Fund Advisor

Aligned Incentives

Aegis Financial Corporation serves as the investment advisor to the Aegis Value Fund. Aegis Financial is a deep-value oriented investment firm that focuses on securities trading at sizable discounts to assessed fundamental value. The investment team and their families have over $30 million co-invested in the Fund.

Experience, Discipline and a Long Track Record

Since its founding in 1998, the Aegis Value Fund has consistently adhered to a deep-value philosophy, focusing on securities trading in the lowest quintile of the stock market on price-to-book value.

Aegis Value Fund Portfolio Manager Scott Barbee has built a continuous 20-year track record of deep-value investing, successfully navigating the Fund through a meaningful variety of market conditions since its inception.

Aegis Financial Corporation, the advisor, is internally owned and prioritizes long-term investment growth over short-term externally-driven asset growth.

With an Active Share typically above 95%, Aegis believes the best way to deliver strong investor returns is to concentrate capital in one’s best ideas.

Our Team

Scott Barbee, CFA

Portfolio Manager

Mr. Barbee has been Portfolio Manager of the Aegis Value Fund since its inception in 1998 and is the controlling shareholder of Aegis Financial Corporation. Prior to Aegis, Mr. Barbee worked as an analyst covering oilfield services at Simmons & Company, and later as a generalist with deep value advisor Donald Smith & Company. Mr. Barbee received his M.B.A. from the Wharton School at the University of Pennsylvania and holds a B.S. degree in Mechanical Engineering and a B.A. degree in Economics from Rice University.

Justin Harrison, CFA


Mr. Harrison joined Aegis in 2018 with over a decade of experience in asset management, primarily as a Partner & Senior Analyst with Ramsey Asset Management. His experience includes investing in public equity markets for family office and hedge funds. Prior to investing, he spent over ten years in the technology industry where he held senior operational roles including VP & Interim CFO. Mr. Harrison also oversees business operations and serves as CCO of Aegis Financial and the Aegis Value Fund. Mr. Harrison received his B.S. in Mechanical & Aerospace Engineering from Cornell University.

Ivan Martinez

Head of Trading

Mr. Martinez joined Aegis Financial as Trader in 2013. He has worked in securities trading since 2000, beginning his career with UBS. Mr. Martinez spent five years as Vice President at FBR Capital Markets trading equities and later became Head Trader at BGB Securities, where he was responsible for all debt and equity trading. Mr. Martinez holds a B.B.A. degree in Finance from James Madison University.

Chanpong Kongkatigumjorn

Head of Operations

Mr. Kongkatigumjorn started his career at Aegis Financial in 1998. As Controller, he oversees the firm’s administrative operational activities and back-office functions including trade settlement and account servicing. He received his M.B.A. from The George Washington University and a B.B.A. from Assumption University in Thailand.



A ratio used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share.