AEGIS FINANCIAL CORP

Twenty-two of Aegis Financial Corp's reported lines carried the same share count from year-end into Q1 2026. That is the quarter's real shape: a concentrated deep-value book that mostly sat still while market values moved. Cenovus Energy remains the flagship at $91.6 million (15.8%) on essentially unchanged shares. Precision Drilling ($49.5 million, 8.5%), PBF Energy ($29.5 million, 5.1%), Hallador Energy ($29.5 million, 5.1%), AdvanSix ($29.5 million, 5.1%), Tidewater ($23.1 million, 4.0%), Mosaic ($21.8 million, 3.8%), and Galiano Gold ($16.0 million, 2.8%) likewise look like held conviction rather than active rebalancing.

Reported portfolio value climbed from $419 million to $580 million. With so many share counts frozen, a large slice of that increase is mark-to-market on energy, gold, and industrial names already in the book—not a wholesale rebuild.