CA - Aegis Value Fund H2 2023 Portfolio Manager's Letter
2024-06-07 04:00:00 ET
Summary
- Aegis Value Fund is a Small-Cap Deep Value fund with a high Active Share managed by a research team with significant co-investment in the Fund.
- Aegis Value Fund delivered a 13.13% return in 2023, underperforming the 23.33% gain in its primary benchmark small-cap deep value index, the S&P SmallCap 600 Pure Value Index.
- Outside of precious metals, Aegis materials sector investments have also included a number of holdings across forest products, steel manufacturing, mineral sands and base metals mining.
- Most positively impacting Fund performance was the Fund’s position in Bank of Cyprus Holdings, the largest bank on the Island of Cyprus.
Table 1: Performance of the Aegis Value Fund as of December 31, 2023
Annualized
| Six Month |
| One Year |
| Three Year |
| Five Year |
| Ten Year |
| Since Inception 5/15/98 |
| Aegis Value Fund ( AVALX ) |
| 7.04% |
| 13.13% |
| 19.84% |
| 20.75% |
| 9.18% |
| 11.05% |
| S&P Sm. Cap 600 Pure Value Index ^ |
| 15.63% |
| 23.33% |
| 19.15% |
| 14.82% |
| 7.07% |
| N/A |
| S&P 500 Index |
| 8.04% |
| 26.29% |
| 10.00% |
| 15.69% |
| 12.03% |
| 7.84% |
| Morningstar Percentile Ranking * |
| 76 |
| 3 |
| 1 |
| 8 |
| Funds in Small Value Category |
| 455 |
| 438 |
| 423 |
| 386 |
| * 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. For performance data current to the most recent month end, please call us at 800-528-3780 or visit our website at www.aegisfunds.com. The Fund has an annualized gross expense ratio of 1.45% and a net annualized expense ratio, after fee waiver and/or expense reimbursement and management fee recoupment, of 1.50%. Under the waiver, the Advisor has contractually agreed to limit certain fees and/or reimburse certain of the Fund's expenses through 4/30/2024. |