Aegis Value Fund Inc · NASDAQ:AVALX
Aegis Value Fund — Investor Presentation (September 2026)
19 slides from Aegis Value Fund's investor presentation, Sep 30, 2026
Slide 1: AEGIS Value Fund (AVALX)
AEGIS Value Fund (AVALX) September 30, 2026 Managed By Aegis Financial Corporation
Slide 2: Introduction To Aegis
Introduction To Aegis Aegis Financial Corporation is a deep-value focused investment firm that strives to deliver long- term capital appreciation by investing in a concentrated, well-researched portfolio of out-of- favor, small-cap stocks trading at a significant discount to intrinsic value. Aegis V
Slide 3: Investment Philosophy – Taking Advantage of Volatility & Mean Reversion
Aegis Investment Philosophy – Taking Advantage of Volatility & Mean Reversion Stock Prices Typically Overreact to Changes In Fundamentals High Investor Expectations Stock Price Negative Aegis looks to Surprise exit Position Overvalued Fundamental Value Positive Undervalued Surprise Undervalued Busin
Slide 4: Investment Philosophy – Taking Advantage of Volatility & Mean Reversion
Aegis Investment Philosophy – Taking Advantage of Volatility & Mean Reversion Aegis believes excess returns can be generated with small-cap stocks by: ◼ Purchasing a well-researched portfolio of fundamentally-sound companies during periods of stress or neglect, o Liquidity often low o Sentiment is p
Slide 5: Value Fund Track Record – Strong Outperformance Since Inception
Aegis Value Fund Track Record – Strong Outperformance Since Inception ◼ Over 27 years since inception, the Aegis Value Fund has outperformed the S&P 500 Index by 422 basis points per annum. ◼ The Fund experienced two periods of significant decline prior to 2020 – the financial crisis in 2008-2009 an
Slide 6: Aegis is a Highly Differentiated Fund in the Small Value Space
Aegis is a Highly Differentiated Fund in the Small Value Space ◼ Aegis portfolio valuation metrics show material differentiation versus both competitors and the broad market. ◼ Aegis offers the opportunity to obtain market exposure at a much lower price-to-book valuation multiple than the S&P 500 In
Slide 7: 2021 NBER Research: Virtually No True Low Price-to-Book Mutual Funds
2021 NBER Research: Virtually No True Low Price-to-Book Mutual Funds ◼ Independent, academic study1 of more than 2,900 funds over a 38 year period found a noticeable lack of mutual funds that provided significant exposure to low price-to-book securities ◼ Study concluded average value fund was close
Slide 8: Competitive Advantage – Our Sources of “Alpha”
Aegis Competitive Advantage – Our Sources of “Alpha” ◼ Independent / Contrarian Mindset o Invest in companies that are fundamentally undervalued and often unpopular o Work to avoid recency bias in our behavior – seek to be aggressive amid market panics and cautious when sentiment is overly bullish ◼
Slide 9: Investment Process – Finding the Undervalued Securities
Aegis Investment Process – Finding the Undervalued Securities 6,000 Equities (US, Canada, UK, AUS) ◼ Begin with a quantitative overlay to $100 million+ market cap. identify potential investment candidates Screen primarily on Price-To-Book Value ◼ Screen stocks listed in the United States, Canada, Un
Slide 10: Methods of Research & Information Sources
Methods of Research & Information Sources ◼ Review: 6,000 Equities (US, Canada, UK, AUS) o Company financials $100 million+ market cap. o Corporate presentations Screen primarily on o Regulatory filings Price-To-Book Value o Historic conference call transcripts o Industry publications/periodicals o
Slide 11: Developing the Investment Case
Developing the Investment Case ◼ Evaluate cyclical/secular trends, 6,000 Equities (US, Canada, UK, AUS) competitive industry dynamics, sources $100 million+ market cap. of financial stress or competitive Screen primarily on advantage Price-To-Book Value ◼ Recast balance sheet with book-to- market as
Slide 12: Portfolio Construction, Monitoring & Management
Portfolio Construction, Monitoring & Management ◼ Concentrate on best ideas while remaining 6,000 Equities (US, Canada, UK, AUS) cognizant of correlated macro risks $100 million+ market cap. ◼ Top 10 holdings represent ~35% of assets Screen primarily on Price-To-Book Value ◼ Evaluate quarterly resul
Slide 13: Key Takeaways
Key Takeaways ◼ Differentiated: One of just a few “true” small-cap value mutual funds with a disciplined focus on low price-to-book equities ◼ Experienced Management: Continuously managed by Scott Barbee since inception in 1998 ◼ Strong Track Record: The Fund has outperformed the S&P 500 Index by 42
Slide 14: Appendix
Appendix AEGIS 9 14 FUNDS
Slide 15: Investment Team Professional Bios
Aegis Investment Team Professional Bios Mr. Barbee has been Portfolio Manager of the Aegis Value Fund since its inception in 1998 and is the Scott L. Barbee, CFA controlling shareholder of Aegis Financial Corporation. Prior to Aegis, Mr. Barbee worked as an analyst Portfolio Manager covering oilfiel
Slide 16: Value Fund – Class Information Terms & Minimums
Aegis Value Fund – Class Information Terms & Minimums Institutional (AVALX) Minimum Investment*: Standard Accounts $10,000 IRAs $5,000 Subsequent Minimum Investment $250 Management Fee 1.20% Net Expense Ratio 1.36% *Investment minimums have been waived or reduced over a wide variety of distribution
Slide 17: Value Fund – How To Invest
Aegis Value Fund – How To Invest ◼ Direct investment in the Aegis Value Fund: contact Aegis Funds c/o U.S. Bancorp Fund Services, LLC at 800-528-3780. ◼ Investment via a financial advisor or broker-dealer – partial sample of financial institutions through which Aegis Value Fund shares can be purchas
Slide 18: Definitions
Definitions Alpha – a measure of financial performance that gauges the performance of an investment against a market index or benchmark which is considered to represent the market’s movement as a whole. Basis point – equal to one hundredth of one percent (i.e. 1 basis point = 0.01%; 100 basis points
Slide 19: Important Disclosures
Important Disclosures Information contained herein has been obtained from sources believed to be reliable, but cannot be guaranteed. The views of the Advisor are subject to change without notice, and are not a guarantee of future results or a forecast of future events. Any recommendation made in thi
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