | 8.24% | −6.82 |
| EQX Equinox Gold Corp. | Reduce -7.1% | 15.02% | −5.64 |
| PBF PBF Energy Inc. Class A | Reduce -0.0% | 4.01% | −3.15 |
| GAU Galiano Gold Inc. | Reduce -3.8% | 3.89% | −1.66 |
| EGO Eldorado Gold Corp. | Reduce -6.1% | 3.32% | −1.24 |
| SLV iShares Silver Trust | Reduce -50.0% | 0.27% | −0.30 |
| MIND Mind Technology Inc. | Sold out | 0.00% | −0.25 |
| MERC Mercer International Inc. | Reduce -0.0% | 0.15% | −0.19 |
| WFG West Fraser Timber Co. Ltd. | Sold out | 0.00% | −0.08 |
Portfolio Buys Q3 2025 → Q4 2025
| CVE Cenovus Energy Inc. | Add +275.2% | 13.94% | +7.95 |
| ASIX Advansix Inc. | New | 4.99% | +4.99 |
| MOS The Mosaic Co. | New | 4.90% | +4.90 |
| RYZ Ryerson Holding Corp. | New | 4.24% | +4.24 |
| RLJ RLJ Lodging Trust | New | 2.26% | +2.26 |
| INBK First Internet Bancorp | New | 1.25% | +1.25 |
| CLDT Chatham Lodging Trust | New | 1.10% | +1.10 |
| ZEUS Olympic Steel Inc. | New | 0.75% | +0.75 |
| VLGEA Village Super Market Class A | New | 0.47% | +0.47 |
| GFR Greenfire Resources Ltd. | New | 0.20% | +0.20 |
| VET Vermilion Energy Inc. | Add +51.7% | 2.62% | +0.02 |
| BSET Bassett Furniture Inds | Add +5.3% | 2.00% | −0.85 |
| NOA North American Construction | Add +23.3% | 3.57% | −1.01 |
| PDS Precision Drilling Corp. | Add +11.4% | 8.64% | −1.11 |
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 |