Fund Evaluator:
Aegis Value I (AVALX)
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Best Performing in Natural Resources Over the Last Year
| 47.4% | GMO Resources I (GEACX) |
| 44.8% | US Global Investors Global Res (PSPFX) |
| 40.1% | PGIM Jennison Natural Resources Z (PNRZX) |
| 39.9% | ICON Natural Resources and Infras Inv (ICBAX) |
| 36.0% | Nomura Natural Resources Y (IGNYX) |
Fund Details
Aegis Value I Overview
Aegis Value I (AVALX) is an actively managed Sector Equity Natural Resources fund. Aegis launched the fund in 1998.
The investment seeks long-term capital appreciation. The fund invests primarily in common stocks that the fund's investment advisor believes are significantly undervalued relative to the market based on fundamental accounting measures including book value (assets less liabilities), revenues, or cash flow. It has no percentage allocation for investments in small- or mid-capitalization companies, and the fund may invest up to 100% of its portfolio in the securities of these companies.
About Aegis Value I (AVALX)
There are 1 members of the management team with an average tenure of 28.15 years: Scott Barbee (1998). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and S&P SmallCap 600 Pure Value TR USD index with a weighting of 100%. Aegis Value I has 106 securities in its portfolio. The top 10 holdings constitute 33.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Aegis Value I is part of the Equity global asset class and is within the Sector Equity fund group. Aegis Value I has 62.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 21.6%. There is 62.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 4.1% (4.1% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Aegis Value I has 11.7% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $232 million average for the Natural Resources category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
AVALX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Aegis Value I expense ratio is high compared to funds in the Natural Resources category. Aegis Value I has an expense ratio of 1.36%, which is 18% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Aegis Value I has a portfolio turnover rate of 12%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 60% for the Natural Resources category.
Recently, in the month of June 2026, Aegis Value I returned -7.2%, which earned it a grade of C, as the Natural Resources category had an average return of -5.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Aegis Value I has a trailing yield of 0.65%, which is below the 2.09% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Aegis Value I Grades
Year to date, the fund has returned 11.2%, 0.4 percentage points worse than the category, which translates into a grade of C. The fund has returned 45.6% over the past year (grade of A), 29.6% over the past three years (grade of A) and 21.0% per year over the past five years (grade of A) and 19.5% per year over the past 10 years (grade of A).
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AVALX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AVALX Return (NAV) | -7.2% | -4.4% | 45.6% | 29.6% | 21.0% | 19.5% |
| AVALX Grade | C | B | A | A | A | A |
| +/- Category | -1.7% | -0.3% | 13.8% | 16.4% | 10.3% | 10.0% |
| Natural Resources Avg | -5.5% | -4.1% | 31.8% | 13.2% | 10.8% | 9.5% |
| AVALX Tax Cost Ratio | na | na | 0.8% | 1.3% | 0.8% | 0.8% |
AVALX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AVALX Return (NAV) | 11.2% | 67.1% | 9.4% | 13.1% | 10.5% | 37.7% | 18.7% | 25.7% | -17.0% | 17.4% | 70.7% |
| AVALX Grade | C | A | A | A | C | A | B | A | B | C | A |
| +/- Category | -0.4% | 38.5% | 9.9% | 9.8% | 2.5% | 6.9% | 9.2% | 10.8% | 3.5% | 4.3% | 42.1% |
| Natural Resources Avg | 11.6% | 28.6% | -0.5% | 3.4% | 8.0% | 30.8% | 9.6% | 14.8% | -20.5% | 13.1% | 28.6% |
| Risk Measures | |
| Standard Deviation: | 16.9% |
| Total Risk Index: | 1.39 - High |
| Category Risk Index: | 0.94 - Average |
| Category Risk Grade: | C (46% Rank) |
| Beta: | 0.52 |
| R-Squared: | 15% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.7% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1128 Mil |
| Fund Total Assets: | $1,129 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 12% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 28.2 years | |||
| Average Tenure: 28.2 years | |||
| Managers (Year): Barbee Scott (1998) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 106 |
| % in Top 10 Holdings: | 33.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 62.6% |
Portfolio Allocation |
|
| Domestic Stock: | 21.6% |
| Foreign Stock: | 62.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 4.1% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 11.7% |
Purchase Information
| Fund Family: | Aegis |
| Phone Number: | 800-528-3780 |
| Website: | www.aegisfunds.com |
| Status: | Open |
| Inception Date: | May 15, 1998 |
| Min. Initial Purchase: | $10,000 |
| Min. Initial IRA Purchase: | $5,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.36% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.15% |
| Share Class: | Aegis Value I |
| Min. Subsequent Purchase: | $ 250 |
| Min. Subsequent IRA Purchase: | $ 0 |
